SJB | Korschenbroich, 13.03.2023.
Nachdem die Aktie von Tesla im vierten Quartal 2022 stark korrigiert hatte, wurde die Gewichtung des Wertes zu Jahresbeginn im DNB Disruptive Opportunities angehoben. Als Ausgleich dafür wurde der US-Zahlungsdienstleister PayPal verkauft. In einem verbesserten Marktumfeld erzielte der DNB Disruptive Opportunities (WKN A2PS58, ISIN LU2061961145) im ersten Handelsmonat des Jahres eine Performance von +8,64 Prozent. Der Fonds investiert hauptsächlich in Aktien von Unternehmen, die im Bereich bahnbrechender Technologien tätig sind und von den disruptiven Entwicklungen der Zukunft profitieren. FondsManager Audun Wickstrand Iversen analysiert in seinem Monatsbericht die Marktgeschehnisse im Detail und fasst für alle FondsInvestoren der SJB Strategie Surplus die wichtigsten Entwicklungen in den von Trendbrüchen betroffenen Sektoren zusammen.
Fondskommentar
During January, we increased our weight in Tesla (US) and financed the purchase by selling ourselves out of PayPal (US). Tesla corrected sharply downwards in Q4 22, at the same time that the distance to other electric car manufacturers has increased during 2022. This particularly applies to the European, Japanese and American brands. Tesla has a very efficient production, and with the help of pricing the cars they will defend/take market shares. Tesla is going for volume, and will sacrifice a few percentage points of the gross margin in 2023. In addition, American regulations (IRA) have made the large stationary batteries (Megapack) of Tesla very attractive as balance storage the renewable energy. The world’s leading robot arm manufacturer, Japanese Fanuc, delivered good figures, and we have sold this share down somewhat. January was also characterized by a number of smaller companies going up a lot, after having been heavily sold down in Q4 22. In our view, there are many smaller companies with very attractive pricings seen over a few years horizon.
Ausblick
We are optimistic in our belief that markets are bottoming and that 2023 will be a year with positive returns. We believe the DNB Disruptive portfolio is well positioned for benefitting in this scenario. There are no indications of efficiency enhancing innovations becoming less important to the global economy in the longer term. The growth of AI, 5G, Robots, Autonomous Vehicles, eVOTL, ecommerce, recycling, EVs etc. continued in 2022, and it will continue in 2023 and beyond.
