- Investor Update—Q1 2024
- Artisan Partners Developing World Team Portfolio Manager Lewis Kaufman discusses his team’s investment philosophy, portfolio positioning and the current market environment.
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The investment team seeks to build, preserve and enhance a stream of compounded business value. It defines this emphasis as follows:
Build
Pair low penetration domestic demand with scalable and enduring businesses that are able to drive value creation and disproportionate outcomes.
Preserve
Preserve value creation and establish a forward-looking construct for managing risk.
Enhance
Leverage value pathways to enhance long-term value creation.
As of 30 April 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | -2.49 | 8.63 | 20.72 | -9.25 | 9.85 | — | 10.26 |
Composite — Net | -2.58 | 8.26 | 19.48 | -10.21 | 8.71 | — | 9.11 |
MSCI Emerging Markets Index | 0.45 | 2.83 | 9.88 | -5.68 | 1.88 | — | 3.26 |
As of 31 March 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 11.40 | 11.40 | 18.74 | -6.79 | 11.05 | — | 10.68 |
Composite — Net | 11.12 | 11.12 | 17.51 | -7.77 | 9.90 | — | 9.53 |
MSCI Emerging Markets Index | 2.37 | 2.37 | 8.15 | -5.05 | 2.22 | — | 3.24 |
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Composite — Gross | 43.40 | 83.46 | -8.71 | -40.56 | 30.96 |
Composite — Net | 41.94 | 81.64 | -9.68 | -41.21 | 29.62 |
MSCI Emerging Markets Index | 18.42 | 18.31 | -2.54 | -20.09 | 9.83 |
As of 31 March 2024 | Average Up Month | Average Down Month |
Composite — Net | 458bps | -376bps |
MSCI Emerging Markets Index | 392bps | -407bps |
Difference | +66bps | +31bps |
Based on monthly net-of-fees composite returns beginning July 1, 2015. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.
Top 10 Holdings (% of total portfolio as of 30 April 2024) |
|
---|---|
Sea Ltd (Singapore) | 6.1 |
MercadoLibre Inc (Argentina) | 6.1 |
MakeMyTrip Ltd (India) | 5.4 |
NVIDIA Corp (United States) | 5.2 |
Visa Inc (United States) | 4.6 |
NU Holdings Ltd (Brazil) | 4.4 |
Crowdstrike Holdings Inc (United States) | 4.3 |
Airbnb Inc (United States) | 4.3 |
Adyen NV (Netherlands) | 4.0 |
Meituan (China) | 3.6 |
Total | 48.0% |
Portfolio Statistics (as of 30 April 2024) |
|
---|---|
Median Market Cap (Billions) | $70.8 |
Weighted Avg. Market Cap (Billions) | $243.1 |
Number of Securities | 31 |
Number of Countries | 9 |
Cash (% of total portfolio) | 2.6% |
Region Allocation (% of portfolio securities as of 30 April 2024) |
|
---|---|
Developed Markets | 49.0 |
Asia | 40.2 |
Latin America | 10.8 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 30 April 2024) |
|
---|---|
United States | 37.0 |
China | 18.7 |
India | 12.3 |
Singapore | 9.2 |
Netherlands | 7.1 |
Argentina | 6.3 |
Brazil | 4.5 |
France | 4.2 |
Australia | 0.6 |