Some Big Funds Still Have a Huge Tech Appetite

Sagging demand in Europe sank Intel's shares this week, which, in turn, is probably doing the same to your portfolio.

Intel, the world's leading semiconductor maker and a tech bellwether, announced that soft demand in Europe would keep it from meeting Wall Street analysts' revenue and profit-margin expectations. The stock tanked and dragged plenty of tech stocks down with it Friday before buyers charged back in and staged a comeback. The move merits a quick portfolio review because now, more than ever, funds are betting on pricey tech stocks -- on Thursday night TheStreet.com highlighted fund managers' steep bet on Intel's sagging shares.

Last year the tech-heavy Nasdaq Composite Index gained more than 85% and the average tech fund posted a stunning 135% return. Given that tech was -- to put it mildly -- working, fund managers piled into the sector. The average growth fund has more than 40 cents of every dollar invested in tech, according to Morningstar. While there are plenty of smaller, fringe funds with fat tech weightings, there's no shortage of big funds that are looking just as aggressive.

This week, the Big Screen looks for whale-sized funds that are supposed to be diversified, but are stuffed to the gills with tech stocks. (The stellar one- or two-star funds we promised will run next week.) To make our list, a fund had to have more than $10 billion in assets -- compared with $700 million for the average fund -- and a tech weighting of more than 50% -- compared with 33% for the S&P 500 . Here are the 10 funds that make the cut, ranked by their tech weighting, as of their most recent portfolio report.

Tech Heavy Here are the 10 funds with more than $10 billion in assets and a tech-stock weighting above 50%.
Fund	Technology Weighting	YTD Return
(FOCPX Quote - Cramer on FOCPX - Stock Picks)Fidelity OTC	73.4%	6.6%
(ACEGX Quote - Cramer on ACEGX - Stock Picks)Van Kampen Emerging Growth	67.2	18.8
(MFEGX Quote - Cramer on MFEGX - Stock Picks)MFS Emerging Growth	64.6	-1.8
(FDEGX Quote - Cramer on FDEGX - Stock Picks)Fidelity Aggressive Growth	59.5	1
(JAVLX Quote - Cramer on JAVLX - Stock Picks)Janus Twenty	59.3	-7.6
(FRSGX Quote - Cramer on FRSGX - Stock Picks)Franklin Small Cap Growth	58.8	13
(FDFFX Quote - Cramer on FDFFX - Stock Picks)Fidelity Retirement Growth	58	14.2
(PNOPX Quote - Cramer on PNOPX - Stock Picks)Putnam New Opportunities	56.3	4.1
(VWUSX Quote - Cramer on VWUSX - Stock Picks)Vanguard U.S. Growth	54	8.1
(TWCGX Quote - Cramer on TWCGX - Stock Picks)American Century Growth	50.6	4.3
S&P 500	33.1	-1.4
Portfolio holdings as of most recent public portfolio, performance through Sept. 21. Source: Morningstar.

If the Nasdaq Composite's swoon -- it's down 1.9% for the year and has given up more than 24% since its March 10 peak -- has stuck a pin in your portfolio, you might want to look at where your fund managers have put your money. That includes big funds, which investors often assume are more conservative. That's not always the case, and this list proves it.

In looking at our list, keep a caveat in mind: Even though these funds have literally billions invested in the tech sector, they may have whittled their positions since their most recent portfolio report. Also, making the list isn't necessarily a knock since most of these funds are beating the S&P 500 so far this year.

But they do prove the old bromide: Know what you own. Layering a tech fund on top of these funds could leave you with some pretty serious risk. Translation: Your third-quarter statement could be a bit of a wake-up call if your funds have gulped down more tech than you can stomach. If you're interested in looking at some solid low-tech or value funds to smooth out your risk, we've screened for those before.

Since small- and mid-cap funds have a hard time trading nimbly with billions in assets, it's no surprise that seven of these 10 funds focus on large-cap stocks. Also not surprisingly, all of the tech-heavy funds on our list follow a growth investment style -- growth funds focus on fast-growing companies with pricey stocks, while value funds typically hunt down undervalued stocks. As you might imagine, growth funds tend to be big tech fans, while tech-stocks' high prices tend to give value managers sticker shock.

Most of these funds need no introduction -- after all, they're big because investors know and like them. If you own shares in one or more of them, you've enjoyed some solid performance in recent years, but you probably don't need a tech-sector fund given their appetite in the sector. And you might want to keep an eye on their tech weightings so you know how much risk you're taking. That way, when weeks like this come along, you'll know why your fund or funds dip.