Zum Jahresabschluss erwies sich der Dezember als ein positiver Monat für Aktien aus den Bereichen Technologie, Medien und Telekommunikation – in diesem freundlichen Marktumfeld konnte der DNB Technology Fund (WKN A0MWAN, ISIN LU0302296495) um +1,40 Prozent zulegen und seine bisherige Jahresperformance auf +34,03 Prozent in Euro nach oben schrauben. Der Monatsbericht für Dezember betrachtet die Marktentwicklungen im Detail und analysiert, welche Einzeltitel die größten Auswirkungen auf die Performance hatten. DNB-FondsManager Anders Tandberg-Johansen fasst die wichtigsten Neuigkeiten aus dem globalen Technologiesektor zusammen und liefert FondsInvestoren der SJB Strategie Surplus einen aktuellen Marktausblick.
Market Review
December was a positive month for technology-, media and telecom stocks. The fund returned less than the index as the holdings underperformed the funds benchmark.
Fund review
Among the notable positive contributors for the month were shares of Samsung Electronics and Vishay Intertechnology. Shares of memory and handset producer Samsung Electronics performed well following anticipations of a recovery of the NAND market in the second half of 2020. Shares of semiconductor and passive component company Vishay Intertechnology recovered With the broader Semiconductor sector. Among the notable negative contributors for the month were shares of Orange and Vodafone. Shares of French telecom operator Orange fell during the month following their capital markets day where they issued 2020 guidance slightly below expecations. Shares of telecom operator Vodafone fell during the month on fears of price regulations in South Africa.
Outlook
The technology-, media and telecom sectors are characterized by strong, stable earnings. Interest rates are low and there are a number of structural growth drivers in the sectors. In our opinion, there has been too little investment in IT and telecom infrastructure in recent years, and our belief is that this provides the foundation for good growth in the future. The investment universe is continuously changing with new business models emerging at the cost of legacy businesses. This creates a solid foundation for an active and opportunistic approach to stock picking.
