Management & Investment Process

  • Lewis S. Kaufman, CFA
  • Portfolio Manager
  • 25Years Investment

Investment Process

The investment team seeks to build, preserve and enhance a stream of compounded business value. It defines this emphasis as follows:

Pair low penetration domestic demand with scalable and enduring businesses that are able to drive value creation and disproportionate outcomes.

Preserve value creation and establish a forward-looking construct for managing risk.

Leverage value pathways to enhance long-term value creation.

Domicile Ireland
Adviser Artisan Partners Limited Partnership
Management Fee
Class I 0.95%
Class A 1.80%
Currency/Share Class Inception Minimum Investment ISIN
Class I USD 28 January 2019 $500,000 IE00BYQRBG58
Class I EUR 19 February 2021 €500,000 IE00BDZT4Z52
Class I GBP 11 September 2020 £500,000 IE00BDZT5183
Class I AUD A$500,000 IE00BDZT5076
Class A USD 6 July 2022 $10,000 IE00BHSRH556

Investment Results (%)

17 June 2024 31 May 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 19.14 0.53 1.93 13.22 25.25 -8.37 10.68 12.22
MSCI Emerging Markets Index (USD) 1.01 3.41 12.39 -6.23 3.55 2.88
Class I GBP 10.00 0.40 0.94 13.16 22.21 -5.05 -1.01
MSCI Emerging Markets Index (GBP) 0.23 3.54 9.40 -2.72 1.44
Class I EUR 7.87 0.25 1.35 15.16 23.28 -4.74 -8.33
MSCI Emerging Markets Index (EUR) 0.49 5.22 10.37 -2.44 -3.46
Class A USD 18.83 0.53 1.79 12.76 24.23 16.70
MSCI Emerging Markets Index (USD) 1.01 3.41 12.39 6.23
17 June 2024 31 March 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 19.14 0.53 11.08 11.08 16.87 -7.91 9.71 12.22
MSCI Emerging Markets Index (USD) 2.37 2.37 8.15 -5.05 2.22 2.77
Class I GBP 10.00 0.40 12.10 12.10 14.25 -5.18 -1.32
MSCI Emerging Markets Index (GBP) 3.30 3.30 5.86 -2.22 1.45
Class I EUR 7.87 0.25 13.63 13.63 17.41 -5.35 -9.15
MSCI Emerging Markets Index (EUR) 4.70 4.70 8.80 -2.34 -3.79
Class A USD 18.83 0.53 10.78 10.78 15.88 17.24
MSCI Emerging Markets Index (USD) 2.37 2.37 8.15 6.23

Annual Returns (%)

Trailing 12 Months Ended 31 March 2020 2021 2022 2023 2024
Class I USD 5.87 92.22 -25.04 -10.85 16.87
Class I EUR -20.57 -9.06 17.41
Class I GBP -21.36 -5.11 14.25
Class I AUD
Class A USD 15.88
Returns for periods less than one year are not annualized. 

Past performance does not predict future returns. The portfolio's returns may vary greatly over shorter periods due to the limited operating period since inception. 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 31 May 2024)
MercadoLibre Inc (Argentina) 6.1
Sea Ltd (Singapore) 5.9
MakeMyTrip Ltd (India) 5.7
NVIDIA Corp (United States) 5.6
Visa Inc (United States) 4.8
Airbnb Inc (United States) 4.7
Adyen NV (Netherlands) 4.6
NU Holdings Ltd (Brazil) 4.6
Crowdstrike Holdings Inc (United States) 4.4
HDFC Bank Ltd (India) 3.3
Total 49.6%
Portfolio Statistics
(as of 31 May 2024)
Median Market Cap (Billions) $75.9
Weighted Avg. Market Cap (Billions) $290.2
Number of Securities 31
Number of Countries 9
Cash (% of total portfolio) 2.8%
Region Allocation
(% of portfolio securities as of 31 May 2024)
Region Allocation chart
Developed Markets 49.5
Asia 39.6
Latin America 11.0
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 31 May 2024)
United States 36.0
China 18.0
India 12.7
Singapore 8.9
Netherlands 7.9
Argentina 6.3
Brazil 4.7
France 4.6
Australia 0.9
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. 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. 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. Country Classification Source: Artisan Partners. Portfolio country and region classifications are defined by the investment team and may differ substantially from MSCI classifications. Upon request, Artisan Partners will provide the portfolio’s country and region breakdown according to MSCI methodology. 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. 

MSCI Emerging Markets Index measures the performance of 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. 

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.