Management & Investment Process

Management

The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • James D. Hamel, CFA
  • Portfolio Manager
  • 22Years Investment
    Experience
  • Matthew H. Kamm, CFA
  • Portfolio Manager
  • 19Years Investment
    Experience
  • Craigh A. Cepukenas, CFA
  • Portfolio Manager
  • 30Years Investment
    Experience
  • Jason L. White, CFA
  • Portfolio Manager
  • 19Years Investment
    Experience

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

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 31 May 2013 $2,000,000 IE00B615T757
    Class I EUR 18 Oct 2012 €2,000,000 IE00B5T1R961
    Class I GBP 26 Feb 2014 £2,000,000 IE00B56HBX94
    Class I AUD A$2,000,000 IE00B4182150
    Class A USD 1 Dec 2015 $10,000 IE00B75GXZ78

    Investment Results (%)

    20 August 2019 31 July 2019
    NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Class I EUR 25.82 -0.50 4.98 30.62 14.06 14.13 15.26 15.36
    MSCI All Country World Index (EUR) 2.58 19.68 8.19 10.33 10.47 11.48
    Class I USD 19.07 -0.31 2.26 26.19 8.01 13.76 10.97 11.36
    MSCI All Country World Index (USD) 0.29 16.57 2.95 10.17 6.48 8.07
    Class I GBP 22.73 -0.57 6.73 32.21 16.51 17.01 18.47 16.74
    MSCI All Country World Index (GBP) 4.25 21.25 10.29 13.18 13.55 13.13
    Class A USD 18.48 -0.27 2.12 25.55 7.05 12.81 11.61
    MSCI All Country World Index (USD) 0.29 16.57 2.95 10.17 9.04
    20 August 2019 30 June 2019
    NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Class I EUR 25.82 -0.50 4.67 24.43 10.96 14.56 14.53 14.73
    MSCI All Country World Index (EUR) 2.16 16.67 8.41 10.71 10.15 11.21
    Class I USD 19.07 -0.31 6.09 23.39 8.02 15.48 10.36 11.12
    MSCI All Country World Index (USD) 3.61 16.23 5.74 11.62 6.16 8.14
    Class I GBP 22.73 -0.57 8.83 23.87 12.27 17.33 17.13 15.60
    MSCI All Country World Index (GBP) 6.08 16.31 9.69 13.47 12.62 12.47
    Class A USD 18.48 -0.27 5.92 22.95 7.15 14.52 11.25
    MSCI All Country World Index (USD) 3.61 16.23 5.74 11.62 9.17

    Annual Returns (%)

    12 Months Ended 30 June 2015 2016 2017 2018 2019
    Class I USD 8.02 -1.60 24.66 14.38 8.02
    Class I EUR 32.57 -1.12 21.08 11.92 10.96
    Class I GBP 17.48 16.18 27.48 12.85 12.27
    Class I AUD
    Class A USD 23.63 13.38 7.15
    Returns for periods less than one year are not annualized. 

    Past performance does not guarantee and is not a reliable indicator of future results. 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.

    Investment Risk: 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 Important Disclosures section which should be read in conjunction with this material. 
    Top 10 Holdings
    (% of total portfolio as of 31 July 2019)
    IHS Markit Ltd (United States) 6.3
    AstraZeneca PLC (United Kingdom) 4.0
    Techtronic Industries Co Ltd (Hong Kong) 4.0
    Bank of America Corp (United States) 3.5
    Fidelity National Information Services Inc (United States) 3.4
    L3Harris Technologies Inc (United States) 3.3
    Microsoft Corp (United States) 3.2
    Lonza Group AG (Switzerland) 3.0
    Boston Scientific Corp (United States) 2.7
    Tencent Holdings Ltd (China) 2.7
    Total 36.1%
    Portfolio Statistics
    (as of 31 July 2019)
    Median Market Cap (USD Billions) $27.2
    Weighted Avg. Market Cap (USD Billions) $139.9
    Weighted Harmonic Avg. P/E (FY1) 24.6X
    Weighted Harmonic Avg. P/E (FY2) 21.3X
    Weighted Avg. LT EPS Growth Rate (3-5 Yr) 15.6%
    Weighted Avg. LT Debt/Capital 31.6%
    Active Share 90.4%
    Portfolio Turnover Rate 54.1%
    Number of Securities 46
    Number of Countries 13
    Cash (% of total portfolio) 8.2%
    Region Allocation
    (% of total portfolio equities as of 31 July 2019)
    Americas 59.5
    Europe 25.4
    Pacific Basin 8.2
    Emerging Markets 6.9
    Total 100.0%
    Top 10 Countries
    (% of total portfolio equities as of 31 July 2019)
    United States 59.5
    United Kingdom 10.5
    Denmark 5.1
    Switzerland 5.0
    Hong Kong 4.3
    China 3.6
    Japan 2.4
    Germany 2.2
    Brazil 1.7
    India 1.6
    Sector Diversification
    (% of total portfolio equities as of 31 July 2019)
    Communication Services 8.0
    Consumer Discretionary 10.9
    Consumer Staples 2.8
    Energy
    Financials 10.7
    Health Care 22.3
    Industrials 18.8
    Information Technology 25.3
    Materials 0.7
    Real Estate
    Utilities 0.5
    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 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.  These risks, among others, are further described in the Fund Documents. 

    Further details, including risks, fees and expenses, are set out in the current Prospectus, Supplements and Key Investor Information Documents (KIIDs), which can be obtained by calling +44 (0) 207 766 7130 or visiting Fund Documents. Read carefully before investing.

    Performance Source: Artisan Partners/MSCI. Data & Statistics Sources: Artisan Partners/FactSet/MSCI/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Portfolio turnover is reported as of the strategy’s fiscal year end. Artisan Partners may exclude outliers 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. Cash weighting includes cash and cash equivalents. Totals may not sum due to rounding. 

    Median is the data's midpoint value. Market Cap 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. Portfolio 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 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). APGF is an umbrella type open-ended investment company with variable capital having segregated liability between its sub-funds, incorporated with limited liability and registered in Ireland under registration number 485593. APGF is authorized by the Central Bank of Ireland as an Undertaking for Collective Investments in Transferable Securities (UCITS). Artisan Partners UK LLP is the distributor for APGF.