GP Bullhound, GP Bullhound Global Technology Fund

Fund Manager's Comments

Our positive outlook on tech stocks has been further reinforced by the Q4 reports, driven by increased capital expenditures from major tech companies like Microsoft, Amazon, Meta, and Google, especially within AI. The profit growth of these companies indicates a strong industry where AI integration offers new opportunities for efficiency and revenue growth. The tech sector's focus on AI is expected to continue driving growth and market rallies.

The market shows mixed development, with continued focus on discussions around potential interest rate cuts in the US and a strong emphasis on AI within the tech industry. Tech giants plan to increase their investments in AI, bolstered by significant cash flows and the ability to maintain high levels of investment. AI plays an increasing role in their core businesses, especially within advertising, contributing to increased revenues and more efficient ad performance.

Growth in AI-driven tools and features improves user engagement and revenue generation for both Google and Meta. The potential impact of AI on Google's search business sparks debate, but the company still shows strong growth in both search and YouTube. Google's and Meta's investments in AI are expected to continue driving innovation and revenue growth within the tech sector.

Performance

	YTD	1 Year	Since Inception	Volatility	Sharpe Ratio
Global Technology Fund	21.66%	49.06%	217.40%	18.28%	1.30

YTD

1 Year

Since Inception

Volatility

Sharpe Ratio

Global Technology Fund

21.66%

49.06%

217.40%

18.28%

1.30

Portfolio Team

Manager Photo

Inge Heydorn, Portfolio Manager

Managed research teams and traded technology shares since 1994 (Carnegie, ABN Amro and Deutsche Bank).

Per Roman, Head of Asset Management

Co-founder of GP Bullhound and 20+ years experience of technology investments.

General Information

Fund type	Daily traded UCITS fund
Management fee	1.50% (Retail class)
Risk	Indicative risk class 5 on a scale of 1-7, where 7 bears the highest risk
Investment manager	GP Bullhound Asset Management Ltd
Investment vehicle	Regulated by Finansinspektionen (Sweden) with SEB as depositary bank, PwC as auditor and Finserve Nordic AB as fund company
ISIN	SEK: SE0006881389 EUR: SE0015192455 GBP: SE0015950035

Historical Returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2024	8.67	7.33	4.31										21.66
2023	13.13	-2.46	9.11	-4.57	16.49	3.89	1.96	1.11	-7.29	0.39	7.70	2.66	47.51
2022	-4.38	-2.26	-0.77	-10.78	-0.18	-5.27	10.08	-2.44	-9.23	4.50	5.25	-8.85	-23.54
2021	2.46	4.29	2.39	0.58	-1.30	8.95	0.42	1.51	-3.80	4.95	1.03	-1.78	20.85
2020	5.45	-0.90	-1.60	10.15	6.30	6.96	0.70	4.28	0.70	-2.70	7.13	1.09	43.50
2019	6.10	4.51	5.95	6.72	-4.74	4.43	3.33	-1.40	0.64	0.90	4.30	-0.90	33.38

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Year

2024

8.67

7.33

4.31

21.66

2023

13.13

-2.46

9.11

-4.57

16.49

3.89

1.96

1.11

-7.29

0.39

7.70

2.66

47.51

2022

-4.38

-2.26

-0.77

-10.78

-0.18

-5.27

10.08

-2.44

-9.23

4.50

5.25

-8.85

-23.54

2021

2.46

4.29

2.39

0.58

-1.30

8.95

0.42

1.51

-3.80

4.95

1.03

-1.78

20.85

2020

5.45

-0.90

-1.60

10.15

6.30

6.96

0.70

4.28

0.70

-2.70

7.13

1.09

43.50

2019

6.10

4.51

5.95

6.72

-4.74

4.43

3.33

-1.40

0.64

0.90

4.30

-0.90

33.38

Top 5 Holdings

Nvidia	7.33%
ASML	7.10%
Microsoft Corp	6.44%
NVIDIA Corp	6.37%
Lam res	6.16%

About GP Bullhound

GP Bullhound is a leading independent investment and advisory house focused solely on the technology sector globally.

The firm has 10+ offices and over 100 staff on three continents.

GP Bullhound Asset Management Ltd is authorised and regulated by FCA.

For more information, please visit gpbullhound.com

Investment Themes

We are investing in software, marketplaces, digital entertainment and fintech. Within these subsectors we select the themes we believe are the most interesting in terms of potential size and growth over the next 3-5 years.

From our years of experience and network of industry experts, we select the leading companies in each theme. Key is to understand which product the consumers/corporates prefer and why. We also like to test the product ourselves and talk to clients using the products.

We do not invest in companies losing market share or where competitors have a better product. If portfolio companies show signs of weakness in terms of customer offering, we are quick to exit the position.

Disclaimer

Investing in mutual funds always involves a risk. Historical returns are not an indicator of future returns. Investors may lose part or all of the invested amount. Information in this monthly report should not be seen as anything else than a statement of the fund’s holdings and activity.

For more information on risks, read more in the fund's KIID and prospectus, available on https://finserve.se/global-technology-fund/

GP Bullhound Global Technology Fund