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 long-term beneficiaries of those trends

High-Quality Businesses

  • Differentiated and defensible business model
  • Dynamic management team
  • High ROIC, healthy cash flow generation, strong balance sheet and ability to self-fund growth

A Contrarian Approach to Valuation

  • Market dislocations and mismatches between stock price and long-term business value create opportunity
  • Focus on a company’s through-cycle profitability

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

  • Understand the direct and indirect security risk and the probability of permanent capital impairment
  • Diversify portfolio across industries, geographies and themes
  • Position sizing based on magnitude of opportunity, assessment of risk, and level of conviction

In-depth Investment Process


Investment Results (%)

As of 31 March 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDJX 3.85 3.85 7.24 -2.45 7.63 4.37 10.21
MSCI All Country World ex USA SMID Index 2.44 2.44 12.31 0.31 5.51 4.35 8.04
MSCI All Country World ex USA Small Cap Index 2.11 2.11 12.80 0.38 6.24 4.74 8.80
As of 31 March 2024 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDJX 3.85 3.85 7.24 -2.45 7.63 4.37 10.21
MSCI All Country World ex USA SMID Index 2.44 2.44 12.31 0.31 5.51 4.35 8.04
MSCI All Country World ex USA Small Cap Index 2.11 2.11 12.80 0.38 6.24 4.74 8.80

Calendar Year Returns (%)

2019 2020 2021 2022 2023
Advisor Class: APDJX 36.60 33.11 3.86 -23.67 11.18
MSCI All Country World ex USA SMID Index 22.36 12.01 10.16 -19.49 15.79
MSCI All Country World ex USA Small Cap Index 22.42 14.24 12.93 -19.97 15.66
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

Annual Report 30 September 2023 1.14%
Prospectus 30 September 2023 1.15%

Expense Ratio Disclosure

See prospectus for further details. 

Top 10 Holdings
(% of total portfolio as of 31 March 2024)
Nice Ltd (Israel) 5.0
ConvaTec Group PLC (United Kingdom) 3.5
JET2 PLC (United Kingdom) 2.2
Alcon Inc (Switzerland) 2.1
Ambu A/S (Denmark) 1.9
Swedish Orphan Biovitrum AB (Sweden) 1.8
Metso Oyj (Finland) 1.7
CyberArk Software Ltd (Israel) 1.7
Howden Joinery Group PLC (United Kingdom) 1.7
Rotork PLC (United Kingdom) 1.6
Total 23.1%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 March 2024)
Median Market Cap (Billions) $4.4
Weighted Avg. Market Cap (Billions) $7.6
Weighted Harmonic Avg. P/E (FY2) 18.6X
Weighted Avg. LT EPS Growth Rate (3-5 Yr) 17.5%
Median Return on Capital 6.4%
Weighted Avg. LT Debt/Capital 22.9%
Fixed Charge Coverage Ratio 8.7X
Active Share 96.0%
Annual Turnover 26.5%
Number of Securities 128
Number of Countries 22
Cash (% of total portfolio) 2.7%
Region Allocation
(% of portfolio securities as of 31 March 2024)
Region Allocation chart
Europe 46.5
Americas 23.6
Pacific Basin 14.8
Middle East 9.3
Emerging Markets 5.8
Total 100.0%
Top 10 Countries
(% of portfolio securities as of 31 March 2024)
United Kingdom 19.1
United States 18.2
Japan 14.8
Israel 9.3
Denmark 6.0
Canada 5.4
Switzerland 4.9
Germany 4.4
Sweden 3.9
Finland 2.6
Sector Diversification
(% of portfolio securities as of 31 March 2024)
Communication Services 0.2
Consumer Discretionary 4.7
Consumer Staples 7.5
Energy 2.0
Financials 6.1
Health Care 23.3
Industrials 28.5
Information Technology 25.0
Materials 1.5
Real Estate 0.9
Utilities 0.4
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
  • 25Years Investment
  • International Small-Mid Fund Investor Update—Q4 2023
  • Listen Now
  • Investing in Health Care: Beyond the Buzzwords
  • View PDF
  • International Small-Mid Fund Investor Update—Q3 2023
  • Listen Now
  • International Small-Mid Fund Investor Update—Q2 2023
  • Listen Now
  • International Small Caps: A Strategic Asset Class
  • View PDF
  • Software Enterprise: The Changing Ecosystem
  • View PDF
  • Punching Above Their Weight Class: High Value-Added Bottlenecks
  • View PDF
  • ESGandMe: In Our DNA—Investing With an Innate Consideration for ESG
  • View PDF
  • Managing Unique Risks of International Small- and Mid-Cap Equities
  • Watch Now
  • Identifying Long-Term Tailwinds in Health Care and Technology
  • Watch Now
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. 

Closed to most new investors. For eligibility requirements see statutory prospectus.

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. 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. 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 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.