Interactive Investor

The funds leading the recovery in November

A handful of stocks lifted a range of funds, explains Saltydog Investor.

4th December 2023 14:41

by Douglas Chadwick from ii contributor

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This content is provided by Saltydog Investor. It is a third-party supplier and not part of interactive investor. It is provided for information only and does not constitute a personal recommendation.

Nearly all the major stock markets around the world went down in August, September and October, so it was a welcome relief to see a rally in November.

The Hong Kong Hang Seng ended the month down 0.4%, but all the other indices we track went up.

The American markets did particularly well. In the US, the Dow Jones Industrial Average went up by 8.8%, the S&P 500 made 8.9%, and the Nasdaq gained 10.7%. The Brazilian Ibovespa beat them all, rising by 12.5%.

Stock Market Indices
Index1 Jan to 31 March1 April to 30 JuneJuly 2023Aug 2023Sept 2023Oct 2023Nov 2023
FTSE 1002.4%-1.3%2.2%-3.4%2.3%-3.8%1.8%
FTSE 2500.4%-2.7%3.9%-2.8%-1.8%-6.5%6.7%
Dow Jones Ind Ave0.4%3.4%3.3%-2.4%-3.5%-1.4%8.8%
S&P 5007.0%8.3%3.1%-1.8%-4.9%-2.2%8.9%
Nikkei 2257.5%18.4%-0.1%-1.7%-2.3%-3.1%8.5%
Hang Seng3.1%-7.3%6.1%-8.5%-3.1%-3.9%-0.4%
Shanghai Composite5.9%-2.2%2.8%-5.2%-0.3%-2.9%0.4%

Data source: Morningstar. Past performance is not a guide to future performance.

This change in fortune is also reflected in our latest sector analysis.

Last month, 33 out of the 34 Investment Association (IA) sectors that we monitor went up, compared with six in August, 12 in September, and three in October. The only one that went down was China/Greater China, which fell by 2.4%.

Numbers of sectors with positive returns graph Saltydog Dec 2023

The best-performing sector was Technology & Technology Innovations, up 9.7%, but lots of other sectors did well. The three European sectors, UK Smaller Companies, Latin America, and the Financials and Financial Innovation sector all went up by 6% or more.

IA sector returns Nov 2023

Data source: Morningstar. Past performance is not a guide to future performance.

When the Nasdaq performs well, you know that the US technology stocks are having a good run and that it is probably being led by the Magnificent Seven - NVIDIA (NASDAQ:NVDA), Tesla (NASDAQ:TSLA), Meta Platforms (NASDAQ:META), Apple Inc (NASDAQ:AAPL), Inc (NASDAQ:AMZN), Microsoft Corp (NASDAQ:MSFT), and Alphabet (NASDAQ:GOOGL). That was certainly the case in November.

This in turn will help the funds in the Technology and Technology Innovations sector and so it is no surprise that it was the leading sector last month. However, it is not only the technology funds that invest in these high-flying US technology stocks. They can also form a significant part of the holdings in the growth and innovation funds from the North America and Global sectors.

Looking at the top 10 funds from our analysis in November, three are from the Technology and Technology Innovation sector, but the leading fund, Baillie Gifford American, is actually from the North America sector. Five of the funds are from the Global sector.

The Baillie Gifford American fund has around 40% invested in technology companies and Amazon, Nvidia, and Tesla all feature in its top five largest holdings. This would explain why it always tends to do well when the funds from the Technology and Technology Innovations sector are also doing well.

Saltydogs top 10 funds in November 2023

Fund nameInvestment Association sectorMonthly return (%)
Baillie Gifford AmericanNorth America17.8
Liontrust Global TechnologyTechnology and Technology Innovation15.6
GAM Disruptive GrowthGlobal14.2
Liontrust Global InnovationGlobal13.5
Pictet - RoboticsITechnology and Technology Innovation13.4
T. Rowe Price Global Technology EquityTechnology and Technology Innovation13.0
Premier Miton Pan European Property ShareProperty12.7
GAM Star Disruptive GroethGlobal12.4
Baillie Gifford L/T Global GrowthGlobal12.4
abrdn Global Innovation EquityGlobal12.3

Data source: Morningstar. Past performance is not a guide to future performance.

Although their performance has been impressive over the last month, these funds did fall heavily during the previous three months, and have still not got back to where they were when they peaked towards the end of 2021.

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These articles are provided for information purposes only.  Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties.  The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

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