March
2024

GP Bullhound Thyra Hedge

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.

Historical Performance

Portfolio Team

Manager Photo

Inge Heydorn, Partner, GP Bullhound

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

 

 

General Information

Fund type Daily traded UCITS fund
Management fee 1.5%
Performance fee 20% above SSVX 90d with high water mark
Risk 3 (scale 1-7)
Investment manager GP Bullhound Asset Management Ltd
Fund structure Regulated by Finansinspektionen (Sweden) with SEB as depositary bank, PwC as auditor and Finserve Nordic AB as fund company
ISIN SE0001891490

Geography Exposure

Return Analysis

3 Years
Thyra HedgeHFRI Macro
Annualized Return5.83%11.50%
Total Return18.54%38.60%
Winning Months (%)58.33%63.89%
Best Month6.35%9.22%
Worst Month-5.00%-9.21%

Risk Analysis

3 Years
Thyra HedgeHFRI Macro
Ann. Standard Deviation10.22%17.35%
Sharpe Ratio0.610.72
Sortino Ratio0.960.98
Downside Deviation1.72%3.22%
Maximum Drawdown-10.79%-23.86%

Risk and return analysis based on last 36 months monthly data

Distribution of Monthly Returns

Risk/Return Comparison

Historical Returns

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 5.11 3.99 0.87 10.25
2023 5.96 -1.11 4.59 -4.22 6.35 1.84 1.04 0.47 -4.31 0.24 5.08 1.06 17.56
2022 -0.27 -0.13 -0.87 -3.62 0.78 -2.14 4.93 0.08 -5.00 2.32 3.72 -3.89 -4.50
2021 -0.28 1.72 1.08 -0.80 0.43 0.88 -0.08 0.07 -2.12 0.31 -1.93 -1.03 -1.81
2020 -0.07 -0.11 1.26 -0.04 2.99 1.31 0.11 -1.32 0.76 -0.92 0.70 1.43 6.20
2019 0.90 1.09 0.78 1.47 0.05 -0.27 0.52 -0.27 0.01 0.48 0.01 -0.18 4.67
2018 0.11 0.84 -0.61 1.18 0.02 -0.02 -0.15 -0.19 0.05 0.16 -1.53 -1.00 -1.16
2017 0.64 -1.58 0.19 -0.31 0.35 -0.85 0.92 0.07 0.44 1.11 -0.53 -0.03 0.39
2016 -1.63 -3.44 -0.07 1.41 1.09 -1.11 1.25 0.45 -0.28 0.94 -0.69 -0.68 -2.83
2015 0.01 1.66 0.55 1.64 0.86 0.23 0.16 -0.67 -1.05 0.24 1.19 -0.53 4.33
2014 3.77 2.42 -4.05 -8.87 3.26 3.78 2.75 1.43 1.14 3.70 -1.34 2.09 9.64
2013 -0.63 0.32 -1.27 -3.37 0.62 -0.08 -0.87 -0.05 1.00 -4.90 0.71 1.21 -7.25

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 www.gpbullhound.com

Investment Themes

Thematic investment strategy focusing on technology companies with strong balance sheets and cash flows, where innovation is driving major changes and creating global market opportunities. Concentrated portfolio with intensive research and leveraging our long-term established industry network.

Proven alpha generation with low correlation and limited market risk, where our tactical trading around core positions reduces volatility and minimizes losses.

 

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://thyrahedge.se/


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