Aperture Credit Opportunities Fund - Q2 2024 Manager Commentary

Aperture Credit Opportunities Fund: Commentary for Q2 2024

Quarter in Review

The second quarter of 2024 was characterised by fixed income volatility and increasing political uncertainty as investors wrestled with higher-than-expected growth and inflation data as well as an upsurge in French political risk. This caused two short-term sell-offs intra-quarter, and by the end of the period, risk assets returns were mixed. US equities (S&P 500) had generated +4.28% total return whilst European equities (SX5E) lost -1.58%. US 10-year Treasury yields moved higher for the second quarter in succession from 4.2% to 4.41%, sold on the back of the stronger data and the realisation that interest rate cuts would be further delayed.

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