Investment Process

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

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

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

Enhance
Leverage value pathways to enhance long-term value creation.

Investment Results (%)

As of 31 January 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTYX -0.42 -0.42 10.58 -12.80 9.77 8.11
MSCI Emerging Markets Index -4.64 -4.64 -2.94 -7.50 0.99 2.62
As of 31 December 2023 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTYX 11.79 29.51 29.51 -11.88 11.93 8.25
MSCI Emerging Markets Index 7.86 9.83 9.83 -5.08 3.68 3.22

Calendar Year Returns (%)

2019 2020 2021 2022 2023
Investor Class: ARTYX 41.67 81.22 -9.90 -41.35 29.51
MSCI Emerging Markets Index 18.42 18.31 -2.54 -20.09 9.83
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 31 December 2023 Average Up Month Average Down Month
Investor Class: ARTYX 454bps -387bps
MSCI Emerging Markets Index 393bps -406bps
Difference +61bps +18bps

Based on monthly returns for ARTYX (Investor 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.

Ratings

Morningstar Overall RatingTM
As of 31 January 2024
   
Morningstar Medalist RatingTM
As of 31 January 2024
Bronze

Analyst-Driven: 100%
Data Coverage: 100%

Morningstar Rating Disclosure

Star ratings are based on risk-adjusted returns. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-year, 5-year, and 10-year Morningstar Ratings metrics.  716 funds in the Diversified Emerging Mkts category. View full Fund ratings.

View Important Disclosures below for further details on Morningstar Medalist Rating™. 

Expense Ratio

Annual Report 30 September 2023 1.30%
Prospectus 30 September 2023 1.30%

Expense Ratio Disclosure

See prospectus for further details. 

Top 10 Holdings
(% of total portfolio as of 31 January 2024)
MercadoLibre Inc (Argentina) 6.0
NVIDIA Corp (United States) 5.7
MakeMyTrip Ltd (India) 5.1
Visa Inc (United States) 4.9
Airbnb Inc (United States) 4.7
Sea Ltd (Singapore) 4.6
Adyen NV (Netherlands) 4.1
Crowdstrike Holdings Inc (United States) 4.1
NU Holdings Ltd (Brazil) 3.5
Apollo Hospitals Enterprise Ltd (India) 3.2
Total 46.0%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 January 2024)
Median Market Cap (Billions) $47.2
Weighted Avg. Market Cap (Billions) $210.7
Number of Securities 35
Number of Countries 8
Cash (% of total portfolio) 2.2%
Region Allocation
(% of portfolio securities as of 31 January 2024)
Region Allocation chart
Developed Markets 53.3
Asia 36.9
Latin America 9.8
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 31 January 2024)
United States 41.4
China 17.5
India 12.5
Netherlands 7.5
Singapore 7.0
Argentina 6.2
France 4.4
Brazil 3.6
  • Lewis S. Kaufman, CFA
  • Portfolio Manager
  • 24Years Investment
    Experience
  • Developing World Team Investor Update—Q4 2023
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  • Developing World Team Investor Update—Q3 2023
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  • Developing World Team Investor Update—Q2 2023
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  • Developing World Team Investor Update—Q1 2023
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  • Developing World Team Investor Update—Q4 2022
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  • Developing World Team Investor Update—Q3 2022
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  • Developing World Team Investor Update—Q2 2022
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  • Role of disproportionate equity outcomes in a total portfolio
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  • Transcending Constraints in Emerging Markets
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Current and future portfolio holdings are subject to risk. The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. 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. 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/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 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. 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 (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. 

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate. 

© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.