Aperture New World Opportunities - Q4 2023 Manager Commentary
CIO Emerging Markets and Portfolio Manager
Peter Marber is the Portfolio Manager of the Aperture New World Opportunities strategy. For over 30 years, Peter has professionally invested billions of dollars for many of the world’s largest companies at firms including Loomis, Sayles & Company, HSBC, and Wasserstein & Co. Peter is based in Aperture’s New York office. Peter earned his B.A. at Johns Hopkins, his M.I.A. from Columbia, and his Ph.D from The University of Cambridge.
Aperture New World Opportunities Fund: Commentary for Q4 2023
2023: A Bond Year to Remember
When financial history books are written, 2023 will be marked by unprecedented events, dramatic shifts in policy, and unexpected outcomes – including a late 4Q rally in most financial asset classes. Investors in Emerging Markets, which have prospered from three decades of US rate declines and China’s meteoric economic rise, were forced to strap their seatbelts and hold on for a twisty ride. Our short duration strategy managed the volatility well while rarely being negative for the year.
2023 may be remembered as “The End of the Easy Money Era.” Central banks, particularly the US Federal Reserve, aggressively tightened monetary policy to combat inflation reaching multi-decade highs. Interest rates soared with the markets misreading inflation. Some of this misread was due to a new American industrial policy shift and unprecedented, targeted stimulus that led to a strong job market and resilient demand.