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David Samra is the lead portfolio manager for Artisan International Value Fund. This recording represents the views of Alex Shahidi of The Insightful Investor podcast and Evoke Advisors LLC, and David Samra as of 30 April 2024. Those views and opinions presented are their own and Artisan Partners is not responsible for and cannot guarantee the accuracy or completeness of any statement in the discussion. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed as investment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment product discussed herein.
Current and future portfolio holdings are subject to risk. The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. A portfolio’s environmental, social and governance (“ESG”) considerations may limit the investment opportunities available and, as a result, the portfolio may forgo certain investment opportunities and underperform portfolios that do not consider ESG factors. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging and less developed markets, including frontier markets. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Value securities may underperform other asset types during a given period. Diversification does not ensure a profit or protect against a loss.
Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. Earnings multiple is a method used to compare a company’s current share price to its earnings per share. Discount to intrinsic value is a measure of an investment's value based on its cash flows, growth potential, and risk, with the value of an asset being the present value of the expected cash flows on that asset, discounted back at a rate that reflects the riskiness of these cash flows. Margin of safety, a concept developed by Benjamin Graham, is the difference between the market price and the estimated intrinsic value of a business. A large margin of safety may help guard against permanent capital loss and improve the probability of capital appreciation. Margin of safety does not prevent market loss—all investments contain risk and may lose value.
Correction: Ryanair passenger traffic is up by 25% in March 2024 FYE.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. The holdings mentioned comprised the following percentages of the Artisan International Value Fund’s total net assets as of 31 Mar 2024: UBS Group AG 4.8%, Safran SA 3.6%, Ryanair Holdings PLC 2.4%. The discussion of portfolio holdings does not constitute a recommendation of any individual security. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.
Artisan Partners and its affiliates are not affiliated with Alex Shahidi or Evoke Advisors LLC. Evoke Advisors LLC and its clients are invested in the Artisan International Value, Artisan Mid Cap, and Artisan International Small-Mid Funds.