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 Funds Managed

Results (%)

As of 31 December 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDHX 13.96 29.35 29.35 17.88 16.12 13.42 13.83
MSCI All Country World Index 14.68 16.25 16.25 10.06 12.26 9.13 9.36
As of 31 December 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDHX 13.96 29.35 29.35 17.88 16.12 13.42 13.83
MSCI All Country World Index 14.68 16.25 16.25 10.06 12.26 9.13 9.36

Calendar Year Returns (%)

2016 2017 2018 2019 2020
Advisor Class: APDHX -1.87 31.34 -3.41 31.13 29.35
MSCI All Country World Index 7.86 23.97 -9.41 26.60 16.25
Returns for periods less than one year are not annualized. Class inception: Investor (29 March 2010); Advisor (5 August 2020). For the period prior to inception, Advisor Class performance is the Investor Class’s return for that period (“Linked Performance”). Linked Performance has not been restated to reflect expenses of the Advisor Class and the share class’s returns during that period would be different if such expenses were reflected. 

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. Performance may reflect agreements to limit a Fund’s expenses, which would reduce performance if not in effect. 

Expense Ratio

  Gross Net
Annual Report 30 September 2020 2.51% 1.25%
Prospectus 4 August 2020 1.20%

Expense Ratio Disclosure

Prospectus Figures: Includes estimated expenses for the current fiscal year. Reflects a reduction in management fees, effective as of 15 Nov 2019. Annual Report Figures: For the period from commencement of operations 5 Aug 2020 through 30 Sep 2020. Net expenses reflect a contractual expense limitation agreement in effect through 31 January 2022.  See prospectus for further details. 

Top 10 Holdings
(% of total portfolio as of 31 December 2020)
Halozyme Therapeutics Inc (United States) 3.8
Vertiv Holdings Co (United States) 3.2 Inc (United States) 3.0
Microsoft Corp (United States) 2.9
Johnson Controls International PLC (United States) 2.7
ACADIA Pharmaceuticals Inc (United States) 2.5
Fidelity National Information Services Inc (United States) 2.4
Jeol Ltd (Japan) 2.4
Illumina Inc (United States) 2.3
Carrier Global Corp (United States) 2.2
Total 27.5%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 December 2020)
Median Market Cap (Billions) $17.9
Weighted Avg. Market Cap (Billions) $189.7
Weighted Harmonic Avg. P/E (FY1) 30.3X
Weighted Harmonic Avg. P/E (FY2) 24.3X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 15.7%
Weighted Avg. Operating Margin 8.1%
Active Share 86.3%
Portfolio Turnover Rate 137.9%
Number of Securities 84
Number of Countries 20
Cash (% of total portfolio) 1.2%
Region Allocation
(% of total portfolio equities as of 31 December 2020)
Americas 54.9
Europe 26.8
Emerging Markets 10.8
Pacific Basin 7.4
Total 100.0%
Top 10 Countries
(% of total portfolio equities as of 31 December 2020)
United States 53.8
China 7.2
Germany 6.7
Japan 5.4
Switzerland 5.3
United Kingdom 3.8
Belgium 2.4
Sweden 2.1
Denmark 2.1
Hong Kong 2.0
Sector Diversification
(% of total portfolio equities as of 31 December 2020)
Communication Services 8.0
Consumer Discretionary 7.2
Consumer Staples 2.4
Energy 1.0
Financials 5.1
Health Care 27.9
Industrials 19.6
Information Technology 23.3
Materials 4.3
Real Estate
Utilities 1.0
Total 100.0%
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
  • 40Years Investment
  • Charles-Henri Hamker
  • Portfolio Manager
  • 31Years Investment
  • Andrew J. Euretig
  • Portfolio Manager
  • 17Years Investment
  • Mark Yockey on Keeping It Simple and Focusing on What Matters
  • View PDF
  • The Acceleration in Technological Disruption
  • Watch Now
  • The Long-Term Underpinnings in The Chinese Life Insurance Market
  • Watch Now
  • Finding Sustainable Growth in The Insurance Industry
  • Watch Now
  • Innovations in Energy Efficiency and Data Center Operations
  • Watch Now
  • Finding Sustainable Growth through an ESG Lens
  • View PDF
  • Finding Sustainable Growth in Financial Exchanges
  • Watch Now
  • 10-Year Anniversary—Artisan Global Equity Fund
  • View PDF
Current and future portfolio holdings are subject to risk.  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.  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.  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/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Portfolio turnover is reported as of the Fund’s fiscal year end. 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 (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. Portfolio Turnover is a measure of the trading activity in an investment portfolio—how often securities are bought and sold by a portfolio. 

MSCI All Country World Index measures the performance of developed and 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. 

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.