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February was very volatile, especially for technology stocks. Tariffs and trade wars were in focus. AI-focused companies were the big losers during the month despite strong reports and data points pointing to continued strong demand.
Our portfolio was affected by negative developments for companies such as Arista Networks and Marvell, but almost all holdings had a tough time. Nvidia, however, ended up after the decline in January after the Deepsek volatility. We had a good month for borrowed (short positions) such as the position in Skyworks.
We still hear quite a few voices saying that tech valuations are still high but we disagree completely. In our opinion, the companies look cheap but our view is based on the fact that demand for AI continues to be strong. Valuations are now in line with the S&P 500 which we have not seen in 10 years but with significantly higher growth expectations for both sales and profits.
The data points we have received for January and February show that demand for our portfolio companies continues to be strong. We have now received the February figures from Taiwan, for example.
The fund was down 7.8% in February which is a big disappointment driven by volatility and to that the weaker US Dollar. We have cautiously bought in cheaper in some of our best cases.