SJB | Korschenbroich, 16.08.2023.
Im Juli legte der MSCI World Index weiter zu und knüpfte so an die insgesamt positive erste Jahreshälfte des Börsenjahres 2023 an. Besonders die Technologietitel konnten erneut mit kräftigen Kurssteigerungen aufwarten. In diesem verbesserten Marktumfeld erzielte der DNB Disruptive Opportunities (WKN A2PS58, ISIN LU2061961145) eine Performance von +7,46 Prozent und notiert seit Jahresbeginn mit +21,37 Prozent deutlich im Plus. 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.
Marktkommentar
Last week closed the books on the first half of 2023. First half of 2023 has been more rewarding compared to midway point last year. The more favorable outlook is due to resilient economic data, positive sentiment around artificial intelligence and a moderation in the market s expectations for interest rates. In June, S&P 500, gained 2% in NOK (6.5% USD) for its best monthly performance since October. This gain was driven by the priorly noted situations that lifted the mega-cap technology stocks to astonishing heights. Dominant artificial intelligence company Nvidia jumped 11.81 % (USD), while other big US stocks performed positively. Additionally, US inflation continue to fall sharply from its peak last June. Once the June inflation figures are published next week, we expect the inflation to further decline. The benchmark MSCI World Net (NOK) performance was 1.86%, and the VIX volatility index averaged to 13.5.
Fondskommentar
The fund invests in five investment categories globally. (1) Connectivity, (2) Urban Mobility, (3)Machine Revolution, (4) Demography, and (5) Green Deal. The fund invests broadly in the world’s largest stock exchanges and industries in search of disruptive opportunities arising from changes in technology, regulations, and consumer behavior. YTD, the fund is up (NOK) around 24%. In June, the fund delivered a performance (NOK) of 3.67%, and slightly outperformed the market. AI innovation and disruption continue to drive the market, with mega-cap technology companies leading the way in terms of outperformance. Portfolio includes companies such as Nvidia, Meta Platforms, AMD, UiPath and Unity Software, which all contributed positively in June. Our largest holding is Tesla, and we have a strong belief that the company will reap significant benefits from machine learning, a key component of artificial intelligence, in the future. Also, we expect that Tesla will continue to gain market share in the automobile market. Moreover, our investment in robotics shares in Japan have sustained their outperformance. Our Nordic small cap holdings (Humble Group, Idex Biometrics, Elliptic Laboratories, Nanoform and Spinnova) have been the primary contributors to our underperformance. AST Spacemobile, a disruptive communication company utilizing satellites for voice calls, experienced a volatile period in May and June. The share price fluctuated from (USD) 4.5 to 6.70 and then returned to its original level. We eagerly anticipate their update during the quarter.
Ausblick
Most of the products and services that we expect to see in the coming years will reduce costs and increase quality for the user. The market’s ability and willingness to price these stocks disappears periodically. This is one of those periods and we believe it creates a solid foundation for an active and opportunistic approach to stock picking. As we approach the end of interest rate hikes, we will closely examine the inflation report and the upcoming FED meeting. Our belief is that once we observe signs of an end to rate hikes and mitigate the risk of a severe downturn in the US economy, the market will shift its investments towards innovation, small-cap, and mid-cap companies.
