Firsthand Technology Opportunities Fund

Firsthand Technology Opportunities Fund

Average Annual Total Returns vs. Indices
As of March 31, 2021
Period Firsthand Technology
Opportunities Fund
NASDAQ Composite Index S&P 500 Index
Since inception (9/30/99) 6.56% 8.65% 7.44%
10-Year 19.64% 18.22% 13.91%
5-Year 34.49% 23.44% 16.29%
3-Year 32.11% 24.54% 16.78%
1-Year 112.33% 73.40% 56.35%
Q1 '21 (not annualized) -5.19% 2.95% 6.17%


The Fund's performance information assumes reinvestment of all dividends and includes all Fund expenses, but does not reflect the impact of taxes. Performance data quoted represent past performance, which is not a guarantee of future results, and current performance may be lower or higher than the performance quoted. Both the return from and the principal value of an investment in the Fund will fluctuate so that any investor's shares, when redeemed, may be worth more or less than their original cost. To obtain performance as of the most recent month-end, please contact Firsthand Funds by calling 1.888.884.2675 or go to

The Fund's total gross operating expenses are 1.84%. The Fund's total net operating expenses are 1.84%. Under the Investment Advisory Agreements, the Investment Adviser has agreed to reduce its fees and/or make expense reimbursements so that the Fund's total operating expenses (excluding independent trustees' compensation, brokerage and commission expenses, litigation costs and any extraordinary and non-recurring expenses) are limited to 1.85% of the Fund's average daily net assets up to $200 million, 1.80% of such assets from $200 million to $500 million, 1.75% of such assets from $500 million to $1 billion, and 1.70% of such assets in excess of $1 billion. The current expense waiver is in effect until 4/30/21.

Growth of a Hypothetical $10,000 Investment

September 30, 1999 through March 31, 2021

Chart represents the growth of a hypothetical $10,000 investment from Firsthand Technology Opportunities Fund inception date until the end of the quarter indicated. Firsthand Technology Opportunities Fund performance assumes reinvestment of all dividends and includes all Firsthand Technology Opportunities Fund expenses but does not reflect the impact of taxes.

Q4 '20 Contributors to Performance

The largest positive contributor to the Fund’s performance in Q4 was streaming video leader Roku (ROKU). The company continues to benefit from consumers’ stay-at-home practices during the COVID-19 crisis. As of the close of Roku’s third quarter ended September 30, 2020, the company’s active customer accounts have increased by 43% and revenues have increased by 73% since the year-ago period.

Semiconductor supplier Cree (CREE) was the second largest contributor to fund performance in Q4. The company reported revenues and earnings for its fiscal third quarter ended September 30, 2020 that exceeded analysts’ expectations. Cree’s stock was up more than 66% during the quarter.

The shift to remote learning continued to benefit Chegg (CHGG) in Q4. The education technology company reported revenue growth of 64% for its fiscal third quarter, as compared with the same period a year ago. Chegg was the third largest positive contributor to the Fund’s performance in Q4.

Q4 '20 Detractors from Performance

There were very few positions that declined during the fourth quarter. The biggest detractor from fund performance was Internet security provider Cloudflare (NET). Although the company’s stock was up for the quarter, we did not purchase our shares until late December. The stock sold off in the last week of the year, leading to a modest decline in the value of our position.

Splunk (SPLK) was the second largest detractor from fund performance in Q4. In early December, shares of the business analytics software company declined sharply after Splunk reported Q3 revenue and earnings that fell short of analysts’ forecasts.

Internet content delivery company Akamai (AKAM) was another negative contributor to the Fund’s performance in Q4. The company’s shares fell slightly during the fourth quarter, despite reporting 12% revenue growth for Q3 that exceeded analyst expectations.

Firsthand Technology Opportunities Fund is subject to greater risk than more diversified funds because of its investments in fewer securities and because of its concentration of investments in certain industries in the technology sector. Specific risks associated with investments in the technology industries (as described in the Fund's Prospectus) could cause the Fund's share price to fluctuate dramatically. The Fund's investments in small-cap companies present greater risk than investments in larger companies. The Fund invests in several industries within the technology sector and the relative weightings of these industries in the Fund's portfolio may change at any time. Equity investing involves risks, including the potential loss of the principal amount invested.

The NASDAQ Composite Index (NASDAQ) and the Standard & Poor's 500 Index (S&P 500) each represent an unmanaged, broad-based basket of stocks and are typically used as benchmarks for overall market performance. The indices' performance figures assume the reinvestment of all dividends (except where noted), but do not reflect the impact of taxes. Additionally, because an investor cannot invest in an index directly, indices' performance figures do not reflect the expenses associated with the management of an actual mutual fund portfolio.

As of 12/31/21: ROKU (21.61% of TEFQX), CREE (6.03% of TEFQX), CHGG (8.33% of TEFQX), NET (2.06% of TEFQX), SPLK (0.92% of TEFQX), AKAM (1.42% of TEFQX). A complete list of portfolio holdings for Firsthand Funds is available on and is updated 45 days after the end of every calendar quarter. The portfolio holdings discussed are subject to change.

The information provided should not be considered a recommendation to purchase or sell a particular security and there is no assurance that, as of the date of publication, the securities purchased remain in a Fund's portfolio or that securities sold have not been repurchased. Also, you should note that the securities discussed, even if they have been purchased by a Fund, do not represent a Fund's entire portfolio and, in the aggregate, may represent only a small percentage of that Fund's holdings. There can be no assurance that any Firsthand Funds will buy, sell, or hold any particular security after the date referred to in the discussion.