{"id":4951,"date":"2021-03-09T16:38:26","date_gmt":"2021-03-09T14:38:26","guid":{"rendered":"https:\/\/finserve.se\/februari-stigande-langrantorna-forandrade-beteendet-i-marknaden\/"},"modified":"2021-03-09T16:38:26","modified_gmt":"2021-03-09T14:38:26","slug":"februari-stigande-langrantorna-forandrade-beteendet-i-marknaden","status":"publish","type":"post","link":"https:\/\/finserve.se\/en\/februari-stigande-langrantorna-forandrade-beteendet-i-marknaden\/","title":{"rendered":"February: rising long-term interest rates changed the behavior of the market"},"content":{"rendered":"
\"work<\/div>\n

We saw a sharp turn in the market during February where the whole rise supported by good reports disappeared in the fear of higher interest rates in the latter part of the month. The reports from the tech companies were, as expected, strong during the quarter, but we did see a mixed development for share prices despite most beating the consensus.<\/p>\n

The rising long-term interest rates also changed the behavior of the market, where for a long time work-from-home was traded in a lump against the recovery shares. Now the market instead began to sell the companies with the highest multiples and those that performed best. This meant that old correlations no longer apply and we have adjusted our positions slightly to get a balanced risk in the portfolio.<\/p>\n

Industry data continues to show strength in the trends we invest in. Semiconductor equipment data was at a record high in January and advertising purchases on the Internet platforms are accelerating. However, we must remember that the comparability figures will be tougher from March onwards in the companies that have benefited from work-from-home. In the portfolio, we have reduced somewhat the companies with the highest beta and sold our position in Zynga as it performed strongly. \u200bOn the short side, we have continued to be cautious about shorting individual shares. The fund's return was 1.72% in February.<\/p>\n

Read the full report including statistics<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Vi s\u00e5g en tv\u00e4r v\u00e4ndning i marknaden under februari d\u00e4r hela uppg\u00e5ngen st\u00f6dd av bra rapporter f\u00f6rsvann i r\u00e4dslan f\u00f6r h\u00f6gre r\u00e4ntor under senare delen av m\u00e5naden. Rapporterna fr\u00e5n tech-bolagen var som v\u00e4ntat starka under kvartalet men vi fick dock se en blandad utveckling f\u00f6r aktiekurserna trots att de flesta slog konsensus. De stigande l\u00e5ngr\u00e4ntorna […]<\/p>\n","protected":false},"author":4,"featured_media":576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"view_count":"497","footnotes":""},"categories":[29],"tags":[],"class_list":["post-4951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thyra-fund"],"_links":{"self":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/4951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/comments?post=4951"}],"version-history":[{"count":0,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/4951\/revisions"}],"wp:attachment":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/media?parent=4951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/categories?post=4951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/tags?post=4951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}