Published on June 30, 2022

Cengage Learning is a global education technology company serving millions of learners with affordable, quality digital products and services that equip students with the skills and competencies needed for their respective careers.

Over the last few years, Cengage has worked to lower the barriers of entry to affordable learning while providing access to a quality education. Through the company’s digital learning materials, partnerships, and product innovations, they have been able to help make education more accessible and affordable. In 2018 the company launched its Cengage Unlimited product, a subscription service that provides access to the company’s full catalog of digital courseware and eTextbooks, which can be purchased for a single semester or up to two years at a lower cost than traditional printed materials. Since launch, over 5.9 million Cengage Unlimited subscriptions have been purchased, saving students nearly $490 million.

Cengage is also working to help remove the degree stigma that excludes millions of capable adults from securing meaningful employment because they did not pursue a multi-year degree-conferring program. The company’s Workforce Skills business is working to meet the demand for career-focused learning, which is becoming even more relevant in the current tight labor market. Cengage’s ed2go and Infosec segments partner with universities, employers, and government agencies to provide continuing education and workforce training to learners looking to grow their careers or re-enter the workforce. These programs help employers who are looking to expand their talent pool and potential employees who benefit from shorter, more flexible, and targeted training and upskilling opportunities.

As one of the largest education companies in the world, Cengage is working to promote inclusion and diversity in its own workplace as well as to its customers through the quality and inclusive nature of the learning materials and experiences provided. The company’s efforts are focused on recognizing and reducing implicit bias, being intentional in learning design, and including diverse sources of scholarship and authorship. When relevant, products and services are designed to leverage current events for even greater learning. To help meet this goal, Cengage recently appointed Alexandra Bernadotte and Dr. Michael Lomax to the Board of Directors. Both are experienced education leaders dedicated to increasing access to education for all students, especially underrepresented, lower-income, and first-generation learners.

Within its own corporate offices, Cengage is working to amplify diverse voices around employee-created and led internal communities that promote diversity, openness, acceptance, and inclusiveness. The company has invested over $5 million since 2017 through tuition reimbursement, skills courses, and other training opportunities. These efforts highlight the importance Cengage places on education and re-skilling for its own employees. In the company’s most recent survey, 90% of employees said they were proud to work at Cengage, and the company’s level of employee engagement exceeded the Perceptyx engagement benchmark by more than 5%. Cengage was also designated by Human Rights Campaign as a “Best Place to Work for LGBTQ Equality.” Cengage is intentional in its efforts to broaden access to education and to promote diversity and inclusion within the education industry.

Marcus Moore

Assistant Portfolio Manager

Written by

Marcus Moore

Assistant Portfolio Manager

Marcus Moore

Assistant Portfolio Manager

Marcus Moore joined Osterweis Capital Management in 2022 as part of the Zeo Capital Advisors team transition, where he was an Assistant Portfolio Manager focused on credit research, including sustainability analysis. Before joining Zeo in 2019, Mr. Moore worked at Wells Fargo Bank for 14 years as an Analyst within Principal Investing, responsible for the retail, consumer, and gaming sectors across various asset classes including high yield bonds, leveraged loans, and structured products. Prior to working at Wells Fargo, Mr. Moore worked at Edison Mission Energy as an analyst and at Hamilton Resources, Procter & Gamble, and Goldman Sachs.

Mr. Moore is an Assistant Portfolio Manager for the sustainable credit strategies.

Mr. Moore graduated from Morgan State University in Baltimore, MD (B.S. in Accounting) and from the University of California, Los Angeles Anderson School with an M.B.A. He also holds the CPA designation.

Invest With Us

For more information about this strategy, please send us an email or call us at (800) 700-3316.

Past performance does not guarantee future results. This company was not selected for performance-based reasons, and was instead selected to emphasize the types of issuers that the Osterweis Sustainable Credit Team seeks to invest in based on its sustainability mandate.

The methodology for initially preparing a Sustainability Profile for an issuer requires the issue to be among the Sustainable Credit strategies’ largest as of quarter-end. As of June 30, 2022, Osterweis Capital Management’s clients owned securities issued by this company. Complete holdings of Osterweis mutual funds (“Funds”) are generally available ten business days following quarter end. The Funds’ holdings and sector allocations may change at any time due to ongoing portfolio management. References to specific investments should not be construed as a recommendation to buy or sell the securities. Sustainability Profiles are shared to provide information about the sustainability selection process and may be used after an issue is no longer one of the largest holdings in a strategy.

Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. You should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from Osterweis Capital Management.

The material provided herein has been provided by Osterweis Capital Management and is for informational purposes only.

The Osterweis Funds are available by prospectus only. The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other important information about the Funds. You may obtain a summary or statutory prospectus by calling toll free at (866) 236-0050, or by visiting www.osterweis.com/prospectus. Please read the prospectus carefully before investing to ensure the Fund is appropriate for your goals and risk tolerance.

Fund holdings as of the most recent quarter end are available at Osterweis Short Duration Fund and Osterweis Sustainable Credit Fund.

Osterweis Capital Management is the adviser to the Osterweis Funds, which are distributed by Quasar Distributors, LLC. [OSTE-20220916-0596]