July Performance Summary & Update:
July’24 ended with profit of +2.78%
Stocks edged higher in July, with the S&P 500 up around 1.1% as inflation continued to ease. The Consumer Price Index (CPI) for July showed inflation falling 0.1% month-on-month and the year-on-year inflation rate reached 3%. Precious metals followed suit, with gold rising more than 5%. TLT $TLT - the ETF representing long-dated Treasury bonds rose more than 3% as yields fell. In addition to this, we also profited from our JPY/USD trade as the Bank of Japan raised interest rates, pushing the Yen higher.
There are no major earnings highlights in our portfolio (excluding Ams AG) as most of our major holdings are due to report results in Aug.
Earnings Highlights:
Ams Osram $AMS.ZU (Ams AG)
Ams Osram announces revenues of EUR 819 million for the second quarter 2024, at the midpoint of the guided range of EUR 770 – 870 million. The adjusted EBIT margin came in at 6.8% amounted to EUR 56 million. For third quarter outlook, the company sees weakening demand for its automotive semiconductor products for H2/24. The adj. EBITDA is expected to increase to 17% - 20%. Ams Osram suffered huge losses when it announced the cancellation of its Micro LED project in March. Recovery will take time and we are prepared to hold for the long term.
Thanks & have a great day.
[Disclaimer: This is Not Financial Advice]... Show More
