Management & Investment Process

Management

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
    Experience
  • Michael J. McKinnon, CFA
  • Portfolio Manager
  • Managing Director
  • 21Years Investment
    Experience

Investment Process

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

Undervaluation

  • 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 0.75%
Class A 1.50%
Currency/Share Class Inception Minimum Investment ISIN
Class I USD 20 April 2020 $500,000 IE00BKVL2V67
Class I EUR €500,000 IE00BKVL2W74
Class I GBP £500,000 IE00BKVL2X81
Class A USD $10,000 IE00BKVL2Y98

Investment Results (%)

26 March 2024 29 February 2024
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 19.13 0.16 6.15 6.15 22.40 8.38 17.23
S&P 500® Index (USD) 7.11 7.11 30.45 11.91 18.41
26 March 2024 31 December 2023
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 19.13 0.16 13.13 26.73 26.73 7.01 16.15
S&P 500® Index (USD) 11.69 26.29 26.29 10.00 17.10

Annual Returns (%)

Trailing 12 Months Ended 31 December 2019 2020 2021 2022 2023
Class A USD
Class I EUR
Class I GBP
Class I USD 15.92 -16.59 26.73
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 29 February 2024)
American Express Co (Financials) 6.4
Berkshire Hathaway Inc (Financials) 6.0
Meta Platforms Inc (Communication Services) 6.0
Elevance Health Inc (Health Care) 5.5
The Progressive Corp (Financials) 5.4
Heidelberg Materials AG (Materials) 5.3
Samsung Electronics Co Ltd (Information Technology) 5.0
The Bank of New York Mellon Corp (Financials) 4.8
Henry Schein Inc (Health Care) 4.8
Alphabet Inc (Communication Services) 4.7
Total 53.9%
Portfolio Statistics
(as of 29 February 2024)
Median Market Cap (Billions) $105.6
Weighted Avg. Market Cap (Billions) $301.3
Weighted Harmonic Avg. P/E (FY1) 15.1X
Weighted Harmonic Avg. P/E (FY2) 13.2X
Weighted Avg. Net Debt/Capital 8.3%
Median Price/Book Value 2.8X
Weighted Avg. ROA 7.5%
Active Share 90.1%
Annual Turnover 27.2%
Number of Securities 21
Cash (% of total portfolio) 7.0%
Non-US Companies (% of total portfolio) 18.1%
Sector Diversification
(% of portfolio securities as of 29 February 2024)
Communication Services 11.5
Consumer Discretionary 15.4
Consumer Staples 5.0
Energy
Financials 35.5
Health Care 11.1
Industrials 2.3
Information Technology 8.9
Materials 10.3
Real Estate
Utilities
Other
Total 100.0%
Non-diversified portfolios may invest larger portions of assets in securities of a smaller number of issuers and performance of a single issuer may have greater impact to the portfolio's returns. 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 or 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 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 www.apgfunds-docs.com. Please refer to the Fund Documents and consider all of a fund’s characteristics before making any final investment decisions.

Performance Source: Artisan Partners/S&P®. Data & Statistics Sources: Artisan Partners/FactSet/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. 

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use.  Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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.