Our funds continue to perform strongly. Global Stars has increased by approximately 34% so far in 2024. During the week, Dagens Industri highlighted Global Stars as one of the best funds in its category, with an increase of 15.6% over the past three months, as of 4 December*. Morningstar ranks Global Stars as number 4 out of 100 global funds based on the development since the beginning of the year in its category. Our global sustainability fund NE Our World also performs very favourably.
Strong stock market performance in the United States in November
In November, global stock markets were generally characterised by large movements following a number of important macroeconomic and geopolitical events, in particular the US presidential election. The Republican victory with Donald Trump as president is expected to lead to growth-oriented policies with tax cuts, deregulation and a focus on the US economy, which led the US stock market to new heights, combined with the Fed cutting interest rates during the month. The S&P00 is up +5.7% and the Nasdaq +12.3% for November. In Europe, large export companies were initially negatively affected by Donald Trump’s victory with increased uncertainty about new tariffs, but generally turned upwards as the market starts to see a gradual improvement in investor sentiment as company valuations are relatively low and more interest rate cuts are expected from the ECB and the Riksbank. The MSCI Nordic index is down -0.83% and the European Stoxx 600 is up +0.96% for November.
Among the Nordic holdings, Swedish security company Securitas stood out at the top with a rise of just over 10% after another strong quarterly report. The focus is on a gradually improving operating margin, supported by increased European airport activity and synergies with the US acquisition Stanley. Danish jewellery maker Pandora was also among the winners in November after presenting stable sales figures for the quarter, combined with a raised forecast. Autoliv also recovered strongly during the month, gaining around 9% after the company raised its dividend and extended its share buyback programme. For the global holdings, a clear rise in Tesla of over 38% was noted, driven by optimism following the US presidential election. The market is hoping for policies that will ease regulations on self-driving cars, favouring the company’s vision for the future. Walt Disney also performed well, rising around 22% during the month after the company gave a pleasantly surprising three-year earnings per share forecast in its quarterly report. The travel sector also continued to perform well with clearly positive movements from Booking and Royal Caribbean Cruises, among others.
We at Nordic Equities wish you a Merry Christmas and a Happy New Year!
*Historical performance is no guarantee of future returns. The money invested in the fund can go down as well as up in value and there is no guarantee that an investor will get back the amount invested.
