Management & Investment Process


The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Christopher Smith
  • Portfolio Manager
  • 16Years Investment

Investment Process

The team’s investment approach is based on thematic idea generation, a systematic framework for analyzing companies and proactive risk management. Utilizing this approach, the team seeks to construct a focused portfolio designed to maximize alpha while limiting downside risk over the long term.

Thematic Idea Generation

  • Identify inflections in multi-year trends caused by changes in supply/demand dynamics, societal behavior, market conditions, technology, laws/regulations and business models, among other variables—these can lead to powerful re-ratings of industries and companies
  • Find areas where the team’s views on industry fundamentals differ from consensus estimates—a key element in alpha generation

Systematic Analytical Framework

  • Apply a systematic framework for analyzing companies across sectors and themes, creating a repeatable and methodical decision-making process
  • Focus on multi-year earnings power differentiation, expected outcome scenario analysis, return on invested capital and discounted cash flow valuations using the team’s proprietary company models
  • Utilize internally developed visual outputs to consistently evaluate positions across the portfolio

Proactive Risk Management

  • Incorporate risk management into all stages of the investment process
  • Evaluate metrics including crowding, correlation, volatility, stress tests, liquidity, factor analysis and macro drivers, in order to inform portfolio construction and position sizing
  • Where appropriate, use various instruments, such as options, in an effort to magnify alpha and minimize downside
Domicile Ireland
Adviser Artisan Partners Limited Partnership
Management Fee
Class I 1.00%
Class A 1.85%
Currency/Share Class Inception Minimum Investment ISIN
Class I USD 6 Dec 2018 $2,000,000 IE00BD5JHZ64
Class I EUR €2,000,000 IE00BHSRH887
Class I GBP £2,000,000 IE00BHSRH994
Class A USD $10,000 IE00BHSRHB15

Investment Results (%)

15 October 2019 30 September 2019
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 11.93 1.02 3.15 24.63 17.90
S&P 500® Index (USD) 1.70 20.55 12.24
15 October 2019 30 September 2019
NAV Change (%) QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Class I USD 11.93 1.02 3.15 24.63 17.90
S&P 500® Index (USD) 1.70 20.55 12.24

Annual Returns (%)

12 Months Ended 30 September 2015 2016 2017 2018 2019
Class I USD
Class I EUR
Class I GBP
Class A USD
Returns for periods less than one year are not annualized. 

Past performance does not guarantee and is not a reliable indicator of future results. 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.

Investment Risk: Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in funds 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 5 Issuers
(% of net assets as of 30 September 2019)
Fidelity National Information Services Inc (Payments Transformation) 7.2
Alphabet Inc (Digital Advertising) 4.5
Microsoft Corp (Network Modernization) 4.3
IHS Markit Ltd (Data Monetization) 4.1
Air Liquide SA (Industrial Gases) 4.0
Total 24.2%
Portfolio Statistics
(as of 30 September 2019)
Number of Companies 36
Top 5 Issuers (% of net assets) 24.2%
Non-US companies (% of net assets) 5.5%
Weighted Avg. Market Cap (Billions) $167.4
Weighted Avg. ROE 15.6%
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 14.0%
Weighted Avg. P/E (FY2) 22.4X
Active Share 83.8%
Market Cap Distribution
(% of total portfolio equities as of 30 September 2019)

$ in billions
75.0+ 35.1
25.0–75.0 44.3
5.0–25.0 9.7
0.0–5.0 1.0
TOTAL 90.2%
Portfolio Exposure by Theme
(% of net assets as of 30 September 2019)
Network Modernization 34.0
Data Monetization 15.9
Payments Transformation 13.4
Life Sciences 12.8
Industrial Gases 7.9
Digital Advertising 6.2
Total 90.2%
Sector Diversification
(% of total portfolio equities as of 30 September 2019)
Communication Services 28.4
Consumer Discretionary 5.7
Consumer Staples
Financials 15.9
Health Care 12.8
Industrials 5.2
Information Technology 14.3
Materials 7.9
Real Estate
Total 90.2%
% of net assets represents the portfolio’s exposures based on the economic value of investments and options are delta-adjusted. Cash and cash equivalents represented 8.22% of net assets. Statistics shown exclude ETFs and ETF/Index options, which represented 0.00% and 0.00% of net assets, respectively. 

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.  The portfolio’s use of derivative instruments may create additional leverage and involve risks different from, or greater than, the risks associated with investing in more traditional investments.  High portfolio turnover may adversely affect returns due to increased transaction costs and creation of additional tax consequences.  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.  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.  Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in funds 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 Fund Documents. 

Further details, including risks, fees and expenses, are set out in the current Prospectus, Supplements and Key Investor Information Documents (KIIDs), which can be obtained by calling +44 (0) 207 766 7130 or visiting Fund Documents. Read carefully before investing.

Performance Source: Artisan Partners/S&P®. Data & Statistics Sources: Artisan Partners/FactSet/Bloomberg/GICS. Artisan Partners may exclude outliers 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. 

Idiosyncratic Positions are issuers held outside of a theme. Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicated and subject to change. Portfolio sector classifications are defined by the investment team and may differ substantially from the Global Industry Classification System (GICS) classifications. Upon request, Artisan Partners will provide the portfolio’s sector breakdown according to GICS methodology. 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.

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 © 2017 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.

All options positions are displayed on a delta-adjusted basis. Delta adjustment is necessary to properly account for the sensitivity of options to changes in price of the underlying security, as well as for making exposure comparisons to the underlying security (measuring options exposure as premium will understate the economic exposure and risk, while measuring exposure as notional value will overstate the economic exposure). Delta-adjusted exposure is a measure for the exposure on the equity market created by the options. This estimation of the equity exposure of a portfolio is only approximate. The delta-adjusted exposure changes over time and is a function of the size and the precise composition of the options portfolio. 

Market Cap 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. The Thematic portfolio Weighted Avg. P/E is a Weighted Harmonic Average. Weighted Harmonic Average is a calculation of weighted average commonly used for rates or ratios. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. LT EPS Growth Rate is the average of the 3-5 year forecasted EPS growth rate of a company. 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. 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. Active Share is not delta-adjusted and includes cash, cash equivalents, ETFs and ETF/Index options. 

Artisan Partners Limited Partnership is the investment manager of Artisan Partners Global Funds Plc (APGF). APGF is an umbrella type open-ended investment company with variable capital having segregated liability between its sub-funds, incorporated with limited liability and registered in Ireland under registration number 485593. APGF is authorized by the Central Bank of Ireland as an Undertaking for Collective Investments in Transferable Securities (UCITS). Artisan Partners UK LLP is the distributor for APGF.