SUMMARY OF QUARTERLY ECONOMIC AND INVESTMENT UPDATE CONFERENCE CALL

Investment Notes

During the first quarter of 2024, the news flow suggested the worst fears surrounding the world economy prevalent last Autumn are now subsiding, and that consensus views for 2024 are improving slightly.  This backdrop allowed stock markets to make progress.  Major technology businesses continued to support returns of the global stock market; this was a prominent feature of the US stock market as it has a greater allocation to technology than other regional indices. 

During the quarterly call in January, we noted our expectation that the term for the largest technology-related stocks – the “Magnificent Seven” (Apple, Microsoft, Alphabet, Nvidia, Amazon, Meta and Tesla) – would fall out of use in due course, in the belief each stock’s share price performance would reflect the individual fortunes of the businesses, rather than their membership of a homogeneous group.  So far this has proven to be the case; for instance, during the first quarter, Nvidia’s share returned c.84%, compared to Tesla and Apple’s declines of c.29% and c.10%, respectively.

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