Investment Process

The investment team seeks high-quality businesses exposed to structural growth themes.

Investing with Tailwinds

  • Identify structural themes at the intersection of growth and change
  • Invest in companies poised to be beneficiaries of those trends

High-Quality Businesses

  • Differentiated and defensible business model
  • Dynamic management team

A Contrarian Approach to Valuation

  • Market dislocations and mismatches between stock price and long-term business value create opportunity

Manage Unique Risks of International Small- and Mid-Cap Equities

  • Understand the direct and indirect security risk and the probability of permanent capital impairment

In-depth Investment Process


Results (%)

As of 28 February 2023 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTJX 4.62 4.62 -8.42 6.49 4.53 5.65 10.21
MSCI All Country World ex USA SMID Index 4.85 4.85 -9.00 5.69 1.01 4.65 7.84
MSCI All Country World ex USA Small Cap Index 4.46 4.46 -9.67 7.03 1.39 5.20 8.64
As of 31 December 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTJX 12.23 -23.79 -23.79 1.66 3.55 5.73 10.06
MSCI All Country World ex USA SMID Index 13.85 -19.49 -19.49 -0.22 0.16 4.56 7.66
MSCI All Country World ex USA Small Cap Index 13.31 -19.97 -19.97 1.07 0.67 5.24 8.48

Calendar Year Returns (%)

2018 2019 2020 2021 2022
Investor Class: ARTJX -16.84 36.25 33.00 3.66 -23.79
MSCI All Country World ex USA SMID Index -17.06 22.36 12.01 10.16 -19.49
MSCI All Country World ex USA Small Cap Index -18.20 22.42 14.24 12.93 -19.97
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. 


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. 129 funds in the overall Foreign Small/Mid Growth 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 1.29%

Expense Ratio Disclosure

See prospectus for further details. 

Top 10 Holdings
(% of total portfolio as of 28 February 2023)
Nice Ltd (Israel) 4.2
Metso Outotec Oyj (Finland) 2.3
ConvaTec Group PLC (United Kingdom) 2.2
JET2 PLC (United Kingdom) 2.0
Swedish Orphan Biovitrum AB (Sweden) 1.8
Alcon Inc (Switzerland) 1.8
CAE Inc (Canada) 1.7
AIXTRON SE (Germany) 1.7
CyberArk Software Ltd (Israel) 1.7
WNS Holdings Ltd (India) 1.5
Total 21.0%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 28 February 2023)
Median Market Cap (Billions) $3.5
Weighted Avg. Market Cap (Billions) $7.3
Weighted Harmonic Avg. P/E (FY2) 20.2X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 15.3%
Median Return on Capital 7.2%
Weighted Avg. LT Debt/Capital 22.3%
Fixed Charge Coverage Ratio 8.2X
Active Share 96.6%
Annual Turnover 22.1%
Number of Securities 120
Number of Countries 20
Cash (% of total portfolio) 4.2%
Region Allocation
(% of portfolio securities as of 28 February 2023)
Region Allocation chart
Europe 48.8
Americas 22.9
Pacific Basin 13.2
Middle East 9.5
Emerging Markets 5.6
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 28 February 2023)
United States 16.8
United Kingdom 15.3
Japan 13.2
Israel 9.5
Denmark 6.7
Switzerland 6.4
Canada 6.1
Germany 5.9
Sweden 4.0
France 2.8
Sector Diversification
(% of portfolio securities as of 28 February 2023)
Communication Services 0.5
Consumer Discretionary 3.1
Consumer Staples 6.4
Energy 2.3
Financials 3.6
Health Care 24.7
Industrials 29.1
Information Technology 26.9
Materials 2.2
Real Estate 1.0
Total 100.0%
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Rezo Kanovich
  • Portfolio Manager
  • 24Years Investment
  • International Small-Mid Fund Investor Update—Q4 2022
  • Listen Now
  • International Small-Mid Fund Investor Update—Q3 2022
  • Listen Now
  • International Small-Mid Fund Investor Update—Q2 2022
  • Listen Now
  • International Small-Mid Fund Investor Update—Q1 2022
  • Listen Now
  • Rezo Kanovich: Three Years at Artisan Partners
  • View PDF
  • Software Enterprise: The Changing Ecosystem
  • View PDF
  • International Small-Mid Fund Investor Update—Q4 2021
  • Listen Now
  • Punching Above Their Weight Class: High Value-Added Bottlenecks
  • View PDF
  • ESGandMe: In Our DNA—Investing With an Innate Consideration for ESG
  • View PDF
  • Managing Unique Risks of International Small- and Mid-Cap Equities
  • Watch Now
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. 

Closed to most new investors. For eligibility requirements see statutory prospectus.

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. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. LT Debt/Capital is the long-term debt to total capital relationship of each company within the portfolio. Fixed Charge Coverage Ratio indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. 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 All Country World ex USA SMID Index measures the performance of small- and mid-cap companies in developed and emerging markets excluding the US. MSCI All Country World ex USA Small Cap Index measures the performance of small-cap companies in developed markets 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.