The JRo Show is a podcast hosted by John Rotonti that explores what it takes to achieve mastery, sustained performance, and longevity. John does a deep dive with Lead Portfolio Manager, Dan O’Keefe, on his brand of value investing, incorporating macro perspectives as a global stock picker, and the inner-workings of the Artisan Global Value team. Dan also reveals what it actually takes to be a global investor, the true implications of “passively” investing in the S&P 500, and why the duality of humility and conviction are the underpinnings of a good investor.
Chapter 1 – Definition of value investing according to Dan
Chapter 2 – Dan’s risk management and portfolio management philosophy
Chapter 3 – When to sell a stock
Chapter 4 – Incorporating a macro outlook into fundamental, bottom-up stock picking on a global basis
Chapter 5 – The Global Value team’s equity research process including the reason for nurturing an absolute versus relative mindset
Chapter 6 – How Dan spends his quiet time
Chapter 7 – How to be a global investor
Chapter 8 – Dan’s thoughts on passively investing in the S&P 500
Chapter 9 – The contradictory psychological profile needed to be a good investor
Past performance does not guarantee and is not a reliable indicator of future results. Click here for standardized composite performance.
Daniel J. O'Keefe is a managing director of Artisan Partners and founding partner of the Artisan Partners Global Value Team. He is lead portfolio manager of the Artisan Global Value and Artisan Select Equity Strategies. The views and opinions expressed are those of the speakers as of 13 Oct 2023, and do not necessarily represent those of Artisan Partners 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 being provided 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.
Investment Risks: Current and future portfolio holdings are subject to risk. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Value securities may underperform other asset types during a given period. Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in strategies denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal. These risks, among others, are further described in Artisan Partners Form ADV, which is available upon request.
The discussion of portfolio holdings does not constitute a recommendation of any individual security. The holdings mentioned above comprise the following percentages of a representative account within the Composite’s total net assets as of 30 Sept 2023: Artisan Global Value Strategy—Elevance Health Inc 4.6%, Compass Group PLC 4.1%, Shell PLC 3.3%, The Progressive Corp 3.3%, American Express Co 3.1%, Marsh & McLennan Cos Inc 3.1%, TotalEnergies SE 1.9%. Artisan Select Equity Strategy— Elevance Health Inc 6.3%, The Progressive Corp 5.9%, American Express Co 5.3%, Marsh & McLennan Cos Inc 3.5%. For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the fund. Portfolio holdings are subject to change and Artisan Partners disclaims any obligation to advise investors of such changes.
Clarification: The Progressive Corp. was purchased in 2012 in the Artisan Global Value Strategy.
Clarification: As of 30 Sep 2023 Artisan Global Value Strategy held 3 stocks with positions over 5% in the portfolio and Artisan Select Equity Strategy held 9 stocks with positions over 5% in the portfolio.
Unless otherwise indicated, the Artisan Strategy characteristics relate to that of an investment composite or a representative account managed within a composite. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individual accounts may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and since-inception time periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client’s investment account information.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
The U.S. mutual fund managed to the Artisan Global Value Strategy has been named a recipient of the 2023 Investor’s Business Daily (IBD) award for Best International Stock Funds. Each winning fund has beat its benchmark for the past one, three, five and ten years. For 2023, IBD compared the returns of 635 international stock funds that have been around for at least 10 years and found that 66 beat the benchmark— the MSCI EAFE Index — in those four periods. In determining award winners, IBD’s analysis uses Morningstar data for each fund’s historical risk-adjusted return compared to the MSCI EAFE index as of 31 December 2022. The index is unmanaged; includes net reinvested dividends; does not reflect fees or expenses; and is not available for direct investment. Past performance does not guarantee and is not a reliable indicator of future results. IBD Award reference is for information purposes only and does not constitute an offer, an invitation or a solicitation for investment or subscription for shares of funds or investment services in any country. Any person who is in possession of this material is hereby notified that no action has or will be taken that would allow an offering of any Artisan Partners product or service unless in compliance with local regulations. Neither this announcement nor any other material relative to this announcement have been submitted to any local regulatory authority for prior review or approval.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed as investment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment product discussed herein.
In no event shall Artisan Partners have any liability for direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material.
