Management & Investment Process


The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Mark L. Yockey, CFA
  • Portfolio Manager
  • 43Years Investment
  • Charles-Henri Hamker
  • Portfolio Manager
  • 34Years Investment
  • Andrew J. Euretig
  • Portfolio Manager
  • 20Years Investment
  • Michael Luciano
  • Associate Portfolio Manager
  • 23Years Investment

Investment Process

The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not reflect their long-term potential.


  • Identify long-term secular growth trends
  • Invest in companies poised to be beneficiaries of those trends

Sustainable Growth

  • Sustainable competitive advantage
  • Superior business model
  • High-quality management team


  • Assess valuation relative to growth potential and to history and peers
  • Invest in companies whose sustainable growth prospects are not fully reflected in underlying stock prices

In-depth Investment Process


Domicile Ireland
Adviser Artisan Partners Limited Partnership
Management Fee
Class I 0.75%
Class A 1.50%
Currency/Share Class Inception Minimum Investment ISIN
Class I USD 7 August 2012 $500,000 IE00B43QZT63
Class I EUR €500,000 IE00B45F1157
Class I GBP 8 February 2016 £500,000 IE00B3SM1T48
Class I AUD A$500,000 IE00B68B2G61
Class A USD $10,000 IE00B8KP7M14
Class I Distributing USD $500,000 IE00BJN6RH30
Class I Distributing EUR €500,000 IE00BJN6RJ53
Class I Distributing GBP £500,000 IE00BJN6RK68

Investment Results (%)

23 May 2024 30 April 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 32.49 -0.18 -4.18 7.95 16.93 -0.76 8.06 8.65 10.32
MSCI All Country World Index (USD) -3.30 4.63 17.46 4.27 9.44 8.19 9.59
Class I GBP 29.59 -3.21 10.12 17.59 2.61 8.99 13.95
MSCI All Country World Index (GBP) -2.44 6.52 17.91 7.82 10.33 13.33
23 May 2024 31 March 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 32.49 -0.18 12.66 12.66 20.38 2.44 9.93 9.04 10.80
MSCI All Country World Index (USD) 8.20 8.20 23.22 6.96 10.92 8.66 9.98
Class I GBP 29.59 13.76 13.76 17.61 5.50 10.62 14.56
MSCI All Country World Index (GBP) 9.19 9.19 20.60 10.15 11.61 13.82

Annual Returns (%)

Trailing 12 Months Ended 31 March 2020 2021 2022 2023 2024
Class I USD -2.38 52.99 -8.92 -1.97 20.38
Class I EUR
Class I GBP 2.35 37.83 -4.43 4.47 17.61
Class I AUD
Class A USD
Class I USD Distributing
Class I EUR Distributing
Class I GBP Distributing
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. 
Top 10 Holdings
(% of total portfolio as of 30 April 2024) Inc (United States) 5.3
Novo Nordisk A/S (Denmark) 5.2
BFF Bank SpA (Italy) 5.2
Meta Platforms Inc (United States) 5.0
UBS Group AG (Switzerland) 4.5
TUI AG (Germany) 4.1
General Electric Co (United States) 3.9
Natera Inc (United States) 3.5
BAE Systems PLC (United Kingdom) 3.3
Microsoft Corp (United States) 3.2
Total 43.3%
Portfolio Statistics
(as of 30 April 2024)
Median Market Cap (USD Billions) $18.0
Weighted Avg. Market Cap (USD Billions) $363.6
Weighted Harmonic Avg. P/E (FY1) 16.3X
Weighted Harmonic Avg. P/E (FY2) 14.0X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 17.5%
Weighted Avg. Operating Margin 18.1%
Active Share 87.5%
Annual Turnover 143.2%
Number of Securities 60
Number of Countries 16
Cash (% of total portfolio) 3.5%
Region Allocation
(% of portfolio securities as of 30 April 2024)
Region Allocation chart
Europe 45.6
Americas 42.1
Pacific Basin 8.9
Emerging Markets 3.4
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 30 April 2024)
United States 42.1
Japan 8.9
Switzerland 7.9
United Kingdom 7.8
Italy 7.3
Denmark 7.3
Germany 5.8
Netherlands 3.6
Belgium 3.5
France 1.9
Sector Diversification
(% of portfolio securities as of 30 April 2024)
Communication Services 6.8
Consumer Discretionary 15.9
Consumer Staples 2.1
Financials 22.5
Health Care 17.3
Industrials 22.4
Information Technology 7.5
Materials 2.7
Real Estate 3.0
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 and less developed markets, including frontier 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. 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 Information Documents (KIDs) and other documentation (collectively, the Fund Documents), which can be obtained by calling +44 (0) 207 766 7130 or visiting 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. Data & Statistics Sources: Artisan Partners/MSCI/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Annual turnover is reported as of the strategy’s fiscal year end. 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. 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. Operating Margin is a measure of a corporation’s profitability. It is calculated as the last twelve months operating income before depreciation for the ending quarter and subtracts out the last twelve months depreciation from the ending quarter divided by the last twelve months sales for the ending quarter, weighted by the size of the company’s position 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. Annual 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), 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.