- Investor Update—Q3 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 31 December 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 0.85 | 30.04 | 30.04 | 0.41 | 11.12 | — | 11.59 |
Composite — Net | 0.59 | 28.71 | 28.71 | -0.64 | 9.97 | — | 10.43 |
MSCI Emerging Markets Index | -8.01 | 7.50 | 7.50 | -1.92 | 1.70 | — | 3.51 |
As of 31 December 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 0.85 | 30.04 | 30.04 | 0.41 | 11.12 | — | 11.59 |
Composite — Net | 0.59 | 28.71 | 28.71 | -0.64 | 9.97 | — | 10.43 |
MSCI Emerging Markets Index | -8.01 | 7.50 | 7.50 | -1.92 | 1.70 | — | 3.51 |
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Composite — Gross | 83.46 | -8.71 | -40.56 | 30.96 | 30.04 |
Composite — Net | 81.64 | -9.68 | -41.21 | 29.62 | 28.71 |
MSCI Emerging Markets Index | 18.31 | -2.54 | -20.09 | 9.83 | 7.50 |
As of 31 December 2024 | Average Up Month | Average Down Month |
Composite — Net | 448bps | -345bps |
MSCI Emerging Markets Index | 381bps | -394bps |
Difference | +67bps | +49bps |
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 31 December 2024) |
|
---|---|
Sea Ltd (Singapore) | 5.6 |
MercadoLibre Inc (Argentina) | 5.5 |
MakeMyTrip Ltd (India) | 5.2 |
Visa Inc (United States) | 4.5 |
Adyen NV (Netherlands) | 4.4 |
Crowdstrike Holdings Inc (United States) | 4.3 |
NVIDIA Corp (United States) | 4.1 |
Airbnb Inc (United States) | 4.1 |
Grab Holdings Ltd (Singapore) | 4.0 |
Meituan (China) | 3.9 |
Total | 45.6% |
Portfolio Statistics (as of 31 December 2024) |
|
---|---|
Median Market Cap (Billions) | $82.4 |
Weighted Avg. Market Cap (Billions) | $276.4 |
Number of Securities | 33 |
Number of Countries | 11 |
Cash (% of total portfolio) | 3.9% |
Region Allocation
(% of portfolio securities as of 31 December 2024)
Top 10 Countries (% of portfolio securities as of 31 December 2024) |
|
---|---|
United States | 33.8 |
China | 16.6 |
India | 15.8 |
Singapore | 10.0 |
Argentina | 5.8 |
Netherlands | 4.6 |
Brazil | 3.8 |
France | 3.7 |
United Kingdom | 2.7 |
Australia | 2.1 |