October: The market rebounded strongly

The market rebounded strongly in October. However, the gaming / esports sector continues to be weaker than the market. This is despite the fact that growth figures look good and companies are valued at historically low levels. This cancer has also continued in November, driven by Activision and Playtika. We have a position in Activision that we retain. The company reported in line with expectations with fragility at the launches of Owerwatch 2 and Diablo 4 from the subsidiary Blizzard.

Blizzard has had major problems during the year with the management culture in the company and this delay creates an additional negative sentiment in the share. However, we think that the company has addressed its problems and has a very strong product portfolio. The company is now trading at a 5-year low and has a strong cash flow with a net cash of 12% of market value. The P / E ratio is 17 on this year's profit.

Playtika has moved around a bit in its product portfolio and also suffered a bit from Apple IDFA changes. However, we think that the company looks interesting as we believe that the market will continue to grow and that the company's growth will bounce back when the new games are released.

The fund ended up at 3,21% in October and is now up 13,97% YTD.

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