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We saw a sharp turn in the market during February where the whole rise supported by good reports disappeared in the fear of higher interest rates in the latter part of the month. The reports from the tech companies were, as expected, strong during the quarter, but we did see a mixed development for share prices despite most beating the consensus. The rising long-term interest rates also changed the behavior of the market, where for a long time work-from-home was traded in a lump against the recovery shares. Now the market instead began to sell the companies with the highest multiples and those that performed best. This made the old correlations no longer exist and we have adjusted our positions slightly to get a balanced risk in the portfolio.
Volatility around the reports was high and several stocks added almost 10% on the reports while some lost over 10%. Nintendo, Sony and Activision were big winners for us while Ubisoft was a loser. Ubisoft reported a strong December quarter but guidance for 1Q was weak as two major games were moved to Q2. The demand for games has been driven up by many being forced to stay at home, while the development of games has taken its revenge as the processes around game development have become complicated. The January and February data points around demand have been very strong for game developers, but the tough comparative figures will only come in March. However, one of our main holdings, Nintendo, we believe has already reached its guidance in terms of volume during the quarter in the first two months. Global Esport Fund returned 1.86% in February.