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.

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