• March 2024 · GCC Sukuk: A Primer, 3rd Edition Summary

    Most people are not familiar with the term sukuk, much less know of their similarities to conventional fixed-income bonds. Sukuk have coupon rates and stated maturities, and they are typically rated by major credit rating agencies.

    Continue reading . . .
     
  • February 2024 · The Case for International Equities

    Following the Global Financial Crisis (GFC), European and Japanese equity markets have consistently underperformed the US. Since the onset of the coronavirus pandemic, this performance gap has widened to a historical high. As the dust settles and the global quantitative easing cycle comes to an end, it is important for investors to evaluate which markets offer the best relative value.

    Continue reading . . .
     
  • December 2023 · Evaluating Human Rights and Deforestation: The Challenges of Indirect Supply Chains

    Investing in a global universe of stocks and bonds can present the investor with a challenging analysis as to the impact these holdings can have on the world’s most vulnerable ecosystems and people.

    Continue reading . . .
     
  • September 2023 · It’s a Wonder Drug! How Do We Pay For It?

    On June 7, 2021, the US Food and Drug Administration (FDA) provided accelerated approval to Biogen’s Alzheimer’s drug Aduhelm. Biotech company Biogen developed Aduhelm to treat the presumed underlying cause of Alzheimer’s disease. Although accelerated approvals were designed for drugs still undergoing study if they addressed a critical unmet need, the approval of Aduhelm came as a shock.

    Continue reading . . .
     
  • February 2023 · Islamic Finance: What Can We Learn from the Other One Percent?

    Recently, sustainability-related investment trends have come into the political spotlight, leading to heightened regulatory attention. As the financial industry tries to address these challenges, it may be timely to look to other financial frameworks. One such framework represents approximately 1% of global financial assets, and it could offer valued guidance for the ever evolving financial industry, particularly as it relates to the broad sustainability community: Islamic finance.

    Continue reading . . .
     
  • February 2023 · The Midterm Effect

    Every four years we arrive upon a phenomenon with an unblemished multi-decade record of calling the market over the next year – the Midterm Effect. Between 1945 and 2007, the calendar year return of the S&P 500 was positive in 16 out of 16 of the years following a midterm election, correlating to the third year of presidential terms. The winning streak continued in 2011, 2015, and 2019. There is valid reason to believe that something is different about the year following midterm elections.

    Continue reading . . .
     
  • December 2022 · What Recent Anti-ESG Rhetoric Gets Wrong

    Many criticisms of ESG investing point to the lack of correlation across various ratings organizations and suggest this undermines ESG investing, writ large. Saturna has long recognized this issue, raising it through our own research. The weak correlation across ESG ratings doesn’t mean the practice should be thrown out; rather, there’s an important role for discerning human analysis.

    Continue reading . . .
     
  • November 2022 · Bonds as Tools for Impact

    Bonds are a major component of building our society, and while they are largely invisible to the average investor, they are woven into the fabric of life on this planet. Sovereign governments use the debt markets to finance spending programs. Local municipalities access the market to build infrastructure such as roads and water systems that serve entire communities. Schools, universities, and hospitals need the debt markets for improvements and expansion.

    Continue reading . . .
     
  • June 2022 · Actively Managing Islamic Investments

    As the largest manager of Islamic investments in the United States, we believe that in the realm of Islamic investing, a truly passive option doesn’t exist. Instead, we ask where the active decisions are being made; in the choices of which screening methods are used to design the index, or in the implementation of screening methods in the actual investment portfolio?

    Continue reading . . .
     
  • April 2022 · Climate Risks and Sovereign Issuers: Sailing into an Environmental Storm?

    This edition of From The Yardarm examines how effectively ESG ratings firms assess sovereign ESG factors, especially concerning the environment. We will discuss climate initiatives formed by the United Nations and examine how sustainability regulations and investors' behavioral biases are potentially increasing risk rather than reducing it.

    Continue reading . . .
     

These reports should not be considered as providing investment advice or services, or any service offered by Saturna. Saturna may not have taken any steps to ensure that the securities referred to in these reports are suitable for any particular investor. Saturna will not treat recipients as its customers by virtue of their reading or receiving the reports.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Standardized returns current to the most recent month-end can be obtained by visiting Month-end Performance.