With Nvidia (US:NVDA) shares continuing to soar, the rewards of backing AI plays have started to show in the funds space. Microsoft (US:MSFT) and Nvidia backer Manchester & London (MNL) is already sitting on some impressive returns so far in 2024, even if its bets seem a tad punchy.
But it's not MNL or one of the technology funds topping the charts when it comes to recent performance. MNL shareholders are up to the tune of around 20 per cent so far this year, but that's eclipsed by Seraphim Space (SSIT). Shareholders are sitting on an enormous 80.2 per cent total return for 2024 as of 18 March. If we look at returns generated since the shares hit their last low point on 17 November, the gains come to more than 110 per cent.
What's going on? Seraphim, which is predominantly invested in private 'spacetech' companies, has certainly been a beneficiary of the rally that has lifted growth investments. For context, shareholders took a bath to the tune of 64 per cent in 2022, and would still be down by around 40 per cent had they invested at the trust's initial public offering (IPO) in the summer of 2021.