Unprecedented, or Not?
Assessing the current market situation amid global pandemic

A letter to clients
by Peter Kraus, Chairman and CEO, Aperture Investors

The month of March brought a global pandemic, and with it, levels of volatility in both equities and credit not seen very often in history. As investors, it is our job to navigate whatever scenario we encounter and to endeavor to create alpha no matter what the conditions. This month was no different.

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UNPRECEDENTED, OR NOT?

Assessing the current market situation
amid global pandemic.

RELATED INSIGHTS

COVID-19 FACTS & FIGURES
Oxford University/AstraZeneca vaccine will undergo a new global trial as critics questioned the claim that it could protect up to 90% of people against coronavirus. Hetero, one of India’s leading pharmaceutical companies, agreed to produce over 100 million doses of Sputnik V vaccine. Brazilian president Jair Bolsonaro said he will not take a coronavirus vaccine.
Generali Global Infrastructure launches two infrastructure funds to support the European recovery
Milan – Infrastructure assets are considered key in re-shaping a sustainable and resilient recovery path for Europe together with a greener, more digital and people-centered world. To support this transformational shift Generali Global Infrastructure1 (GGI), a boutique focused on infrastructure debt and part of Generali Group’s multi-boutique asset management platform, has launched two infrastructure funds supporting the European recovery.
EUROPEAN DEFAULTS LIKELY TO STAY LOW
Since March, credit markets have retraced a large part of the Covid-related spread widening, alongside rebounding risk sentiment. Although the rally has been substantial, it has remained defensive with IG outperforming HY on a beta- adjusted basis. The main reason in our view have been concerns about rising defaults.