Concerns in the market regarding growth, inflation and long-term interest rates have continued in September. Inflation concerns have spread to wage increases in the US and most companies are having trouble getting some goods due to shortages and shipping problems. There is a great risk that several physical goods will be out of stock in the Christmas trade and that this will also affect the companies that depend on advertising.
Demand for PC and console games remains strong and consumers can look forward to several major titles in the coming months. Interesting to note that Netflix bought its first game studio focused on mobile games. Amazon seems to have a big hit in the game New World which is number one on most platforms.
The semiconductor industry had a tough month on the stock market, even though the companies are doing very well operationally. ASML raised its sales forecast, which was slightly less than the market had expected. However, the company has always been conservative and we continue to believe that ASML is one of the best positioned companies in the sector.
We have increased our positions in software companies while reducing the weight of e-commerce and advertising-dependent companies.
GP Bullhound Thyra Hedge was down -2.12% in September is now up 0.85% so far this year.