Market turmoil over growth, inflation and long-term interest rates continued in September. The inflation anxiety has spread to wage increases in the US and most companies have problems getting hold of certain goods due to shortages and shipping problems. There is a great risk that several physical goods will run out in Christmas shopping and that this will also affect the companies that are dependent on advertising.
Demand for computer and console games remains high and consumers can look forward to several major titles in the coming months. Interesting to note that Netflix bought its first gaming studio focused on mobile gaming. Amazon seems to have a big hit in the game New World which is number one on most platforms.
The semiconductor industry had a tough month on the stock exchange, even though the companies are doing very well operationally. ASML raised its sales forecast, which was slightly less than the market had expected. However, the company has always been conservative and we continue to believe that ASML is one of the best positioned companies in the sector.
We have increased our positions in software companies while we have reduced the importance of e-commerce and advertising-dependent companies.
GP Bullhound Global Technology Fund was down -3,80% in September is now up 16,36% so far this year.