Artisan Partners Developing World Team Portfolio Manager Lewis Kaufman discusses his team’s investment philosophy, portfolio positioning and the current market environment.

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Minute  
1:00

Portfolio Evolution – The 3 Era’s
• Era of Imbalances
• Era of Declining Output
• Era of Geopolitical Tension
22:00

Business Value Creation
• “…we've got a portfolio of companies that are creating business value and, with the exception of NVIDIA, really haven't experienced disproportionate equity outcomes in the stock market.”
32:00

Quarterly Review
• Contributors
• Detractors
51:00

Chinese Services Demand
• “We have a handful of select investments that are not only domestic demand oriented… fewer geopolitical risk vectors… oriented to services demand in China.”
56:00

EM Affordability
• “for most of the emerging world, revenue velocity and demand fulfillment are going to be key potential ingredients in achieving disproportionate equity outcomes.”
1:06:00

Q&A
1 - Do you see any end in sight to US dollar strength? And how is it impacting your holdings?
2 – What are your thoughts on the impact of chip wars on NVIDIA, ASML, and the limitation of sales to China by US? And are you adjusting positions around this?

This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized composite performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the manager as of 18 Oct 2023, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of a representative account in the strategy Composite’s total net assets as of 30 Sep 2023: MakeMyTrip Ltd 2.6%, CrowdStrike Holdings Inc. 4.3%, Airbnb Inc 5.6%, Wuxi Biologics Inc 2.1%, MercadoLibre Inc 5.6%, Adyen NV 3.1%, Sea Ltd 5.0%, The Estee Lauder Cos Inc 3.0%, LVMH Moet Hennessy Louis Vuitton SE 3.1%, ASML Holding NV 3.1%, Apollo Hospitals Enterprise Ltd 2.6%, Nvidia Corp 5.6%, NU Holdings Ltd 2.3%, Snowflake Inc 2.4%, Meituan 3.8%, Grab Holdings Ltd 2.5%, Visa 4.9%, The Coca-Cola Co 1.1%. Securities mentioned, but not listed here or in the investor update presentation are not held in the portfolio as of the date of this report.

Clarification: Initial purchase in the portfolio for Nu Holdings Ltd was 4/28/2022 and Grab Holdings Ltd was 11/15/2022.

Passport Companies are based in developed markets economically tied to emerging markets. Value Capture which we define as a model for trimming securities that experience market appreciation while retaining a residual position. 

Past performance does not guarantee future results. Current and future holdings are subject to risk.