- 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 31 May 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 2.04 | 13.67 | 26.75 | -7.27 | 12.00 | — | 10.71 |
Composite — Net | 1.86 | 13.19 | 25.44 | -8.25 | 10.84 | — | 9.57 |
MSCI Emerging Markets Index | 1.01 | 3.41 | 12.39 | -6.22 | 3.54 | — | 3.29 |
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 |
Trailing 12 Months Ended 31 March | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|
Composite — Gross | 7.26 | 94.54 | -24.25 | -9.97 | 18.74 |
Composite — Net | 6.15 | 92.61 | -25.06 | -10.92 | 17.51 |
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 31 May 2024) |
|
---|---|
MercadoLibre Inc (Argentina) | 6.1 |
Sea Ltd (Singapore) | 5.9 |
MakeMyTrip Ltd (India) | 5.7 |
NVIDIA Corp (United States) | 5.5 |
Visa Inc (United States) | 4.8 |
Airbnb Inc (United States) | 4.7 |
Adyen NV (Netherlands) | 4.6 |
NU Holdings Ltd (Brazil) | 4.5 |
Crowdstrike Holdings Inc (United States) | 4.4 |
HDFC Bank Ltd (India) | 3.3 |
Total | 49.6% |
Portfolio Statistics (as of 31 May 2024) |
|
---|---|
Median Market Cap (Billions) | $75.9 |
Weighted Avg. Market Cap (Billions) | $289.9 |
Number of Securities | 31 |
Number of Countries | 9 |
Cash (% of total portfolio) | 2.7% |
Region Allocation (% of portfolio securities as of 31 May 2024) |
|
---|---|
|
|
Developed Markets | 49.5 |
Asia | 39.6 |
Latin America | 10.9 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 31 May 2024) |
|
---|---|
United States | 36.0 |
China | 18.0 |
India | 12.7 |
Singapore | 8.9 |
Netherlands | 8.0 |
Argentina | 6.3 |
Brazil | 4.7 |
France | 4.6 |
Australia | 0.9 |