- Investor Update—Q1 2025
- 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 March 2025 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 1.84 | 1.84 | 18.87 | 8.31 | 13.36 | — | 11.49 |
Composite — Net | 1.57 | 1.57 | 17.65 | 7.18 | 12.19 | — | 10.33 |
MSCI Emerging Markets Index | 2.93 | 2.93 | 8.09 | 1.44 | 7.94 | — | 3.73 |
As of 31 March 2025 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 1.84 | 1.84 | 18.87 | 8.31 | 13.36 | — | 11.49 |
Composite — Net | 1.57 | 1.57 | 17.65 | 7.18 | 12.19 | — | 10.33 |
MSCI Emerging Markets Index | 2.93 | 2.93 | 8.09 | 1.44 | 7.94 | — | 3.73 |
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 March 2025 | Average Up Month | Average Down Month |
Composite — Net | 430bps | -345bps |
MSCI Emerging Markets Index | 368bps | -394bps |
Difference | +62bps | +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 March 2025) |
|
---|---|
Sea Ltd (Singapore) | 5.7 |
MercadoLibre Inc (Argentina) | 5.3 |
Visa Inc (United States) | 4.7 |
Meituan (China) | 4.5 |
MakeMyTrip Ltd (India) | 4.4 |
Adyen NV (Netherlands) | 4.4 |
Tencent Holdings Ltd (China) | 4.3 |
NU Holdings Ltd (Brazil) | 4.0 |
Crowdstrike Holdings Inc (United States) | 3.9 |
Grab Holdings Ltd (Singapore) | 3.8 |
Total | 45.1% |
Portfolio Statistics (as of 31 March 2025) |
|
---|---|
Median Market Cap (Billions) | $72.0 |
Weighted Avg. Market Cap (Billions) | $227.7 |
Number of Securities | 34 |
Number of Countries | 11 |
Cash (% of total portfolio) | 4.1% |
Region Allocation
(% of portfolio securities as of 31 March 2025)
Developed Markets | 45.5 |
Asia | 44.9 |
Latin America | 9.7 |
TOTAL | 100.0% |
Top 10 Countries (% of portfolio securities as of 31 March 2025) |
|
---|---|
United States | 31.7 |
China | 20.0 |
India | 14.9 |
Singapore | 10.0 |
Argentina | 5.5 |
Netherlands | 4.6 |
Brazil | 4.2 |
France | 3.4 |
United Kingdom | 2.8 |
Australia | 1.7 |