February: the reports from the tech companies strong as expected

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​We saw a strong start to February, driven by a very strong reporting season that was replaced by selling pressure at the end of the month. The reported results in tech were good, as we expected, while the share performance of reporting companies was very mixed and volatile.

The sharp rise in bond yields, however, changed the sentiment in the market and we saw selling pressure in tech and especially on companies where share prices have moved up a lot lately. The sentiment change had a negative effect on the portfolio as our natural hedge between work-from-home and recovery stocks was hampered. We have adjusted the portfolio for the new risks in the market.

On the datapoint side, we have continued to see robust demand and even accelerating growth for semiconductor equipment and digital platforms add in January and February. Games and digitalisation spending have been solid but will meet tough comps from March. We trimmed our positions during the month in high beta names and almost sold out the position in Zynga. GP Bullhound Technology Fund added 4,3% return in February.

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