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From left to right: Benjamin Herrick, David Samra, Ian McGonigle, Beini Zhou (not pictured), Anand Vasagiri (not pictured)
The investment team is composed of deeply rooted value investors who have applied the same philosophy their entire careers.
The team seeks to invest in high-quality, undervalued companies with strong balance sheets and shareholder-oriented management teams.
Determining the intrinsic value of a business is the heart of the team’s research process. Intrinsic value represents the amount that a buyer would pay to own a company’s future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business.
The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.
The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.
The team’s research process attempts to identify management teams with a history of building value for shareholders.
N. David Samra is a managing director of Artisan Partners and founding partner of the International Value Group. He is portfolio manager of the Artisan International Value Fund, which he has managed since the portfolio’s inception in September 2002. Mr. Samra also was co-portfolio manager for the Artisan Global Value Fund from its inception in December 2007 through September 2018. Under Mr. Samra’s leadership, the team was nominated six times (in 2008, consecutively from 2011-2014 and again in 2016) for Morningstar, Inc.’s International-Stock Fund Manager of the Year award in the US and won the award in 2008 and 2013. The team was also named EAFE Equity Investment Manager of the Year in 2015 and 2016 by Institutional Investor. Investor’s Business Daily has recognized the Artisan International Value Fund four times (consecutively from 2021-2024) as one of the best international stock mutual funds for outperforming the MSCI EAFE index over the last one-, three-, five- and ten-year periods. U.S. Lipper Fund Awards has recognized the team with 10 awards since 2013. Most recently, Artisan International Value (APHKX) was named the best fund in Lipper’s International Large-Cap Value Fund category over the three-, five- and ten-year time periods in 2023 and 2024. In 2024, Value Invest awarded Mr. Samra with the Fund Manager Lifetime Achievement Award in recognition of his accomplishments in the field.
Prior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP from August 1997 through May 2002. Earlier in his career, he was a portfolio manager with Montgomery Asset Management, Global Equities Division.
Mr. Samra holds a bachelor’s degree in finance from Bentley College and a master’s degree in business administration from Columbia Business School.
Ian P. McGonigle, CFA, is a managing director of Artisan Partners and a co-portfolio manager on the International Value team. In this role, he oversees the research process and conducts fundamental research as a generalist.
Prior to joining Artisan Partners in June 2009, Mr. McGonigle was a securities analyst for Eagle Capital Partners LLC. Earlier in his career, he was a research analyst and vice president for the First Eagle group of mutual funds at Arnhold and S. Bleichroeder Advisers LLC and a senior equity research analyst at Estabrook Capital Management LLC. Mr. McGonigle holds a bachelor's degree in business from Franklin & Marshall College.
Benjamin L. Herrick, CFA, is an associate portfolio manager on the Artisan Partners International Value Team. In this role, he oversees the research process and conducts fundamental research as a generalist.
Prior to joining Artisan Partners in December 2015, Mr. Herrick was a senior equity analyst for Del Rey Global Investors. Earlier in his career, he was an equity analyst at Relational Investors, LLC. Mr. Herrick holds a bachelor’s degree in economics from Claremont McKenna College and a master’s degree in business administration from UCLA Anderson School of Management.
Beini Zhou, CFA, is a co-portfolio manager for the Artisan International Explorer Strategy, including the Artisan International Explorer Fund. In this role, he oversees the research process and conducts fundamental research as a generalist.
Prior to returning to Artisan Partners in September 2020, Mr. Zhou was a portfolio manager at Matthews Asia where he managed the Emerging Markets Equity and Asia Value Strategies and co-managed the Asia Small Companies Strategy. Before that, Mr. Zhou was an analyst for the Artisan International Value and Global Value strategies from 2005 to 2012. Earlier in his career, he was a product manager with Oracle, where he designed enterprise software. Mr. Zhou holds a bachelor’s degree in applied mathematics from Harvard College and a master’s degree in computer science from University of California-Berkeley. He is fluent in Mandarin.
Anand Vasagiri is a co-portfolio manager for the Artisan International Explorer Strategy, including the Artisan International Explorer Fund. In this role, he oversees the research process and conducts fundamental research as a generalist.
Prior to returning to Artisan Partners in September 2020, Mr. Vasagiri was co-head and portfolio manager for the Paradice Global Small Cap Strategy from 2010 to 2019. Before that, Mr. Vasagiri was an analyst for the Artisan International Value and Global Value strategies from 2007 to 2010. Earlier in his career, he was an investment analyst for the global emerging markets team at Pictet Asset Management. Mr. Vasagiri holds a bachelor’s degree of engineering in mechanical engineering from M.N. National Institute of Technology, India, a master’s degree in management from the Thunderbird School of Global Management (ASU) and a master’s degree in business administration from the University of Chicago Booth School of Business.
Awards may be based on past performance, which is not indicative of future results. Awards from periods prior to 2018 are based on the investment management by members of the combined Global Value investment team, at which year it evolved into the two separate Artisan teams of International Value and Global Value. Morningstar Award: Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers’ funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders’. Beginning in 2012, nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst Rating™ of Gold, Silver or Bronze. The Fund Manager of the Year award winners are chosen based on Morningstar’s proprietary research and in-depth qualitative evaluation by its manager research analysts.
Morningstar Inc.’s awards are based on qualitative evaluation and research, thus subjective in nature and should not be used as the sole basis for investment decisions. Morningstar’s awards are not guarantees of a fund’s future investment performance. Morningstar, Inc. does not sponsor, issue, sell or promote any open-end mutual funds including the Artisan Partners Funds.
Institutional Investor Award: The award is part of Institutional Investor’s sixth annual U.S. Investment Management Awards, which recognizes U.S. money managers who have stood out in the eyes of the investor community for their exceptional performance, risk management and service. Winners were selected by the editorial staff of Institutional Investor magazine based on their market intelligence and on the results of a survey conducted of U.S. institutional investors. Lipper Award: The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. Winners may be selected based off the lowest fee available share class and classifications of other higher-fee shares would vary. Refinitiv Lipper Fund Awards, ©2023 Refinitiv. All rights reserved.
