Published Date: December 19, 2024
Author: HANetf
• ITEK gained an impressive 9.7% in November and is now up 20.9% in 2024. • Largely driven by Blockchain, Digital Entertainment, Social Media, Cloud Computing & Cybersecurity. • Big Tech 3rd quarter earnings impressed; 30%+ Cloud revenue gains for Google & Microsoft. • Record AI chip spending powers NVIDIA to world’s most valuable company, ahead of Apple. • Tailwinds for ITEK included US election win for Trump, perceived as more business friendly. • Lower US inflation – Federal Reserve expected additional rate cuts, positive tailwind for ITEK. • ITEK P/E valuations remain at 50% discount to Nasdaq levels – well above 30X. • For November – Blockchain, Digital Entertainment, and Social Media best performers. The only detractor was Future Cars, at -0.12%. • Unlike 100% US centric Nasdaq and many Tech Indices/Funds. • Fast adoption of OpenAI, ChatGPT & BARD AI – continues boosting Cloud Computing and AI spend. • Equal weight across 8 subthemes (12.5% per theme; 120 total holdings, 15 per subtheme). • Tech Convergence and AI – boosts broader Tech gains across ITEK holdings, beyond Magnificent 7. • ITEK potentially well positioned for broader Tech rally beyond Mega-Caps. • We expect soft landing will help Tech spending and earnings as economic confidence grows. • Top 15 leaders for each Megatrend subtheme – all established firms. • Top 5 holdings less than 10% weight; Top 10 under 14%. Nasdaq approaching 40% & 55% respectively. • Mega-Cap weight still below 9% (Nasdaq 49%). • Global mix: US 63.1%, China 9.4%, Japan 6.9%, Canada & Australia both 3.7%. • Equal Weight – offers far broader diversity vs. Nasdaq and many active Tech funds.
Source of all data: Gins Global / Bloomberg as of 30/11/2024. Additional sources available upon request. Please note that all performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFs, your capital is at risk.
• Potentially significant ITEK upside following the US Election – given the upcoming removal of the FTC’s M&A blockages. • Boosting smaller holdings values – likelihood of more acquisitions amd corporate activity. • Earnings beats for ITEK remain positive – ratio of at least 2:1 for Q3. • Tailwinds from more Fed rate cuts, less red tape, and possible lower taxes also helpful! • US Govt efficiency drive to drive outsourcing to more Tech players – Cloud, AI, Cybersec especially. • Trump’s Tech friendly “America first” agenda, pushing major indices to record highs. • US Consumer sentiment higher for November, Michigan survey highest in seven months. • AI Convergence across Tech space – positive for Cloud, Social Media, Gaming, Future Cars & Cybersecurity. • Tech gains broadening beyond Mega-Caps as Fed rate cuts likely – helps equal weight approach. • Additional 2-3 Fed rate cuts expected between December-May, as inflation falling and unemployment rising. • We expect Trump onshoring trend will boost robotics and tech spending in US. • Big AI spending boosting Big Tech values & Cloud providers. • Over $2.6tn spending in AI expected within the decade, potentially boosting Cloud spending to $2.3bn+ too. • ITEK holdings still relatively cheap valuations, majority trading at PEs below 20X. • Many ITEK holdings remain very undervalued versus Magnificent 7. • Social Media boosted via gaming and video streaming to mobile (expected to double in 3yrs).
ESGO (Fund)VGLD30EN (Index)1M32.88%33.02%3M9.97%10.17%6M-14.37%-12.51%YTD15.48%18.20%12M52.69%56.81%3Y224.13%238.13%Since Inception (02/07/2021)175.69%191.41%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 30/11/2024
Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.
* The SFDR classifications for the funds are documented in their respective supplements and approved by the Central Bank of Ireland. The supplement for each fund can be found on their respective product page.
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