Management & Investment Process


The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Mark L. Yockey, CFA
  • Portfolio Manager
  • 43Years Investment
  • Charles-Henri Hamker
  • Associate Portfolio Manager
  • 33Years Investment
  • Andrew J. Euretig
  • Associate Portfolio Manager
  • 19Years Investment
  • Michael Luciano
  • Associate Portfolio Manager
  • 23Years Investment

Investment Process

The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not reflect their long-term potential.


  • Identify long-term secular growth trends
  • Invest in companies poised to be beneficiaries of those trends

Sustainable Growth

  • Sustainable competitive advantage
  • Superior business model
  • High-quality management team


  • Assess valuation relative to growth potential and to history and peers
  • Invest in companies whose sustainable growth prospects are not fully reflected in underlying stock prices

In-depth Investment Process



Other Strategies Managed

Investment Results (%)

As of 31 August 2023 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross 0.64 10.44 19.02 1.47 4.67 5.60 9.23
Composite — Net 0.48 9.77 17.94 0.54 3.71 4.64 8.22
MSCI EAFE Index -0.72 10.87 17.92 6.05 4.13 4.93 4.73
MSCI All Country World ex USA Index -0.63 8.78 11.89 3.99 3.33 4.38 4.92
As of 30 June 2023 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Composite — Gross 1.16 9.74 17.77 4.92 5.08 5.89 9.26
Composite — Net 0.93 9.24 16.69 3.96 4.12 4.93 8.26
MSCI EAFE Index 2.95 11.67 18.77 8.93 4.39 5.41 4.78
MSCI All Country World ex USA Index 2.44 9.47 12.72 7.22 3.51 4.75 4.98

Calendar Year Returns (%)

2018 2019 2020 2021 2022
Composite — Gross -9.80 30.73 8.61 10.07 -18.44
Composite — Net -10.63 29.56 7.62 9.07 -19.21
MSCI EAFE Index -13.79 22.01 7.82 11.26 -14.45
MSCI All Country World ex USA Index -14.20 21.51 10.65 7.82 -16.00
Returns for periods less than one year are not annualized. MSCI ACWI ex USA Index performance represents linked performance data for the MSCI ACWI ex USA (Gross) Index from 1 Jan 1996 to 31 Dec 2000 and the MSCI ACWI ex USA (Net) Index from 1 Jan 2001 forward. 

Past performance does not guarantee and is not a reliable indicator of future results. Current performance may be lower or higher than the performance shown. Composite performance has been presented in both gross and net of investment management fees. 
Top 10 Holdings
(% of total portfolio as of 31 August 2023)
UBS Group AG (Switzerland) 6.2
Linde PLC (United States) 5.0
Air Liquide SA (France) 4.9
Novo Nordisk A/S (Denmark) 4.8 Inc (United States) 4.5
Nestle SA (Switzerland) 4.1
Deutsche Telekom AG (Germany) 3.7
Cie Financiere Richemont SA (Switzerland) 3.2
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) 3.0
Canadian Pacific Kansas City Ltd (Canada) 2.9
Total 42.2%
Portfolio Statistics
(as of 31 August 2023)
Median Market Cap (Billions) $65.4
Weighted Avg. Market Cap (Billions) $188.0
Weighted Harmonic Avg. P/E (FY1) 18.3X
Weighted Harmonic Avg. P/E (FY2) 16.4X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 14.5%
Weighted Avg. Operating Margin 20.7%
Active Share 82.3%
Annual Turnover 48.9%
Number of Securities 54
Number of Countries 16
Cash (% of total portfolio) 4.7%
Region Allocation
(% of portfolio securities as of 31 August 2023)
Region Allocation chart
Europe 70.0
Americas 20.7
Pacific Basin 6.2
Emerging Markets 3.1
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 31 August 2023)
Switzerland 17.6
United States 15.4
France 13.4
United Kingdom 10.8
Germany 10.4
Denmark 8.8
Canada 5.3
Belgium 3.3
Taiwan 3.1
Japan 3.1
Sector Diversification
(% of portfolio securities as of 31 August 2023)
Communication Services 3.8
Consumer Discretionary 9.1
Consumer Staples 12.6
Energy 2.5
Financials 22.3
Health Care 18.1
Industrials 15.9
Information Technology 3.5
Materials 11.3
Real Estate
Utilities 0.9
Total 100.0%
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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. 

Unless otherwise indicated, strategy characteristics relate to that of a representative account managed within the investment composite. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individual accounts managed to the strategy may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and longevity periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client's investment account information.

Performance Source: Artisan Partners/MSCI. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the Index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. 

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 strategy’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. Securities of the same issuer are aggregated to determine a holding’s weight in the portfolio. 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. Operating Margin is a measure of a corporation’s profitability. It is calculated as the last twelve months operating income before depreciation for the ending quarter and subtracts out the last twelve months depreciation from the ending quarter divided by the last twelve months sales for the ending quarter, weighted by the size of the company’s position 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. Annual Turnover is a measure of the trading activity in an investment portfolio—how often securities are bought and sold by a portfolio. 

MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI All Country World ex-USA Index measures the performance of developed 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.