Investment Process

The investment team seeks to capitalize on low-penetration opportunities by investing in companies that compound business value over a market cycle, while implementing a forward-looking construct for managing risk.

Business Value Compounding
The team seeks to invest in companies with the capital structures and business models to realize their domestic demand potential.

Foundational Risk Management
The team implements a forward-looking construct for managing risk by emphasizing differentiated correlation and currency profiles.

Investment Results (%)

As of 31 August 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDYX -3.05 26.88 19.95 11.16 8.90
MSCI Emerging Markets Index -6.04 3.90 -4.36 5.76 3.08
As of 30 June 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDYX 6.49 30.86 18.93 15.52 10.14
MSCI Emerging Markets Index 0.61 10.58 1.21 10.66 4.84

Calendar Year Returns (%)

2016 2017 2018
Advisor Class: APDYX 12.02 35.22 -15.52
MSCI Emerging Markets Index 11.19 37.28 -14.57
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. 

Risk Management— Upside/Downside Capture

As of 30 June 2019 Average Up Month Average Down Month
Advisor Class: APDYX 383bps -330bps
MSCI Emerging Markets Index 352bps -388bps
Difference 32bps +59bps

Based on monthly returns for APDYX (Advisor Shares) beginning with July 2015, the first full month since inception. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.

Expense Ratio

Semi-Annual Report 31 March 2019 1.16%
Prospectus 30 September 2018 1.18%

Expense Ratio Disclosure

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

Top 10 Holdings
(% of total portfolio as of 31 August 2019)
HDFC Bank Ltd (India) 6.1
Alibaba Group Holding Ltd (China) 6.1
Sea Ltd (Singapore) 5.0
MercadoLibre Inc (Argentina) 5.0
NVIDIA Corp (United States) 4.8
Tencent Holdings Ltd (China) 4.7
TAL Education Group (China) 4.6
Adyen NV (Netherlands) 4.6
AIA Group Ltd (Hong Kong) 4.5
Kweichow Moutai Co Ltd (China) 4.3
Total 49.7%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 August 2019)
Median Market Cap (Billions) $27.2
Weighted Avg. Market Cap (Billions) $117.8
Number of Securities 35
Number of Countries 15
Cash (% of total portfolio) 4.7%
Region Allocation
(% of total portfolio equities as of 31 August 2019)
Asia 56.1
Developed Markets 27.0
Latin America 12.6
Europe, Middle East and Africa 4.4
Total 100.0%
Top 10 Countries
(% of total portfolio equities as of 31 August 2019)
China 34.3
United States 13.9
India 8.9
Brazil 6.6
Netherlands 6.0
Singapore 5.2
Argentina 5.2
France 5.1
Hong Kong 4.8
Russia 3.7
  • Lewis S. Kaufman, CFA
  • Portfolio Manager
  • 20Years 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.  Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations.  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.  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. Country Classification Source:  Artisan Partners. Portfolio country and region classifications are defined by the investment team and may differ substantially from MSCI classifications. For the portfolio’s country and region breakdown according to MSCI methodology, refer to the Fund’s most recent portfolio holdings on the SEC website. 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 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. 

MSCI Emerging Markets Index measures the performance of 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.