At Spaceship we’re long-term investors, but we still keep an eye on what’s happening in the markets day to day. 

Here’s a look at some of the bigger movements in our Spaceship Voyager portfolios from the month of March, 2024.

Log into the Spaceship app, or check out Spaceship Voyager, to see why we’ve picked these stocks. 

Moving up

Life360

Rose 60.42%

Life360 has a family safety app that connects families with their pets and belongings using bluetooth and GPS.

Why did Life360 stock go up? 

In a word – advertising.

On the last day of February, Life360 announced quarterly earnings for the quarter ending 31 December 2023. 

The key takeaways were that they’d reached a record 61 million monthly active users globally, and that they had plans to start advertising to them. 

Morning Star analysis points out that only about 10% of Life360’s customers actually pay for the service, so advertising to the free users  could become a significant revenue stream. 

Life360 is in the Spaceship Universe Portfolio. 

Zip

Rose 44.79%

Zip's an Australian company that's been around since 2013.

Its mission is to disrupt the broken credit card model by offering buy now, pay later payment solutions.

Why did Zip stock go up? 

In a word - growth. 

Zip announced its half yearly results on 27 February for the six months to 31 December 2023. 

Highlights included an increase in group revenue of 28.9% vs the same period the year before; an increase in merchant numbers of 9.3% from the same period the year before; and an increase in transaction volumes of 9.6% vs the year before. 

Zip’s also benefiting from stabilising inflation and interest rates – as cost of living pressures stabilise, households feel better about spending money, and using buy now, pay later services in general. 

Zip is in the Spaceship Universe Portfolio.

TOMRA

Rose 17.33%

TOMRA was founded in 1972 in Norway, when two brothers worked out a system to help a local grocer accept empty bottles in exchange for cash. 

They invented the world's first automated reverse vending machine – and now people can 'return and earn' from taking their empty bottles and cans back to be recycled, all over the world. 

Why did TOMRA stock go up? 

In a word - momentum.

This is the second month in a row that TOMRA’s been on our top movers list. TOMRA started rising mid-February when it announced its quarterly results for the quarter ending 31 December 2023. 

In early March, the company launched its new line of reverse vending machines, with the first machines rolling out in Ireland. 

Fun fact! A Dubbo couple used TOMRA’s Return and Earn machine to pay for their wedding. The ABC has the story. 

TOMRA is in the Spaceship Earth Portfolio. 

Nvidia

Rose 14.04%

When Nvidia invented the Graphic Processing Unit (GPU) in 1999 it ended up being a huge deal: first it helped kickstart gaming and revived video graphics, and then it threw fuel on the AI fire: the GPU acts as the brain of digital products, including ChatGPT.  

GPUs can process many pixels on a gaming screen rendering pixels in parallel all at once, a transferable technology for crunching large amounts of data – perfect for AI applications.  

Why did Nvidia stock go up? 

In a word - AI. 

In March, Nvidia continued to be the Beyonce of Stocks. It held its NVIDIA GTC 2024 conference, which is an AI conference for developers, business leaders, and AI researchers. You can catch some of the GTC 2024 highlights here. 

At the conference, Jensen Huang announced the NVIDIA Blackwell platform, which he said was “the engine to power this new industrial revolution”  of generative AI, deep learning, and AI. 

Nvidia is in the Spaceship Universe Portfolio and the Spaceship Earth Portfolio. 

ResMed

Rose 13.09%

ResMed sells medical devices that help patients sleep and breathe better – and importantly, keep out of hospital, reducing the impact and cost of chronic conditions. 

The story starts in 1981 at Sydney uni, where Professor Chris Sullivan invented the first CPAP device to help with sleep apnea. 

Along the way, ResMed was formed, and now its in-home CPAP masks, machines, and life support ventilators help give people control over their healthcare.

Why did Resmed stock go up? 

In a phrase - new product. 

ResMed announced a new CPAP mask which it says is “ideal for people who sleep on their side, are claustrophobic, and want the stability and seal of a universal fit mask in a minimalist design.” 

It also unveiled the results of its 2024 Global Sleep Survey, which, no surprises, uncovered that only 13% of people reported getting a good sleep every night. People in Japan had the worst sleep, and people in India had the best. 

Check out more about the Sleep Study and see if it surprises you.

ResMed is in the Spaceship Universe Portfolio and the Spaceship Earth Portfolio. 

Moving down 

Lululemon

Fell 16.49%

Lululemon creates innovative fitness and athleisure wear. It opened in 1998. 

The company says its purpose is to elevate human potential by helping people feel their best, and this extends to its Impact Agenda, which uses the three pillars of Be Human, Be Well, and Be Planet to be good global citizens.

