Management & Investment Process


The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Jason White, CFA
  • Portfolio Manager
  • 24Years Investment
  • James Hamel, CFA
  • Portfolio Manager
  • 27Years Investment
  • Matthew Kamm, CFA
  • Portfolio Manager
  • 24Years Investment
  • Craigh Cepukenas, CFA
  • Portfolio Manager
  • 35Years Investment
  • Jay Warner, CFA
  • Portfolio Manager
  • 22Years Investment

Investment Process

The investment team seeks to invest in companies with franchise characteristics that are benefiting from an accelerating profit cycle and are trading at a discount to private market value.

Security Selection

  • Identify companies with franchise characteristics and defensible competitive positions
  • Invest in emerging profit cycles
  • Purchase stocks at a discount to private market value
  • Assess key environmental, social and governance issues that could impact future stock returns

Capital Allocation—Garden, Crop, Harvest® Investing

  • Build position size according to conviction
  • GardenSM — Smaller position sizes in companies that are early on in the profit cycle
  • CropSM — Larger position sizes in companies where profit cycle is being realized
  • HarvestSM — Reduced or sold positions as stock approaches full valuation or profit cycle begins to decelerate

Broad Knowledge

  • Invest opportunistically across entire global economy
  • Find growth wherever growth occurs

In-depth Investment Process


Domicile Ireland
Adviser Artisan Partners Limited Partnership
Management Fee
Class I 0.90%
Class A 1.75%
Currency/Share Class Inception Minimum Investment ISIN
Class I USD 21 August 2017 $500,000 IE00BF2VV687
Class I EUR 2 February 2023 €500,000 IE00BF2VV794
Class I GBP £500,000 IE00BF2VV802
Class I NOK (Hedged) 3 February 2020 kr5,000,000 IE00BG20WJF59
Class A USD $10,000 IE00BHSRHC22

Investment Results (%)

18 July 2024 30 June 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 21.67 -0.64 -2.88 5.35 12.01 -2.39 9.78 11.63
MSCI All Country World Small Mid Index (USD) -2.06 2.83 10.71 -0.34 7.07 6.72
MSCI All Country World Index (USD) 2.87 11.30 19.38 5.43 10.76 9.99
Class I NOK (Hedged) 129.90 -0.67 -3.25 4.51 9.75 -4.67 5.68
MSCI All Country World Small Mid Index (NOK) -3.87 7.81 10.03 6.99 10.08
MSCI All Country World Index (NOK) 0.96 16.69 18.64 13.19 13.85
Class I EUR 11.44 -0.35 -2.14 8.55 14.07 9.98
MSCI All Country World Small Mid Index (EUR) -1.30 5.99 12.70 6.57
MSCI All Country World Index (EUR) 3.66 14.72 21.52 18.42
18 July 2024 30 June 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 21.67 -0.64 -2.88 5.35 12.01 -2.39 9.78 11.63
MSCI All Country World Small Mid Index (USD) -2.06 2.83 10.71 -0.34 7.07 6.72
MSCI All Country World Index (USD) 2.87 11.30 19.38 5.43 10.76 9.99
Class I NOK (Hedged) 129.90 -0.67 -3.25 4.51 9.75 -4.67 5.68
MSCI All Country World Small Mid Index (NOK) -3.87 7.81 10.03 6.99 10.08
MSCI All Country World Index (NOK) 0.96 16.69 18.64 13.19 13.85
Class I EUR 11.44 -0.35 -2.14 8.55 14.07 9.98
MSCI All Country World Small Mid Index (EUR) -1.30 5.99 12.70 6.57
MSCI All Country World Index (EUR) 3.66 14.72 21.52 18.42

Annual Returns (%)

Trailing 12 Months Ended 30 June 2020 2021 2022 2023 2024
Class I USD 23.09 39.28 -27.50 14.54 12.01
Class I EUR 14.07
Class I GBP
Class A USD
Class I NOK (Hedged) 37.53 -28.75 10.79 9.75
Returns for periods less than one year are not annualized. 

Past performance does not predict future returns. Performance is NAV to NAV, including reinvestment of dividends and capital gains, if any, and is net of fees and expenses, excluding any subscription or redemption charges which may be levied. At the moment, the Fund does not intend to charge subscription or redemption fees. The Fund may be offered in different share classes, which are subject to different fees, expenses and inception dates (which may affect performance), have different minimum investment requirements and are entitled to different services. Funds are actively managed and are not managed to a benchmark index. 

