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Market Commentary August 2023

Letter 3

The market rally broadened in July, in line with patterns from history which show that narrow market gains do not last for long. Strong gains in our recovery positions have benefitted our investors.

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November unfolded in two distinct halves: risk assets first experiencing a selloff, before staging a strong rebound toward months-end.

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Markets ended October higher overall, but not without a few twists along the way.