Tantallon Tech & Sustainability Fund Report, June 2024
The fund rose 4.0% in June to push the 24H1 gains to 23.1% on the back of continued strength in the tech sector, particularly in semiconductors. The sustainability holdings largely detracted from the June results after showing signs of life early in the quarter and erased most of their gains since the start of the year.
YTD, our tech holdings provided 8 of the top-10 contributors with memory, semi equipment, IC foundry and design as well as chip cooling driving the gains. AI remains the main growth engine as the breadth of beneficiaries increases. We believe that we are in the early innings in terms of the fundamental infrastructure build-out while the markets are already discounting a strong 2025.
