Our top five performing stocks in Q2 were NVIDIA, PayPal, Catcher Technology, New Oriental Education, and WisdomTree. Our bottom five performing stocks were Shire, Intel, FANUC, Schlumberger Ltd., and Cisco.
Observing various MSCI indices, Europe and Asia performed the strongest while the UK and US performed the worst. The strongest performing sectors are Healthcare, Industrials, and Financials, while Energy and Telecom have been the weakest performers.
Valuations are at the higher end of historic ranges but we believe there is plenty of value still out there. Information Technology has performed very well and, as a result, some valuations have gotten out-of-hand. However, we actively avoid companies with unsustainable multiples. We are also closely watching the USD-Euro movement.
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.