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 August 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Advisor Class: APDIX -0.65 18.58 5.56 8.76 3.40 7.33 8.82
    MSCI EAFE Index -3.83 9.66 -3.26 5.91 1.89 5.00 4.50
    MSCI All Country World ex USA Index -4.26 8.76 -3.27 5.87 1.37 4.71 4.90
    As of 30 June 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Advisor Class: APDIX 8.20 19.36 9.03 9.94 3.13 8.90 8.92
    MSCI EAFE Index 3.68 14.03 1.08 9.11 2.25 6.90 4.71
    MSCI All Country World ex USA Index 2.98 13.60 1.29 9.39 2.16 6.54 5.13

    Calendar Year Returns (%)

    2014 2015 2016 2017 2018
    Advisor Class: APDIX -0.97 -3.68 -9.50 31.12 -10.68
    MSCI EAFE Index -4.90 -0.81 1.00 25.03 -13.79
    MSCI All Country World ex USA Index -3.87 -5.66 4.50 27.19 -14.20
    Returns for periods less than one year are not annualized. Index inception 31 Dec 1995. MSCI ACWI ex USA Index performance represents linked performance data for the MSCI ACWI ex USA (Gross) Index from 31 Dec 1995 to 31 Dec 2000 and the MSCI ACWI ex USA (Net) Index from 1 Jan 2001 forward. Class inception: Investor (28 December 1995); Advisor (1 April 2015). 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. 

    Expense Ratio

    Semi-Annual Report 31 March 2019 1.05%
    Prospectus 30 September 2018 1.04%

    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)
    Linde PLC (United Kingdom) 6.3
    Deutsche Boerse AG (Germany) 6.1
    Wirecard AG (Germany) 5.1
    Nestle SA (Switzerland) 4.3
    Airbus SE (France) 3.8
    AIA Group Ltd (Hong Kong) 3.7
    Air Liquide SA (France) 3.7
    Petroleo Brasileiro SA (Brazil) 3.7
    Medtronic PLC (United States) 3.2
    Aon PLC (United States) 3.2
    Total 43.1%
    View Full Holdings Historical Holdings
    Portfolio Statistics
    (as of 31 August 2019)
    Median Market Cap (Billions) $29.6
    Weighted Avg. Market Cap (Billions) $102.2
    Weighted Harmonic Avg. P/E (FY1) 18.8X
    Weighted Harmonic Avg. P/E (FY2) 17.0X
    Weighted Avg. LT EPS Growth Rate (3-5 Yr) 13.8%
    Weighted Average ROE 16.5%
    Active Share 86.8%
    Portfolio Turnover Rate 55.2%
    Number of Securities 61
    Number of Countries 18
    Cash (% of total portfolio) 4.7%
    Region Allocation
    (% of total portfolio equities as of 31 August 2019)
    Europe 67.3
    Americas 15.9
    Pacific Basin 8.8
    Emerging Markets 7.5
    Middle East 0.5
    Total 100.0%
    Top 10 Countries
    (% of total portfolio equities as of 31 August 2019)
    Germany 18.8
    France 14.7
    United States 14.4
    United Kingdom 12.4
    Switzerland 8.0
    Netherlands 4.7
    Brazil 4.6
    Hong Kong 4.6
    Japan 4.2
    Denmark 3.2
    Sector Diversification
    (% of total portfolio equities as of 31 August 2019)
    Communication Services 2.3
    Consumer Discretionary 4.5
    Consumer Staples 6.2
    Energy 3.9
    Financials 31.6
    Health Care 12.5
    Industrials 16.1
    Information Technology 7.7
    Materials 15.2
    Real Estate
    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
    • 39Years Investment
    • Charles-Henri Hamker
    • Associate Portfolio Manager
    • 29Years Investment
    • Andrew J. Euretig
    • Associate Portfolio Manager
    • 15Years Investment

    Artisan Partners Insights

    • Finding Sustainable Growth in Financial Exchanges
    • View PDF
    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/FactSet/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 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. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. 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 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.