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All our sub-themes contributed positively to the overall performance. Industrial Tech & Digital Infrastructure was the largest contributor to performance driven by continued performance in stocks like Broadcom and Nvidia.
Our Tech Materials bucket also continued to be a large contributor with names like TSMC, SK Hynix and Elite Materials performing well on the back of their leadership positions and long term supply agreements.
In the datacentre space we also initiated a position in Vertiv to diversify the US datacentre exposure.
We also continued building our position in MediaTek, initiated in May and increased our wait in Alphabet.
We exited two small positions we had in Applied Materials and Innodata on risks relating to China sales.
North America | 67.3 % |
Asia | 26.2 % |
Europe | 6.6 % |
Now that technology is accelerating at a faster pace, we aim to capitalise on the significant impact it is having on global equity markets.
Market environment
Investor sentiment was buoyed by the continued resilience of the US economy, easing political uncertainty, and signs of diminishing pressure on interest rates.
Technology and AI-related stocks led the rally, with standout performances from Nvidia, Alphabet, and Amazon.
While Wall Street outperformed other developed markets, it was surpassed by emerging markets, which benefited from a weaker US dollar.
However, European value sectors, particularly banks and industrials, outperformed the European market.