The NASDAQ has led the charge, with Europe not too far behind. The Chinese tech stocks are showing slightly more volatility, mainly from Alibaba tumbling 11% on results, and down 41% YTD, hurting not only the Chinese market, but many emerging market funds too.

The fund had an active month, namely in the healthcare and luxury sectors.

Hermès, defying Chinese stagflationary fears, has had a strong run, benefiting from a bullish trading statement and a read-across from their peer Prada. The stock has outperformed the luxury sector this year, and is in-line to be included in the EuroStoxx 50 leading it to further buying in the anticipation that inclusion will lead to buying from the big index and mutual funds. In Italy, Ferrari NV reported better than anticipated results. The company shipped 2,750 supercars over the third quarter (+19% LFL). Management noted that they had essentially remained unaffected by global supply chain bottlenecks, whilst seeing strong demand from China and the Americas. All eyes are on the business now in 2022 where the company will shed more light on its ideas for electric supercars during its next capital markets day.

Genetic sequencing pioneer, Illumina, was added to post-results sell off at the beginning of November. Shares came off after management lowered guidance due to continuing costs of their purchase of Grail. The business has seen growing demand for its sequencing services as insurers have become more willing in underwriting the costs of the procedure. Also in the healthcare space, we added to Johnson & Johnson, who announced that they are looking to list their sizeable Consumer Health unit, worth just shy of $50 billion. They will offload a portfolio of brands including Band-Aid, Listerine and Neutrogena whilst remaining focused on healthcare and general pharma. The separation should accelerate innovation for the new slim lined business, whilst unlocking the best value for shareholders.

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Please also note the value of investments and the income you get from them may fall as well as rise, and there is no certainty that you will get back the amount of your original investment. You should also be aware that past performance may not be a reliable guide to future performance.