Aperture Endeavour Equity Q3 2023 Manager Commentary

In Short

Markets were relatively weak globally, with Japan being the only real bright spot (+1.6%) on the back of improved flows due to governance (and trend-following momentum flows), the probable end of ZIRP, and a weak yen positively influencing earnings.

Aperture Endeavour Equity: Commentary for Q3 2023 

 

Strategy

 

Markets were relatively weak globally, with Japan being the only real bright spot (+1.6%) on the back of improved flows due to governance (and trend-following momentum flows), the probable end of ZIRP, and a weak yen positively influencing earnings. The US, the largest component of global indices, in general consolidated gains despite strong earnings and a relentless charge higher in 10-year yields in the quarter. The S&P 500 lagged the more tech heavy Nasdaq (-3.27% vs -2.86%) as a proxy. Europe continued the weakness that began in Q2, with the MSCI Europe -2.5%, lagging the ACWI by nearly 250bps this year.

 

Download the full commentary below. 

Endeavour UCITS Commentary Q3 2023.PDF

View, ricerche e spunti di investimento più recenti dagli esperti di Generali Insurance Asset Management



Picture

© Generali Investments, all rights reserved. This website is provided by Generali Investments and is considered as a marketing communication and financial promotion related to the products and services of the following companies belonging to the Generali group: Generali Investments Partners S.p.A. Società di gestione del risparmio, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. and Generali Investments Holding S.p.A. (hereinafter jointly, Generali Investments). Moreover, the website may contain marketing communication and financial promotion of products and services of companies part of the multi-boutique platform coordinated by Generali Investments Partners S.p.A. Società di gestione del risparmio, and in particular of Infranity, Sycomore Asset Management, Aperture Investors LLC., Plenisfer Investments SGR, Lumyna Investments, Sosteneo Infrastructure Partners SGR, Axis Retail Partners S.p.A. and Generali Real Estate S.p.A. Società di Gestione del Risparmio