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Thematic Idea Generation
Antero Peak Group portfolio manager Chris Smith discusses his team’s thematic approach to idea generation.
Investing in the Automobile of the Future
The automobile industry is experiencing massive change as a result of increased demand for electric and hybrid cars that require batteries and the evolution of autonomous driving features that rely on connectivity. We believe these structural shifts are enduring and offer potential opportunities for long-term oriented investors, such as ourselves. However, investors will need to be discerning as both winners and losers will emerge.
Eric Colson, CEO at The Artisan Partners Investment Forum
Eric Colson, CEO, at the Artisan Partners Investment Forum, shares how high value-added investments, a talent driven business model and thoughtful growth make us who we are.
The Search for Sustainable Growth
After global growth gained momentum through 2016 and 2017, the investment outlook turned cloudier in 2018. Concerns about decelerating economic and earnings growth due to normalizing monetary policies, softening global growth and US-China trade tensions drove a sharp increase in equity market volatility, leading to the MSCI All Country World Index’s worst calendar year since 2008. No regions were unscathed: Europe, Japan and emerging markets were each down double-digit percentages, while the US market fell 5% for the year.
In contrast to the rest of the world, the US economy strengthened in 2018. The substantial fiscal stimulus in the form of tax cuts contributed to stronger economic growth and corporate profits. Yet, with tax reform in the rearview mirror, growth rates are inclined to come down in our estimation as comparisons become more difficult in upcoming quarters. In addition, margins are at risk as the costs of raw materials, labor and interest are increasing.
Credit at a Crossroads
Market volatility at the end of 2018 understandably tipped off an array of analysis—from whether it marked a larger turn in the economic cycle and the market to whether it increased the attractiveness of some investing opportunities. And if the latter, where those opportunities might lie. We believe that despite some signs of economic softening, the broader economic and market cycle are likely not over. Further, volatility has indeed introduced new compelling investing opportunities—though likely not where many would first look.
Late-Cycle Credit Investing
There appears to be growing anxiety among investors that the current credit cycle, now more than 10 years old, is nearing old age and susceptible to a downturn. The implications for high yield credit investors is obvious, as the end of credit cycles tends to coincide with a marked uptick in corporate defaults and asset price corrections.
While we’re mindful we’re closer to the end of the current cycle than the beginning, we see no near-term catalyst to suggest high yield markets are approaching an inflection point.
A Forward-Looking Approach to Sustainability
Portfolio Manager Maria Negrete-Gruson explains how the sustainability of a company's earnings goes hand-in-hand with its environmental, social and corporate governance factors.
ESG in Emerging Markets: A Differentiated Perspective
Sustainable Emerging Markets Portfolio Manager Maria Negrete-Gruson discusses her team’s differentiated perspective on identifying ESG opportunities in emerging economies.
A Distinctive Investment Culture
At Artisan Partners we believe strongly in our investment culture and share a commitment to the values that make our culture distinctive.
The Digital Payments Revolution
We think there are several secular tailwinds contributing to the massive ongoing shift toward digital payments. First, we’re seeing rapid growth in e-commerce, which requires that customers be able to make secure, digital payments. The growth in cross-border transactions and the general impact of an increasingly globalized marketplace are helping accelerate this trend. Second, technological innovations that simplify cash transactions—such as Square and Uber, as well as point-of-sale devices in areas they’ve not historically been, such as taxis, vending machines, parking meters, etc.—are helping drive digital payments growth.