Investment Risk: Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in investment vehicles 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 the Important Disclosures section which should be read in conjunction with this material. 
Top 10 Holdings
(% of total portfolio as of 30 June 2024)
Tyler Technologies Inc (United States) 4.7
Argenx SE (Belgium) 3.5
London Stock Exchange Group PLC (United Kingdom) 3.2
MACOM Technology Solutions Holdings Inc (United States) 3.2
Melrose Industries PLC (United Kingdom) 3.0
adidas AG (Germany) 2.6
Guidewire Software Inc (United States) 2.6
Spotify Technology SA (United States) 2.5
Gerresheimer AG (Germany) 2.4
Lattice Semiconductor Corp (United States) 2.3
Total 30.0%
Portfolio Statistics
(as of 30 June 2024)
Median Market Cap (Billions) $16.1
Weighted Avg. Market Cap (Billions) $24.5
Weighted Harmonic Avg. P/E (FY1) 34.6X
Weighted Harmonic Avg. P/E (FY2) 29.0X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 24.1%
Weighted Avg. LT Debt/Capital 27.0%
Active Share 97.1%
Annual Turnover 55.4%
Number of Securities 59
Number of Countries 12
Cash (% of total portfolio) 5.1%
Region Allocation
(% of portfolio securities as of 30 June 2024)
Region Allocation chart
Americas 62.3
Europe 31.9
Pacific Basin 3.6
Emerging Markets 1.2
Middle East 1.0
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 30 June 2024)
United States 62.3
United Kingdom 10.2
Germany 9.5
Denmark 4.4
Belgium 3.7
Hong Kong 2.3
Switzerland 1.8
Sweden 1.3
Singapore 1.2
Brazil 1.2
Sector Diversification
(% of portfolio securities as of 30 June 2024)
Communication Services 6.4
Consumer Discretionary 7.3
Consumer Staples 2.5
Financials 6.4
Health Care 19.3
Industrials 21.5
Information Technology 35.7
Materials 0.9
Real Estate
Total 100.0%
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 and less developed markets, including frontier 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. Growth securities may underperform other asset types during a given period. The costs associated with an investment will impact your return over time. These risks, among others, are further described in the Fund Documents. 

This is a marketing communication. Further fund details, including risks, fees and expenses, and other information, such as ESG practices, are set out in the current Prospectus, Supplements, Key Information Documents (KIDs) and other documentation (collectively, the Fund Documents), which can be obtained by calling +44 (0) 207 766 7130 or visiting Please refer to the Fund Documents and consider all of a fund’s characteristics before making any final investment decisions.

Performance Source: Artisan Partners/MSCI. Data & Statistics Sources: Artisan Partners/MSCI/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Annual turnover is reported as of the strategy’s fiscal year end. Artisan Partners may exclude outlier data and certain securities which lack applicable attributes, such as private securities when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. Securities of the same issuer are aggregated to determine a holding’s weight in the portfolio. Portfolio holdings are displayed in the context of marketing the fund shares and not the marketing of underlying portfolio securities. Cash weighting includes cash and cash equivalents. Totals may not sum due to rounding. 

Median is the data's midpoint value. Market Cap (USD) is the aggregate value of all of a company's outstanding equity securities. Weighted Average is the average of values weighted to the data set's composition. Weighted Harmonic Average is a calculation of weighted average commonly used for rates or ratios. Price-to-Earnings Ratio (P/E Ratio) measures how expensive a stock is. Earnings figures used for FY1 and FY2 are estimates for the current and next unreported fiscal years. LT EPS Growth Rate is the average of the 3-5 year forecasted EPS growth rate of a company. LT Debt/Capital is the long-term debt to total capital relationship of each company within the portfolio. Active Share is defined as the percentage of a portfolio that differs from its benchmark index. Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index. Annual Turnover is a measure of the trading activity in an investment portfolio—how often securities are bought and sold by a portfolio. 

MSCI All Country World Small Mid Index measures the performance of small- and mid-cap companies in developed and emerging markets. MSCI All Country World Index measures the performance of developed and emerging markets. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

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 Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

Artisan Partners Limited Partnership is the investment manager of Artisan Partners Global Funds Plc (APGF), an umbrella type open-ended investment company with variable capital having segregated liability between its sub-funds, incorporated with limited liability and authorized in Ireland by the Central Bank of Ireland as an Undertaking for Collective Investments in Transferable Securities (UCITS) under registration number 485593. Artisan Partners UK LLP is the distributor for APGF.