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 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Advisor Class: APDIX 11.31 2.41 11.72 7.85 7.45 8.72 8.94
    MSCI EAFE Index 7.59 -4.61 6.13 2.34 4.72 5.88 4.57
    MSCI All Country World ex USA Index 8.93 -3.05 8.31 2.63 5.75 5.26 5.04
    As of 30 June 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Advisor Class: APDIX 16.81 -7.99 -0.28 5.28 3.19 8.06 8.53
    MSCI EAFE Index 14.88 -11.34 -5.13 0.81 2.05 5.73 4.29
    MSCI All Country World ex USA Index 16.12 -11.00 -4.80 1.13 2.26 4.97 4.71

    Calendar Year Returns (%)

    2015 2016 2017 2018 2019
    Advisor Class: APDIX -3.68 -9.50 31.12 -10.68 29.36
    MSCI EAFE Index -0.81 1.00 25.03 -13.79 22.01
    MSCI All Country World ex USA Index -5.66 4.50 27.19 -14.20 21.51
    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 2020 1.04%
    Prospectus 30 September 2019 1.04%

    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 August 2020)
    Linde PLC (United Kingdom) 6.2
    Deutsche Boerse AG (Germany) 5.9
    Air Liquide SA (France) 4.5
    Nestle SA (Switzerland) 3.9
    Roche Holding AG (Switzerland) 3.9
    Genmab A/S (Denmark) 3.6
    AIA Group Ltd (Hong Kong) 3.4
    Aon PLC (United States) 3.3
    Alibaba Group Holding Ltd (China) 3.2 Inc (United States) 2.9
    Total 40.8%
    View Full Holdings Historical Holdings
    Portfolio Statistics
    (as of 31 August 2020)
    Median Market Cap (Billions) $40.1
    Weighted Avg. Market Cap (Billions) $198.2
    Weighted Harmonic Avg. P/E (FY1) 25.6X
    Weighted Harmonic Avg. P/E (FY2) 22.0X
    Weighted Avg. LT EPS Growth Rate (3-5 Yr) 10.4%
    Weighted Avg. Operating Margin 21.8%
    Active Share 87.3%
    Portfolio Turnover Rate 41.0%
    Number of Securities 58
    Number of Countries 19
    Cash (% of total portfolio) 2.6%
    Region Allocation
    (% of total portfolio equities as of 31 August 2020)
    Europe 59.7
    Americas 18.4
    Emerging Markets 12.0
    Pacific Basin 7.7
    Middle East 2.3
    Total 100.0%
    Top 10 Countries
    (% of total portfolio equities as of 31 August 2020)
    United States 16.1
    Germany 12.5
    Switzerland 12.1
    United Kingdom 9.9
    China 9.7
    France 8.8
    Denmark 5.9
    Japan 4.2
    Hong Kong 3.5
    Netherlands 3.5
    Sector Diversification
    (% of total portfolio equities as of 31 August 2020)
    Communication Services 7.0
    Consumer Discretionary 8.1
    Consumer Staples 8.1
    Energy 1.0
    Financials 19.1
    Health Care 20.4
    Industrials 9.2
    Information Technology 9.4
    Materials 15.5
    Real Estate
    Utilities 2.2
    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
    • Associate Portfolio Manager
    • 30Years Investment
    • Andrew J. Euretig
    • Associate Portfolio Manager
    • 16Years Investment
    • Finding Sustainable Growth in Financial Exchanges
    • Watch Now
    • Navigating Volatility in Global Equity Markets
    • View PDF
    • Sustainability and Opportunities Related to Climate Change
    • Watch Now
    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 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.