Important Information
This information is provided for general educational purposes only without regard to your particular investment needs. This material, including any attachments or hyperlinks, should not be taken as investment or tax advice of any kind whatsoever (whether impartial or otherwise) on which you may rely for your investment decisions, nor be construed as an offer, solicitation or recommendation for any investment strategy, product or service. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment discussed herein.
Material authored by any particular Artisan Partners individual or team represents their own views and opinions, which may or may not reflect the views and opinions of Artisan Partners, including its autonomous investment teams or associates. Statements are based on current market conditions and other factors, which are as of the date indicated and are subject to change without notice. While this information is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion.
All investments are subject to risk, which includes potential loss of principal. Past performance is not indicative of future results.
This material may reference index or other information that is subject to copyright by its respective service provider, including the following: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. The S&P 500 and S&P UBS Leveraged Loan Indices are products of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2025, J.P. Morgan Chase & Co. All rights reserved. Source ICE Data Indices, LLC, used with permission. Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
© 2025 Artisan Partners. All rights reserved.
Trading Viewpoints: Tick Tock, How to Trade the Clock
Our embedded traders work alongside portfolio managers and analysts to constantly assess market structures, liquidity and execution. These functions seek to help enable operational alpha by reducing risks, minimizing transaction costs and taking advantage of price differentials. To support our analysis, we gather and evaluate uniquely curated datasets. Below is the outcome of one such analysis:
Transaction costs in foreign exchange can be a significant drag on emerging markets debt portfolios if not carefully managed. As a result, foreign exchange trade execution strategy becomes a vital component of such portfolios. One key decision in minimizing transaction costs is determining the optimal time of day for execution. Unlike exchange-traded markets, the foreign exchange market operates 24 hours a day without official opening or closing times, making timing decisions dependent on the analysis of transaction costs.
Trading Viewpoints: A Little Skew Goes a Long Way
Our embedded traders work alongside portfolio managers and analysts to constantly assess market structures, liquidity and execution. These functions seek to help enable operational alpha by reducing risks, minimizing transaction costs and taking advantage of price differentials. To support our analysis, we gather and evaluate uniquely curated datasets. Below is the outcome of one such analysis:
The rise of electronic trading in liquid foreign exchange markets has brought significant benefits to asset managers, including enhanced price discovery, faster trading execution, and improved trade processing efficiency. However, one often overlooked advantage is the benefit of skewed prices offered by liquidity providers. We aimed to quantify the value of this skew and assess its impact on emerging market currencies.
EMD in a Trump 2.0 World
Donald Trump’s and the Republican party’s sweeping victories in November signal a strong mandate for meaningful change that will influence the global economy and geopolitics for 2025 and beyond. While exact details of Trump’s policies remain unknown, the former president has made the direction of political change clear in several key areas:Read More
A Q&A with Portfolio Manager Thomas Reynolds
Tom, congrats on recently celebrating your 7-year anniversary with the Artisan Partners U.S. Value team. To commemorate your time with Artisan, we have a few questions to get to know you better as an investor. You had an unconventional start to your career as you were an anthropology major in college. What was your path from anthropology to becoming a portfolio manager, and how have you been able to apply your social sciences background?
Growth Team Weekly Investment Insights
In this week's post, we highlight the recent batch of macro data, the latest company to reach the $1 trillion milestone, US market returns without NVIDIA, the outlook for advertising, a China monetary policy shift, and easing permitting messaging from Donald Trump.
Growth Team Weekly Investment Insights
This week's post highlights some of the market narratives from November.Read More
EM’s Uninvited Guest: US Duration
Investors often allocate to emerging markets debt to capture compelling stories of growth, reform and opportunity in developing economies. Yet, all too often, these carefully chosen EM exposures are overshadowed by movements in US Treasury yields. It’s a frustrating reality that can significantly amplify volatility in the asset class’s returns, and recent weeks have offered a reminder of just how powerful this effect can be.
Growth Team Weekly Investment Insights
In this week's blog post, we cover a series of economic data (inflation and retail sales), the S&P 500® index's new high, Tesla's exposure to potential regulation changes, U.S. vs. non-U.S. equities, the performance of nuclear stocks and a look at where some key COVID-19 beneficiaries are trading today.
Growth Team Weekly Investment Insights
In this week's blog post we cover a series of economic data (employment, PMI readings and the first Q3 GDP growth estimate), Super Micro Computer's round trip, big tech capex spending, Arm's transition into data centers and rising demand for transformers.
Senegal: Things are not Always What They Seem
In March 2024, Senegalese Prime Minister Ousmane Sonko and President Bassirou Diomaye Faye were elected with a promise of radical change. Their campaign, which centered on social justice and national sovereignty, resonated with a population facing high living costs and rising unemployment. Following his inauguration in April, President Faye initiated a comprehensive review of the country’s financial situation. The findings, released in late September, raised significant concerns, and suggest that Senegal’s fiscal health may be more precarious than previously believed.Read More