March 2024 Market Update

Oi Oi AI

Craig McAvinue By Craig McAvinue – 1 April, 2024

“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price”

Stock and currency markets performance

March was a positive month across the board with most developed markets making it a hat trick of monthly gains, notably the S&P 500 and Nikkei…

Mar 2024 Stock

Data table is from Google Finance

Currency markets were benign with an unusual scenario where both GBP & EUR ended the month where they started…less than 1% movements in in other currencies.. 

Feb 2024 Currency 2

Data table is from Google Finance

With the first quarter of 2024 over, the bull market of 2023 continues running .The S&P posted its best first quarter for five years and twelfth best since 1945.

Beyond the "Magnificent Seven"

Lots has been made of the Magnificent Seven and their sheer size and how this impacts the overall market performance. This is true but it’s not as simple as grouping these industry giants as one.

So far this year not all of the M7 have been in positive territory, Apple is down 11% for the year and Tesla is down 29%. This illustrates the importance of using skilled managers who have a better chance of investing in the companies who go up rather than down.

But some of these businesses’ growth does indeed impact the overall market return due to their market capitalisation and large gains.

Nvidia is up 88%, Meta up 40%, Microsoft up 13% and Alphabet up 9% for the year to date. It’s no coincidence that these four companies are also the largest operators in the Artificial Intelligence (“AI”) space. 

Magnificent 7 Performance 2024

AI Leaders Soar, But Caution Urged

AI is very much a hot topic at the moment. There’s no denying that this technology has potential to be a game changer for many industries as it makes business operations more efficient, ultimately increasing their productivity and saving on costs.

The gains being made by the likes of Nvidia who are at the forefront of this sector are astonishing though we always have to be aware of market over reactions. AI enthusiasm is certainly in abundance right now, but is there a danger that there is over enthusiasm with Nvidia and Meta in particular with their stock prices up 223% and 128% respectively in the last 12 months.

One sector which certainly benefits from AI is the healthcare sector. Improving diagnostic accuracy, personalising treatment, predicting health outcomes, accelerating drug discovery, expanding access to care, enhancing surgical precision, streamlining administrative tasks and advancing medical research are all advances that can be made to improve in this sector.

The healthcare sector still ranks as the third best performing since 2009 as illustrated below. Though performance has fluctuated, finishing top in 2018, 2nd in 2013 & 2015 but yet bottom in 2016 and 2010 and second from bottom in 2019. This despite being inherently less volatile than technology and energy..

Sector Performance Varies, Manager Selection Crucial

Sector investing is important but also choosing the right managers in these sectors makes a difference also

novelinvestor sector returns q1 2024

Investments seen as market hedges such as gold and bitcoin continue to reach all time highs, moving against traditionally expected patterns of being non-market correlated.

Geography is another factor to consider and just because one part of the world is doing well does not necessarily mean all are. As mentioned above, the US and Japan have had stellar starts to 2024, with terrific quarter one performances.

A deeper dive shows Turkey and Italy would have been two countries that out performed them. But things were not rosy everywhere. My home country of Thailand was the worst performing market in Q1.

The Investment landscape can be complex . Sectors performing differently with some up and others down. Even when sectors are doing well , not every share in that sector will 

But in the long term adapting a simple strategy of using good managers who buy good companies at a fair price works

Ask a question. Get a quote. Talk, chat, email – your choice

These articles are intended to give you enough information to make informed decisions, but health insurance is complicated. Whether you still have questions on this topic or feel ready to take the first steps toward getting a policy, our advisors can help.

contact us

Questions? Want a quote or consultation?

We will never sell or use your personal information for any reason other than to provide these services.

Investment Discovery Call

Craig MCavinue Tenzing

We value your privacy. See how we use data and control your options Privacy policy

Open Hours:

Mon – Fri: 8.30 am – 6 pm, Saturday – Sunday: CLOSED

Johannes Heikkila

Advisor
From Finland
Expat for 1 year
Speak Finnish, English & Spanish

Speciality:
- Health Insurance
- Savings Plans

Robert Cunningham

Advisor
From the UK
Expat for 13 years in Thailand & Vietnam
5 years' insurance & financial services

Speciality:
- Health Insurance
- Life Insurance
- Savings Plans

Romain Camillo

Senior Advisor
11 Years in Insurance & Financial Services
Expat in thailand for 7 years
Joined Tenzing in 2020
Speaks French & English


Speciality:
- Health Insurance
- Life Insurance
- Savings Plans"

Nancy Dao

Advisor
From Vietnam
International Business from UK
Lived in Singapore
Speaks Vietnamese & English

Speciality:
- Personal Health Insurance
- Group Health Insurance

Hunter Deems

Advisor
10 years' experience in insurance and investments
Joined Tenzing in early 2020

Speciality:
- Investments
- Savings Plan
- Health & Life Insurance
Patrik Shore Tenzing Pacific Services

Patrik Shore

Senior Advisor
From Sweden & New Zealand
7 years' insurance experience
Joined Tenzing in 2019
Crim Science
Speaks English and Swedish

Speciality:
- Savings Plans
- Health Insurance
- Life Insurance

Geoffrey Mann

Advisor
From the US
Employee benefits & insurance compliance background
Joined the Tenzing team in 2019
Law degree from the US

Speciality:
- Personal Health

Nhu Nguyen

Senior Advisor
From Vietnam
Joined Tenzing in 2017
Fluent in Vietnamese & English

Speciality:
- Group Health & Life Insurance
- Personal Health"
Tenzing's advisor

Ian Comandao

Health Insurance Manager
From Philippines
MBA from Duke University
Expat for 20 years in US, China, Hong Kong & Vietnam Worked at Tenzing since 2018
Fluent in English, Tagalog, Mandarin

Speciality:
- Personal Health Insurance
- Group Health Insurance
- Business Insurance

Craig McAvinue

Director of Wealth Management
From the UK
25 years' expereince in investments & insurance
Expat in Thailand for 5 years
Chartered Accountant by trade
Holistic approach to consulting his clients

Speciality:
- Investments
- Savings Plans
- Health & Life Insurance

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"
  • 84 35857 2629
  • 84 35857 2629
  • quinn.miller@ten-pac.com

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"