September 19, 2019

Meet Arnerich Massena’s Principals: Senior Research Analyst Arthur Coyne, CFA


“My personal investment philosophy draws on the ancient Greeks, and they have two sayings. One is ‘know thyself,’ and in the context of investing, what that means to me is to know what your investment objectives are and to know how much risk you’re willing to take. And the other saying they have is ‘all things in moderation,’ which, from an investment standpoint, means don’t be too extreme.” In this short video, part of Arnerich Massena’s “Meet the Principals” series introducing you to the firm’s employee owners, senior research analyst and principal Arthur Coyne, CFA, shares his investment philosophy, why he enjoys working for Arnerich Massena, and a few bits of wisdom. Read more »

September 12, 2019

Arnerich Massena Manager 3×5 Partners Featured in The Wall Street Journal Pro

“After years of quietly building a well-performing portfolio of sustainability and life sciences companies, 3×5 Partners is expanding through new fundraising and a larger team.” Journalist Yuliya Chernova’s Wall Street Journal Pro article “Sustainability, Life Sciences Investor 3×5 Doubles Team Amid Fundraising” examines the history of 3×5 Partners, which was spun out of Arnerich Massena in 2011 as a solution for Arnerich Massena clients to access impact-related private investments. Since that time, 3×5 Partners has evolved as its own stand-alone private equity fund, ranked in the top quartile of all private equity funds in the country. In the article, Chernova notes the company’s remarkable performance: “3×5 is a rare sustainability-focused firm with strong returns.” The article announces the newest additions to the 3×5 Partners team: David Yeh, formerly a senior adviser with the Obama administration, helping to lead infrastructure and energy policy, and Joe Biller, a partner in Sightline Partners, a Minneapolis-based medical technology-focused private equity firm. 3x 5 Partners is currently seeking to raise $125 million for its third fund.
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September 10, 2019

Listen to Part 2 of Arnerich Massena’s Podcast: Investment Committees: More than the sum of their parts, Traditional Versus Discretionary Advisory Services

In Part 2 of our podcast series, Investment Committees: More than the sum of their parts, we take a look at traditional versus discretionary advisory services. Luka Arnerich, CAIA, a consultant with more than ten years of working with committees in both types of engagements, shares his thoughts and insights on what the difference is and how it affects long-term outcomes, as well as how a committee might decide between one or the other. Read more »

September 6, 2019

Arnerich Massena Announces Bryan Shipley, CFA, CAIA, Named Firm Co-CEO Alongside Tony Arnerich

We are pleased to announce that Bryan Shipley, CFA, CAIA, has been named co-CEO alongside Tony Arnerich. The firm transitioned several years ago to an employee-owned structure in order to implement a long-term strategy to develop the next generation of leaders who can carry forward the values and ideals of the firm, and this is the next stage of that process. As co-CEOs, Tony and Bryan will work together to build continuity in the firm’s long-term strategy and guide the firm into the future. Read more »

September 4, 2019

Arnerich Massena Sponsors Native Arts & Cultures Foundation’s 2019 10-Year Gratitude Celebration

The Native Arts & Cultures Foundation hosted a series of special events preceding the 2019 Santa Fe Indian Market in Santa Fe, New Mexico. Arnerich Massena was a proud sponsor of the 10-Year Gratitude Celebration, an evening event on August 16 dedicated to celebrating ten years of NACF’s service to Native artists and communities and honoring the individuals, businesses, tribes, and foundations that have supported the organization’s work during its first decade. Read more »

August 29, 2019

Tom Petty: Beneficiaries Who “Won’t Back Down”

Perhaps the most appropriate musical ode to disgruntled estate beneficiaries that I’ve ever heard is the late Tom Petty’s I won’t back down. This track was the first single off of his 1990 album, Full Moon Fever, and has been a fan favorite since the day it was released. The single opens with the narrator defiantly telling the world, “I won’t back down, no I won’t back down. You can stand me up at the gates of hell but I won’t back down.” One of the more frustrating things about the time I spent practicing law was dealing with beneficiaries who must have constantly had Tom’s song playing in the back of their heads as they wasted attorney’s fees trying to settle some ancient score with a sibling, stepchild, or other beneficiary.    Read more »

August 22, 2019

August 19, 2019

August 16, 2019

August 14, 2019

Are Target-date Funds Going Global?

The United States stock market currently accounts for about 55 percent of global market cap. While this represents the largest percentage of the world’s market cap held by a single country, it leaves a full 45 percent in markets outside of the U.S.  The U.S. stock market is also the most expensive in the world, with a current (as of June 30, 2019) P/E ratio of 16.7x compared with the global P/E ratio of 13.2x. Though it accounts for 55% of global market value, the U.S. stock market actually only represents about 17 percent of the world’s stocks: approximately 5,000 U.S. companies versus 25,000 non-U.S. companies. Read more »