Unprecedented, or Not?
Assessing the current market situation amid global pandemic

A letter to clients
by Peter Kraus, Chairman and CEO, Aperture Investors

The month of March brought a global pandemic, and with it, levels of volatility in both equities and credit not seen very often in history. As investors, it is our job to navigate whatever scenario we encounter and to endeavor to create alpha no matter what the conditions. This month was no different.

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UNPRECEDENTED, OR NOT?

Assessing the current market situation
amid global pandemic.

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COVID-19 FACTS & FIGURES
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China's economic recovery continued in Q3 2020, although a bit softer than expected. Real GDP growth rose to 4.9% yoy, slightly below the Reuters consensus expectation of 5.2% yoy, but still a substantial upturn from the 3.2% yoy in Q2. On a quarterly base, growth dynamics softened to 2.7% qoq, after 11.7% qoq and -10% qoq in the two previous quarters.