Why did Lululemon stock go down? 

In a phrase - missed expectations. 

Lululemon announced its quarterly and full year fiscal 2023 results on 21 March 2024. 

It announced that it’s still on track for achieving its Power of Three growth plan which includes doubling the business from 2021 net revenue of $6.25 billion to $12.5 billion by 2026. 

It forecast $10.7 billion of sales in fiscal 2024, but this was less than some analysts were expecting. The stock price fell, raising concerns that competition from newer brands like Alo Yoga and Vuori are impacting sales.

You can check out Lululemon’s results one pager here. 

Lululemon is in the Spaceship Universe Portfolio and the Spaceship Earth Portfolio. 

Snowflake

Fell 14.30%

Snowflake has been around since 2012. It became a public company in 2020. 

Snowflake makes it easy for its customers to store their data on public clouds. 

It created a Data Cloud for organisations to manage their data more efficiently, so they can unlock more insights and analytics from it. 

Why did Snowflake stock go down? 

In a phrase - CEO retirement. 

On February 28, Snowflake announced that its CEO, Frank Slootman, had stepped down, and was being replaced by former Alphabet executive Sridhar Ramaswamy, who’s big on AI. 

In general, the market overreacts to surprises – and any new leader brings at least a little bit of uncertainty. 

Snowflake had also announced its yearly guidance which indicated slower growth than investors are used to. These two things added up to a bad month for Snowflake. 

Snowflake is in the Spaceship Universe Portfolio. 

Tesla

Fell 13.06%

Tesla was founded in 2003, with the mission to accelerate the world's transition to sustainable energy. Its products have included electric cars, batteries, and solar energy panels. 

Why did Tesla stock go down? 

In a word: sales

On 4 March, it was revealed that Tesla’s sales in China had decreased year over year, and this was viewed as a proxy for Tesla’s global sales. The fall in sales was at least partially explained by Lunar New Year celebrations falling in February this year, which dampened demand.

Tesla is in the Spaceship Universe Portfolio and the Spaceship Earth Portfolio. 

Adobe

Fell 10.08%

Adobe's suite of products includes famous names such as Photoshop, Illustrator, and Adobe Acrobat. 

Adobe helps its customers, that tend to be businesses, create and manage content, advertise and analyse their output. 

Why did Adobe stock go down? 

In a word: earnings

Adobe fell midway through the month after it announced its earnings results for fiscal first quarter, ending 1 March 2024. 

Adobe’s been integrating AI tools into its product suite, competing against players such as Stability AI and Midjourney, according to Reuters. 

The company had planned to purchase graphic design software  Figma, but cancelled its plans, paying a $1 billion termination fee. 

And it forecast second quarter revenue that missed analyst estimates as Adobe focuses on driving adoption of AI tools rather than monetisation, with plans to monetise Firefly, a generative AI creative tool, to come later than analysts expected.

Adobe is in the Spaceship Universe Portfolio. 

Audinate

Fell 9.66%

Audinate is a leading provider of professional AV networking technology. 

It's a Sydney business that  was spun out of the CSIRO to become a global AV protocol that delivers uncompressed, multi-channel, low latency digital audio over an ethernet network. 

Its flagship product Dante has been used to power some of the biggest music events in the world, including the Foo Fighters, the Killers, and Paul McCartney, while music product leaders such as Yamaha have adopted their AV technology.

Why did Audinate stock go down? 

In a phrase: taking a breather

Audinate was one of our top movers in February, when it rose 40.40%, so March’s result was in part some moderation. There was no real other news. 

Audinate is in the Spaceship Universe Portfolio. 

We asked our Spaceship Voyager investment team if there’s anything else interesting going on in the markets. Here’s what they said. 

The latest reporting season has seen a strong performance for our companies.

Despite potential delays in interest rate cuts, attributed to the resilience of stronger than expected economies, the convergence of solid earnings and this backdrop bodes well for refocusing on company profits and trends.

Companies are increasingly leveraging AI for efficiency gains while intensifying innovation efforts, fostering a mean reversion in portfolio valuations.

We believe these trends offer more significant tailwinds than the macroeconomic headwinds encountered in recent years.   

Some of our Spaceship Voyager portfolios invest in Life360, Zip, TOMRA, Nvidia, ResMed, Lululemon, Snowflake, Tesla, Adobe, and Audinate at the time of writing. 

Important! We’re sharing with you our thoughts on the companies in which Spaceship Voyager invests for your informational purposes only. We think it’s important (and interesting!) to let you know what’s happening with Spaceship Voyager’s investments. However, we are not making recommendations to buy or sell holdings in a specific company. Past performance isn’t a reliable indicator or guarantee of future performance.