Oktober: Aktiemarknaden nådde återigen rekordnivåer

October: The stock market once again reached record levels

The stock market recovered during October and again reached record levels. We were a bit cautious in our view of the market ahead of the reporting season as we expected many companies to suffer from supply issues. To this must be added that we now have a deficit of jobseekers in many segments, which has led to wage inflation in recent months.

We expect the delivery issues to offset the level of advertising that will be done during the quarter, reducing growth for several tech mega caps that rely on advertising. The fund ended up 5,04% on the month and is now up 21,81% on the year.

Video game stocks continue to tank and Activision is down hard on its 3rd quarter report. The report itself was in line with expectations but the delay of Overwatch 2 and Diablo 4 along with the staffing issues at Blizzard are putting pressure on the stock. However, we keep the share as we think that the management is now addressing the problem in the company at the same time that the valuation is at a 5-year low. Net cash is now also around 12% of the company's market value.

Software continues to be the strongest sector in the portfolio and we expect strong second half reports for the sector. We have already seen accelerating growth in the reports from Servicenow and Microsoft.