Investment Process

The team applies in-depth fundamental research and employs robust operational capabilities across a broad opportunity set to uncover knowledge gaps in global markets. By exploiting knowledge gaps, the team is well positioned to discover idiosyncratic opportunities that provide compelling risk-adjusted return potential.

Organizational Structure

  • Flat and collaborative structure
  • Portfolio managers and analysts focus on idea generation
  • Trading and implementation are embedded within the investment team

Idea Generation Through Broad Investment Universe

  • Constantly perform fundamental country research and monitor financial markets
  • Country research seeks to understand policy environment and how important policy moments may alter the investment environment
  • Corporate analysis includes decomposing yields and examining corporate liquidity and solvency risks
  • Integrated environmental, social and governance (ESG) analysis at the country and corporate levels
  • Broad spectrum of global markets with investable assets from more than 100 countries across asset classes

Portfolio Implementation

  • Investment opportunities analyzed from a risk factor perspective—the forces that drive securities and instruments prices
  • Investment team and trading consider which instruments provide optimal risk-adjusted return
  • Trading and implementation expands the investment universe by understanding and overcoming investment barriers

In-depth Investment Process



Results (%)

As of 30 June 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDPX 0.79 5.68 8.23 9.09
ICE BofA 3-Month U.S. Treasury Bill Index 1.32 2.63 5.40 4.03
As of 30 June 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDPX 0.79 5.68 8.23 9.09
ICE BofA 3-Month U.S. Treasury Bill Index 1.32 2.63 5.40 4.03

Calendar Year Returns (%)

2019 2020 2021 2022 2023
Advisor Class: APDPX 7.65
ICE BofA 3-Month U.S. Treasury Bill Index 5.01
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. The performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 

Expense Ratio

  Gross Net
Semi-Annual Report 31 March 2024 2.02% 1.79%
Prospectus 31 May 2024 3.31% 1.67%

Expense Ratio Disclosure

Includes interest expense and dividend payments for securities sold short. Net expenses reflect a contractual expense limitation agreement in effect through 31 Jan 2026. See prospectus for further details. Semi-Annual Report Figure(s): Unaudited, annualized for the six-month period. Adjusted expense ratio [31 May 2024] (Gross/Net): 2.72%/1.14%, excludes certain investment expenses such as interest expense from borrowing and repurchase agreements, and dividend expenses from short sales.

The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Michael A. Cirami, CFA
  • Portfolio Manager
  • 25Years Investment
  • Sarah C. Orvin, CFA
  • Portfolio Manager
  • 16Years Investment
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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. 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. Non-diversified portfolios may invest larger portions of assets in securities of a smaller number of issuers and performance of a single issuer may have greater impact to the portfolio's returns. 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. Fixed income securities carry interest rate risk and credit risk for both the issuer and counterparty and investors may lose principal value. In general, when interest rates rise, fixed income values fall. High yield securities (junk bonds) are speculative, experience greater price volatility and have a higher degree of credit and liquidity risk than bonds with a higher credit rating. Use of derivatives may create investment leverage and increase the likelihood of volatility and risk of loss in excess of the amount invested. These risks are discussed in the prospectus. Please read it carefully before you invest or send money. 

Performance Source: Artisan Partners/ICE BofA. The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See for a full copy of the Disclaimer.