- Investor Update—13 Oct 2022
- Artisan Partners Developing World Team Portfolio Manager Lewis Kaufman discusses his team’s investment philosophy, portfolio positioning and the current market environment.
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The investment team seeks to build, preserve and enhance a stream of compounded business value. It defines this emphasis as follows:
Build
Pair low penetration domestic demand with scalable and enduring businesses that are able to drive value creation and disproportionate outcomes.
Preserve
Preserve value creation and establish a forward-looking construct for managing risk.
Enhance
Leverage risk pathways to enhance long-term value creation.
As of 31 December 2022 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 5.99 | -40.56 | -40.56 | -0.15 | 4.06 | — | 7.04 |
Composite — Net | 5.72 | -41.21 | -41.21 | -1.20 | 2.97 | — | 5.92 |
MSCI Emerging Markets Index | 9.70 | -20.09 | -20.09 | -2.69 | -1.40 | — | 2.18 |
As of 31 December 2022 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 5.99 | -40.56 | -40.56 | -0.15 | 4.06 | — | 7.04 |
Composite — Net | 5.72 | -41.21 | -41.21 | -1.20 | 2.97 | — | 5.92 |
MSCI Emerging Markets Index | 9.70 | -20.09 | -20.09 | -2.69 | -1.40 | — | 2.18 |
12 Months Ended 31 December | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Composite — Gross | -14.53 | 43.40 | 83.46 | -8.71 | -40.56 |
Composite — Net | -15.43 | 41.94 | 81.64 | -9.68 | -41.21 |
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Composite — Gross | -14.53 | 43.40 | 83.46 | -8.71 | -40.56 |
Composite — Net | -15.43 | 41.94 | 81.64 | -9.68 | -41.21 |
MSCI Emerging Markets Index | -14.57 | 18.42 | 18.31 | -2.54 | -20.09 |
As of 31 December 2022 | Average Up Month | Average Down Month |
Composite — Net | 403bps | -378bps |
MSCI Emerging Markets Index | 375bps | -411bps |
Difference | +28bps | +33bps |
Based on monthly net-of-fees composite returns beginning July 1, 2015. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.
Top 10 Holdings (% of total portfolio as of 31 January 2023) |
|
---|---|
Airbnb Inc (United States) | 6.8 |
NVIDIA Corp (United States) | 6.8 |
MercadoLibre Inc (Argentina) | 6.4 |
Sea Ltd (Singapore) | 6.1 |
Visa Inc (United States) | 4.9 |
Adyen NV (Netherlands) | 4.4 |
Crowdstrike Holdings Inc (United States) | 4.4 |
Meituan (China) | 4.3 |
HDFC Bank Ltd (India) | 3.1 |
ASML Holding NV (Netherlands) | 3.1 |
Total | 50.3% |
Portfolio Statistics (as of 31 January 2023) |
|
---|---|
Median Market Cap (Billions) | $48.3 |
Weighted Avg. Market Cap (Billions) | $145.5 |
Number of Securities | 33 |
Number of Countries | 9 |
Cash (% of total portfolio) | 2.2% |
Region Allocation (% of portfolio securities as of 31 January 2023) |
|
---|---|
|
|
Developed Markets | 56.7 |
Asia | 34.0 |
Latin America | 9.4 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 31 January 2023) |
|
---|---|
United States | 43.5 |
China | 23.4 |
Netherlands | 7.7 |
Singapore | 7.4 |
Argentina | 6.5 |
France | 5.5 |
India | 3.2 |
Brazil | 2.9 |
Russia | 0.0 |