(Due to client demand, we will be launching a Yen version of the fund on January 1 - please get in touch if of interest)
For a brief period in November, competition and potentially lower prices threatened to break out in the tech world, as finally some sort of competition to Nvidia’s GPU emerged in the form of the Googles’ TPU. But the gain to Google, was seen to out weight any loss to Nvidia, and the Nasdaq ended higher for the month. The weakness in Nvidia seemed to set off a brief rotation out of cyclicals and into defensives.
Away from tech, Japanese 30 year bond yields touched a new high, just shy of 3.4%.
Gold traded higher, and continues to threaten to breakout against the S&P 500, despite the continued resilience of tech.
Bitcoin was weak despite the strength of tech, and the strength of gold.
Like I said - a strange month. For Brumby Capital, it was another up month.
