Aperture European Innovation Fund - Q4 2022 Commentary
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.