February 2022 Monthly update

Volatility continues in the market and the reporting season has been strong for technology, especially software. However, we have seen weaknesses in social media platforms and payment services. 

The software has been strong and we have even seen an acceleration in growth on the cloud service side and in the front-end software. Expectations have been raised on the software side after the strong results that have been seen during this results season.
On the semiconductor side, we have seen some further announcements about the expansion of new factories, some in India run by government subsidies, UMC in Singapore and Bosch in Germany. We have seen that companies in some areas are already building their order book for 2023. In summary, we continue to like stocks with cloud exposure, software and hardware. 

On the gaming side, the winners this quarter have been Take Two, Zynga and companies that supply the Nintendo Switch. However, statistics show that companies will have a "covid hangover effect" when things normalize.

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