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 long-term beneficiaries of those trends

High-Quality Businesses

  • Differentiated and defensible business model
  • Dynamic management team
  • High ROIC, healthy cash flow generation, strong balance sheet and ability to self-fund growth

A Contrarian Approach to Valuation

  • Market dislocations and mismatches between stock price and long-term business value create opportunity
  • Focus on a company’s through-cycle profitability

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

  • Understand the direct and indirect security risk and the probability of permanent capital impairment
  • Diversify portfolio across industries, geographies and themes
  • Position sizing based on magnitude of opportunity, assessment of risk, and level of conviction

In-depth Investment Process


Results (%)

As of 30 June 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTJX -3.67 -0.06 2.30 -6.08 5.23 3.93 9.86
MSCI All Country World ex USA SMID Index -0.07 2.38 10.30 -1.65 5.05 3.92 7.94
MSCI EAFE Small Cap Growth Index -1.74 0.10 5.08 -6.54 3.41 4.58 7.76
As of 30 June 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTJX -3.67 -0.06 2.30 -6.08 5.23 3.93 9.86
MSCI All Country World ex USA SMID Index -0.07 2.38 10.30 -1.65 5.05 3.92 7.94
MSCI EAFE Small Cap Growth Index -1.74 0.10 5.08 -6.54 3.41 4.58 7.76

Calendar Year Returns (%)

2019 2020 2021 2022 2023
Investor Class: ARTJX 36.25 33.00 3.66 -23.79 11.03
MSCI All Country World ex USA SMID Index 22.36 12.01 10.16 -19.49 15.79
MSCI EAFE Small Cap Growth Index 27.67 22.50 8.36 -27.62 10.98
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 30 June 2024
Morningstar Medalist RatingTM
As of 30 June 2024

Analyst-Driven: 100%
Data Coverage: 100%

Morningstar 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. 116 funds in the overall Foreign Small/Mid Growth category. View full Fund ratings.  

View Important Disclosures below for further details on Morningstar Medalist Rating™. 

Expense Ratio

Semi-Annual Report 31 March 2024 1.31%
Prospectus 30 September 2023 1.31%

Expense Ratio Disclosure

See prospectus for further details. Semi-Annual Report Figure(s): Unaudited, annualized for the six-month period. 

Top 10 Holdings
(% of total portfolio as of 30 June 2024)
Nice Ltd (Israel) 3.3
ConvaTec Group PLC (United Kingdom) 2.9
Ambu A/S (Denmark) 2.3
Alcon Inc (Switzerland) 2.2
JET2 PLC (United Kingdom) 2.1
Swedish Orphan Biovitrum AB (Sweden) 2.0
CyberArk Software Ltd (Israel) 1.8
Glaukos Corp (United States) 1.7
Fabrinet (United States) 1.7
Rotork PLC (United Kingdom) 1.7
Total 21.6%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 30 June 2024)
Median Market Cap (Billions) $4.2
Weighted Avg. Market Cap (Billions) $7.0
Weighted Harmonic Avg. P/E (FY2) 17.1X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 17.8%
Median Return on Capital 7.0%
Weighted Avg. LT Debt/Capital 22.0%
Fixed Charge Coverage Ratio 8.7X
Active Share 95.7%
Annual Turnover 26.5%
Number of Securities 134
Number of Countries 22
Cash (% of total portfolio) 1.4%
Region Allocation
(% of portfolio securities as of 30 June 2024)
Region Allocation chart
Europe 46.7
Americas 23.4
Pacific Basin 16.7
Middle East 7.5
Emerging Markets 5.7
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 30 June 2024)
United Kingdom 20.1
United States 18.2
Japan 16.7
Israel 7.5
Denmark 6.5
Canada 5.3
Switzerland 4.4
Sweden 4.1
Germany 3.8
India 2.3
Sector Diversification
(% of portfolio securities as of 30 June 2024)
Communication Services 0.2
Consumer Discretionary 4.9
Consumer Staples 8.5
Energy 1.8
Financials 6.8
Health Care 24.0
Industrials 28.4
Information Technology 23.0
Materials 1.4
Real Estate 0.9
Utilities 0.2
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
  • 25Years Investment
  • Artisan Partners International Small-Mid Team: Celebrating 5 Years
  • View PDF
  • International Small-Mid Fund Investor Update—Q1 2024
  • Listen Now
  • International Small-Mid Fund Investor Update—Q4 2023
  • Listen Now
  • Investing in Health Care: Beyond the Buzzwords
  • View PDF
  • International Small-Mid Fund Investor Update—Q3 2023
  • Listen Now
  • Morningstar—Artisan International Small-Mid Fund Earns an Upgrade
  • View PDF
  • International Small-Mid Fund Investor Update—Q2 2023
  • Listen Now
  • Value Investor Insight—Investor Insight: Rezo Kanovich
  • View PDF
  • International Small Caps: A Strategic Asset Class
  • View PDF
  • Deconstructing Alpha Podcast feat. Rezo Kanovich
  • Listen 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 EAFE Small Cap Growth Index measures the performance of small-cap companies in developed markets, excluding the US and Canada, with higher forecasted and historical growth rates. 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.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate. 

© 2024 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.