November: Stark månad med halvledare i förarsätet

November: Strong month with semiconductors in the driver's seat


The Global Technology Fund rose 7.1 percent in November.

The stock market was extremely strong during the month, breaking record after record. The market was driven by the positive results from the Covid vaccine trials and we experienced a massive rotation from "work at home" winners to recovery stocks. Our portfolio is focused on finding strong growth trends in technology and the winning companies within these segments. This means that we end up heavily within trends that have benefited from the changes that have been pushed forward extra quickly this year. Despite this, we have tried to balance the portfolio in order not to have too high a risk against the work from home trend.

Above all, shares in semiconductor equipment have been a good counterweight. These stocks were clearly the strongest performers in the portfolio during the month driven by hopes of a global recovery in 2021. The industrial figures we received in October point to the quarter going as expected. The positive, however, is that signals of recovery on the memory side. This led to a strong development in Micron which produces memories but also the supplier of equipment for the manufacture – Lam Research.

Game development stocks and software companies in cloud services performed the weakest.

During the month, we increased our positions in Apple and Lam Research.