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The Finserve Global Technology Fund lost 2.7 percent during October, which was marginally weaker than the Nasdaq Composite Index, which retreated 2.4 percent during the period. Since the beginning of the year, the increase adds up to 32.6 percent. During the same period, the Nasdaq has increased by 21.6 percent. The month was 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 had beaten expectations.
The Global Technology Fund's holdings were dominated by positions in Activision, ASML, Ubisoft and Zynga. Among the winners were Prosus, Sony, Matchgroup, Servicenow and Nintendo.
This reporting period, we have seen a low correlation between good reports and good stock performance. It has almost felt completely random. However, our reports have been in line or better than we estimated. The reports have, if anything, reinforced our positive view of the companies and themes eom includes in the portfolio.
During the month, the fund increased the position in Zynga and initiated a position in Paradox Interactive. The entire holding in Slack was divested. After the end of the month, we have received 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.