IPAR - abrdn International Small Cap Fund Q4 2024 Commentary
2025-03-30 03:40:00 ET
Summary
- The abrdn International Small Cap Fund outperformed due to strong sector allocation and stock selection, with notable contributions from Poly Medicure, FPT Corporation, and CyberArk Software.
- Global equity markets ended slightly down, with European and UK equities lagging, while Japanese equities outperformed amid political uncertainty and yen weakness.
- We sold stakes in Azelis Group and YouGov due to order weakness and competition, and reduced exposure to Israel due to rising tensions.
- Entering 2025, focus remains on stocks with competitive advantages and healthy balance sheets, favoring companies with robust earnings momentum and well-defined growth drivers.
Performance
The Fund outperformed the benchmark over the quarter due to sector allocation and, to a lesser extent, stock selection. 1 ...
abrdn International Small Cap Fund Q4 2024 Commentary