Investment Process

The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not reflect their long-term potential.

Themes

  • Identify long-term secular growth trends
  • Invest in companies poised to be beneficiaries of those trends

Sustainable Growth

  • Sustainable competitive advantage
  • Superior business model
  • High-quality management team

Valuation

  • Assess valuation relative to growth potential and to history and peers
  • Invest in companies whose sustainable growth prospects are not fully reflected in underlying stock prices

In-depth Investment Process

 

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Other Funds Managed

Investment
Results (%)

As of 28 February 2023 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTIX 5.23 5.23 -3.02 2.72 2.40 4.44 7.93
MSCI EAFE Index 5.84 5.84 -3.14 6.84 2.64 4.83 4.64
MSCI All Country World ex USA Index 4.32 4.32 -7.19 5.27 1.62 3.94 4.86
As of 31 December 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTIX 17.13 -19.57 -19.57 -1.93 1.67 4.36 7.78
MSCI EAFE Index 17.34 -14.45 -14.45 0.87 1.54 4.67 4.45
MSCI All Country World ex USA Index 14.28 -16.00 -16.00 0.07 0.88 3.80 4.72

Calendar Year Returns (%)

2018 2019 2020 2021 2022
Investor Class: ARTIX -10.86 29.20 7.56 9.02 -19.57
MSCI EAFE Index -13.79 22.01 7.82 11.26 -14.45
MSCI All Country World ex USA Index -14.20 21.51 10.65 7.82 -16.00
Returns for periods less than one year are not annualized. Index inception 31 Dec 1995. MSCI ACWI ex USA Index performance represents linked performance data for the MSCI ACWI ex USA (Gross) Index from 31 Dec 1995 to 31 Dec 2000 and the MSCI ACWI ex USA (Net) Index from 1 Jan 2001 forward. 

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. 

Ratings

Morningstar Overall 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. 400 funds in the overall Foreign Large Growth category. View full Fund ratings.

Artisan International Fund has an Analyst Rating of Neutral as of 4 Apr 2022. 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 1.19%
Prospectus 30 September 2022 1.20%

Expense Ratio Disclosure

See prospectus for further details. 

Top 10 Holdings
(% of total portfolio as of 28 February 2023)
Linde PLC (United Kingdom) 4.7
Deutsche Telekom AG (Germany) 4.3
Deutsche Boerse AG (Germany) 4.2
BNP Paribas SA (France) 4.1
Schlumberger Ltd (United States) 3.7
Air Liquide SA (France) 3.6
Alibaba Group Holding Ltd (China) 3.4
Canadian Pacific Railway Ltd (Canada) 2.9
Aon PLC (United States) 2.9
Ryanair Holdings PLC (Ireland) 2.7
Total 36.5%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 28 February 2023)
Median Market Cap (Billions) $63.9
Weighted Avg. Market Cap (Billions) $125.6
Weighted Harmonic Avg. P/E (FY1) 15.8X
Weighted Harmonic Avg. P/E (FY2) 14.1X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 15.8%
Weighted Avg. Operating Margin 16.6%
Active Share 82.1%
Annual Turnover 50.5%
Number of Securities 62
Number of Countries 20
Cash (% of total portfolio) 1.9%
Region Allocation
(% of portfolio securities as of 28 February 2023)
Region Allocation chart
Europe 72.1
Americas 12.4
Emerging Markets 10.1
Pacific Basin 5.4
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 28 February 2023)
United Kingdom 16.2
France 14.5
Germany 12.0
Switzerland 9.6
China 9.0
United States 9.0
Denmark 5.6
Belgium 4.4
Ireland 3.8
Canada 3.4
Sector Diversification
(% of portfolio securities as of 28 February 2023)
Communication Services 5.4
Consumer Discretionary 15.5
Consumer Staples 9.6
Energy 6.8
Financials 25.2
Health Care 16.0
Industrials 10.6
Information Technology 2.4
Materials 8.5
Real Estate
Utilities
Other
Total 100.0%
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Mark L. Yockey, CFA
  • Portfolio Manager
  • 42Years Investment
    Experience
  • Charles-Henri Hamker
  • Associate Portfolio Manager
  • 33Years Investment
    Experience
  • Andrew J. Euretig
  • Associate Portfolio Manager
  • 19Years Investment
    Experience
  • Michael Luciano
  • Associate Portfolio Manager
  • 22Years Investment
    Experience
  • The Alluring Resilience of Luxury Goods
  • View PDF
  • Insurance Broker Delivers the Perfect Policy for Growth
  • View PDF
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. A portfolio’s environmental, social and governance (“ESG”) considerations may limit the investment opportunities available and, as a result, the portfolio may forgo certain investment opportunities and underperform portfolios that do not consider ESG factors. 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. 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. Growth securities may underperform other asset types during a given period. 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/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Annual turnover is reported as of the Fund’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. 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. 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. LT EPS Growth Rate is the average of the 3-5 year forecasted EPS growth rate of a company. Operating Margin is a measure of a corporation’s profitability. It is calculated as the last twelve months operating income before depreciation for the ending quarter and subtracts out the last twelve months depreciation from the ending quarter divided by the last twelve months sales for the ending quarter, weighted by the size of the company’s position within the portfolio. 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. 

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.

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.