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Volatility in the market continued during September and technology companies were weak with a decline for the Nasdaq of 5.2 percent, the Dow Jones ending only down 2.3 percent. This was the first negative month since March. The big companies within FAANG were the big losers. The valuation multiples for these companies have expanded strongly during the year. However, they differ slightly between the companies as Amazon and Netflix have had their profits adjusted upwards during the year, while the others have had them adjusted downwards in the wake of Covid.
If we look at our portfolio, the companies delivered a very strong second quarter in absolute terms. Those who have caught wind of the Work From Home trend include the gaming industry and cloud software companies, but semiconductor equipment also showed very good demand in the quarter.
So what do we see ahead of the upcoming 3Q reports here in October? We believe that our game companies will beat their estimates and above all Activision, which has a strong quarter behind it. The cloud service companies look set to continue delivering during the quarter and the semiconductor equipment companies will also deliver a strong fourth quarter.
Finserve Global Technology's return during September was +0.68 percent, i.e. clearly better than Nasdaq.