Technology shares in China and the US have delivered spectacular returns in 2020. Apple, which has a market capitalisation of more than $2-trillion, is up about 60% since the beginning of the year, while Amazon, with a market capitalisation of almost $1.6-trillion, has seen its share price surge almost 70%.
As global equity managers we closely follow the fortunes of these so-called Faang stocks — Facebook, Amazon, Apple, Netflix and Alphabet . After all, these are some of the most profitable businesses in the world. We do not think these shares offer bubble-like valuations in aggregate but would caution investors to look for clues to factors that will either limit their growth or challenge their profitability.
Most notably, the rise of digital payments and cloud computing, which we access via our positions in companies such as Microsoft, Visa, Intuit and Autodesk. Microsoft and Visa have both already managed the regulatory onslaught and have refined their business models. Besides structural growth drivers in the technology space, we own what we call “counter-correlated businesses” that have also benefited from the drive towards home entertainment and remote working, sparked by Covid-19. Online gaming company EA Sports is one such company we own, whose business fundamentals have improved since the onset of the pandemic.
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