Tech stocks reign supreme in North America
Tech stocks continue to dominate the major holdings for the ACS Equity – North America, despite political scrutiny for Amazon, Facebook and Alphabet (Google).
According to FE Analytics, the sector returned 16.1% from 1 November 2019, to 31 October 2019.
The top five best performing funds were VanEck – Vectors Morningstar Wide Moat ETF (23.93%), BetaShares – Geared US Equity Currency Hedged (20.94%), BetaShares – NASDAQ 100 ETF (19.91%), Pendal – American Share (19.80%) and State Street Global Advisors (SSGA) – SPDR S&P 500 ETF Trust AUD (18.73%).
The major holdings for BetaShares – Geared US Equity holding were Microsoft (4.3%), Apple (4.2%), Amazon (2.9%), Facebook (1.8%) and JP Morgan (1.6%).
BetaShares’ NASDAQ 100 ETF major holdings were Apple (11.7%), Microsoft (11.3%), Amazon (9.1%), Facebook (4.8%) and Alphabet (4.6%).
Pendal held Microsoft (4.55%), Amazon (3.87%), Alphabet (3.42%), Mastercard (2.72%) and Facebook (2.34%).
SSGA top holdings were Microsoft (4.3%), Apple (3.85%), Amazon (2.92%), Facebook (1.73%) and Berkshire Hathaway (1.65%).
In its factsheet, Pendal noted being underweight in Apple held back its performance, but being overweight in consumer-dominated areas, particularly Target, Dollar General, Altice and Fiserv helped in the quarter.
“[Apple] reported quarterly financial results that were above expectations, primarily driven by strong growth in its service and wearable revenues, which offset weaker than-expected iPhone revenues,” Pendal said.
Top five best performing funds in the ACS Equity – North America sector from 1 November, 2019, to 31 October, 2019.
AUTHOR
Chris Dastoor
Recommended for you
Magellan has announced a raft of executive changes including the departure of head of investments Gerald Stack after 18 years and a second appointment from Maple-Brown Abbott.
Morningstar research of seven active Australian asset managers has found they are expected to see client redemptions averaging 3.1 per cent of their FUM per annum through to FY29, with two forecast to lose more than 10 per cent.
Franklin Templeton is to get rid of its Martin Currie branding and fold them into the wider group under ClearBridge Investments and Franklin Equity Group.
The widespread use of alternatives could lead to erosion of the very elements that make them alternatives, according to EY, as fund managers make them more palatable to retail clients.
