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
  • 28Years 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 quantitative and qualitative 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 $2,000,000 IE00BF2VV240
Class I EUR €2,000,000 IE00BF2VV356
Class I GBP £2,000,000 IE00BF2VV463
Class I AUD A$2,000,000 IE00BF2VV133
Class A USD $10,000 IE00BHSRH119

Investment Results (%)

14 November 2019 31 October 2019
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 9.39 -0.11 4.30 13.41 14.10 -3.47
MSCI Emerging Markets Index (USD) 4.22 10.35 11.86 -4.26
14 November 2019 30 September 2019
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 9.39 -0.11 -2.99 8.74 1.68 -6.41
MSCI Emerging Markets Index (USD) -4.25 5.89 -2.02 -7.17

Annual Returns (%)

12 Months Ended 30 September 2015 2016 2017 2018 2019
Class I USD 1.68
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 guarantee and is not a reliable indicator of future results. 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.

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 October 2019)
Samsung Electronics Co Ltd (Korea) 6.6
Alibaba Group Holding Ltd (China) 6.2
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) 5.8
Reliance Industries Ltd (India) 3.0
Sino Biopharmaceutical Ltd (China) 2.3
ICICI Bank Ltd (India) 2.3
MediaTek Inc (Taiwan) 2.3
LUKOIL PJSC (Russia) 2.2
Sunny Friend Environmental Technology Co Ltd (Taiwan) 2.0
Itau Unibanco Holding SA (Brazil) 1.9
Total 34.5%
Portfolio Statistics
(as of 31 October 2019)
Median Market Cap (USD Billions) $7.9
Weighted Avg. Market Cap (USD Billions) $92.0
Weighted Harmonic Avg. P/E (FY1) 15.9X
Weighted Harmonic Avg. P/E (FY2) 13.8X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 14.3%
Weighted Avg. ROE 16.3%
Median Price/Book Value 2.3X
Active Share 75.4%
Portfolio Turnover Rate 23.2%
Number of Securities 73
Number of Countries 22
Cash (% of total portfolio) 4.3%
Region Allocation
(% of total portfolio equities as of 31 October 2019)
Emerging Asia 61.8
Europe, Middle East and Africa 18.0
Latin America 17.5
Developed Markets 2.7
Total 100.0%
Top 10 Countries
(% of total portfolio equities as of 31 October 2019)
China 21.2
Korea 12.3
Taiwan 11.9
India 10.9
Brazil 9.6
Russia 9.0
Indonesia 4.4
South Africa 4.1
Greece 2.1
Argentina 2.0
Sector Diversification
(% of total portfolio equities as of 31 October 2019)
Communication Services 3.8
Consumer Discretionary 21.6
Consumer Staples 2.1
Energy 8.2
Financials 20.2
Health Care 8.0
Industrials 8.9
Information Technology 18.0
Materials 6.2
Real Estate 2.0
Utilities 1.1
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.  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.  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. Sector Diversification "Other" Category represented 0.0% of total portoflio equities. 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.  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. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. Price-to-Book Ratio (P/B Ratio) is a valuation measure used to compare a stock's market value to its book value. 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 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 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.