The biotechnology sector is showing renewed signs of life, with improving funding conditions, increased M&A activity and a stronger focus on companies advancing high-quality clinical programs. As sentiment shifts back towards innovation and execution, the next generation of drug developers could present compelling opportunities for long-term investors. "Taking on a challenge is a lot like riding a horse; if you're comfortable while you're doing it, you're probably doing it wr

“Two halves, two different worlds" July 2026 | For public consumption Twelve months ago, the consensus view was that FY26 would be the year duration finally rewarded the faithful, as the RBA worked its way through a steady easing cycle. For six months, that thesis held. Then it broke — comprehensively. The financial year split neatly in two. Through the December half, the RBA continued cutting, inflation appeared to be behaving, and the market priced a terminal rate material

Big Tech may be able to buy compute, but it cannot buy grid capacity on the same timeline Large technology companies are set to spend more than $700 billion on artificial intelligence (AI)-related capital expenditures in 2026, fueling a rapid expansion of data center infrastructure. That level of spending can secure chips, servers and data-center capacity. It cannot as easily compress the timelines required to generate, transmit and deliver electricity. The recent announcemen

Ryan Wood from Artisan Partners provides a brief overview of the Artisan Global Value Fund, covering the team's investment philosophy, disciplined research process, portfolio approach and partnership with Copia.

As private credit has grown, so too have concerns around leverage, lending standards and risk. In this discussion, Bryan Krug explores the capital cycle, why some parts of the market have become overheated, and how a flexible approach across public and private credit can help uncover attractive opportunities while managing risk.

Ryan Wood from Artisan Partners explains the team's disciplined approach to identifying high-quality businesses trading below their intrinsic value, and the four key pillars that underpin their long-term investment process.

Artificial intelligence is reshaping the software landscape, but not all software businesses face the same risks. In this discussion, Bryan Krug explores how the team evaluates software companies, where opportunities remain, and why disciplined underwriting continues to be the key to navigating an evolving market.

Learn how the Global Value Fund can complement client portfolios and discover the disciplined research process behind every investment decision.

What the start of this decade has made increasingly clear is that today’s global security environment has become more uncertain, and we are living in a more dangerous world than before. Conflicts in Ukraine and Iran, along with broader geopolitical instability, are reinforcing the need for sustained investment in national defence. We believe this represents a shift from episodic spending cycles toward a more durable, multi-year rearmament phase. The question is no longer whet

If you had the potential opportunity to increase returns while reducing risk, wouldn’t you take it? For investors seeking a steady, income-generating investment that has historically shown far less volatility than other fixed income alternatives, bank loans—also known as leveraged, floating rate and broadly syndicated loans—might be the solution. The asset class has been a dependable source of income and return for investors for decades, delivering attractive performance ac

We view private credit as a potentially valuable component of a diversified portfolio for investors seeking income and long-term capital appreciation. However, it is not a substitute for liquidity, nor is it risk-free. While the asset class can offer attractive income and portfolio diversification benefits, investors need to tread warily given broader risk dynamics and to fully understand said risks vs return prospects. Recent developments have brought private credit back i

It is understandable that households with a mortgage would feel frustrated to see interest rates move higher just as inflation appeared to be easing. The Reserve Bank of Australia’s (RBA) recent decision to lift rates surprised some observers. From the RBA’s perspective, and for many market watchers, the logic is straightforward. Understanding that logic helps investors frame how portfolios should be positioned from here. Importantly, while higher rates pressure borrowers, th

Markets have a habit of creating confidence just as risks start to shift. 2025 was a good example. Inflation looked beaten. Rate cuts arrived. Asset prices responded accordingly. And yet, by year-end, investors were once again grappling with uncertainty around inflation, policy direction and global stability. As CIO at Mutual Limited, my role is to help translate market complexity into clear, practical guidance for investment team, and where helpful, our clients. For inv

Structured to capitalize on the Artisan Partners Growth Team’s 20-plus years’ experience of growth investing, the Artisan Global Discovery Strategy is a highly flexible portfolio of companies representing some of the team’s best ideas across the global economy. Some key attributes of the strategy include: Unconstrained Market Cap and Geographic Mandates Absent an upper limit on the strategy’s market-cap mandate, the team can stick with its global investment campaigns through

A Best Ideas, Global Growth Portfolio Structured to capitalize on the Artisan Partners Growth Team’s 20-plus years’ experience of growth investing, the Artisan Global Discovery Strategy is a highly flexible portfolio of companies representing some of the team’s best ideas across the global economy. Some key attributes of the strategy include: Unconstrained Market Cap and Geographic Mandates Absent an upper limit on the strategy’s market-cap mandate, the team can stick with it

Amid the resurgence of market volatility from US President Trump’s tariff threats, broader policy uncertainty, and elevated equity market valuations, there is a worthy discussion to be had on whether certain asset classes are providing investors sufficient return relative to their evolving risk profiles. Of course, the asset class in the spotlight is bank stocks. So looking at bank-issued securities, what are the main income options available to retail investors and how do th

Media has not been a growth sector for many years as internet and direct-to-consumer models have transformed the sector. Businesses like linear media and music have been fundamentally transformed over the last few decades, and we have seen a lot of historically strong business models come under pressure. That being said, we think that we can find interesting profit cycles even in challenged industries. In the first part of this series, our focus is on Formula One (F1), which

Addressing the Asymmetry in Pay and Performance Executive pay in corporate Australia has continued to climb—often regardless of whether company performance or broader economic conditions justify it. This growing asymmetry between pay and performance is no longer just a governance issue; it raises fundamental questions about alignment, accountability, and long-term value creation. At Chester Asset Management, we’ve developed a practical framework to assess whether executive re

A Best Ideas, Global Growth Portfolio Structured to capitalise on the Artisan Partners Growth Team’s 20-plus years’ experience of growth investing, the Artisan Global Discovery Strategy is a highly flexible portfolio of companies representing some of the team’s best ideas across the global economy. Some key attributes of the strategy include: Unconstrained Market Cap and Geographic Mandates Absent an upper limit on the strategy’s market-cap mandate, the team can stick with it

As we move through the early stages of 2025, I want to highlight a couple of broad themes I think will influence markets through the year.