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After very high returns towards the end of 2023, we had expected a consolidation for the start of 2024. Instead, the first quarter was characterized by continued strong gains, especially for global stocks. Despite comparatively high valuations, it was again technology and quality stocks that set the tone.
Interestingly, we also experienced a phase in which the Nasdaq 100 was unable to beat the S&P 500 Index for the first time in many years. Although the index delivered a good result, the so-called ‘Magnificent 7 (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla)‘ seem to be transforming into the ‘Magnificent 5’, as both Tesla and Apple are struggling with several problems. As both stocks are heavily weighted in the Nasdaq 100, they seem to be holding the index back now.
Our active technology managers Franklin Templeton (R30) and Columbia Threadneedle (R45) both significantly outperformed the Nasdaq 100 Index. This supports the fact that it’s not always index investments that are ahead of the pack. One of the big winners in the first quarter was again Nvidia and other companies associated with the ‘artificial intelligence’ revolution.
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We've just released our quarterly report 'Reflections' :
Please take a look at an abundance of information and specific details on how you can build a portfolio that works!
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