16 Portuguese funds ride Nvidia wave

Sixteen Portuguese funds are cashing in thanks to the success of semi-conductor company Nvidia whose shares hit an all-time high on the back of the AI boom.

Nvidia’s shares have gained 200% in value on the stock market since the beginning of the year, bringing the tech company’s value to around US$1.2Bn.
As a result, investment funds exposed to the manufacturer of semi-conductors are benefitting from the frenzy of AI investment.
In Portugal at least 16 funds were positively exposed to the performance of the US company’s shares by the end of June.
According to the Portuguese Association of Investment, Pension and Patrimony Funds (APFIPP), Portuguese funds entities held 25,563 Nvidia shares by June 30, 2023, worth €9.9 thousand million.
With six funds, the asset management company of bank BPI – BPI Asset Management has most benefitted to exposure from Nvidia with a 12.31% increase in share yields.
The largest amount of Nvidia shares is held by the fund Casa de Investimentos. Its Casa Global Value PPR/OICVM fund holds more than 5 million shares and has enjoyed the greatest yield between the beginning of the year and 31 July. (29.61%)
Another five funds also hold Nvidia shares including IM Gestão de Ativos, Bankinter Gestão de Activos, Montepio Gestão de Ativos, Optimize Investment Partners and GFM Gestão de Ativos, all benefitting from the increase in Nvidia’s share value.
Shares in Nvidia hit a new all-time high on Thursday after the chipmaker’s revenue more than doubled in the last quarter as soaring demand for the processors needed to train the latest artificial intelligence models outstripped even heightened Wall Street estimates.