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
  • 23Years Investment
    Experience
  • Sarah C. Orvin, CFA
  • Portfolio Manager
  • 14Years 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

Other Strategies Managed

Investment Results (%)

As of 31 May 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross 0.34 0.34
Composite — Net 0.18 0.18
ICE BofA 3-Month U.S. Treasury Bill Index 0.08 0.08
As of 31 March 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross
Composite — Net
ICE BofA 3-Month U.S. Treasury Bill Index
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. The portfolio's returns may vary greatly over shorter periods due to the limited operating period since inception.
A non-diversified portfolio may invest a larger portion of assets in securities of a smaller number of issuers and performance of a single issuer may affect overall portfolio performance greater than in a diversified portfolio. 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 income 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. The use of derivatives in a portfolio may create investment leverage and increase the likelihood of volatility and risk of loss in excess of the amount invested. 

Performance Source: Artisan Partners/ICE BofA. 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. 

The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer.