Management & Investment Process


The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • N. David Samra
  • Portfolio Manager
  • 29Years Investment
  • Ian P. McGonigle, CFA
  • Co-Portfolio Manager
  • 19Years Investment
  • Joseph Vari
  • Co-Portfolio Manager
  • 23Years Investment

Investment Process

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


  • 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


Investment Results (% USD)

As of 31 October 2021 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross 2.70 16.11 45.67 15.17 11.79 11.31 12.11
Composite — Net 2.63 15.23 44.37 14.12 10.76 10.29 11.07
MSCI EAFE Index 2.46 11.01 34.18 11.53 9.79 7.36 6.63
MSCI All Country World ex USA Index 2.39 8.43 29.66 11.99 9.77 6.66 7.13
As of 30 September 2021 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross -2.38 13.05 38.12 11.37 10.79 12.04 12.01
Composite — Net -2.60 12.28 36.87 10.35 9.77 11.02 10.97
MSCI EAFE Index -0.45 8.35 25.73 7.62 8.81 8.09 6.53
MSCI All Country World ex USA Index -2.99 5.90 23.92 8.02 8.94 7.47 7.03

Annual Returns (% USD)

12 Months Ended 2017 2018 2019 2020 2021
Composite — Gross 21.84 -0.83 1.59 -1.53 38.12

Calendar Year Returns (% USD)

2016 2017 2018 2019 2020
Composite — Gross 6.44 25.34 -14.71 25.66 9.76
Composite — Net 5.46 24.20 -15.51 24.52 8.75
MSCI EAFE Index 1.00 25.03 -13.79 22.01 7.82
MSCI All Country World ex USA Index 4.50 27.19 -14.20 21.51 10.65
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 November 2021)
Samsung Electronics Co Ltd (Korea) 6.3
Arch Capital Group Ltd (United States) 4.3
Compass Group PLC (United Kingdom) 4.2
RELX PLC (United Kingdom) 4.0
ABB Ltd (Switzerland) 3.9
Novartis AG (Switzerland) 3.8
ING Groep NV (Netherlands) 3.6
Alimentation Couche-Tard Inc (Canada) 3.6
Danone SA (France) 3.5
HCL Technologies Ltd (India) 3.5
Total 40.7%
Portfolio Statistics
(as of 30 November 2021)
Median Market Cap (Billions) $30.3
Weighted Avg. Market Cap (Billions) $75.1
Weighted Harmonic Avg. P/E (FY1) 12.1X
Weighted Harmonic Avg. P/E (FY2) 12.8X
Weighted Avg. Net Debt/Capital 12.5%
Median Price/Book Value 1.6X
Weighted Avg. ROA 4.9%
Active Share 94.2%
Annual Turnover Rate 33.6%
Number of Securities 51
Number of Countries 18
Cash (% of total portfolio) 9.0%
Region Allocation
(% of portfolio securities as of 30 November 2021)
Region Allocation chart
Europe 60.5
Emerging Markets 23.3
Americas 14.9
Pacific Basin 1.2
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 30 November 2021)
Switzerland 19.1
United Kingdom 13.9
Korea 10.0
France 8.3
Canada 8.0
United States 6.9
China 5.9
India 5.1
Netherlands 4.9
Belgium 3.1
Sector Diversification
(% of portfolio securities as of 30 November 2021)
Communication Services 8.6
Consumer Discretionary 15.4
Consumer Staples 12.1
Energy 5.6
Financials 20.5
Health Care 6.9
Industrials 13.4
Information Technology 12.4
Materials 5.1
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 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. Value securities may underperform other asset types during a given period. 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/MSCI. 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/MSCI/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Portfolio 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. 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. 

MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI All Country World ex-USA Index measures the performance of developed and emerging markets, excluding the US. 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. 

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.