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The Finserve Global Esports Fund lost 1.1 percent during October, which was better than the Nasdaq Composite Index, which retreated 2.4 percent during the period. Since the fund's launch in June, the increase adds up to 5.2 percent. The month was somewhat turbulent on the stock market where risk appetite decreased noticeably towards the end of the month, which translated into a broad fall for technology-related companies. This despite the fact that the reports that were presented were generally better than expected. Of the S&P companies that had reported at the end of the month, 88 percent beat expectations.
The Global Esports Fund's holdings were dominated by positions in AMD, Nvidia, Activision, Ubisoft and Zynga. Among the winners were Logitech, Sony, Sea Limited, TSMC and Tencent. AMD fell against the backdrop of the company's purchase of sector colleague Xilinx for $35 billion. The market is concerned that AMD is buying a company with lower margins and growth at a high price, while the company itself believes that they can gear up the growth for Xilinx and that there will be great synergies between the companies.
Logitech presented a report that was far better than expected with an increase in sales during the quarter of the equivalent of 75 percent. The company has benefited greatly from the work from home (WFH) trend and has a bright view of the future. The growth was clearly helped by WFH, but even without it the company has increased its growth and improved its position in the market.
During the month, the fund increased the position in Zynga and initiated a position in Paradox Interactive. After the end of the month, there have been a series of reports that confirm the strong trend that we have seen in esports for a long time. Among other things, Activision and Zynga have presented very strong results, despite this, the company's share prices have fallen back somewhat as the market began to focus on companies that benefit from a recovery in the economy.