Investment Process

The investment team seeks high-quality businesses exposed to structural growth themes.

Investing with Tailwinds

  • Identify structural themes at the intersection of growth and change
  • Invest in companies poised to be beneficiaries of those trends

High-Quality Businesses

  • Unique and defensible business model
  • Proven management team

A Contrarian Approach to Valuation

  • Market dislocations and mismatches between stock price and long-term business value create opportunity

Manage Unique Risks of International Small- and Mid-Cap Equities

  • Understand the direct and indirect security risk and the probability of permanent capital impairment

In-depth Investment Process


Investment Results (%)

As of 31 October 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDJX -2.71 9.82 18.75 9.29 7.75 7.98 11.55
MSCI All Country World ex USA SMID Index -2.76 -7.52 -2.00 -0.74 4.47 4.19 8.16
MSCI All Country World ex USA Small Cap Index -2.66 -6.20 0.07 -0.58 5.01 4.61 8.95
As of 30 September 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDJX 13.18 12.88 27.70 11.06 9.69 8.65 11.76
MSCI All Country World ex USA SMID Index 8.93 -4.89 4.88 0.79 6.40 4.85 8.36
MSCI All Country World ex USA Small Cap Index 10.50 -3.64 6.97 0.93 6.80 5.31 9.15

Calendar Year Returns (%)

2015 2016 2017 2018 2019
Advisor Class: APDJX 11.02 -12.88 33.35 -16.92 36.60
MSCI All Country World ex USA SMID Index 0.44 3.57 30.35 -17.06 22.36
MSCI All Country World ex USA Small Cap Index 2.60 3.91 31.65 -18.20 22.42
Returns for periods less than one year are not annualized. Class inception: Investor (21 December 2001); Advisor (4 December 2018).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 1.20%
Prospectus 30 September 2019 1.26%

Expense Ratio Disclosure

Prospectus Figures: Reflects a reduction in management fees, effective 01 December 2018. 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 October 2020)
Nice Ltd (Israel) 2.9
Metso Outotec Oyj (Finland) 2.2
Azbil Corp (Japan) 2.1
MorphoSys AG (Germany) 2.1
Kornit Digital Ltd (Israel) 1.9
SG Holdings Co Ltd (Japan) 1.9
Cree Inc (United States) 1.8
Rotork PLC (United Kingdom) 1.6
AIXTRON SE (Germany) 1.5
Alcon Inc (Switzerland) 1.4
Total 19.5%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 October 2020)
Median Market Cap (Billions) $3.0
Weighted Avg. Market Cap (Billions) $6.7
Weighted Harmonic Avg. P/E (FY2) 27.1X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 14.8%
Median Return on Capital 7.7%
Weighted Avg. LT Debt/Capital 18.7%
Fixed Charge Coverage Ratio 11.2X
Active Share 95.6%
Portfolio Turnover Rate 56.0%
Number of Securities 126
Number of Countries 18
Cash (% of total portfolio) 5.9%
Region Allocation
(% of total portfolio equities as of 31 October 2020)
Europe 52.9
Americas 17.8
Pacific Basin 16.9
Middle East 8.0
Emerging Markets 4.4
Total 100.0%
Top 10 Countries
(% of total portfolio equities as of 31 October 2020)
United Kingdom 17.5
Japan 16.9
United States 14.1
Israel 8.0
Germany 7.5
Switzerland 7.0
Denmark 6.4
Sweden 4.0
Finland 3.9
Canada 3.7
Sector Diversification
(% of total portfolio equities as of 31 October 2020)
Communication Services 2.1
Consumer Discretionary 8.4
Consumer Staples 6.0
Financials 2.8
Health Care 27.6
Industrials 23.4
Information Technology 26.4
Materials 2.2
Real Estate 1.2
Total 100.0%
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Rezo Kanovich
  • Portfolio Manager
  • 22Years Investment
  • Managing Unique Risks of International Small- and Mid-Cap Equities
  • Watch Now
  • Identifying Long-Term Tailwinds in Health Care and Technology
  • Watch Now
  • Maintaining a Long-Term Orientation Amid Heightened Volatility
  • View PDF
  • Identifying Long-Term Opportunities in the International Small-Mid Universe
  • Watch Now
  • Investing in the Automobile of the Future
  • 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. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. LT Debt/Capital is the long-term debt to total capital relationship of each company within the portfolio. Fixed Charge Coverage Ratio indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. 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 ex USA SMID Index measures the performance of small- and mid-cap companies in developed and emerging markets excluding the US. MSCI All Country World ex USA Small Cap Index measures the performance of small-cap companies in developed markets 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.