Aperture Credit Opportunities Fund - Q3 2024 Manager Commentary

Aperture Credit Opportunities Fund: Commentary for Q3 2024

Quarter in Review

The third quarter of each year has historically been a difficult one for financial markets, and although Q3 2024 witnessed short periods of volatility, by the quarter-end most asset classes had generated positive performance for the period. 

The key positive driver in performance was the continued fall in inflation, particularly in the US where prices had proved remarkably sticky earlier in the year. Growth data from the US and Europe declined slightly during the quarter but never enough to seriously call into question the “soft-landing” narrative. As such, it was duration that performed best as the US 10-year Treasury yield fell from 4.4% to 3.78%. Equities were buoyed by this backdrop with the S&P 500 rising 5.5%.

Away from the macro, fundamentals continued to be supportive within credit as Q2 reporting marginally surprised to the upside. The technical backdrop also remained strong with continued inflows across the credit spectrum.

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