Global Climate Opportunities 4Q23 Commentary

February 7, 2024

Investor Letters

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This quarter was a tale of two market environments, both significantly different from each other. Market volatility from 3Q and inflation indicators furthering a sell-off in risk-based assets. The sharp market reversal began in early November, spurred by signals from the US Federal Reserve that a soft economic landing was still the base-case scenario and a rate-cut regime was imminent for 2024. The US 10-Yr Treasury bond yield roundtripped from a high of 5% to end the quarter under 4%, hitting 4Q 2023 levels seen early in the third quarter. The US Dollar weakened versus most developed global currencies, and oil prices went from near $90/barrel to $72, which helped ease inflationary pressures. Against this backdrop, global equity markets rallied sharply with most asset classes posting strong returns for the quarter. Unlike most of 2023, market performance was broad with the equal-weighted S&P 500 outperforming the traditional market-cap weighted S&P 500, and small-cap stocks outperforming large-cap.

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Global Climate Opportunities 4Q23 Commentary

Global Climate Opportunities 4Q23 Commentary

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Global Climate Opportunities 4Q23 Commentary

Global Climate Opportunities 4Q23 Commentary

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