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The second quarter earnings season began in July. We saw positive earnings updates from many of our portfolio companies, which contributed to the fund's positive performance.
Perhaps more importantly, the positive comments from cloud companies on AI demand, and we saw significant increases/upgrades in investment compared to estimates from Google, Meta, Microsoft and Amazon. Meta also commented that they expect the same growth rate in USD for investment in 2026, countering market concerns that 2026 would be an air pocket for investment growth. All hyperscalers are still constrained in terms of AI chips and cannot meet the still very high demand.
The fund rose 6.3% in July (in Swedish kronor). Our top five contributors to the performance were AMD, Nvidia, Arista Networks, TSMC and Broadcom – all right after the investment increases we saw reported.