Investment Process

The investment team seeks to invest in high-quality, undervalued businesses that offer the potential for superior risk/reward outcomes.


  • Determine the intrinsic value of the business
  • Invest at a significant discount to intrinsic value

Business Quality

  • Strong free cash flow
  • High/improving returns on capital
  • Strong competitive positions

Financial Strength

  • Strong balance sheets reduce potential for capital risk
  • Provides management ability to build value

Shareholder-Oriented Management

  • History of building shareholder value

In-depth Investment Process


Results (%)

As of 31 August 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDKX -3.77 10.09 -2.99 4.92 2.83 8.58 11.53
MSCI EAFE Index -3.83 9.66 -3.26 5.91 1.89 5.00 7.21
MSCI All Country World ex USA Index -4.26 8.76 -3.27 5.87 1.37 4.71 7.70
As of 30 June 2019 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDKX 3.97 14.40 2.50 8.41 3.08 10.35 11.91
MSCI EAFE Index 3.68 14.03 1.08 9.11 2.25 6.90 7.53
MSCI All Country World ex USA Index 2.98 13.60 1.29 9.39 2.16 6.54 8.06

Calendar Year Returns (%)

2014 2015 2016 2017 2018
Advisor Class: APDKX -0.59 -1.59 5.67 23.97 -15.51
MSCI EAFE Index -4.90 -0.81 1.00 25.03 -13.79
MSCI All Country World ex USA Index -3.87 -5.66 4.50 27.19 -14.20
Returns for periods less than one year are not annualized. Class inception: Investor (23 September 2002); 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 1.05%
Prospectus 30 September 2018 1.10%

Expense Ratio Disclosure

Semi-Annual Report Figure(s): Unaudited, annualized for the six month period. Excludes Acquired Fund Fees & Expenses as described in the prospectus. See prospectus for further details. 

Top 10 Holdings
(% of total portfolio as of 31 August 2019)
Samsung Electronics Co Ltd (Korea) 5.9
Arch Capital Group Ltd (United States) 5.3
Compass Group PLC (United Kingdom) 4.8
RELX PLC (United Kingdom) 4.0
ABB Ltd (Switzerland) 3.8
UBS Group AG (Switzerland) 3.4
DSV A/S (Denmark) 3.3
Telefonica Brasil SA (Brazil) 3.1
Cie Financiere Richemont SA (Switzerland) 3.0
ING Groep NV (Netherlands) 2.8
Total 39.4%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 August 2019)
Median Market Cap (Billions) $27.6
Weighted Avg. Market Cap (Billions) $56.4
Weighted Harmonic Avg. P/E (FY1) 14.5X
Weighted Harmonic Avg. P/E (FY2) 13.1X
Weighted Avg. Net Debt/Capital 12.2%
Median Price/Book Value 1.6X
Weighted Avg. ROA 7.1%
Active Share 91.7%
Portfolio Turnover Rate 21.6%
Number of Securities 42
Number of Countries 16
Cash (% of total portfolio) 10.8%
Region Allocation
(% of total portfolio equities as of 31 August 2019)
Europe 63.7
Emerging Markets 20.3
Americas 14.2
Pacific Basin 1.8
Total 100.0%
Top 10 Countries
(% of total portfolio equities as of 31 August 2019)
Switzerland 21.1
United Kingdom 19.7
United States 12.1
Korea 10.4
Netherlands 5.4
France 4.4
India 3.8
Denmark 3.7
Brazil 3.4
Germany 3.4
Sector Diversification
(% of total portfolio equities as of 31 August 2019)
Communication Services 12.8
Consumer Discretionary 13.4
Consumer Staples 7.9
Energy 2.7
Financials 23.2
Health Care 8.3
Industrials 13.5
Information Technology 13.1
Materials 5.1
Real Estate
Total 100.0%
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • N. David Samra
  • Portfolio Manager
  • 26Years Investment
  • Ian P. McGonigle, CFA
  • Co-Portfolio Manager
  • 17Years Investment
  • Joseph Vari
  • Co-Portfolio Manager
  • 21Years Investment
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.  Value 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. Net Debt/Capital reflects a company’s financial leverage as measured by its net debt (total debt minus cash & cash equivalents) divided by total capital. The aggregate calculation excludes companies classified by GICS as banks, consumer finance and capital markets to focus on nonfinancial liabilities. Price-to-Book Ratio (P/B Ratio) is a valuation measure used to compare a stock's market value to its book value. Return on Assets (ROA) is a profitability ratio that measures the amount of net income returned as a percentage of total assets. 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. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. 

MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI All Country World ex-USA Index measures the performance of developed 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.