Aperture Discover Equity - Q1 2024 Manager Commentary

In Short

Quarterly comment on the Aperture Discover Equity Fund by Brad McGill, Aperture Investors

Aperture Discover Equity Fund: Commentary for Q1 2024

 

Quarter in review

 

We outperformed the RTY benchmark by roughly 400 bps net of fees during the first quarter with a reasonably healthy breadth of return, outperforming in 4 of our 6 sectors of focus. We continued our healthy new idea cadence following a very active Q4 and initiated two new long positions in the Consumer sector. Additionally, we exited two positions as stocks appreciated throughout the quarter and valuation levels rebounded. We experienced good performance breadth, with 11 positions contributing more than 50 bps during the quarter.

 

Download the full commentary below:

APSIIUA Commentary Q1 2024 FINAL.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”).