February: continued strength in invested trends

We saw a strong start to February, driven by a very strong reporting season that was replaced by selling pressure at the end of the month. The reported results in tech were good, as we expected, while the share performance of reporting companies was very mixed and volatile. This was especially the case in E-sport/Gaming, where a number of names added 5%+ on the results but a number of them dropped 20%+ (gladly, none of our holdings). Our biggest drag during the month was Ubisoft, which released good December numbers but was hurt by some game delays in Q1.

However, we expect the share price to recover as the company is making the right strategic moves at the moment. Many game publishers have been forced to delay product launches due to COVID, but in our view also due to the increased complexity driven by the increased number of platforms. Datapoints for January and February were solid, but YoY comps will be tough from March. We want to highlight Nintendo, which we believe has met its revenue guidance for the March quarter already, which is one month ahead of time. Global Esport Fund increased 1,86% in February.

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Inge Heydorn

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