Management & Investment Process

Management

The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Maria Negrete-Gruson, CFA
  • Portfolio Manager
  • 30Years Investment
    Experience

Investment Process

The investment team seeks to invest in companies that are uniquely positioned to benefit from the growth potential in emerging markets and that possess a sustainable global competitive advantage.

Sustainable Earnings

  • In-depth financial and strategic analyses to determine a sustainable ROE
  • Financial analysis focuses on identifying historical drivers of ROE
  • Strategic analysis examines a company's competitive advantages

Risk Analysis

  • Assess and incorporate company-specific risks into valuation analysis
  • Assess sustainability risks, including ESG considerations, via incident-based data and empirical factors
  • Assess country-appropriate macroeconomic risks to which a company is exposed

Valuation

  • Determine risk-adjusted target price based on sustainable earnings estimates, cash flow expectations and risk analysis
  • Invest in companies that are undervalued relative to peers and historical, industry, country and regional valuations
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 16 April 2018 $500,000 IE00BF2VV240
Class I EUR €500,000 IE00BF2VV356
Class I GBP £500,000 IE00BF2VV463
Class I AUD A$500,000 IE00BF2VV133
Class A USD $10,000 IE00BHSRH119

Investment Results (%)

24 June 2022 31 May 2022
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 9.01 2.04 -7.36 -21.70 -26.69 2.68 -1.09
MSCI Emerging Markets Index (USD) -5.15 -11.76 -19.83 5.00 0.50
24 June 2022 31 March 2022
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 9.01 2.04 -15.48 -15.48 -16.50 3.68 0.80
MSCI Emerging Markets Index (USD) -6.97 -6.97 -11.37 4.94 1.88

Annual Returns (%)

12 Months Ended 31 March 2018 2019 2020 2021 2022
Class I USD -19.55 65.91 -16.50
Class I EUR
Class I GBP
Class I AUD
Class A USD
Returns for periods less than one year are not annualized. 

Past performance does not predict future returns. The portfolio's returns may vary greatly over shorter periods due to the limited operating period since inception. 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. 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 10 Holdings
(% of total portfolio as of 31 May 2022)
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) 9.6
Samsung Electronics Co Ltd (Korea) 7.8
E Ink Holdings Inc (Taiwan) 4.4
Alibaba Group Holding Ltd (China) 4.1
MediaTek Inc (Taiwan) 3.2
Zhuzhou CRRC Times Electric Co Ltd (China) 3.2
ICICI Bank Ltd (India) 3.1
Reliance Industries Ltd (India) 3.0
Estun Automation Co Ltd (China) 2.8
Sino Biopharmaceutical Ltd (China) 2.4
Total 43.7%
Portfolio Statistics
(as of 31 May 2022)
Median Market Cap (USD Billions) $8.0
Weighted Avg. Market Cap (USD Billions) $122.8
Weighted Harmonic Avg. P/E (FY1) 13.5X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 21.0%
Weighted Avg. ROE 14.9%
Number of Securities 58
Off-Benchmark Exposure 31.0%
Small-Cap Exposure 10.9%
Annual Turnover 23.6%
Cash (% of total portfolio) 5.3%
Region Allocation
(% of portfolio securities as of 31 May 2022)
Region Allocation chart
Emerging Asia 69.5
Latin America 19.4
Europe, Middle East and Africa 6.6
Developed Markets 4.5
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 31 May 2022)
China 21.8
Taiwan 20.1
Korea 13.8
India 9.2
Brazil 7.1
Argentina 5.5
Mexico 3.4
Greece 3.1
Indonesia 2.3
Netherlands 2.0
Sector Diversification
(% of portfolio securities as of 31 May 2022)
Consumer Goods 7.5
Extractives & Minerals Processing 6.4
Financials 18.7
Food & Beverage 4.0
Health Care 7.1
Infrastructure 4.9
Renewable Resources & Alternative Energy 0.7
Resource Transformation 8.3
Services 4.0
Technology & Communications 37.5
Transportation 0.9
Total 100.0%
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. 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. 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. The costs associated with an investment will impact your return over time. 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 www.apgfunds-docs.com. Please refer to the Fund Documents and consider all of a fund’s characteristics before making any final investment decisions.

Performance Source: Artisan Partners/MSCI. Country Classification Source: Artisan Partners. Portfolio country classifications are defined by the investment team and may differ substantially from MSCI classifications. Upon request, Artisan Partners will provide the portfolio’s country breakdown according to MSCI methodology. Sector Source: SASB. Sector exposure percentages reflect sector designations as currently classified by SICS. Sector Diversification "Other" Category represented 0.0% of total portoflio equities. Data & Statistics Sources: Artisan Partners/MSCI. 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. 

Median is the data's midpoint value. Market Cap (USD) is the aggregate value of all of a company's outstanding equity securities. Market Capitalization up to $2 billion. 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. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. Annual Turnover is a measure of the trading activity in an investment portfolio—how often securities are bought and sold by a portfolio. 

MSCI Emerging Markets Index measures the performance of 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 Sustainable Industry Classification System (SICS®) is the exclusive intellectual property of Sustainability Accounting Standards Board (SASB). SICS is intended to group companies based on their shared sustainability-related risks and opportunities. 

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.