November: Strong month with semiconductors in the driver's seat


The Global Technology Fund rose 7.1 percent in November.

The stock market was extremely strong during the month and broke record after record. The market was driven by the positive results from the vaccine test for Covid and we experienced a massive rotation from "work at home" winners to recovery stocks. Our portfolio is focused on finding strong growth trends in technology and the winning companies in these segments. This means that we end up heavily in trends that have benefited from the changes that have been pushed forward extra quickly this year. Despite this, we have tried to balance the portfolio so as not to have too high a risk against the work from home trend.

Above all, shares in semiconductor equipment have been a good counterweight. These shares were clearly the strongest in the portfolio during the month, driven by hopes of a global recovery in 2021. The industry figures we received in October indicate that the quarter is going as expected. The positive thing, however, is that signals of recovery on the memory side. This led to a strong development in Micron, which produces memories but also the supplier of equipment for manufacturing - Lam Research.

The weakest performance was in game development stocks and software companies in cloud services.

During the month, we increased our positions in Apple and Lam Research.

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Inge Heydorn

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