Investment Process

The investment team seeks to invest in companies with franchise characteristics that are benefiting from an accelerating profit cycle and are trading at a discount to private market value.

Security Selection

  • Identify companies with franchise characteristics and defensible competitive positions
  • Invest in emerging profit cycles
  • Purchase stocks at a discount to private market value

Capital Allocation—Garden, Crop, Harvest® Investing

  • Build position size according to conviction
  • GardenSM — Smaller position sizes in companies that are early on in the profit cycle
  • CropSM — Larger position sizes in companies where profit cycle is being realized
  • HarvestSM — Reduced or sold positions as stock approaches full valuation or profit cycle begins to decelerate

Broad Knowledge

  • Invest opportunistically across entire global economy
  • Find growth wherever growth occurs

In-depth Investment Process

 

    Other Funds Managed

    Investment Results (%)

    As of 31 August 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Advisor Class: APDRX 0.44 24.09 4.39 12.64 9.81 14.00 11.25
    MSCI All Country World Index -2.09 13.80 -0.28 9.17 5.51 8.61 6.72
    As of 30 June 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
    Advisor Class: APDRX 6.07 23.54 8.19 15.43 10.41 15.00 11.40
    MSCI All Country World Index 3.61 16.23 5.74 11.62 6.16 10.15 7.04

    Calendar Year Returns (%)

    2014 2015 2016 2017 2018
    Advisor Class: APDRX 2.35 7.84 4.88 31.33 -8.93
    MSCI All Country World Index 4.16 -2.36 7.86 23.97 -9.41
    Returns for periods less than one year are not annualized. Class inception: Investor (22 September 2008); 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 1.02%
    Prospectus 30 September 2018 1.01%

    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)
    IHS Markit Ltd (United States) 6.6
    AstraZeneca PLC (United Kingdom) 4.3
    Techtronic Industries Co Ltd (Hong Kong) 3.7
    Microsoft Corp (United States) 3.5
    Fidelity National Information Services Inc (United States) 3.5
    L3Harris Technologies Inc (United States) 3.4
    Lonza Group AG (Switzerland) 3.3
    Bank of America Corp (United States) 3.2
    Genmab A/S (Denmark) 3.0
    London Stock Exchange Group PLC (United Kingdom) 2.9
    Total 37.3%
    View Full Holdings Historical Holdings
    Portfolio Statistics
    (as of 31 August 2019)
    Median Market Cap (Billions) $29.6
    Weighted Avg. Market Cap (Billions) $133.3
    Weighted Harmonic Avg. P/E (FY1) 24.2X
    Weighted Harmonic Avg. P/E (FY2) 21.0X
    Weighted Avg. LT EPS Growth Rate (3-5 Yr) 15.8%
    Weighted Avg. LT Debt/Capital 31.5%
    Active Share 90.3%
    Portfolio Turnover Rate 44.3%
    Number of Securities 47
    Number of Countries 13
    Cash (% of total portfolio) 6.8%
    Region Allocation
    (% of total portfolio equities as of 31 August 2019)
    Americas 58.8
    Europe 27.0
    Pacific Basin 8.2
    Emerging Markets 6.0
    Total 100.0%
    Top 10 Countries
    (% of total portfolio equities as of 31 August 2019)
    United States 58.8
    United Kingdom 10.9
    Denmark 5.2
    Switzerland 4.9
    Hong Kong 4.0
    China 2.9
    Japan 2.7
    Netherlands 2.0
    Germany 2.0
    Spain 2.0
    Sector Diversification
    (% of total portfolio equities as of 31 August 2019)
    Communication Services 7.7
    Consumer Discretionary 11.1
    Consumer Staples 2.8
    Energy
    Financials 9.4
    Health Care 23.2
    Industrials 18.5
    Information Technology 24.9
    Materials 1.2
    Real Estate
    Utilities 1.1
    Total 100.0%
    The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
    • James D. Hamel, CFA
    • Portfolio Manager
    • 22Years Investment
      Experience
    • Matthew H. Kamm, CFA
    • Portfolio Manager
    • 19Years Investment
      Experience
    • Craigh A. Cepukenas, CFA
    • Portfolio Manager
    • 30Years Investment
      Experience
    • Jason L. White, CFA
    • Portfolio Manager
    • 19Years Investment
      Experience

    Portfolio Manager Viewpoints

    • 2-Year Anniversary—Artisan Global Discovery Fund
    • View PDF
    • A Scientific Approach to Identifying Profit Cycles
    • View PDF

    Artisan Partners Insights

    • Where We Are Finding Growth—Transforming How We Work
    • View PDF
    • Where We Are Finding Growth—Health Care Innovation
    • View PDF
    • Where We Are Finding Growth—Internal Change Catalysts
    • View PDF
    • Where We Are Finding Growth—Industrial Process Innovation
    • 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. LT Debt/Capital is the long-term debt to total capital relationship of each company 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.