Navigating a Shifting Landscape: Defensive Repositioning and Selective Conviction in DIVYS 1Q25
Grounded extraction
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The firm trimmed Accenture due to valuation and near-term macro sensitivity, reallocating to higher-conviction names within the sector.
“We trimmed Accenture (ACN) due to valuation and near-term macro sensitivity, while reallocating to higher-conviction names within the sector.”
The firm trimmed Apollo along with broader reductions in private credit/alternatives exposure.
“Exposure to private credit / alternatives was trimmed with reductions in Apollo (APO) and Ares (ARES), though we later added back modestly to ARES after a correction.”
The firm initially trimmed Ares as part of private credit/alternatives reductions but later added back modestly after a correction.
“Exposure to private credit / alternatives was trimmed with reductions in Apollo (APO) and Ares (ARES), though we later added back modestly to ARES after a correction.”
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