Thyra Hedge Fund – October 2024

October was a month that started strong for global equities but still ended slightly lower in most markets. Our GP Bullhound Thyra Hedge fund rose by 3.41 % on the month, also helped by the stronger USD. News flow in the technology sector continued to be mixed, with AI very strong. Jensen Huang, CEO of Nvidia, stated that demand clearly exceeds supply for their new GPU Blackwell. The entire AI supply chain was very strong, while consumer spending on smartphones such as the new Apple iPhone 16 was muted. In addition to this, demand for PCs also appears to have been weak.

Corporate investment remains stable in the technology sector but with a clear focus on AI, while other areas are clearly weaker and are being prioritized by companies. We have not made any major changes to the portfolio ahead of November, but we will be quite active during the reporting season to scale up and down holdings in the portfolio, in order to manage risk and optimize returns.

We have also recently witnessed Trump becoming President of the United States again, and we will need to adjust our thinking around this event.