Why the FANGs are losing their bite

Netflix’s horror show quarter is a reminder that there are limits to the technology industry’s rate of growth

Photo by Michael Dziedzic

Big tech has been carrying the US markets for some time now. Since Jim Cramer coined the acronym FANGs in 2013, the market’s very biggest boys have, until recently, just got bigger and bigger. FANGs became FAANGs, then FAANG+ or – another Jim Cramerism – MAMAA as names and market caps changed, before finally the Muppets inspired MANAMANA, incorporating Nvidia and Adobe and name changes. Apple – bizarrely excluded from the first FANG definition – became the world’s first trillion-dollar company in Aug 2018 and then the world’s first three trillion-dollar company in January. Microsoft, Alphabet/Google, Amazon, Meta/Facebook, and Tesla (a story for another time) have all since joined the trillion-dollar club.

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The Ukraine war: an industrial squeeze

Christine Shields explores the conflict's less publised economic effects on global industry

Photo by Chris Ried

In our two previous pieces on the impact of the war we looked at oil and gas first, then food. We mentioned the sharp surge in nickel prices that necessitated trading to be suspended. Other metals have also jumped sharply in price and some supply problems are causing firms to pull out of specific sectors.

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Quality Shares Portfolio Updates: Wet January

A stiff drink is required after a poor performance from both portfolios last month

January was not a good month for the Quality Shares portfolios, hardly surprising as the focus on quality that had driven their performance over the years found itself very much out of fashion over the month. US technology shares, which form the bedrock of the Atlantic Portfolio, had a very difficult month despite closing out with a flourish as the likes of Microsoft and Apple reported strong earnings.

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The Atlantic Portfolio sails along

Five companies delivered half of the performance of the US-UK portfolio - is it time to dump the laggards...or even the winners?

US indices had a great 2021, which meant that even the very best active managers found it hard to beat the S&P 500 and the Nasdaq 100. Encouragingly, the Atlantic portfolio came closest to doing so of the benchmarks we use, delivering a total return - ex costs- of 24.6% in the year, more than 2 percentage points better than Fundsmith Equity.

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