Artisan High Income Fund Q1 underperformance signals market shifts. The fund lagged the ICE BofA US High Yield Index as volatility surged across asset classes, driven by geopolitical tensions, artificial intelligence disruption concerns, and private credit worries. Security selection in corporate bonds and bank loan exposure emerged as primary detractors. However, management sees opportunity in widened spreads and rising yields, positioning the environment as more attractive for capital deployment. The team doubled software exposure to eight percent, adding positions in Oracle and other tech debt issuers. Confidence in the broker-led advisory model drove increased insurance brokerage sector allocation. Market sentiment shifts have created pricing opportunities in credit markets that the fund is actively pursuing.
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