Investment Process

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

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

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

Leverage risk pathways to enhance long-term value creation.

Investment Results (%)

As of 28 February 2023 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTYX 13.82 13.82 -19.92 3.18 4.93 7.37
MSCI Emerging Markets Index 0.90 0.90 -15.28 0.97 -1.87 2.44
As of 31 December 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTYX 5.83 -41.35 -41.35 -1.43 2.73 5.70
MSCI Emerging Markets Index 9.70 -20.09 -20.09 -2.69 -1.40 2.37

Calendar Year Returns (%)

2018 2019 2020 2021 2022
Investor Class: ARTYX -15.68 41.67 81.22 -9.90 -41.35
MSCI Emerging Markets Index -14.57 18.42 18.31 -2.54 -20.09
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 2022 Average Up Month Average Down Month
Investor Class: ARTYX 402bps -383bps
MSCI Emerging Markets Index 375bps -411bps
Difference +27bps +29bps

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.


Morningstar Overall RatingTM
As of 28 February 2023
Morningstar Analyst RatingTM
As of 28 February 2023

Morningstar Rating and Analyst 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.  742 funds in the Diversified Emerging Mkts category. View full Fund ratings.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research.  View Important Disclosures below for further details. 

Expense Ratio

Annual Report 30 September 2022 1.28%
Prospectus 30 September 2022 1.28%

Expense Ratio Disclosure

See prospectus for further details. 

Top 10 Holdings
(% of total portfolio as of 28 February 2023)
MercadoLibre Inc (Argentina) 6.6
NVIDIA Corp (United States) 6.6
Airbnb Inc (United States) 6.4
Sea Ltd (Singapore) 6.0
Visa Inc (United States) 5.0
Crowdstrike Holdings Inc (United States) 4.7
Adyen NV (Netherlands) 4.3
Meituan (China) 3.8
HDFC Bank Ltd (India) 3.2
LVMH Moet Hennessy Louis Vuitton SE (France) 3.1
Total 49.6%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 28 February 2023)
Median Market Cap (Billions) $44.2
Weighted Avg. Market Cap (Billions) $144.3
Number of Securities 34
Number of Countries 9
Cash (% of total portfolio) 2.5%
Region Allocation
(% of portfolio securities as of 28 February 2023)
Region Allocation chart
Developed Markets 56.7
Asia 33.9
Latin America 9.4
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 28 February 2023)
United States 43.5
China 22.3
Netherlands 7.6
Singapore 7.3
Argentina 6.7
France 5.5
India 4.3
Brazil 2.7
Russia 0.0
  • Lewis S. Kaufman, CFA
  • Portfolio Manager
  • 24Years Investment
  • 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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  • Developing World Team Investor Update—Q1 2022
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  • Developing World Team Investor Update—Q4 2021
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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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  • Portfolio Evolution: Value Proposition, Five Years In
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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.

© 2023 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. 

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. Performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. Click here for more detailed information about Morningstar’s Analyst Rating, including its methodology.