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      • Where We Are Finding Growth: Renewable Energy Economy

        09 November 2021   |  

        The team believes the world is in the early stages of a meaningful mix shift from hydrocarbon-based energy to renewables-powered energy enabled by improving economics, social awareness and increasing regulatory pressures. These dynamics have enabled the team to uncover several profit cycle opportunities globally.

      • Where We Are Finding Growth: Industrial Process Innovation

        09 November 2021   |  

        A relatively slower capital expenditure cycle is often cited as one factor behind the past decade’s tepid expansion in many developed markets. However, we believe this top-down point of view obscures a healthy, albeit different, sort of capex cycle—one that is more technology-driven and focused on efficiency and margin improvements.

      • Where We Are Finding Growth: Health Care Innovation

        09 November 2021   |  

        In the six-plus decades since Francis Crick and James Watson published their short but revelatory article about DNA’s double-helix structure, ongoing research has accelerated understanding of human genetics.

      • Smarter Buildings—An Unsung Hero in the Climate Fight

        05 October 2021   |  

        The increasing evidence that greenhouse gases created by human activity is driving climate change—including higher temperatures, more droughts, extreme weather and melting glaciers—has created a call to action for public and private-market solutions to slow these trends.

      • Evergrande: Maybe Not a Lehman Moment but Risks Are Real

        28 September 2021   |  

        As one of China’s largest property developers, Evergrande’s size and precarious financial position pose real risks for China’s authorities, economy and financial markets.

      • Are You Getting the Right Non-US Exposure?

        24 September 2021   |  

        Tepid economic growth in the post financial crisis decade left investors searching for companies that could stand out from the market by disproportionately growing their profits. The technology-centric US economy became the preferred destination for capital, with profit growth far exceeding its non-US peers (Exhibit 1). This rise in profits combined with more multiple expansion drove US equities to deliver over 600bps of higher annual returns and higher returns on equity (Exhibit 1). That said, it might be appropriate for investors to sharpen their pencils and give their non-US equity exposure a closer look given the price being paid for US profit growth appears a bit stretched today, and past performance is not indicative of future results (Exhibit 2).

      • Revisiting Bond vs Loan Relative Value

        13 September 2021   |  

        Opportunities to capture additional yield by moving up in quality are uncommon for fixed income investors, but that’s the dynamic at play today in leveraged credit.

      • More Summer Fun: Market Bingo

        12 August 2021   |  

        Yep, the dog days of summer are here. And now that people are getting together more frequently, there is the age-old matter of what to discuss. Politics is a bit touchy these days. Sports is an option, of course, but who really wants to talk about pitch spin rate and the Olympics seemed to lack the typical inspiring excitement—thanks a lot COVID-19! And there is what to binge-watch next. But with stocks continuing to climb, new asset classes seemingly bursting onto the scene and plenty of uncertainty ahead, one should expect a bit of market banter.

        Below is a little game to go along with those investing conversations.

      • High Yield Credit—First Half 2021 Review and Thoughts for What’s Ahead

        11 August 2021   |  

        Through the first six months of 2021, high yield credit markets have provided an above-coupon return on the back of tighter credit spreads—though this has been somewhat offset by the increase in Treasury yields. The benign credit backdrop and deep bid for yield has favored a down-in-quality approach, particularly among economic reopening beneficiaries. Across the capital structure, loans have benefited from investor focus on rising rates. Loans have provided strong absolute gains so far, but receding inflation expectations led to lower Treasury yields in Q2, which in turn weighed on relative returns for the floating-rate asset class.

      • Summer Vacation Reads for Investors

        06 August 2021   |  

        Looking for additional summer beach reading to go along with your latest murder mystery, self-improvement book or crossword puzzle? Now is a good time to get some fresh perspectives on investing and financial markets.

        We queried our investment teams about some of their favorite books and how those reads have impacted their approach to investing.

        We hope you enjoy!