September: Positiv månad, portföljen justerad för en mer volatil marknad framåt

September: Positive month, portfolio adjusted for a more volatile market ahead

Inge Heydorn

Volatility in the market continued during September and the technology companies were weak with a decline for the Nasdaq of 5.2 percent, the Dow Jones ending only down 2.3 percent. This was the first negative month since March. The big companies within FAANG were the big losers. The valuation multiples for these companies have expanded strongly during the year. However, they differ slightly between the companies as Amazon and Netflix have had their profits adjusted up during the year, while the others have had them adjusted down in the wake of Covid. 

We further reduced the risk in the fund at the end of August and lost some yield as the market's high-risk companies continued to rush. We got most of that back in September when the fund ended up 0.76 percent. During the downturn in the market, we have increased further in companies that we believe had a really strong quarter such as Activision, Salesforce, Zynga and TSMC. We have tried to adjust the portfolio's beta slightly towards a more volatile development in the next month. We continue to collect data regarding September for the companies to position ourselves correctly for the quarterly reports.

See updated monthly data for the fund here: