Equity investors never seem to be short of challenges—be it changing interest rates, geopolitical turmoil, or corporate mismanagement—and Lead Portfolio Manager David Samra has experienced the gamut in his 30-year investing career. In a recent fireside chat with Professor Tano Santos at the Columbia Student Investment Management Association Conference, David shared his value investing toolkit that has stood the test of time and what he’s refined in recent years.

This fireside chat featuring Artisan Partners International Value Team Lead Portfolio Manager David Samra and Columbia Business School Professor Tano Santos took place on 10 February 2023 as part of the annual CSIMA Conference hosted by Columbia University Student Investment Management Association (CSIMA) and Columbia Business School’s Heilbrunn Center for Graham & Dodd Investing. This video represents the views and opinions of the speakers, which are of their own, and are not intended to be representative of Artisan Partners or the Artisan International Value team. This material is not intended as an offer or solicitation of, nor recommendation to purchase or sell, any individual security or product and does not constitute investment advice. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Artisan Partners is not responsible for and cannot guarantee the accuracy or completeness of any statement in the discussion. In no event shall Artisan Partners have any liability for direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material. Artisan Partners is not affiliated with Columbia University or the Columbia University Student Investment Management Association.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned above comprised the following percentages of a representative account within the Artisan International Value Composite’s total net assets as of 31 Dec 2022: Samsung Electronics Co Ltd 3.7%, ABB Ltd 3.5%, Ryanair Holdings PLC P-Cert 1.6%. For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the portfolio. Securities mentioned, but not listed here or in the investor update presentation are not held in the Funds as of the date of this material. Portfolio holdings are subject to change without notice.

Price-to-Earnings (P/E) is a valuation ratio of a company’s current share price compared to its peer. Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an indicator of a company’s financial performance which is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation and amortization. Internal Rate of Return (IRR) is a metric used in financial analysis to estimate the profitability of potential investments. Discounted Cash Flow (DCF) is a valuation method used to estimate the value of an investment based on its expected future cash flows. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Gross Profit Margin is a metric analysts use to assess a company’s financial health by calculating the amount of money left over from product sales after subtracting the cost of goods sold (COGS). Sometimes referred to as the gross margin ratio, gross profit margin is frequently expressed as a percentage of sales. Capital Expenditure (CapEx) is any type of expense that a company capitalizes or shows on its balance sheet as an investment rather than on its income statement as an expenditure. Economic Value Added (EVA) is the incremental difference in the rate of return (RoR) over a company's cost of capital. Essentially, it is used to measure the value a company generates from funds invested in it.

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk. 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. 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.