Driehaus Capital Management is an independent boutique investment adviser managing long-only equity and multi-asset alternative strategies.
of institutional investment experience, founded in 1982 by renowned investor Richard H. Driehaus.
In August of 2023, the LTL industry experienced a structural shock when Yellow Corporation filed for bankruptcy. Yellow Corporation was the third largest carrier with an 8.9% market share in 2022. Yellow’s exit created a volume tailwind for the rest of the LTL players as there was a scramble for customers to secure replacement capacity.
This month’s commentary focuses on global energy markets, which continue to experience significant fundamental change, linked to corporate capital allocation decisions, geopolitics, and the macroeconomic backdrop, carrying meaningful implications for both emerging (EM) and developed economies. Countries and companies that are able to navigate this shifting landscape are likely to be rewarded in an outsized manner by market participants, while those that embark on value-destructive strategies are bound to suffer material consequences.