The AES Corporation (AES) Sold Off in Q3 Due to Interest Rate Environment

Massif Capital, an investment management company, released its “Massif Capital Real Assets Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -4.6% net of fees bringing YTD returns to -8.73% net. The long book declined by 6.92% while the short book rose by 2.7%. Losses in the long book were driven by a significant decrease in the price of the fund’s exposure to the Industrial, Materials, and Utilities...