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
  • Assess key environmental, social and governance issues that could impact future stock returns

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 2023 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDRX -0.47 14.83 8.58 0.09 7.81 10.66 10.56
MSCI All Country World Index 0.76 14.80 13.95 7.23 7.46 8.56 7.46
As of 30 June 2023 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDRX 5.78 15.37 17.17 4.89 8.79 10.90 10.72
MSCI All Country World Index 6.18 13.93 16.53 10.99 8.10 8.75 7.49

Calendar Year Returns (%)

2018 2019 2020 2021 2022
Advisor Class: APDRX -8.93 35.75 39.97 13.81 -30.26
MSCI All Country World Index -9.41 26.60 16.25 18.54 -18.36
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

  Gross Net
Semi-Annual Report 31 March 2023 1.01%
Prospectus 30 September 2022 1.00%

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 2023)
Veeva Systems Inc (United States) 6.4
Novo Nordisk A/S (Denmark) 4.8
Boston Scientific Corp (United States) 4.5
Advanced Micro Devices Inc (United States) 4.1
Atlassian Corp (United States) 3.7
Lonza Group AG (Switzerland) 3.6
ON Semiconductor Corp (United States) 3.6
Intuit Inc (United States) 3.4
Techtronic Industries Co Ltd (Hong Kong) 3.3
AstraZeneca PLC (United Kingdom) 3.0
Total 40.4%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 August 2023)
Median Market Cap (Billions) $78.5
Weighted Avg. Market Cap (Billions) $218.1
Weighted Harmonic Avg. P/E (FY1) 27.8X
Weighted Harmonic Avg. P/E (FY2) 24.0X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 15.6%
Weighted Avg. LT Debt/Capital 25.6%
Active Share 88.6%
Annual Turnover 37.3%
Number of Securities 44
Number of Countries 13
Cash (% of total portfolio) 3.2%
Region Allocation
(% of portfolio securities as of 31 August 2023)
Region Allocation chart
Americas 62.6
Europe 26.3
Pacific Basin 8.2
Emerging Markets 3.0
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 31 August 2023)
United States 62.3
Switzerland 8.1
Denmark 6.3
United Kingdom 6.1
Hong Kong 4.4
Japan 3.7
Belgium 2.4
Brazil 1.6
Sweden 1.6
China 1.4
Sector Diversification
(% of portfolio securities as of 31 August 2023)
Communication Services 7.3
Consumer Discretionary 10.5
Consumer Staples
Financials 10.5
Health Care 31.2
Industrials 9.7
Information Technology 24.8
Materials 2.3
Real Estate 1.3
Utilities 2.4
Total 100.0%
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • James Hamel, CFA
  • Portfolio Manager
  • 26Years Investment
  • Jason White, CFA
  • Portfolio Manager
  • 23Years Investment
  • Matthew Kamm, CFA
  • Portfolio Manager
  • 23Years Investment
  • Craigh Cepukenas, CFA
  • Portfolio Manager
  • 34Years Investment
  • Jay Warner, CFA
  • Portfolio Manager
  • 21Years Investment
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Current and future portfolio holdings are subject to risk. The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. A portfolio’s environmental, social and governance (“ESG”) considerations may limit the investment opportunities available and, as a result, the portfolio may forgo certain investment opportunities and underperform portfolios that do not consider ESG factors. 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 and less developed markets, including frontier 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. Annual turnover is reported as of the Fund’s fiscal year end. Artisan Partners may exclude outlier data and certain securities which lack applicable attributes, such as private securities 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. 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. Annual 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.