Macro/ Strategy

The stock market had an impressive recovery in January 2023 after a deep correction in 2022. The momentum of the recovery came from better-than-expected economic data from the US, which helped strengthens the belief that the Fed will slow down the interest rate hike and soon end the monetary tightening period. Besides, business results in 2022 of companies listed are mixed, directly affecting the market movements.  In 2023, we believe the economic growth rate will slow down to 6%, and for enterprises with a strong core will be a favorable time to break out. 

The Going Green portfolio has a rate of return of +10.79% in January. The strongest gainers in the portfolio were PC1 (+29.2% MoM) with expectations from the new mining segment and a depreciating USD, CNG (+15.5% MoM), and VSH (+15.8%) having impressive business results. Meanwhile, the last two strong gainers in the past month, NT2 (-0.2% MoM), and GEG (+3.1% MoM) slowed down.

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