Thyra Fund – December 2024

Despite the lack of land rally, our fund Finserve Chelverton Thyra Fund (name change from GP Bullhound) ended up 3,82% in December, making the full year's return close to almost 20%. This means the fund has returned over 25% per year on average since inception in 2019. The NASDAQ ended around zero for the month while the broad S&P 500 ended down -2,37%.

The big data points during the month were the strong November sales figure from TSMC and weaker than expected guidance from Micron. TSMC continues to deliver strong growth, primarily driven by AI demand, which we believe will continue into 2025. Micron's report was in line with expectations, while guidance for the next 6 months was weaker than expected. The AI part was strong, while the smartphone and PC side was clearly weaker than expected and is expected to continue to be weak for the next 6 months.

We believe that the first part of 2025 will be similar to 2024 with AI as the big engine for the technology sector while the other parts will be relatively weak. There is, however, a possibility that the PC market may improve during the latter part of the year.