|
10k Words Equitable Investors July 2024 Seek's national job ads count is down 17% over 12 months; corporate bamkruptcy/administration filings at multi-year highs; equal-weighted tech stocks are lagging cap-weighted tech performance by even more than the broader US market; AI valuations holding up VC space too; sustained net short positon on S&P 500; ASX nano/micro caps and the seasonal performance driven by tax loss selling in June, with a rebound in July; and finally the volume of downgrades coming into ASX reporting season is in-line with prior years. Seek's June 2024 Australian job ads
Source: Seek US bankruptcies by month
Source: S&P Australian external administration appointments by year
Source: ASIC 2024 YTD absolute performance - tech v. rest of the market
Source: Bernstein via @modestproposal1 2024 VC-backed tech valuations of select verticals, by stage
Source: Axios E-Mini S&P 500 net non-commercial futures positions % of open interest
Source: @LizAnnSonders, Bloomberg ASX ex-resoures by market cap band over 12 months of CY2024
Source: Equitable Investors
ASX ex-resoures by market cap band - first week of FY2025
Source: Equitable Investors Average monthly return of S&P/ASX Emerging Companies Index (since March 2016, excluding COVID-impacted CY2020)
Source: Equitable Investors Number of ASX downgrades - comparison with past financial years (FY20 cut short by COVID)
"FIT" universe (ASX micro-to-mid, ex resources) - changes to consensus estimates over past 12 months
Source: Equitable Investors July 2024 Edition Funds operated by this manager: Equitable Investors Dragonfly Fund Disclaimer Past performance is not a reliable indicator of future performance. Fund returns are quoted net of all fees, expenses and accrued performance fees. Delivery of this report to a recipient should not be relied on as a representation that there has been no change since the preparation date in the affairs or financial condition of the Fund or the Trustee; or that the information contained in this report remains accurate or complete at any time after the preparation date. Equitable Investors Pty Ltd (EI) does not guarantee or make any representation or warranty as to the accuracy or completeness of the information in this report. To the extent permitted by law, EI disclaims all liability that may otherwise arise due to any information in this report being inaccurate or information being omitted. This report does not take into account the particular investment objectives, financial situation and needs of potential investors. Before making a decision to invest in the Fund the recipient should obtain professional advice. This report does not purport to contain all the information that the recipient may require to evaluate a possible investment in the Fund. The recipient should conduct their own independent analysis of the Fund and refer to the current Information Memorandum, which is available from EI. |
