In the sector called "Specialist", what do they specialise in and how is it different from funds that specialise in say "Tech and Telecoms"?

This is potentially one of the issues with the “specialist” sector as it encompasses a wide range of niche industries. Funds in this sector have the potential for some very high returns but because they may have a very particular range of investments specific to one industry or type of asset then they invariably carry a high level of risk.

As the Specialist sector can include such a wide varied range of investment funds it is important that you do not compare them all together. For example it would be unadvisable to consider a Gold fund as a comparable investment to a healthcare fund in anything other than the high level of risk involved with both.