Investment Process

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

Build
Pair low penetration domestic demand with scalable and enduring businesses.

Preserve
Create a differentiated correlation experience, manage currency volatility and limit risk of investment impairment.

Reinforce
Reinforce a compounding outcome through methodical portfolio improvement.

 


Investment Results (%)

As of 30 November 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDYX 8.22 35.50 31.52 15.56 10.00
MSCI Emerging Markets Index 4.07 10.20 7.28 9.01 4.29
As of 30 September 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDYX -4.32 25.21 20.59 10.15 8.38
MSCI Emerging Markets Index -4.25 5.89 -2.02 5.97 3.48

Calendar Year Returns (%)

2016 2017 2018
Advisor Class: APDYX 12.02 35.22 -15.52
MSCI Emerging Markets Index 11.19 37.28 -14.57
Returns for periods less than one year are not annualized. 

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. 

Risk Management— Upside/Downside Capture

As of 30 September 2019 Average Up Month Average Down Month
Advisor Class: APDYX 365bps -314bps
MSCI Emerging Markets Index 346bps -381bps
Difference 19bps +67bps

Based on monthly returns for APDYX (Advisor Shares) beginning with July 2015, the first full month since inception. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.

Expense Ratio

Annual Report 30 September 2019 1.18%
Prospectus 30 September 2018 1.18%

Expense Ratio Disclosure

See prospectus for further details. 

Top 10 Holdings
(% of total portfolio as of 30 November 2019)
Alibaba Group Holding Ltd (China) 5.5
HDFC Bank Ltd (India) 5.5
MercadoLibre Inc (Argentina) 5.1
Sea Ltd (Singapore) 5.1
TAL Education Group (China) 4.7
Adyen NV (Netherlands) 4.7
Visa Inc (United States) 4.6
NVIDIA Corp (United States) 4.6
AIA Group Ltd (Hong Kong) 4.5
Tencent Holdings Ltd (China) 4.5
Total 48.8%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 30 November 2019)
Median Market Cap (Billions) $22.9
Weighted Avg. Market Cap (Billions) $124.1
Number of Securities 38
Number of Countries 13
Cash (% of total portfolio) 5.5%
Region Allocation
(% of total portfolio equities as of 30 November 2019)
Asia 54.7
Developed Markets 29.2
Latin America 13.0
Europe, Middle East and Africa 3.1
Total 100.0%
Top 10 Countries
(% of total portfolio equities as of 30 November 2019)
China 33.5
United States 13.7
India 8.5
Brazil 7.5
Netherlands 6.1
France 5.9
Argentina 5.4
Singapore 5.4
Hong Kong 4.8
United Kingdom 3.5
  • Lewis S. Kaufman, CFA
  • Portfolio Manager
  • 20Years Investment
    Experience
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.  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.  These risks are discussed in the prospectus. Please read it carefully before you invest or send money. 

Performance Source: Artisan Partners/MSCI. Data & Statistics Sources: Artisan Partners/FactSet/MSCI. Country Classification Source:  Artisan Partners. Portfolio country and region classifications are defined by the investment team and may differ substantially from MSCI classifications. For the portfolio’s country and region breakdown according to MSCI methodology, refer to the Fund’s most recent portfolio holdings on the SEC website. 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. For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Cash weighting includes cash and cash equivalents. Totals may not sum due to rounding. 

Median is the data's midpoint value. 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. 

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.