By 
The Essential:
Chinese markets fell heavily in July, against the tide. Tech rebels in the US. ARK and Berkshire Hathaway neutralize each other.
Regions: When China wakes up
During July, regional indices all bounced back. Not all, as China was the exception. The MSCI China gave up 10% in July, as the following chart shows. The long-awaited Chinese awakening will have to wait. Since January 1, the MSCI China has returned to the bottom of the rankings, despite the surge in May.
July's performance
...
Sectors: Risk-on
A look at sector performance: July brought back technology, consumer discretionary and industrials. These are growth or cyclical sectors that had suffered during the first half of the year. Defensive sectors, such as telecoms and healthcare, were at the bottom of the pack.
.
Nearly 15% rise for tech in July
Woods vs. Buffet: Warren stands his ground
The ARK Innovation fund of Cathie Wood did barely better than the Berkshire Hathaway fund of Warren Buffett. This is surprising considering that the month was largely favorable to growth stocks, which are Wood's favorites. In fact, Berkshire got a big boost from its Apple shares, which account for nearly 43% of the portfolio and which rebounded strongly, particularly last week. ARK, on the other hand, suffered a big setback on its fourth largest line, Roku (-23% on Friday after disappointing results), and a bearish month on its second line, Zoom Video Communications, and its third, UiPath, which did not follow the rebound at all. Fortunately for the fund, its first Tesla position recovered more than 30% in the meantime.
As a result, it was an atypical month for both investors, leading to roughly equal performance. Growth has largely outperformed Value, by about 8 points. In the US, the gains of the growth strategy reached 12.5% on average, while those of the discounted stock strategy were limited to 4.5%
.
ARK in green vs. Berkshire in blue
