Tech Managers Cautious Near Term Fundamentals Still Shaky But over the longer haul, tech revolution still intact despite tough bear market.(MUTUAL FUNDS)

Byline: KEN HOOVER

The old lions of technology led stocks higher after the post-Sept. 11 sell-off, giving brief cheer to investors who had lost a bundle in the bear market.

Intel, Dell Computer and Cisco Systems doubled in the last quarter of 2001.

But in the past month, the rally seems to have fizzled. Are tech stocks doomed to sink again?

Some of the managers who run tech funds are cautious about the coming months, though they're bullish on the next few years. To a person, they think new revolutions will produce new winning stocks in industries that are just now being dreamed up.

"The bottom line is that the fundamentals don't support where the prices are, especially in technology," said bear William Schaff, who runs the $57 million Berger Information Technology Fund. "It's not just storage, wireless or enterprise. It's everything."

Schaff is keeping 5% of his portfolio in cash, the most he ever sets aside.