Management & Investment Process


The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Daniel J. O'Keefe
  • Lead Portfolio Manager
  • Managing Director
  • 31Years Investment
  • Michael J. McKinnon, CFA
  • Portfolio Manager
  • Managing Director
  • 21Years Investment

Investment Process

The investment team seeks to invest in high-quality, undervalued businesses that offer the potential for superior risk/reward outcomes.


  • Determine the intrinsic value of the business
  • Invest at a significant discount to intrinsic value

Business Quality

  • Strong free cash flow
  • High/improving returns on capital
  • Strong competitive positions

Financial Strength

  • Strong balance sheets reduce potential for capital risk
  • Provides management ability to build value

Shareholder-Oriented Management

  • History of building shareholder value

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 1 March 2011 $500,000 IE00B43C0T93
Class I EUR 14 December 2015 €500,000 IE00B4M6YD48
Class I GBP 14 June 2016 £500,000 IE00B3PYJ555
Class I AUD A$500,000 IE00B5ZQLX75
Class A USD 6 August 2013 $10,000 IE00B8Q6N977
Class I Distributing USD $500,000 IE00BHSRH226
Class I Distributing EUR €500,000 IE00BHSRH333
Class I Distributing GBP £500,000 IE00BHSRH440

Investment Results (%)

23 May 2024 30 April 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 33.57 -0.80 -1.12 6.03 19.38 5.61 8.86 7.52 9.37
MSCI All Country World Index (USD) -3.30 4.63 17.46 4.27 9.44 8.19 8.29
MSCI All Country World Value Index (USD) -3.00 3.64 12.50 4.54 6.42 5.49 6.15
Class I EUR 22.03 -0.72 -0.05 9.69 23.26 9.87 9.94 9.64
MSCI All Country World Index (EUR) -2.33 8.09 21.28 8.47 10.48 10.58
MSCI All Country World Value Index (EUR) -2.03 7.08 16.16 8.75 7.42 8.19
Class I GBP 23.79 -0.63 -0.13 8.18 20.05 9.18 9.80 11.40
MSCI All Country World Index (GBP) -2.44 6.52 17.91 7.82 10.33 12.33
MSCI All Country World Value Index (GBP) -2.14 5.52 12.93 8.10 7.28 9.60
Class A USD 30.63 -0.78 -1.23 5.74 18.34 4.70 7.94 6.60 7.25
MSCI All Country World Index (USD) -3.30 4.63 17.46 4.27 9.44 8.19 8.71
MSCI All Country World Value Index (USD) -3.00 3.64 12.50 4.54 6.42 5.49 6.26
23 May 2024 31 March 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 33.57 -0.80 7.24 7.24 23.88 7.52 10.08 7.70 9.53
MSCI All Country World Index (USD) 8.20 8.20 23.22 6.96 10.92 8.66 8.62
MSCI All Country World Value Index (USD) 6.85 6.85 18.01 6.67 7.64 5.98 6.44
Class I EUR 22.03 -0.72 9.74 9.74 24.53 10.55 10.94 9.75
MSCI All Country World Index (EUR) 10.67 10.67 23.95 10.01 11.78 11.00
MSCI All Country World Value Index (EUR) 9.29 9.29 18.71 9.72 8.48 8.54
Class I GBP 23.79 -0.63 8.32 8.32 21.01 10.72 10.78 11.55
MSCI All Country World Index (GBP) 9.19 9.19 20.60 10.15 11.61 12.83
MSCI All Country World Value Index (GBP) 7.83 7.83 15.50 9.85 8.31 10.01
Class A USD 30.63 -0.78 7.05 7.05 22.80 6.62 9.16 6.79 7.44
MSCI All Country World Index (USD) 8.20 8.20 23.22 6.96 10.92 8.66 9.12
MSCI All Country World Value Index (USD) 6.85 6.85 18.01 6.67 7.64 5.98 6.61

Annual Returns (%)

Trailing 12 Months Ended 31 March 2020 2021 2022 2023 2024
Class I USD -21.43 65.48 3.44 -3.00 23.88
Class I EUR -20.12 55.74 9.62 -1.03 24.53
Class I GBP -17.58 49.14 8.51 3.36 21.01
Class I AUD
Class A USD -22.07 64.06 2.58 -3.78 22.80
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)
Heidelberg Materials AG (Germany) 4.6
Alphabet Inc (United States) 4.5
Elevance Health Inc (United States) 4.5
Samsung Electronics Co Ltd (Korea) 4.5
Danone SA (France) 4.1
American Express Co (United States) 4.1
Novartis AG (Switzerland) 3.9
Compass Group PLC (United Kingdom) 3.8
Berkshire Hathaway Inc (United States) 3.8
The Progressive Corp (United States) 3.6
Total 41.3%
Portfolio Statistics
(as of 30 April 2024)
Median Market Cap (USD Billions) $78.6
Weighted Avg. Market Cap (USD Billions) $272.1
Weighted Harmonic Avg. P/E (FY1) 14.8X
Weighted Harmonic Avg. P/E (FY2) 13.0X
Weighted Avg. Net Debt/Capital 9.2%
Median Price/Book Value 2.6X
Weighted Avg. ROA 7.0%
Active Share 91.6%
Annual Turnover 20.8%
Number of Securities 34
Number of Countries 10
Cash (% of total portfolio) 9.2%
Region Allocation
(% of portfolio securities as of 30 April 2024)
Region Allocation chart
Europe 46.2
Americas 45.8
Emerging Markets 7.1
Pacific Basin 0.8
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 30 April 2024)
United States 45.8
United Kingdom 15.6
Switzerland 9.1
France 8.0
Germany 6.3
Netherlands 6.2
Korea 4.9
China 2.2
Belgium 1.1
Japan 0.8
Sector Diversification
(% of portfolio securities as of 30 April 2024)
Communication Services 9.7
Consumer Discretionary 12.0
Consumer Staples 9.8
Energy 5.8
Financials 31.1
Health Care 14.5
Industrials 5.4
Information Technology 6.7
Materials 5.0
Real Estate
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. Value 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. Net Debt/Capital reflects a company’s financial leverage as measured by its net debt (total debt minus cash & cash equivalents) divided by total capital. The aggregate calculation excludes companies classified by GICS as banks, consumer finance and capital markets to focus on nonfinancial liabilities. Price-to-Book Ratio (P/B Ratio) is a valuation measure used to compare a stock's market value to its book value. Return on Assets (ROA) is a profitability ratio that measures the amount of net income returned as a percentage of total assets. 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. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. 

MSCI All Country World Index measures the performance of developed and emerging markets. MSCI ACWI Value Index measures the performance of companies across developed and emerging markets that exhibit value style characteristics according to MSCI. 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.