Aperture Credit Opportunities Fund - Q3 2024 Manager Commentary

In Short

Quarterly comment on the Aperture Credit Opportunities Fund by Simon Thorp, Portfolio Manager and Chief Investment Officer, Aperture Investors.

Aperture Credit Opportunities Fund: Commentary for Q3 2024

Quarter in Review

 

The third quarter of each year has historically been a difficult one for financial markets, and although Q3 2024 witnessed short periods of volatility, by the quarter-end most asset classes had generated positive performance for the period. 

The key positive driver in performance was the continued fall in inflation, particularly in the US where prices had proved remarkably sticky earlier in the year. Growth data from the US and Europe declined slightly during the quarter but never enough to seriously call into question the “soft-landing” narrative. As such, it was duration that performed best as the US 10-year Treasury yield fell from 4.4% to 3.78%. Equities were buoyed by this backdrop with the S&P 500 rising 5.5%.

Away from the macro, fundamentals continued to be supportive within credit as Q2 reporting marginally surprised to the upside. The technical backdrop also remained strong with continued inflows across the credit spectrum.

 

Download the full commentary below:

Aperture Credit Opportunities Commentary Q3 2024 .PDF
Generali Investments logo in grey

© 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”).