Details Cookies
Cookie policy

This website uses cookies to offer you a better browsing experience by enabling, optimising and analysing site operations, as well as to provide personalised ad content and allow you to connect to social media. By choosing “Accept all” you consent to the use of cookies and the related processing of personal data. Select “Manage consent” to manage your consent preferences. You can change your preferences or retract your consent at any time via the cookie policy page. Please view our cookie policy here and our privacy policy here


Nasdaq DW Global Momentum Q4 2022 commentary

SaxoSelect Commentaries
Instruments tradedStocks
Asset classesGlobal equities (including emerging markets, excluding US companies)
Investment style Systematic investing based on stocks’ relative strength
Quarterly return8.67% (net of fees)
Annualised volatility (since inception)23%

Market overview

Q4 2022

Global equity markets rebounded in Q4 after declining for much of 2022 against the backdrop of aggressive tightening monetary policy by many central banks around the world. There have been signs of moderating inflation in the fourth quarter, which may create the opportunity for central banks to take a less hawkish approach to interest rate policy in the coming months. This would be a welcome development and may lead to a more favourable environment for equities in the upcoming year.

From a sector perspective, the exposures are currently allocated as follows: financials (25%), healthcare (13%) and consumer cyclicals (11%). Sectors where there is currently the least exposure include utilities (4%), telecom (5%) and energy (6%).

From a country perspective, the largest exposures are currently allocated to the UK (13%), India (13%), Brazil (9%), Denmark (8%) and the Netherlands (8%). A noteworthy underweight continues to be China due to its weak relative strength, although there have been some signs of improvement in that country as well.

Regional exposure is currently tilted towards Europe (47%) and Latin America (26%). This strategy is not constrained geographically so the exposure will change over time depending on where strength is observed. Also, about 60 percent of the portfolio is currently allocated to developed markets and 40 percent to emerging markets.


Portfolio performance (net of fees)


Top 10 portfolio holdings (as of 31 December 2022

HoldingWeight (%)
Novo Nordisk4.56%
ICICI Bank4.27%
Tata Motors3.40%
UBS Group3.13%
ABB LTD3.04%
Mitsubishi UFJ Financial3.03%

Best performing positions (note that the position may not have been held for the full quarter, but performance shown for the security is for the full quarter)

  • (+48.22%) Mitsubishi UFJ Financial Group, Inc. operates as the bank holding company for MUFG Bank, Ltd. that provides various financial services in Japan, the United States, Europe, Asia/Oceania and internationally. Mitsubishi UFJ Financial Group, Inc. was founded in 1880 and is headquartered in Tokyo, Japan.

  • (+37.47%) Tenaris S.A., together with its subsidiaries, produces and sells seamless and welded steel tubular products, and provides related services for the oil and gas industry, and other industrial applications. Tenaris S.A. was incorporated in 2001 and is based in Luxembourg, Luxembourg.

  • (+35.84%) Novo Nordisk A/S, a healthcare company, engages in the research, development, manufacture and marketing of pharmaceutical products worldwide. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

  • (+31.90%) Genmab A/S develops antibody therapeutics for the treatment of cancer and other diseases primarily in Denmark. Genmab A/S was founded in 1999 and is headquartered in Copenhagen, Denmark.

  • (+28.67%) UBS Group AG provides financial advice and solutions to private, institutional and corporate clients worldwide. UBS Group AG was founded in 1862 and is based in Zurich, Switzerland.

Worst performing positions (note that the position may not have been held for the full quarter, but performance shown for the security is for the full quarter)

  • (-23.68%) Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufactures in the People's Republic of China. Daqo New Energy Corp. was founded in 2006 and is based in Shanghai, the People's Republic of China.

  • (-16.71%) Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk provides telecommunications, informatics and network services worldwide. The company was founded in 1884 and is headquartered in Bandung, Indonesia.

  • (-10.20%) MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam and Indonesia. MakeMyTrip Limited was incorporated in 2000 and is based in Gurugram, India.

  • (-9.16%) Sociedad Química y Minera de Chile S.A. produces and distributes speciality plant nutrients, iodine and its derivatives, lithium and its derivatives, potassium chloride and sulphate, industrial chemicals, and other products and services. Sociedad Química y Minera de Chile S.A. was incorporated in 1968 and is headquartered in Santiago, Chile.

  • (-7.06%) ICON Public Limited Company, a clinical research organisation, provides outsourced development and commercialisation services in Ireland, rest of Europe, the United States and internationally. The company was incorporated in 1990 and is headquartered in Dublin, Ireland.


Historically, market declines of the magnitude observed in 2022 have often led to favourable investment opportunities. This is the likely outcome this time as well. The performance of this strategy – and global equity markets in general – in the fourth quarter suggests that this recovery may already be under way. Some of the headwinds, such as high inflation, ongoing supply chain challenges and the underperformance of China all have the potential to improve as we move forward.  


This material is provided for marketing and/or information purposes only. Fee charges mentioned herein are subject to change – you may find the latest updated pricing information on the description page for the respective portfolios. None of the information contained herein constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy. Saxo Capital Markets does not take into account your personal investment objectives, specific investment goals, specific needs or financial situation and makes no representation and assumes no liability to the accuracy or completeness of the information provided here. The information and commentaries are not intended to be and do not constitute financial advice, investment advice, trading advice or any other advice or recommendation of any sort offered or endorsed by Saxo Capital Markets. Any expression of opinion (which may be subject to change without notice) is personal to the author and the author makes no guarantee of any sort regarding accuracy or completeness of any information or analysis supplied. Although every endeavour has been made to ensure that our trading platforms are secure and reliable, please note that as with all facilities and systems, our trading platforms may be vulnerable to temporary disruption or failure. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with systemic failure, i.e. failure of hardware and software.  

See the full Managed Portfolio Disclaimer for more information. Please also consider our Risk Warning and General Business Terms before trading with us.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.