Ali Khan, Fidelity Investments’ co-sector leader for technology, has spent most of the past few months overseeing some of the very few technology mutual funds still in the green since last fall. His returns were never huge— (FDCPX) was up just 1.4% from Oct. 31 through January—and have withered since Russia invaded Ukraine last month. Still, with the benchmark ETF (QQQ), which tracks the Nasdaq-100 Index, falling 16% year to date, a handful of tech funds have looked like the best-painted houses in a rough neighborhood.
So, why are Mr. Khan’s best funds close to steady when other tech funds have lost half their value or even more?
