March: The fund returned 2.4%


March was a volatile month in which the market was driven back and forth by developments in long-term interest rates. We are now happy that we have the month behind us and that we managed to create a positive development in the fund. We are now entering April and the reporting season for Q1. Expectations are high for the quarter and most of the focus will be on the companies' comments about the development during the rest of the year. The second quarter has one week less than the first quarter and has significantly tougher comparative figures with all the lockdowns last year. The market will primarily look at the expected growth during Q2.

We were not entirely satisfied with the volatility that arose in the portfolio during March and corrected the risk somewhat by, above all, selling shares with the highest volatility and reducing the general market correlation in the portfolio.

The data points we have collected during the quarter show a strong quarter for our themes. In gaming, all platforms are growing strongly. However, the comparison in gaming will be much tougher now from the second quarter. We have already seen one of our main holdings Activision Blizzard been out and found that the quarter meets or beats their previous forecasts. We also think Zynga and Nintendo will have really strong quarters. Demand for Cloud solutions including Saas software has been strong during the quarter and when it comes to digital platforms, travel companies will now start marketing again, which lifts the advertising market further.

Our strongest segment during the month in terms of stock development was semiconductor equipment, which benefited from Intel now shifting its investments in new factories and the component shortage continuing. Our main holdings in this segment are Applied Materials, ASML, KLA and Lam Research.

The fund returned 2.4% in February.

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Inge Heydorn

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