February 2022 Monthly Update

Volatility continues in the market and the reporting season has been strong for technology, especially software. However, we have seen weaknesses in social media platforms as well as payment services.

Software has been strong and we've even seen an acceleration in growth on the cloud services side and in front-end software. Expectations have been raised on the software side following the strong results seen this earnings season.
On the semiconductor side, we've seen some further announcements around new factory rollouts, some in India fueled by government subsidies, UMC in Singapore and Bosch in Germany. We have seen companies in some areas already building their order book for 2023. In conclusion, we continue to like stocks with cloud exposure, soft and hardware.

On the gaming side, the winners this quarter have been Take Two, Zynga and companies that supply the Nintendo Switch. However, statistics show that businesses will have a "covid hangover effect" when things return to normal.