Plenisfer Destination Value Total Return Fund I Monthly Commentary August 2023

In Short

Monthly commentary from on Plenisfer Destination Value Total Return Fund

The fund closed the month with a return of -2.4% for the USD institutional share class, and a return of -0.9% for the EUR institutional class (exchange rate in the month EUR/USD: -1.58%). The return for the EUR-Hedged, IYH and IXH share classes (whose hedging acts on the change in the exchange rate relative to all non- EUR- denominated assets) was -1.9% for both. 

After July's rally, equity markets gave up some of their gains in August driven by weak economic data, while the energy sector performed well, led by a strong recovery in oil prices. This benefited our Macro Strategy, and specifically our energy sector allocations thanks in part to the brilliant performance of uranium, which continues to confirm our long -term fundamental thesis. 

Negative signals also came from the Chinese market, where economic data weakened substantially, led by significant pressure on the real estate sector.

Download the complete commentary:

Destination Value Total Return Fund: Monthly Commentary | August 2023

© Generali Investments, all rights reserved. This website is provided by Generali Investments Holding S.p.A. as the holding company of the main asset management companies of the Generali Group having, directly or indirectly, the majority shareholding in the companies listed below (hereinafter jointly, “Generali Investments”). 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”).