- Investor Update—Q4 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 29 February 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 7.51 | 7.51 | 23.58 | -9.77 | 11.47 | — | 10.33 |
Composite — Net | 7.33 | 7.33 | 22.31 | -10.72 | 10.31 | — | 9.19 |
MSCI Emerging Markets Index | -0.11 | -0.11 | 8.73 | -6.29 | 1.89 | — | 2.98 |
As of 31 December 2023 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 12.10 | 30.96 | 30.96 | -10.76 | 13.32 | — | 9.60 |
Composite — Net | 11.82 | 29.62 | 29.62 | -11.71 | 12.15 | — | 8.47 |
MSCI Emerging Markets Index | 7.86 | 9.83 | 9.83 | -5.08 | 3.68 | — | 3.05 |
Trailing 12 Months Ended 31 December | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Composite — Gross | 43.40 | 83.46 | -8.71 | -40.56 | 30.96 |
Composite — Net | 41.94 | 81.64 | -9.68 | -41.21 | 29.62 |
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Composite — Gross | 43.40 | 83.46 | -8.71 | -40.56 | 30.96 |
Composite — Net | 41.94 | 81.64 | -9.68 | -41.21 | 29.62 |
MSCI Emerging Markets Index | 18.42 | 18.31 | -2.54 | -20.09 | 9.83 |
As of 31 December 2023 | Average Up Month | Average Down Month |
Composite — Net | 455bps | -383bps |
MSCI Emerging Markets Index | 393bps | -406bps |
Difference | +61bps | +22bps |
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 29 February 2024) |
|
---|---|
NVIDIA Corp (United States) | 5.7 |
MercadoLibre Inc (Argentina) | 5.5 |
Sea Ltd (Singapore) | 5.3 |
MakeMyTrip Ltd (India) | 5.1 |
Visa Inc (United States) | 4.7 |
Airbnb Inc (United States) | 4.6 |
Adyen NV (Netherlands) | 4.5 |
NU Holdings Ltd (Brazil) | 4.1 |
Crowdstrike Holdings Inc (United States) | 4.1 |
HDFC Bank Ltd (India) | 3.1 |
Total | 46.8% |
Portfolio Statistics (as of 29 February 2024) |
|
---|---|
Median Market Cap (Billions) | $57.6 |
Weighted Avg. Market Cap (Billions) | $246.0 |
Number of Securities | 34 |
Number of Countries | 8 |
Cash (% of total portfolio) | 2.4% |
Region Allocation (% of portfolio securities as of 29 February 2024) |
|
---|---|
Developed Markets | 52.3 |
Asia | 37.9 |
Latin America | 9.8 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 29 February 2024) |
|
---|---|
United States | 40.2 |
China | 17.8 |
India | 12.1 |
Singapore | 8.0 |
Netherlands | 7.7 |
Argentina | 5.6 |
France | 4.4 |
Brazil | 4.2 |