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      • Growth Team Weekly Investment Insights

        13 March 2024   |  

        1) February Jobs Report

        The big macro data point last week was the US employment report, which offered both upside and downside surprises.

      • Growth Team Weekly Investment Insights

        06 March 2024   |  

        1) The Shift from EVs to Hybrids

        A recent Financial Times article explains how Toyota has been hesitant to significantly invest in fully electric vehicles (EVs) over the past few years, favoring hybrids instead.

      • Growth Team Weekly Investment Insights

        28 February 2024   |  

        1) NVIDIA Delivers Again

        Fueled by its H100 chip, which has become the industry standard for AI development, NVIDIAs’ earnings have risen more than 700% from a year ago.

      • Growth Team Weekly Investment Insights

        14 February 2024   |  

        1) Why Central Banks May Be Reluctant to Declare Victory Over Inflation

        This Financial Times article highlighted a few reasons global policymakers may hesitate to declare that inflation is under control. Most notably, economic strength, particularly in labor markets, may be too good.

      • Growth Team Weekly Investment Insights

        08 February 2024   |  

        1. Hot jobs report and Fed Speak takes March cut off the table

        Last week the Fed held rates steady at the 5.25% - 5.5% level but pushed back a bit on expectations for near term cuts due to a desire for “greater confidence” that inflation will return to the 2% goal or if the labor market weakened.

      • Growth Team 5 in 5: Health Care

        06 April 2023   |  

        The Growth team has consistently found health care to be a key area of idea generation given the existence of companies with attractive franchise characteristics experiencing interesting profit cycles. From a franchise standpoint, many health care companies enjoy defensible competitive positions through intellectual property protection, strong brands or leading market share positions. From a profit cycle standpoint, this is an area of constant innovation, and innovation tends to breed profit cycles.

      • 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.

      • 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).