Artisan Developing World Fund Portfolio Manager Lewis Kaufman discusses his team’s investment philosophy, portfolio positioning and the current market environment. 

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This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the managers as of 13 Apr 2022, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

Clarification: For the quarter ended March 31, 2022, ten-year US Treasury yields increased 69bps during the quarter to 2.32%, in USD.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of the Fund’s total net assets as of 31 Mar 2022: Crowdstrike Holdings Inc 5.0%, Unity Software Inc 5.0%, NVIDIA Corp 6.4%, Airbnb Inc 6.6%, Bilibili Inc 2.2%, Sea Ltd 6.2%, Meituan 5.0%, Wuxi Biologics Cayman Inc 2.5%, Yandex NV 0.0%, MercadoLibre Inc 6.3%, Visa Inc 4.8%, Tencent Holdings Ltd 3.7%. As of 3 Mar 2022, Russian holdings are valued at zero. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Operating margin measures how much profit a company makes on a dollar of sales after paying for variable costs of production, such as wages and raw materials, but before paying interest or tax. Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Correlation is a statistical measure of how two securities move in relation to each other. A perfect positive correlation is represented by the value +1.00, while 0.00 indicates no correlation and -1.00 indicates a perfect negative correlation. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an indicator of a company's financial performance which is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation and amortization. Market Cap is the aggregate value of all of a company's outstanding equity securities.

Past performance does not guarantee future results. Current and future holdings are subject to risk.