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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, there was positive commentary from cloud companies on AI demand, with significant increases/upgrades in investment relative to estimates from across Google, Meta, Microsoft and Amazon. Meta also commented that they expect to see the same rate of USD growth in investment in 2026, countering market concerns that 2026 would present an air pocket for investment growth. All hyperscalers are still supply constrained in terms of AI chips and unable to meet the still very high demand.
The fund rose 6.0% in July (on a SEK basis). We saw positive contributions from AMD, Nvidia, Arista Networks, TSMC and Broadcom – all right after the investment increases we saw reported.
On the short side, we remain short in some analog semiconductors, where we still see cyclical risks, and remain short in some IT services/consulting, where we believe macro uncertainty is impacting some business cycles.