Aperture International Equity - Q4 2023 Manager Commentary

In Short

Quarterly comment on the Aperture International Equity Fund

Aperture International Equity Fund: Commentary for Q4 2023


Quarter in review


Investors experienced a remarkable rejuvenation in the fourth quarter after withstanding a gloomy third quarter that was driven by fears of declining consumer demand as the holiday shopping season commenced, weakness in many manufacturing sectors, and inflation indicators that had remained stubbornly elevated. After the dour postering in Q3, the markets’ views towards 2024 are significantly brighter. Central banks once again have our backs as they pivoted away from ‘higher for longer (rates)’ to ‘job’s done (inflation)’, and we can begin to look at the appropriate pace of interest rate reductions. Markets seemingly ceased to worry overnight about the probability of recession amid signs of slacking inflation. They also considered both the benefits of lower rates on risk asset pricing, along with the added conviction of future earnings growth. Needless to say, markets witnessed a remarkable recovery in Q4.


Download the full commentary below:

AFORX Commentary Q4 2023 FINAL.pdf

© Generali Investments, all rights reserved. This website is provided by Generali Investments Luxembourg S.A. (Generali Investments) and is considered as a marketing communication and financial promotion related its products and services. This website may contain information related to the activity of the following companies: Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (including Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S.p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* and among its subsidiaries Global Evolution Asset Management A/S - including Global Evolution USA, LLC and Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC as well as Generali Investments CEE. *Includes Conning, Inc., Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc., Goodwin Capital Advisers, Inc. (collectively, “Conning”).