by Chantal Marx
In 2Q24, six of the FNB ETN's delivered negative returns in US dollars, being Berkshire Hathaway, Ford Motors, McDonalds, Paypal, Visa and the Clean Energy ETN. McDonalds has seen pressure on consumers, which has impacted its business and the payment companies have seen enthusiasm wane as global growth has shown signs of further pressure. Clean Energy stocks continued to underperform following euphoric gains till the start of last year. The best performing ETNs were new ETN exposures Nvidia (on its AI exposure), Eli Lilly (on continued demand for its weight-loss drugs) and Palo Alto (due to the persistent growing importance of cybersecurity). Apple and Alphabet also performed very well in the quarter.
The top performers over one year were Meta, Netflix, and Alphabet. The worst performers were the Clean Energy ETN, Paypal, and Tesla.
For the next twelve months, we expect less lofty returns than for the last 12 months, mainly due to base effects. Consensus expects the underlying specific companies to underperform the broader market this year on an equally-weighted basis (5% versus ~10%), with four stocks expected to outperform over the next 12 months on current estimates (PayPal, McDonalds, Visa, and Amazon), while the rest are expected to deliver market returns or to pull back near term.
FNB ETN
Quarterly Update
| Quanto ETN on: | 1 month | 3 month | YTD | 1 Year | 3 Year |
|---|---|---|---|---|---|
| Adobe | -10% | -6.8% | -13.5% | -0.6% | -12.2% |
| Alphabet | 0.5% | -11.1% | 16.9% | 22.9% | 20.9% |
| Amazon | 5.9% | -5.9% | 20.6% | 44.3% | 11.4% |
| Apple Inc | 0.8% | 7.6% | 19.8% | 34.3% | 64.0% |
| Berkshire Hathaway | -3.1% | 11.8% | 28.0% | 29.3% | 65.0% |
| Booking Holdings | 6.5% | 4.1% | - | - | - |
| The Coca Cola | 0.8% | 13.4% | 24.3% | 32.1% | 48.2% |
| Eli Lilly | -7.4% | -4.4% | - | - | - |
| Ford Motor | -4.4% | -14.7% | -10.9% | -10.7% | -12.7% |
| Goldman Sachs | -1.7% | 9.1% | 30.8% | 55.5% | 40.1% |
| JP Morgan Chase | -5.8% | 4.3% | 24.9% | 45.1% | 37.4% |
| MSCI World ETF | 1.9% | 5.0% | 18.3% | 31.0% | 28.2% |
| Global Clean Energy ETF | 3.1% | 8.9% | -6.1% | 1.4% | -31.0% |
| iShares Global Water ETF | 2.2% | 9.3% | 14.7% | 31.2% | 10.9% |
| McDonalds | 5.9% | 17.9% | 3.9% | 16.8% | 33.1% |
| 9.2% | 9.9% | 58.5% | 84.9% | 65.9% | |
| Microsoft | 2.9% | -5.7% | 14.6% | 35.6% | 52.8% |
| Netflix Inc | 1.6% | 3.9% | 44.0% | 87.3% | 14.9% |
| Nvidia | 0.0% | -5.6% | - | - | - |
| Palo Alto | -5.5% | -0.2% | - | - | - |
| PayPal Holdings | 7.0% | 33.0% | 23.5% | 31.6% | -70.4% |
| Tesla Inc | 22.7% | 26.9% | 1.1% | 1.4% | -1.7% |
| MSCI World Socially Responsible ETF | 3.2% | 5.9% | 19.1% | 31.3% | 24.3% |
| Visa | -0.1% | 2.8% | 6.1% | 18.9% | 23.9% |
FNB ETN
Quarterly Update
| Compo ETN on: | 1 month | 3 month | YTD | 1 Year | 3 Year |
|---|---|---|---|---|---|
| Adobe | -12.9% | -12.2% | -20.3% | -10.0% | -2.5% |
| Alphabet | -1.8% | -16.1% | 8.0% | 11.5% | 34.6% |
| Amazon | 2.7% | -11.6% | 11.2% | 30.3% | 23.5% |
| Apple Inc | -2.2% | 1.2% | 10.3% | 21.4% | 81.9% |
| Berkshire Hathaway | -6.0% | 5.1% | 18.2% | 16.8% | 83.2% |
| Booking Holdings | 3.2% | -2.3% | - | - | - |
| The Coca Cola | -2.2% | 6.5% | 14.6% | 19.2% | 64.4% |
| Eli Lilly | -10.3% | -9.9% | - | - | - |
| Ford Motor | -7.3% | -19.8% | -17.9% | -19.3% | -3.2% |
| Goldman Sachs | -4.7% | 2.6% | 20.6% | 40.4% | 55.4% |
| JP Morgan Chase | -8.6% | -2.0% | 15.1% | 31.0% | 52.4% |
| MSCI World ETF | -1.3% | -1.1% | 8.9% | 18.4% | 42.5% |
| Global Clean Energy ETF | 0.1% | 2.3% | -13.4% | -8.3% | -23.3% |
| iShares Global Water ETF | -1.1% | 2.6% | 5.6% | 18.5% | 23.0% |
| McDonalds | 2.6% | 10.8% | -4.0% | 5.6% | 47.7% |
| 5.9% | 3.3% | 46.1% | 67.0% | 84.0% | |
| Microsoft | -0.9% | -12.0% | 4.5% | 21.5% | 68.6% |
| Netflix Inc | -1.5% | -2.5% | 32.6% | 69.1% | 27.3% |
| Nvidia | -3.0% | -11.1% | - | - | - |
| Palo Alto | -8.4% | -6.3% | - | - | - |
| PayPal Holdings | 4.1% | 25.4% | 13.6% | 19.5% | -67.0% |
| Tesla Inc | 18.9% | 19.2% | -6.9% | -8.5% | 9.0% |
| MSCI World Socially Responsible ETF | 0.1% | -0.5% | 9.8% | 18.7% | 37.8% |
| Visa | -3.1% | -3.4% | -2.2% | 7.5% | 37.6% |
