Aperture European Innovation - Q3 2024 Manager Commentary

Aperture European Innovation Fund: Commentary for Q3 2024

Quarter in review

In the third quarter of 2024, global equity markets experienced significant volatility, driven by a series of macroeconomic and geopolitical developments. Concerns around AI-related stocks emerged, particularly within the semiconductor sector, as global chip export restrictions and uncertainty around returns on AI investments led to fears of an "AI Winter." This market downturn was further exacerbated by unexpected central bank actions and weak macroeconomic data from key regions such as China. Despite these challenges, the market showed cautious optimism by the quarter's end, supported by policy shifts from both the U.S. Federal Reserve and China's PBOC, along with coordinated fiscal stimulus.

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