Investment Process

The investment team seeks to build, preserve and enhance a stream of compounded business value. It defines this emphasis as follows:

Pair low penetration domestic demand with scalable and enduring businesses that are able to drive value creation and disproportionate outcomes.

Preserve value creation and establish a forward-looking construct for managing risk.

Leverage value pathways to enhance long-term value creation.

Investment Results (%)

As of 31 May 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDYX 2.04 13.42 25.64 -8.20 10.86 9.57
MSCI Emerging Markets Index 1.01 3.41 12.39 -6.23 3.55 3.45
As of 31 March 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDYX 11.16 11.16 17.54 -7.78 9.89 9.51
MSCI Emerging Markets Index 2.37 2.37 8.15 -5.05 2.22 3.40

Calendar Year Returns (%)

2019 2020 2021 2022 2023
Advisor Class: APDYX 41.89 81.52 -9.72 -41.27 29.72
MSCI Emerging Markets Index 18.42 18.31 -2.54 -20.09 9.83
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 31 March 2024 Average Up Month Average Down Month
Advisor Class: APDYX 460bps -387bps
MSCI Emerging Markets Index 392bps -406bps
Difference +68bps +19bps

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 2024 1.13%
Prospectus 30 September 2023 1.13%

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 31 May 2024)
MercadoLibre Inc (Argentina) 6.1
Sea Ltd (Singapore) 5.9
MakeMyTrip Ltd (India) 5.7
NVIDIA Corp (United States) 5.5
Visa Inc (United States) 4.8
Airbnb Inc (United States) 4.7
Adyen NV (Netherlands) 4.6
NU Holdings Ltd (Brazil) 4.5
Crowdstrike Holdings Inc (United States) 4.4
HDFC Bank Ltd (India) 3.3
Total 49.6%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 May 2024)
Median Market Cap (Billions) $75.9
Weighted Avg. Market Cap (Billions) $289.9
Number of Securities 31
Number of Countries 9
Cash (% of total portfolio) 2.7%
Region Allocation
(% of portfolio securities as of 31 May 2024)
Region Allocation chart
Developed Markets 49.5
Asia 39.6
Latin America 10.9
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 31 May 2024)
United States 36.0
China 18.0
India 12.7
Singapore 8.9
Netherlands 8.0
Argentina 6.3
Brazil 4.7
France 4.6
Australia 0.9
  • Lewis S. Kaufman, CFA
  • Portfolio Manager
  • 25Years Investment
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  • Role of disproportionate equity outcomes in a total portfolio
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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. 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. 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/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 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. 

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.