Management & Investment Process


The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Christopher Smith
  • Portfolio Manager
  • 18Years Investment

Investment Process

The team’s investment approach is based on thematic idea generation, a systematic framework for analyzing companies and proactive risk management. Utilizing this approach, the team seeks to construct a focused portfolio designed to maximize alpha while limiting downside risk over the long term.

Thematic Idea Generation

  • Identify inflections in multi-year trends caused by changes in supply/demand dynamics, societal behavior, market conditions, technology, laws/regulations and business models, among other variables—these can lead to powerful re-ratings of industries and companies
  • Find areas where the team’s views on industry fundamentals differ from consensus estimates—a key element in alpha generation

Systematic Analytical Framework

  • Apply a systematic framework for analyzing companies across sectors and themes, creating a repeatable and methodical decision-making process
  • Focus on multi-year earnings power differentiation, expected outcome scenario analysis, return on invested capital and discounted cash flow valuations using the team’s proprietary company models
  • Utilize internally developed visual outputs to consistently evaluate positions across the portfolio

Proactive Risk Management

  • Incorporate risk management into all stages of the investment process
  • Evaluate metrics including crowding, correlation, volatility, stress tests, liquidity, factor analysis and macro drivers, in order to inform portfolio construction and position sizing
  • Where appropriate, use various instruments, such as options, in an effort to magnify alpha and minimize downside
Domicile Ireland
Adviser Artisan Partners Limited Partnership
Management Fee
Class I 1.00%
Class A 1.85%
Currency/Share Class Inception Minimum Investment ISIN
Class I USD 6 Dec 2018 $500,000 IE00BD5JHZ64
Class I EUR 11 Nov 2021 €500,000 IE00BHSRH887
Class I GBP 11 Nov 2021 £500,000 IE00BHSRH994
Class A USD $10,000 IE00BHSRHB15

Investment Results (%)

20 January 2022 31 December 2021
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 17.84 -0.45 12.15 24.98 24.98 28.79 25.77
S&P 500® Index (USD) 11.03 28.71 28.71 26.07 22.53
Class I EUR 9.25 -0.11 4.00 4.00 4.00
S&P 500® Index (EUR) 3.62 3.62 3.62
Class I GBP 8.98 -0.22 2.20 2.20 2.20
S&P 500® Index (GBP) 1.55 1.55 1.55
20 January 2022 31 December 2021
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 17.84 -0.45 12.15 24.98 24.98 28.79 25.77
S&P 500® Index (USD) 11.03 28.71 28.71 26.07 22.53
Class I EUR 9.25 -0.11 4.00 4.00 4.00
S&P 500® Index (EUR) 3.62 3.62 3.62
Class I GBP 8.98 -0.22 2.20 2.20 2.20
S&P 500® Index (GBP) 1.55 1.55 1.55

Annual Returns (%)

12 Months Ended 31 December 2017 2018 2019 2020 2021
Class I USD 33.93 27.62 24.98
Class I EUR
Class I GBP
Class A USD
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. The costs associated with this investment will impact your return over time. 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 5 Issuers
(% of net assets as of 31 December 2021)
Microsoft Corp (Transformation of the Enterprise) 9.4
Accenture PLC (Data Monetization) 6.6
Linde PLC (Automation of Industrial Complex) 6.3
Johnson Controls International PLC (Automation of Industrial Complex) 5.5
The Estee Lauder Cos Inc (Live Mobility) 5.4
Total 33.2%
Portfolio Statistics
(as of 31 December 2021)
Number of Companies 33
Top 5 Issuers (% of net assets) 33.2%
Non-US Companies (% of net assets) 0.2%
Weighted Avg. Market Cap (Billions) $342.7
Weighted Avg. ROE 20.2%
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 26.2%
Weighted Avg. P/E (FY2) 32.2X
Active Share 87.0%
Cash (% of total portfolio) 2.6%
Market Cap Distribution
(% of net assets as of 31 December 2021)

$ USD in billions
75.0+ 52.2
25.0–75.0 47.0
5.0–25.0 0.8
Not Applicable
TOTAL 99.9%
Portfolio Exposure by Theme
(% of net assets as of 31 December 2021)
Data Monetization 22.8
Automation of Industrial Complex 22.4
Live Mobility 20.0
Transformation of the Enterprise 19.2
Network Infrastructure Modernization 7.5
Life Sciences 4.1
Digitization of Commerce 3.9
Total 99.9%
Sector Diversification
(% of net assets as of 31 December 2021)
Communication Services
Consumer Discretionary 5.8
Consumer Staples 8.0
Financials 17.5
Health Care 7.7
Industrials 11.4
Information Technology 27.8
Materials 11.2
Real Estate 7.3
Utilities 3.2
Total 99.9%
% of net assets represents the portfolio's exposures based on the economic value of investments and options are delta-adjusted. Categories “Other” and “N/A” may include ETFs, ETF/Index options and other securities which have not explicitly been classified. 

A non-diversified portfolio may invest a larger portion of assets in securities of a smaller number of issuers and performance of a single issuer may affect overall portfolio performance greater than in a diversified portfolio. The portfolio’s use of derivative instruments may create additional leverage and involve risks different from, or greater than, the risks associated with investing in more traditional investments. High portfolio turnover may adversely affect returns due to increased transaction costs and creation of additional tax consequences. 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. International investments involve special risks that may in particular cause a loss in principal, 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. Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in funds 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 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 Investor Information Documents (KIIDs) 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/S&P®. Data & Statistics Sources: Artisan Partners/Bloomberg/GICS. 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. 

Idiosyncratic Positions are issuers held outside of a theme. Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicated and subject to change. Portfolio sector classifications are defined by the investment team and may differ substantially from the Global Industry Classification System (GICS) classifications. Upon request, Artisan Partners will provide the portfolio’s sector breakdown according to GICS methodology. 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.

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 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 © 2022 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.

Exposure Pct Assets represents the portfolio's exposures based on the economic value of investments (including delta-adjusting options exposures). Delta-adjusted options exposure is a measure of the market exposure created by the options and accounts for the sensitivity of options to changes in price of the underlying security. In comparison, measuring the exposure of an option at the market value of the option or notional value can understate or overstate, respectively, the economic exposure and risk. This estimate of portfolio exposure is only an approximation of the portfolio at a point in time. 

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. The Antero Peak portfolio Weighted Avg. P/E is a Weighted Harmonic Average. Weighted Harmonic Average is a calculation of weighted average commonly used for rates or ratios. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. LT EPS Growth Rate is the average of the 3-5 year forecasted EPS growth rate of a company. 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. 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. Active Share is not delta-adjusted and includes cash, cash equivalents, ETFs and ETF/Index options. 

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.