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



Investment Results (%)

As of 31 May 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDMX -6.51 3.21 16.32 -4.16 9.63 9.58 12.54
Russell Midcap® Growth Index -4.80 4.24 21.91 1.57 11.06 10.67 9.10
Russell Midcap® Index -2.70 5.66 23.11 3.10 11.07 9.47 9.76
As of 31 March 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDMX 10.40 10.40 21.98 -0.63 11.63 9.86 12.91
Russell Midcap® Growth Index 9.50 9.50 26.28 4.62 11.82 11.35 9.36
Russell Midcap® Index 8.60 8.60 22.35 6.07 11.10 9.95 9.93

Calendar Year Returns (%)

2019 2020 2021 2022 2023
Advisor Class: APDMX 38.47 58.98 10.49 -36.74 24.22
Russell Midcap® Growth Index 35.47 35.59 12.73 -26.72 25.87
Russell Midcap® Index 30.54 17.10 22.58 -17.32 17.23
Returns for periods less than one year are not annualized. Class inception: Investor (27 June 1997); 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 2024 1.05%
Prospectus 30 September 2023 1.05%

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 May 2024)
Chipotle Mexican Grill Inc (Consumer Discretionary) 3.3
Ascendis Pharma A/S (Health Care) 3.2
Lattice Semiconductor Corp (Information Technology) 3.2
Tyler Technologies Inc (Information Technology) 3.2
Argenx SE (Health Care) 3.2
West Pharmaceutical Services Inc (Health Care) 3.0
Spotify Technology SA (Communication Services) 2.9
Dexcom Inc (Health Care) 2.9
HubSpot Inc (Information Technology) 2.7
Ingersoll Rand Inc (Industrials) 2.6
Total 30.2%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 May 2024)
Median Market Cap (Billions) $24.3
Weighted Avg. Market Cap (Billions) $31.2
Weighted Harmonic Avg. P/E (FY1) 36.1X
Weighted Harmonic Avg. P/E (FY2) 31.2X
Weighted Avg. Hist. 3 Yr Sales Growth 29.5%
Weighted Avg. LT Debt/Capital 28.0%
Active Share 82.3%
Annual Turnover 46.9%
Number of Securities 65
Cash (% of total portfolio) 1.8%
Market Cap Distribution
(% of portfolio securities as of 31 May 2024)

$ in billions
41.4+ 21.8
30.9–41.4 20.2
21.1–30.9 20.5
12.4–21.1 14.7
0.0–12.4 22.9
TOTAL 100.0%
Sector Diversification
(% of portfolio securities as of 31 May 2024)
Communication Services 6.5
Consumer Discretionary 11.0
Consumer Staples 1.8
Financials 5.2
Health Care 22.3
Industrials 18.9
Information Technology 32.8
Real Estate 1.4
Total 100.0%
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Matthew Kamm, CFA
  • Portfolio Manager
  • 24Years Investment
  • James Hamel, CFA
  • Portfolio Manager
  • 27Years Investment
  • Jason White, CFA
  • Portfolio Manager
  • 24Years Investment
  • Craigh Cepukenas, CFA
  • Portfolio Manager
  • 35Years Investment
  • Jay Warner, CFA
  • Portfolio Manager
  • 22Years 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/Russell. Data & Statistics Sources: Artisan Partners/Russell/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. Hist. 3 Yr Sales Growth is the average growth rate of a company’s sales over the past three years. 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. 

Russell Midcap® Index measures the performance of roughly 800 US mid-cap companies. Russell Midcap® Growth Index measures the performance of US mid-cap companies with higher price/book ratios and forecasted growth values. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 

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.