December 2020
back to all monthly reportsExecutive Summary
November was, without a doubt, the best month for equity markets in local currencies since 1994. The two major catalysts were the recent, positive vaccine news and the surprisingly smooth US election process. Despite our cautious stance on the vaccine, we continue to view equities constructively, as the next year will bring favorable combination of growing corporate profits, low discount rates and low inflation.
The Technology of the Future Fund had a +18.1% return in November, outperforming the benchmark MSCI World Index (USD), which had a return of +12.7%. The fund delivered a YTD +33.8% return, significantly outperforming the benchmark MSCI World Index (USD), which had a return of +9.5%.
November was, without a doubt, the best month for equity markets in local currencies since 1994. The two major catalysts were the recent, positive vaccine news and the surprisingly smooth US election process. Despite our cautious stance on the vaccine, we continue to view equities constructively, as the next year will bring favorable combination of growing corporate profits, low discount rates and low inflation.
The Technology of the Future Fund had a +18.1% return in November, outperforming the benchmark MSCI World Index (USD), which had a return of +12.7%. The fund delivered a YTD +33.8% return, significantly outperforming the benchmark MSCI World Index (USD), which had a return of +9.5%.