American Growth Fund - Jan 2024

Factsheet: January 2024

Strategy

The Fund's objective is to achieve optimal long-term capital growth through active management of a portfolio of large-capitalisation stocks based primarily in North America.

The investment strategy is based on fundamental analysis. The stock selection process is based in particular on the activities of the companies, their governance, financial structure and development perspectives. The fund aims above all to identify companies with dominant positions, with a significant reinvestment capacity and low levels of gearing.

The recommended investment period is 5 years. The reference currency is the US Dollar.

Markets

Continuing on the positive end to 2023, the American markets got off to a good year start, thanks to excellent results from the majority of companies at the end of 2023, with the S&P 500 up +1.59%, the Nasdaq 100 up by +1.85% and the Dow Jones Industrials up by +1.22%.

Sector wise, the Semiconductors Sector was up +10.36%, while the Automobile Manufacturers Sector lost -21.30% (thanks, Tesla).

The Fund

FFM American Growth ends the month (12/27/2023 - 01/31/2024) up +2.80%, outperforming all indices over the period with the S&P 500 up +1.34%, the Nasdaq 100 up +1.36% and the Dow Jones Industrials up +1.31%.

The monthly top three consisted of Stryker (+12.03%), Meta (+10.22%) and Taiwan Semi (+8.62%). On the other side, we find Idexx Labs (-7.20%), Texas Instruments (-5.31%) and Brown- Forman (-4.48%).

Due to the post-covid slowdown and longer-term outlook, we have decided to sell our position in Brown-Forman at breakeven.

Disclaimer: Past performance is not a reliable indicator of future performance and in no way constitutes a guarantee of future performance or capital. This non-contractual document is for information purposes only and does not constitute an offer for sale.

Prior to any investment, we recommend that you consult your advisor for a better understanding of risks. In the event of disagreement or litigation arising from this document, the full prospectus will prevail.

For more information, please email us: contact@fisconsult-sinews.com