The weakening pound against the US dollar disguised declines in other sectors, particularly North America Smaller Companies. The enthusiasm surrounding the early completion of mapping of the Human Genome was a major factor that buoyed these funds. However, this gain was entirely due to the weakening of the pound against the US dollar. Their strong showing in the early part of the year has been undermined by the correction in technology, media and telecommunications stocks. The second quarter s results underscore the importance of investing regularly in volatile sectors rather than in one lump sum.
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