Aperture Endeavour Equity Q2 2024 Manager Commentary

Aperture Endeavour Equity Fund: Commentary for Q2 2024

Quarter in review

While we always aim to outperform our benchmark, we consider it crucial to view this quarter's underperformance in the context of our long-term investment philosophy and the broader market dynamics at play. The significant divergence between our fund's performance and the benchmark highlights the particular challenges faced during this quarter. The largest driver of our underperformance continued to be from our underweight exposure to the large-cap tech names at the top of the index, as well as our security selection. There are a handful of positions in the portfolio that have created an even bigger drag in such a strong market. We will discuss these at length later in the letter.

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