Management & Investment Process

Management

The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Michael A. Cirami, CFA
  • Portfolio Manager
  • 25Years Investment
    Experience
  • Sarah C. Orvin, CFA
  • Portfolio Manager
  • 16Years Investment
    Experience

Investment Process

The team applies in-depth fundamental research and employs robust operational capabilities across a broad opportunity set to uncover knowledge gaps in global markets. By exploiting knowledge gaps, the team is well positioned to discover idiosyncratic opportunities that provide compelling risk-adjusted return potential.

Organizational Structure

  • Flat and collaborative structure
  • Portfolio managers and analysts focus on idea generation
  • Trading and implementation are embedded within the investment team

Idea Generation Through Broad Investment Universe

  • Constantly perform fundamental country research and monitor financial markets
  • Country research seeks to understand policy environment and how important policy moments may alter the investment environment
  • Corporate analysis includes decomposing yields and examining corporate liquidity and solvency risks
  • Integrated environmental, social and governance (ESG) analysis at the country and corporate levels
  • Broad spectrum of global markets with investable assets from more than 100 countries across asset classes

Portfolio Implementation

  • Investment opportunities analyzed from a risk factor perspective—the forces that drive securities and instruments prices
  • Investment team and trading consider which instruments provide optimal risk-adjusted return
  • Trading and implementation expands the investment universe by understanding and overcoming investment barriers


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Domicile Ireland
Adviser Artisan Partners Limited Partnership
Management Fee
Class I 0.70%
Class A 1.40%
Currency/Share Class Inception Minimum Investment ISIN
Class I USD 28 Jul 2022 $500,000 IE0009Z2EC08
Class I EUR 14 Feb 2023 €500,000 IE0007LWGYY1
Class I GBP 27 Sep 2023 £500,000 IE000K736WK9
Class I AUD A$500,000 IE000UJLVDC0
Class A USD $10,000 IE00044Y7196
Class I Distributing USD $500,000 IE000C01EVF1
Class I Distributing EUR €500,000 IE000N4SVZH4
Class I Distributing GBP £500,000 IE0002W21U03

Investment Results (%)

29 February 2024 31 January 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 12.67 0.65 0.65 11.64 15.72
J.P. Morgan EMB Hard Currency / Local Currency 50/50 (USD) -0.87 -0.87 6.52 8.57
Class I EUR 11.13 0.27 2.72 2.72 9.50
J.P. Morgan EMB Hard Currency / Local Currency 50/50 (EUR) 0.81 0.81 6.33
Class I GBP 10.40 0.29 1.19 1.19 1.90
J.P. Morgan EMB Hard Currency / Local Currency 50/50 (GBP) -0.76 -0.76 2.17
29 February 2024 31 December 2023
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 12.67 5.63 13.36 13.36 16.20
J.P. Morgan EMB Hard Currency / Local Currency 50/50 (USD) 7.71 11.43 11.43 9.77
Class I EUR 11.13 0.27 1.23 6.60 6.60
J.P. Morgan EMB Hard Currency / Local Currency 50/50 (EUR) 3.23 5.48 5.48
Class I GBP 10.40 0.29 1.10 0.70 0.70
J.P. Morgan EMB Hard Currency / Local Currency 50/50 (GBP) 3.12 2.95 2.95

Annual Returns (%)

Trailing 12 Months Ended 31 December 2019 2020 2021 2022 2023
Class I USD 13.36
Class I EUR
Class I GBP
Returns for periods less than one year are not annualized. 

Past performance does not predict future returns. 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. 
The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. Non-diversified portfolios may invest larger portions of assets in securities of a smaller number of issuers and performance of a single issuer may have greater impact to the portfolio's returns. 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 and less developed markets, including frontier 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. Fixed income securities carry interest rate risk and credit risk for both the issuer and counterparty and investors may lose principal value. In general, when interest rates rise, fixed income values fall. High yield securities (junk bonds) are speculative, experience greater price volatility and have a higher degree of credit and liquidity risk than bonds with a higher credit rating. Use of derivatives may create investment leverage and increase the likelihood of volatility and risk of loss in excess of the amount invested. The costs associated with an investment will impact your return over time. 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 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 Information Documents (KIDs) 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/JPM. 

The J.P. Morgan (JPM) EMB Hard Currency/Local currency 50-50 is an unmanaged, blended index consisting of 50% JPM Government Bond Index-Emerging Market Global Diversified (GBIEMGD), an index of local-currency bonds with maturities of more than one year issued by EM governments; 25% JPM Emerging Markets Bond Index-Global Diversified (EMBIGD), an index of USD-denominated bonds with maturities of more than one year issued by EM governments; and 25% JPM Corporate Emerging Market Bond Index-Broad Diversified (CEMBIBD), an index of USD-denominated EM corporate bonds. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2024, J.P. Morgan Chase & Co. All rights reserved. 

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.