Cookie Settings
Picture
Contatti
Picture

Aperture Credit Opportunities Fund - Q4 2023 Manager Commentary

In breve

Quarterly comment on the Aperture New World Opportunities Fund by Simon Thorp, Portfolio manager and Chief Investment Officer, UK, Aperture Investors.

Aperture Credit Opportunities Fund: Commentary for Q4 2023

Quarter in Review


In the financial markets, 4Q 2023 proved to be extremely volatile and, ultimately, one of the strongest quarters in recent history.
In October, markets continued to trade lower, as they had in September, driven mainly by the relentless rise in US government bond yields. The US 10-year bond yield, which had traded at 3.33% in April, started October at 4.58% and hit an intra-month high of 5.02% before falling to 3.90% by year-end.


It was a similar story in both credit and equity markets; USHY as measured by CDX HY saw spreads widen in October by 44bps before reversing to finish 167bps tighter at 360bps. European equities (as measured by Eurostoxx 50) sold off from 4174 at the start of October to 3995, before rallying back to 4528 by the end of the fourth quarter.


Against this backdrop, we are pleased with the performance of the Aperture Credit Opportunities Fund, which generated 2.97% for the quarter and 5.29% over the year. This was helped significantly by our decision to take off all duration hedges during September and October, increasing the outright dollar duration (DVo1) of the Fund for the first time since late 2021, as well as increasing the outright risk-adjusted long credit posture from ~15% to ~25%.
 

Download the full commentary below:
 

Aperture Credit Opportunities Fund - Q4 2023 Manager Commentary
Competenze
Investimenti Responsabili
Insights
Chi Siamo
Contatti
Picture
Picture

© Generali Investments, tutti i diritti riservati. Questo sito web è fornito da Generali Investments Holding S.p.A. in qualità di holding delle principali società di gestione del risparmio del Gruppo Generali che detengono, direttamente o indirettamente, la maggioranza delle partecipazioni nelle società sotto elencate (di seguito, congiuntamente, "Generali Investments"). Questo sito web può contenere informazioni relative all'attività delle seguenti società: Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (inclusa Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S. p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* e tra le sue controllate Global Evolution Asset Management A/S - incluse Global Evolution USA, LLC e Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC e Generali Investments CEE. *Comprende Conning, Inc., Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc. e Goodwin Capital Advisers, Inc. (collettivamente, "Conning").

Note Legali
Informativa Sui Cookie
Informativa Sulla Privacy
Termini e Condizioni
Copyright
Glossario