Investment Process

The investment team seeks to invest in companies with franchise characteristics that are benefiting from an accelerating profit cycle and are trading at a discount to private market value.

Security Selection

  • Identify companies with franchise characteristics and defensible competitive positions
  • Invest in emerging profit cycles
  • Purchase stocks at a discount to private market value
  • Assess key environmental, social and governance issues that could impact future stock returns

Capital Allocation—Garden, Crop, Harvest® Investing

  • Build position size according to conviction
  • GardenSM — Smaller position sizes in companies that are early on in the profit cycle
  • CropSM — Larger position sizes in companies where profit cycle is being realized
  • HarvestSM — Reduced or sold positions as stock approaches full valuation or profit cycle begins to decelerate

Broad Knowledge

  • Invest opportunistically across entire global economy
  • Find growth wherever growth occurs

In-depth Investment Process


    Other Funds Managed

    Investment Results (%)

    As of 31 July 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Investor Class: APFDX 7.05 19.30 29.08 21.48
    MSCI All Country World Index 5.29 -1.29 7.20 7.56
    As of 30 June 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Investor Class: APFDX 30.32 11.44 22.65 19.31
    MSCI All Country World Index 19.22 -6.25 2.11 5.87

    Calendar Year Returns (%)

    2018 2019
    Investor Class: APFDX -3.09 42.57
    MSCI All Country World Index -9.41 26.60
    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. Performance may reflect agreements to limit a Fund’s expenses, which would reduce performance if not in effect. 

    Expense Ratio

      Gross Net
    Semi-Annual Report 31 March 2020 1.33% 1.32%
    Prospectus 30 September 2019 1.41%

    Expense Ratio Disclosure

    Semi-Annual Report Figure(s): Unaudited, annualized for the six month period. Excludes Acquired Fund Fees & Expenses as described in the prospectus. See prospectus for further details. Net expenses reflect a contractual expense limitation agreement in effect through 31 Jan 2021 as well as a voluntary expense limitation agreement beginning 3 Feb 2020 which will continue until terminated by Artisan Partners.

    Top 10 Holdings
    (% of total portfolio as of 31 July 2020)
    Global Payments Inc (United States) 3.7
    Veeva Systems Inc (United States) 3.4
    IHS Markit Ltd (United States) 2.9
    Teledyne Technologies Inc (United States) 2.8
    Zynga Inc (United States) 2.7
    Techtronic Industries Co Ltd (Hong Kong) 2.6
    Koninklijke DSM NV (Netherlands) 2.6
    London Stock Exchange Group PLC (United Kingdom) 2.5
    Vestas Wind Systems A/S (Denmark) 2.5
    Advanced Micro Devices Inc (United States) 2.4
    Total 28.0%
    View Full Holdings Historical Holdings
    Portfolio Statistics
    (as of 31 July 2020)
    Median Market Cap (Billions) $14.5
    Weighted Avg. Market Cap (Billions) $23.8
    Weighted Harmonic Avg. P/E (FY1) 37.8X
    Weighted Harmonic Avg. P/E (FY2) 30.5X
    Weighted Avg. LT EPS Growth Rate (3-5 Yr) 15.6%
    Weighted Avg. LT Debt/Capital 24.5%
    Active Share 98.1%
    Portfolio Turnover Rate 52.3%
    Number of Securities 60
    Number of Countries 12
    Cash (% of total portfolio) 3.8%
    Region Allocation
    (% of total portfolio equities as of 31 July 2020)
    Americas 63.8
    Europe 26.2
    Pacific Basin 5.7
    Emerging Markets 4.2
    Total 100.0%
    Top 10 Countries
    (% of total portfolio equities as of 31 July 2020)
    United States 63.8
    Denmark 7.3
    Germany 4.8
    Switzerland 4.0
    Netherlands 3.8
    United Kingdom 3.5
    Japan 3.0
    Brazil 2.7
    Hong Kong 2.7
    France 1.5
    Sector Diversification
    (% of total portfolio equities as of 31 July 2020)
    Communication Services 6.0
    Consumer Discretionary 8.4
    Consumer Staples 1.0
    Financials 5.4
    Health Care 22.9
    Industrials 18.8
    Information Technology 29.9
    Materials 3.3
    Real Estate
    Utilities 4.2
    Total 100.0%
    Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 
    The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
    • Jason L. White, CFA
    • Portfolio Manager
    • 20Years Investment
    • James D. Hamel, CFA
    • Portfolio Manager
    • 23Years Investment
    • Matthew H. Kamm, CFA
    • Portfolio Manager
    • 20Years Investment
    • Craigh A. Cepukenas, CFA
    • Portfolio Manager
    • 31Years Investment

    Portfolio Manager Viewpoints

    • Thoughts on Recent Market Volatility and Our Portfolio Positioning
    • View PDF

    Artisan Partners Insights

    • Where We Are Finding Growth—Transforming How We Work
    • View PDF
    • Where We Are Finding Growth—Health Care Innovation
    • View PDF
    Current and future portfolio holdings are subject to risk.  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.  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. 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 (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. LT Debt/Capital is the long-term debt to total capital relationship of each company 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. Portfolio 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 Index measures the performance of developed and 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 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.