Management & Investment Process

Management

The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Michael A. Cirami, CFA
  • Portfolio Manager
  • 23Years Investment
    Experience
  • Sarah C. Orvin, CFA
  • Portfolio Manager
  • 14Years Investment
    Experience

Investment Process

The team applies in-depth fundamental research and employs robust operational capabilities across a broad opportunity set to uncover knowledge gaps in global markets. By exploiting knowledge gaps, the team is well positioned to discover idiosyncratic opportunities that provide compelling risk-adjusted return potential.

Organizational Structure

  • Flat and collaborative structure
  • Portfolio managers and analysts focus on idea generation
  • Trading and implementation are embedded within the investment team

Idea Generation Through Broad Investment Universe

  • Constantly perform fundamental country research and monitor financial markets
  • Country research seeks to understand policy environment and how important policy moments may alter the investment environment
  • Corporate analysis includes decomposing yields and examining corporate liquidity and solvency risks
  • Integrated environmental, social and governance (ESG) analysis at the country and corporate levels
  • Broad spectrum of global markets with investable assets from more than 100 countries across asset classes

Portfolio Implementation

  • Investment opportunities analyzed from a risk factor perspective—the forces that drive securities and instruments prices
  • Investment team and trading consider which instruments provide optimal risk-adjusted return
  • Trading and implementation expands the investment universe by understanding and overcoming investment barriers

Investment Results (%)

As of 31 October 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross 2.15 1.97
Composite — Net 2.09 1.59
J.P. Morgan EMB Hard Currency / Local Currency 50/50 -0.92 -8.68
As of 30 September 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross 2.22 -0.18
Composite — Net 2.03 -0.49
J.P. Morgan EMB Hard Currency / Local Currency 50/50 -4.16 -7.84
Returns for periods less than one year are not annualized. 

Past performance does not guarantee and is not a reliable indicator of future results. Current performance may be lower or higher than the performance shown. Composite performance has been presented in both gross and net of investment management fees. The portfolio's returns may vary greatly over shorter periods due to the limited operating period since inception.

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. 
The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. Non-diversified portfolios may invest larger portions of assets in securities of a smaller number of issuers and performance of a single issuer may have greater impact to the portfolio's returns. 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. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. Fixed income securities carry interest rate risk and credit risk for both the issuer and counterparty and investors may lose principal value. In general, when interest rates rise, fixed income values fall. High yield securities (junk bonds) are speculative, experience greater price volatility and have a higher degree of credit and liquidity risk than bonds with a higher credit rating. Use of derivatives may create investment leverage and increase the likelihood of volatility and involve risks different from, or greater than, the risks associated with investing in more traditional investments, including loss in excess of the amount invested. These risks, among others, are further described in Artisan Partners Form ADV, which is available upon request. 

Performance Source: Artisan Partners/JPM. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the Index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. 

The J.P. Morgan (JPM) EMB Hard Currency/Local currency 50-50 is an unmanaged, blended index consisting of 50% JPM Government Bond Index-Emerging Market Global Diversified (GBIEMGD), an index of local-currency bonds with maturities of more than one year issued by EM governments; 25% JPM Emerging Markets Bond Index-Global Diversified (EMBIGD), an index of USD-denominated bonds with maturities of more than one year issued by EM governments; and 25% JPM Corporate Emerging Market Bond Index-Broad Diversified (CEMBIBD), an index of USD-denominated EM corporate bonds. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2022, J.P. Morgan Chase & Co. All rights reserved.