Aperture European Innovation Fund - Q4 2022 Commentary

In Short

Commentary for Q4 2022 on the Aperture Investments SICAV - European Innovation Fund by Anis Lahlou, Portfolio Manager at Aperture Investors
Anis Lahlou

Anis Lahlou, CFA

Chief Investment Officer based in Aperture’s London office

Aperture European Innovation: Commentary for Q4 2022

The tightening cycle: a Glass Half-Full

MSCI Europe Daily Net TR EUR Index closed sharply up +9.55% this quarter, which is a top 10 percentile quarterly performance for this index since 2001. The CPI miss in October proved to mark the lows for equities for the quarter and the year. It staged a sharp rally driven by a) increasing willingness to pre-empt a Fed pivot, b) rapidly deflating European gas prices, and c) receding systemic and geopolitical risks (UK LDI, GBP, Ukraine, China/Taiwan), as well as d) rising Chinese credit impulse and signs of a sustained re-opening.

Download the full commentary below:

Aperture European Innovation Fund - Q4 2022 Commentary
Picture

© Generali Investments, all rights reserved. This website is provided by Generali Investments and is considered as a marketing communication and financial promotion related to the products and services of the following companies belonging to the Generali group: Generali Asset Management S.p.A. Società di gestione del risparmio and Generali Investments Luxembourg S.A. (hereinafter jointly, Generali Investments). Moreover, the website may contain marketing communication and financial promotion of products and services of companies part of the multi-boutique platform coordinated by Generali Asset Management S.p.A. Società di gestione del risparmio and in particular of Infranity, Sycomore Asset Management, Aperture Investors LLC., Plenisfer Investments SGR, Lumyna Investments, Sosteneo Infrastructure Partners SGR and Generali Real Estate S.p.A. Società di Gestione del Risparmio