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

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 August 2017 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Investor Class: APFDX 2.00
    MSCI All Country World Index 1.58
    As of 30 June 2017 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Investor Class: APFDX
    MSCI All Country World Index
    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. The Fund's returns may vary greatly over shorter periods due to the limited operating period since inception. 

    Expense Ratio

      Gross Net
    Semi-Annual Report 31 March 2017
    Prospectus 19 August 2017 2.08% 1.50%

    Expense Ratio Disclosure

    Net expenses reflect a contractual Fund expense reimbursement agreement in effect through 31 January 2019. Includes estimated expenses for the current fiscal year. See prospectus for more information. 

    Top 10 Holdings
    (% of total portfolio as of 31 August 2017)
    Global Payments Inc (United States) 4.5
    Teledyne Technologies Inc (United States) 4.1
    BWX Technologies Inc (United States) 4.0
    Regeneron Pharmaceuticals Inc (United States) 3.6
    Boston Scientific Corp (United States) 3.5
    IHS Markit Ltd (United States) 3.5
    Guidewire Software Inc (United States) 3.4
    Treasury Wine Estates Ltd (Australia) 3.2
    Halma PLC (United Kingdom) 2.9
    Diamondback Energy Inc (United States) 2.8
    Total 35.5%
    Portfolio Statistics
    (as of 31 August 2017)
    Median Market Cap (Billions) $9.3
    Weighted Avg. Market Cap (Billions) $17.4
    Weighted Harmonic Avg. P/E (FY1) 27.1X
    Weighted Harmonic Avg. P/E (FY2) 23.3X
    Weighted Avg. LT EPS Growth Rate (3-5 Yr) 16.1%
    Weighted Average ROE 14.8%
    Active Share 98.8%
    Number of Securities 46
    Number of Countries 12
    Cash (% of total portfolio) 7.0%
    Region Allocation
    (% of total portfolio equities as of 31 August 2017)
    Americas 60.8
    Europe 21.5
    Emerging Markets 10.5
    Pacific Basin 7.2
    Total 100.0%
    Top 10 Countries
    (% of total portfolio equities as of 31 August 2017)
    United States 60.8
    United Kingdom 11.0
    Netherlands 5.0
    France 4.6
    Japan 3.8
    Brazil 3.6
    Australia 3.4
    South Africa 2.3
    India 2.0
    China 1.3
    Sector Diversification
    (% of total portfolio equities as of 31 August 2017)
    Consumer Discretionary 12.8
    Consumer Staples 11.4
    Energy 4.7
    Financials 6.4
    Health Care 12.8
    Industrials 22.9
    Information Technology 29.0
    Real Estate
    Telecommunication Services
    Total 100.0%
    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
    • 17Years Investment
    • James D. Hamel, CFA
    • Portfolio Manager
    • 20Years Investment
    • Matthew H. Kamm, CFA
    • Portfolio Manager
    • 17Years Investment
    • Craigh A. Cepukenas, CFA
    • Portfolio Manager
    • 28Years Investment
    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/FactSet/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. Totals may not sum due to rounding. 

    Median  is the data's midpoint value.  Market Cap  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. 

    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.