Management & Investment Process


The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Craigh Cepukenas, CFA
  • Portfolio Manager
  • 35Years Investment
  • Jay Warner, CFA
  • Portfolio Manager
  • 22Years Investment
  • James Hamel, CFA
  • Portfolio Manager
  • 27Years Investment
  • Jason White, CFA
  • Portfolio Manager
  • 24Years Investment
  • Matthew Kamm, CFA
  • Portfolio Manager
  • 24Years Investment

Investment Process

The investment team seeks to invest in companies with franchise characteristics that are benefiting from an accelerating profit cycle and are trading at a discount to private market value.

Security Selection

  • Identify companies with franchise characteristics and defensible competitive positions
  • Invest in emerging profit cycles
  • Purchase stocks at a discount to private market value
  • Assess key environmental, social and governance issues that could impact future stock returns

Capital Allocation—Garden, Crop, Harvest® Investing

  • Build position size according to conviction
  • GardenSM — Smaller position sizes in companies that are early on in the profit cycle
  • CropSM — Larger position sizes in companies where profit cycle is being realized
  • HarvestSM — Reduced or sold positions as stock approaches full valuation or profit cycle begins to decelerate

Broad Knowledge

  • Invest opportunistically across entire global economy
  • Find growth wherever growth occurs

In-depth Investment Process



Investment Results (% USD)

As of 30 June 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross -4.19 5.02 6.58 -8.26 6.14 10.32 10.40
Composite — Net -4.42 4.53 5.58 -9.15 5.10 9.24 9.32
Russell 2000® Growth Index -2.92 4.44 9.14 -4.86 6.16 7.38 7.56
Russell 2000® Index -3.28 1.73 10.06 -2.58 6.93 7.00 8.75
As of 30 June 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross -4.19 5.02 6.58 -8.26 6.14 10.32 10.40
Composite — Net -4.42 4.53 5.58 -9.15 5.10 9.24 9.32
Russell 2000® Growth Index -2.92 4.44 9.14 -4.86 6.16 7.38 7.56
Russell 2000® Index -3.28 1.73 10.06 -2.58 6.93 7.00 8.75

Annual Returns (% USD)

Trailing 12 Months Ended 30 June 2020 2021 2022 2023 2024
Composite — Gross 26.17 38.33 -40.13 20.98 6.58
Composite — Net 24.93 36.99 -40.75 19.83 5.58

Calendar Year Returns (% USD)

2019 2020 2021 2022 2023
Composite — Gross 41.90 62.99 -7.77 -28.67 11.38
Composite — Net 40.52 61.43 -8.70 -29.40 10.34
Russell 2000® Growth Index 28.48 34.63 2.83 -26.36 18.66
Russell 2000® Index 25.52 19.96 14.82 -20.44 16.93
Returns for periods less than one year are not annualized. 

Past performance does not guarantee and is not a reliable indicator of future results. Current performance may be lower or higher than the performance shown. Composite performance has been presented in both gross and net of investment management fees. 

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 June 2024)
Halozyme Therapeutics Inc (Health Care) 5.8
Guidewire Software Inc (Information Technology) 5.2
Lattice Semiconductor Corp (Information Technology) 4.7
Ascendis Pharma A/S (Health Care) 4.5
Argenx SE (Health Care) 4.4
SPX Technologies Inc (Industrials) 3.7
Twist Bioscience Corp (Health Care) 3.2
Tyler Technologies Inc (Information Technology) 3.0
MACOM Technology Solutions Holdings Inc (Information Technology) 2.9
Novanta Inc (Information Technology) 2.8
Total 40.3%
Portfolio Statistics
(as of 30 June 2024)
Median Market Cap (Billions) $6.8
Weighted Avg. Market Cap (Billions) $8.5
Weighted Harmonic Avg. P/E (FY1) 32.2X
Weighted Harmonic Avg. P/E (FY2) 27.8X
Weighted Avg. Hist. 3 Yr Sales Growth 33.0%
Weighted Avg. LT Debt/Capital 30.9%
Active Share 91.9%
Annual Turnover 29.2%
Number of Securities 61
Cash (% of total portfolio) 1.8%
Market Cap Distribution
(% of portfolio securities as of 30 June 2024)

$ USD in billions
5.9+ 71.9
4.1–5.9 8.3
2.9–4.1 9.5
1.8–2.9 6.7
0.0–1.8 3.6
TOTAL 100.0%
Sector Diversification
(% of portfolio securities as of 30 June 2024)
Communication Services
Consumer Discretionary 10.2
Consumer Staples 2.4
Financials 2.0
Health Care 33.5
Industrials 12.5
Information Technology 39.4
Real Estate
Total 100.0%
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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 Artisan Partners Form ADV, which is available upon request. 

Unless otherwise indicated, strategy characteristics relate to that of a representative account managed within the investment composite. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individual accounts managed to the strategy may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and longevity periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client's investment account information.

Performance Source: Artisan Partners/Russell. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the Index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. 

Data & Statistics Sources: Artisan Partners/Russell/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. 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. Hist. 3 Yr Sales Growth is the average growth rate of a company’s sales over the past three years. LT Debt/Capital is the long-term debt to total capital relationship of each company 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. 

Russell 2000® Growth Index measures the performance of US small-cap companies with higher price/book ratios and forecasted growth values. Russell 2000® Index measures the performance of roughly 2,000 US small-cap companies. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 

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.