Aperture European Innovation Fund: Commentary for Q4 2024

Quarter in review

As we reflect on the year 2024, the Aperture European Innovation Fund celebrates its fifth anniversary. Since its inception, the fund has generated a net return of +59.5%1, significantly outperforming its benchmark, the MSCI Europe Net TR Index. This success underscores our unwavering commitment to uncovering Europe's most innovative and transformative opportunities across sectors, including artificial intelligence, cutting-edge healthcare, and sustainable technologies.

Despite a challenging fourth quarter characterized by market volatility, macroeconomic uncertainties, and geopolitical developments; the fund closed the year with a +2.71%1, net outperformance relative to its benchmark. Key drivers of our success included for the majority positive stock selection, as well as strong strategic sector allocation, leveraging Europe's diversified market structure.

Highlights of the year include the strong performance of Nvidia, SAP, and Spotify, which capitalized on the transformative potential of AI and cloud technologies. In healthcare, standout performers such as Zealand Pharma and Natera further reinforced the fund's resilience and growth potential. Meanwhile, prudent portfolio adjustments mitigated risks from high-profile profit warnings in ASML and Novo Nordisk.

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