Ashburton Jersey: Schools Investment Challenge 2024

February 2024 Update

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February was another strong month for equity markets, with overall markets returning +4.17%. The main driver of performance came from several positive quarterly reports from technology stocks, in particular, NVIDIA exceeded market expectations in its last earnings report. We also witnessed substantial outperformance from cryptocurrency-related stocks, following the recent approval of Bitcoin Spot ETF’s. Bitcoin’s price increased +45% last month.

From a macro level, cooler US inflation figures towards the end of the month helped provide investors with comfort that a pivot from the central bank is around the corner with the market pointing to a potential shift as early as May.

February saw several considerable changes to the leaderboard, none more so than team ‘GS‘ from De La Salle College, which recorded an impressive +31.38% gain in its portfolio during the month. Benefiting from the crypto-rally, its holdings in Coinbase (+57.85%) and Robinhood (+49.49%) were the standout holdings. Team ‘Aclle‘ from Highlands College continues to top the leaderboard, with another remarkable month, returning +23.95%, that was mainly driven by strong performance from the software company Confluent (+48.74%) as well as a big move from Magnificent 7 member Nvidia (+25.52%). Special mention must also go to ‘Haven’t Jota Clue‘ from Hautlieu who climbed up the leaderboard with a +18.07% gain in their portfolio.

It is worth mentioning that the average performance of all the teams is +10.30%, which is twice as much as equity market returns this year.

The school’s table shows that De La Salle College currently now sit top of the leaderboard, with two of their teams sitting in the top 5. The leaderboard remains extremely competitive with only 3.20% performance differential spanning all 6 participating schools.

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