Global debt markets are deep and liquid, but not always efficient. Each instrument embeds distinct premia across term, liquidity, volatility, credit and impact. Those dislocations are a repeatable source of value.
Scale limits access and responsiveness. We operate where larger capital pools cannot, reaching overlooked segments and acting decisively when mispricing emerges. Relative value positioning is how we generate alpha.
Capital preservation is the foundation of every decision. Every position is assessed for credit quality, liquidity and structural protection across cycles. That discipline makes genuine upside recognisable.
Impact is embedded in how we assess risk and deploy capital from the outset. We seek opportunities where financial returns and real-world outcomes reinforce each other, building resilient portfolios.
Fixed income that earns its return and its impact.
Explore the funds→Where is the market wrong?
We analyse global credit markets, rate cycles, liquidity and sector dynamics to identify opportunities.
Prices move constantly. Few of those moves mean the risk has changed.
We look for the ones where price and risk have genuinely dislocated, and assess the risk against the reward.
Seen early. Taken rarely.
Deal flow comes from a team that has traded credit from New York, London, Singapore and Australia since 2004, and from twenty years of relationships with the issuers and dealers who bring bonds to market.
Most of what we see is passed over. A position has to fit the mandate before it earns the analysis.
Downside first. Always.
Every position is researched bottom-up, and the book is investment grade by design.
We protect the downside, and identify where structure pays more than the coupon.
Priced against the alternative.
The same credit can be priced differently across term, liquidity, volatility and structure. We compare it on all of them.
A position has to pay more for its risk than the alternatives we could hold instead.
When nothing clears that test, we do not force the trade.
Built in, not added on.
ESG is not a separate overlay. It is part of how risk is understood and priced, and some sectors are excluded outright.
We allocate capital where financial performance and real-world outcomes are aligned.
Precision over diversification for its own sake.
Capital is allocated deliberately, by issuer, sector, geography and instrument, within defined allocation constraints and duration targets.
Positions are sized to matter without becoming hard to exit, and the portfolio keeps enough liquidity to change when the facts do.
Discipline does not stop at deployment.
We watch company fundamentals and sector headwinds continuously.
We reduce or sell before a weakening credit becomes a loss.
What we hold, and why we hold it, is reported in full, and quarterly.
Artesian's debt platform is built on institutional heritage, enduring relationships and recognised commitment to sustainable finance.
Artesian was spun out of ANZ Banking Group's capital markets business in 2004. The credit team trades from Sydney, Melbourne, New York, London and Singapore.
Counterparty and intermediary relationships developed over 20 years generate proprietary deal flow and market insight. Our institutional investors, including super funds, pension funds, wealth managers and family offices, return because of consistent delivery, meaningful co-investment and full transparency.
Certified B Corporation with a B Impact Score of 115.0 at our 2025 recertification, up from 93.0 in 2022, more than double the median of 50.9 for ordinary businesses and well above the 80.0 required to qualify. UN PRI signatory with dedicated ESG research integrated across all debt strategies.
Active engagement with issuers is how ESG analysis becomes ESG outcome. Constructive dialogue, informed by rigorous research, improves both financial performance and sustainable results.
From the 2025 Engagement Report, spanning banks, ports, utilities, universities, autos, insurance and government issuers.
Promote the issuance of labelled bonds
We influence issuers toward inaugural labelled issues, give feedback on structure and use of proceeds, and bring insights from offshore markets into local ones.
Severn Trent. Engaged on a potential blue bond, covering framework design and use of proceeds. It is now exploring blue bonds for its river-based work.
Manage existing ESG risk
ESG risk analysis is part of fundamental credit analysis. We engage issuers on the risks material to their business and take the findings into our credit view.
Mercury. Reviewed the green bond programme ahead of a new issue. The issuance we joined finances two wind farms and a geothermal plant.
Respond to idiosyncratic ESG events
We screen holdings for changes in business model or incidents that threaten their ESG profile, then engage management on whether the risk is manageable or we divest.
Port of Brisbane. Engaged on transition risk and climate resilience as scrutiny of the sector sharpened. It shaped how we monitor climate exposure.
What we are seeing
Corporate supply of labelled bonds stays thin for structural reasons rather than reluctance: issuers lack the systems and data to report, or a pool of eligible assets large enough to carry an issue. So we engage to make the case concrete, and stay selective. Where a framework or reporting standard falls short, we say so and decline the issue.
