- 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 June 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: APDYX | 4.72 | 16.41 | 20.73 | -9.17 | 9.52 | — | 9.80 |
MSCI Emerging Markets Index | 5.00 | 7.49 | 12.55 | -5.07 | 3.10 | — | 3.87 |
As of 30 June 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: APDYX | 4.72 | 16.41 | 20.73 | -9.17 | 9.52 | — | 9.80 |
MSCI Emerging Markets Index | 5.00 | 7.49 | 12.55 | -5.07 | 3.10 | — | 3.87 |
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Advisor Class: APDYX | 41.89 | 81.52 | -9.72 | -41.27 | 29.72 |
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 |
Advisor Class: APDYX | 460bps | -387bps |
MSCI Emerging Markets Index | 392bps | -406bps |
Difference | +68bps | +19bps |
Based on monthly returns for APDYX (Advisor Shares) beginning with July 2015, the first full month since inception. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.
Semi-Annual Report 31 March 2024 | 1.13% |
---|---|
Prospectus 30 September 2023 | 1.13% |
See prospectus for further details. Semi-Annual Report Figure(s): Unaudited, annualized for the six-month period.
Top 10 Holdings (% of total portfolio as of 30 June 2024) |
|
---|---|
MercadoLibre Inc (Argentina) | 6.0 |
MakeMyTrip Ltd (India) | 5.9 |
Sea Ltd (Singapore) | 5.7 |
NVIDIA Corp (United States) | 4.8 |
NU Holdings Ltd (Brazil) | 4.7 |
Airbnb Inc (United States) | 4.6 |
Adyen NV (Netherlands) | 4.6 |
Visa Inc (United States) | 4.6 |
Crowdstrike Holdings Inc (United States) | 4.4 |
Meituan (China) | 3.5 |
Total | 48.8% |
Portfolio Statistics (as of 30 June 2024) |
|
---|---|
Median Market Cap (Billions) | $83.3 |
Weighted Avg. Market Cap (Billions) | $286.1 |
Number of Securities | 32 |
Number of Countries | 9 |
Cash (% of total portfolio) | 2.5% |
Region Allocation (% of portfolio securities as of 30 June 2024) |
|
---|---|
Developed Markets | 48.7 |
Asia | 40.3 |
Latin America | 10.9 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 30 June 2024) |
|
---|---|
United States | 35.3 |
China | 16.7 |
India | 14.4 |
Singapore | 9.2 |
Netherlands | 7.9 |
Argentina | 6.1 |
Brazil | 4.8 |
France | 4.3 |
Australia | 1.3 |