The market has shifted focus and select sectors are experiencing a brutal sell off. We explore the current winners and losers in this article.
Johnson & Johnson gained 11.7%, Nestlé 13.1%, Unilever 12.8%, and Anheuser-Busch InBev 15.0%, in a single month. These are the winners.
Meanwhile, in software
Salesforce −23.5% | Adobe −26.0% | ServiceNow −29.7% | Workday −31.5% | Autodesk −37.0%.
Five of the largest enterprise software companies fell between 23% and 37% year to date. Software businesses built on selling licences to corporations and the market is asking if AI can displace these products.
The businesses in our portfolio face no equivalent threat. AI cannot replace medicine, water, food and hygiene. The demand for what our companies make is not a product of any technology cycle but a necessity for human life.