- Investor Update—Q3 2023
- 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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The investment team seeks to build, preserve and enhance a stream of compounded business value. It defines this emphasis as follows:
Build
Pair low penetration domestic demand with scalable and enduring businesses that are able to drive value creation and disproportionate outcomes.
Preserve
Preserve value creation and establish a forward-looking construct for managing risk.
Enhance
Leverage value pathways to enhance long-term value creation.
As of 30 November 2023 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 6.60 | 24.53 | 18.81 | -10.14 | 11.55 | — | 9.05 |
Composite — Net | 6.42 | 23.36 | 17.58 | -11.09 | 10.39 | — | 7.92 |
MSCI Emerging Markets Index | 3.81 | 5.70 | 4.21 | -4.04 | 2.34 | — | 2.61 |
As of 30 September 2023 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | -6.91 | 16.82 | 23.82 | -8.56 | 10.00 | — | 8.40 |
Composite — Net | -7.16 | 15.92 | 22.55 | -9.53 | 8.85 | — | 7.28 |
MSCI Emerging Markets Index | -2.93 | 1.82 | 11.70 | -1.73 | 0.55 | — | 2.20 |
12 Months Ended 30 September | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Composite — Gross | 21.82 | 72.93 | 18.06 | -47.70 | 23.82 |
Composite — Net | 20.57 | 71.20 | 16.85 | -48.28 | 22.55 |
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Composite — Gross | -14.53 | 43.40 | 83.46 | -8.71 | -40.56 |
Composite — Net | -15.43 | 41.94 | 81.64 | -9.68 | -41.21 |
MSCI Emerging Markets Index | -14.57 | 18.42 | 18.31 | -2.54 | -20.09 |
As of 30 September 2023 | Average Up Month | Average Down Month |
Composite — Net | 443bps | -383bps |
MSCI Emerging Markets Index | 386bps | -406bps |
Difference | +57bps | +23bps |
Based on monthly net-of-fees composite returns beginning July 1, 2015. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.
Top 10 Holdings (% of total portfolio as of 30 November 2023) |
|
---|---|
MercadoLibre Inc (Argentina) | 6.1 |
Visa Inc (United States) | 4.9 |
Airbnb Inc (United States) | 4.8 |
NVIDIA Corp (United States) | 4.7 |
MakeMyTrip Ltd (India) | 4.3 |
Sea Ltd (Singapore) | 4.3 |
Adyen NV (Netherlands) | 4.2 |
Crowdstrike Holdings Inc (United States) | 3.6 |
Meituan (China) | 3.3 |
HDFC Bank Ltd (India) | 3.2 |
Total | 43.5% |
Portfolio Statistics (as of 30 November 2023) |
|
---|---|
Median Market Cap (Billions) | $47.5 |
Weighted Avg. Market Cap (Billions) | $170.8 |
Number of Securities | 34 |
Number of Countries | 8 |
Cash (% of total portfolio) | 3.2% |
Region Allocation (% of portfolio securities as of 30 November 2023) |
|
---|---|
|
|
Developed Markets | 51.7 |
Asia | 38.8 |
Latin America | 9.5 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 30 November 2023) |
|
---|---|
United States | 39.8 |
China | 21.0 |
India | 10.8 |
Netherlands | 7.5 |
Singapore | 6.9 |
Argentina | 6.3 |
France | 4.4 |
Brazil | 3.2 |