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Playing Defense
In 2023, global defense spending reached a historic high of $2.4 trillion, reflecting a 6.8% increase from the previous year—the largest since 2009. This surge, illustrated in the chart below underscores how widespread defense spending has grown in recent years, with increases across all major geographical regions.
Growth Team Weekly Investment Insights
1) Job Openings and Labor Turnover Survey (JOLTS) and Institute of Supply Management’s (ISM) Index
Last week’s macro calendar was labor-heavy. First up was the JOLTS report, which displayed continued easing in the number of job openings.
Growth Team Weekly Investment Insights
1) Another Disappointing Inflation Data Point
Expectations of a 2024 rate cut were further hampered last week when both the personal consumption expenditures (PCE) and core PCE inflation measures came in higher than expected.
A Fresh Perspective on Accessing Local Currency Markets
Growth Team Weekly Investment Insights
1) Conflicting Messaging: Strong Retail Sales vs Rising Delinquencies
Given its importance in the US economy, a lot of attention is on the consumer.
Scavenging for Treasure at the IMF Spring Meetings
Members of the emerging markets debt investment community descended on Washington DC last week for the spring IMF meetings. Over the course of the week, the EMsights team conducted over 100 meetings and actively engaged in conversations with a diverse range of government officials and representatives.
Given the sell-off in emerging markets debt year to date, we entered the week expecting a decidedly bearish mood, though we were surprised to find a rather neutral outlook overall.
Biopharma’s GLP-1 Race Heats Up
Our conviction in Novo Nordisk continues unabated, particularly in the work it is doing to treat the approximately 890 million people worldwide who struggle with obesity and the 530 million people suffering from Type 2 diabetes. While this field has attracted competition, the company has not rested on its laurels after launching its groundbreaking Type 2 diabetes medication Ozempic in 2017 and its obesity follow-on treatment Wegovy in 2021.
A Q&A with Portfolio Manager Daniel Kane
Dan, happy 16-year Artisan anniversary. You joined Artisan during the ’08-’09 financial crisis. I’m sure you have some great stories to tell from those days. What was it like to start your Artisan career at that time?
Life, Liberty and the Pursuit of… Investment Returns
EMsights Capital Group believes that economic and political freedoms and rule of law are important precursors for the economic development, growth, education and sustainability of sovereign countries. Through our on-the-ground country visits, we follow a country’s pursuit and execution of fair and free elections, civil liberties, functioning of government, and the importance it places on economic freedom.Read More
Growth Team Weekly Investment Insights
In this week’s blog post, we highlight some of our takeaways from the first quarter’s market returns.