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September started weak, but the 50 basis point increase in interest rates from the US central bank (Fed) turned the market around. At the same time, the Chinese government began to stimulate the domestic economy quite aggressively, which has given rise to a very strong rise in the local stock market. The technology sector underperformed the market initially, but a better risk environment and strong data points around AI turned the sector around. Nvidia CEO Jensen Huang stated that the demand for their new AI GPU was "crazy".
Our fund has experienced higher volatility in recent months due to the uncertainty surrounding AI. We can handle a little higher volatility in the short term as we believe it will stabilize in the fall as investors become more comfortable with the strong performance seen in AI-related companies in our portfolio. The data points we have collected during the quarter and the positive trend towards 2025 are very strong. We still expect significant upgrades to our long-term company estimates for the next 12 months.