Artesian is built for investors who want credit to do a defined job: preserve capital, generate income and retain liquidity, without importing equity-like risk into a defensive allocation.
We began as an institutional credit and relative-value trading business spun out of ANZ Capital Markets in 2004. Since then, the credit platform has operated through the GFC, near-zero rates, pandemic dislocation and the inflation-led rate reset. That firm history does not replace each fund's track record; it shows the process and relationships have been tested when liquidity and correlations changed abruptly.
Our global offices are investment infrastructure. Teams in Australia, Singapore, London and New York see primary issuance, secondary pricing and dealer flows across time zones, allowing the same credit to be compared across markets, maturities, liquidity and structure.
We remain deliberately capacity-conscious. Boutique scale lets us consider opportunities too small for large managers, size positions for exitability and decline trades when returns do not compensate for risk. Every position must first satisfy bottom-up credit and liquidity analysis, then improve the portfolio on a relative-value basis. Sustainability factors are included where they affect repayment, recovery or pricing.
Link to this answerArtesian is an active relative-value investor in global credit. Each mandate first defines the job credit must perform, setting its return objective, duration, credit quality, liquidity and risk budget before any security is considered.
Three decisions follow, and they are kept separate: can the issuer repay; does the security adequately compensate for its risks; and does it improve the portfolio?
Macro analysis informs overall duration, sector and credit exposure as rates, growth, liquidity and market structure change. It cannot make a weak issuer investable. Bottom-up research tests cash flow, leverage, refinancing, covenants, seniority, recovery, liquidity and material sustainability risks. A proprietary credit grid makes those judgements comparable across analysts and markets.
Securities that pass are compared across spread, maturity, rating, structure, liquidity and the available alternatives. Technicals inform timing and execution rather than replace the fundamental case. Position size reflects downside, conviction, concentration, correlation and exitability under stress. Holdings are reduced or sold when credit quality weakens, relative value disappears or a better opportunity emerges.
A sound borrower can still be an overpriced investment. Additional yield never makes unacceptable risk investable.
Link to this answerThe process has seven stages. Macro screening identifies where markets are mispricing risk across rate cycles, liquidity and sector dynamics. Opportunity identification uses proprietary networks to generate deal flow, with disciplined screening rejecting many opportunities at first review. Credit analysis is bottom-up, focused on credit quality, collateral, covenants and structural protection, and the book is investment grade by design. Relative value tests each position against the alternatives, comparing the same credit across term, liquidity, volatility and structure. ESG and impact factors are integrated alongside financial metrics rather than applied as a separate overlay, with some sectors excluded outright. Portfolio construction allocates capital deliberately by issuer, sector, geography and instrument type, within defined allocation constraints and duration targets. Continuous monitoring of company fundamentals and sector headwinds ensures discipline does not stop at deployment, with reporting quarterly.
Link to this answerCapital preservation underpins every decision. We maintain a series of observable risk guidelines and employ stress and scenario testing to assess multiple market outcomes. Our funds are predominately investment grade, with an emphasis on liquidity and credit quality. Portfolios are diversified by issuer, geography, sector and instrument type. Real-time relative value models provide continuous feeds to research analysts and portfolio managers, enabling rapid identification and response to changing market conditions.
Link to this answerPortfolio construction is deliberate, not formulaic. Position sizing, sector allocation and liquidity management are calibrated to each fund's mandate. Relative value models assess opportunities across duration, credit spread, rating, capital structure, liquidity and yield, providing real-time feeds to identify optimal entry and exit points. Diversification is maintained by issuer, geography, sector and instrument type to manage concentration risk. The emphasis is on conviction supported by analysis, not broad market exposure.
Link to this answerESG is embedded in the investment process, not applied as a separate screen. Our proprietary credit analysis frameworks integrate bottom-up ESG research so portfolio managers can assess the full risk profile of each issuer. We apply negative screens on fossil fuels, tobacco, gaming, alcohol, pornography and munitions, alongside a positive ESG filter and a bias towards green bonds. Artesian has a dedicated Director of ESG Research responsible for analysis and strategy integration across all debt funds. The firm is a certified B Corporation with a B Impact Score of 115.0, and has been a UN PRI signatory since February 2019, reporting annually on adherence to responsible investment principles.
Link to this answerArtesian manages four funds of its own and sub-advises a fifth.
In Australian dollars
In US dollars
In New Zealand dollars