Artisan International Small-Mid Fund
Fund
APDJX
Price as of:
$17.68
+ $0.17
+ 0.97%
Primary Theme
fund company
Name
As of 11/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
4.9%
1 yr return
12.3%
3 Yr Avg Return
-3.7%
5 Yr Avg Return
4.5%
Net Assets
$4.75 B
Holdings in Top 10
21.6%
52 WEEK LOW AND HIGH
$17.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.15%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 28.29%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$250,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
APDJX - Profile
Distributions
- YTD Total Return 4.9%
- 3 Yr Annualized Total Return -3.7%
- 5 Yr Annualized Total Return 4.5%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.26%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
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Legal NameArtisan International Small-Mid Fund
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Fund Family NameArtisan Partners Limited Partnership
-
Inception DateDec 04, 2018
-
Shares OutstandingN/A
-
Share ClassAdv
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRezo Kanovich
Fund Description
The Fund’s investment team employs a fundamental stock selection process focused on identifying durable and idiosyncratic opportunities to build a diversified portfolio of primarily non-US small- and mid-cap growth companies. The team generally seeks long-term investments in high-quality businesses exposed to structural growth themes that can be acquired at sensible valuations in contrarian fashion and are led by excellent management teams.■Investing with Tailwinds—The team identifies structural themes at the intersection of growth and change with the objective of investing in companies having meaningful exposure to these trends. Themes represent a secular outlook, are generally industry specific, and are identified from a bottom-up perspective.■High-Quality Businesses—The team seeks companies that it views as future industry leaders with sustainable growth characteristics that can be owned for the long term. Those characteristics include differentiated and defensible business models, strong balance sheets, dynamic management teams, favorable positions within their industry value chains and high or improving returns on capital. As part of the investment process, the team considers material environmental, social and governance factors, which may include corporate governance principles, treatment of employees and exposure to regulatory risk, alongside other fundamental research.■A Contrarian Approach to Valuation—The team seeks to invest in high-quality businesses in contrarian fashion. Mismatches between stock price and long-term business value are created by market dislocations, temporary slowdowns in individual businesses or misperceptions in the investment community.■Manage Unique Risks of International Small- and Mid-Cap Equities— International small- and mid-cap equities are exposed to unique investment risks that require managing. The team defines risk as including permanent loss of capital, not just share price volatility. The team manages this risk by having a long-term ownership focus, understanding the direct and indirect security risks for each business, constructing the portfolio on a well-diversified basis and sizing positions according to individual risk characteristics.Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in common stocks and other securities of small- and mid-cap companies. Small- and mid-cap companies for this purpose are those companies with a market capitalization below $30 billion or having a market capitalization similar to the constituents of the MSCI All Country World (ACWI) ex-US SMID Index at the time of the Fund’s investment. Some of these companies, although small by US standards, might rank among the largest in their countries by market capitalization. Under normal market conditions, the Fund will invest at least 65% of its total assets at market value at the time of purchase in securities of non-US companies. The Fund invests in developed markets and emerging and less developed markets.The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called different names by issuers).From time to time, the team may conclude that a security other than an equity presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent in debt securities (including lower-rated securities), which include securities rated below investment grade (below BBB- by Standard & Poor’s Rating Services (“S&P”) or Fitch, Inc. (“Fitch”) or below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”)), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds,” and convertible debt securities of US or non-US issuers that meet the Fund’s investment criteria.
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APDJX - Performance
Return Ranking - Trailing
| Period | APDJX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.9% | -13.3% | 22.3% | 46.61% |
| 1 Yr | 12.3% | -13.2% | 32.7% | 44.07% |
| 3 Yr | -3.7%* | -23.7% | 5.8% | 34.21% |
| 5 Yr | 4.5%* | -12.0% | 9.3% | 24.07% |
| 10 Yr | N/A* | -3.9% | 7.6% | 42.00% |
* Annualized
Return Ranking - Calendar
| Period | APDJX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.0% | -16.8% | 28.8% | 66.10% |
| 2022 | -23.7% | -46.4% | -21.4% | 10.53% |
| 2021 | 1.0% | -30.6% | 16.4% | 50.93% |
| 2020 | 32.2% | 0.3% | 62.2% | 23.15% |
| 2019 | 36.3% | 9.7% | 44.0% | 2.86% |
Total Return Ranking - Trailing
| Period | APDJX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.9% | -13.3% | 22.3% | 46.61% |
| 1 Yr | 12.3% | -13.2% | 32.7% | 44.07% |
| 3 Yr | -3.7%* | -23.7% | 5.8% | 34.21% |
| 5 Yr | 4.5%* | -12.0% | 9.3% | 24.07% |
| 10 Yr | N/A* | -3.9% | 7.6% | 41.00% |
* Annualized
Total Return Ranking - Calendar
| Period | APDJX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.0% | -16.5% | 30.7% | 78.81% |
| 2022 | -23.7% | -46.4% | -18.5% | 14.04% |
| 2021 | 3.9% | -30.6% | 24.7% | 87.04% |
| 2020 | 33.1% | 1.6% | 68.3% | 22.22% |
| 2019 | 36.6% | 9.7% | 44.0% | 2.86% |
NAV & Total Return History
APDJX - Holdings
Concentration Analysis
| APDJX | Category Low | Category High | APDJX % Rank | |
|---|---|---|---|---|
| Net Assets | 4.75 B | 25.2 K | 6.45 B | 16.95% |
| Number of Holdings | 134 | 39 | 1313 | 21.19% |
| Net Assets in Top 10 | 945 M | 959 K | 1.04 B | 6.78% |
| Weighting of Top 10 | 21.63% | 9.6% | 63.9% | 61.02% |
Top 10 Holdings
- Nice Ltd. 3.34%
- ConvaTec Group plc 2.90%
- Ambu A/S, Class B 2.27%
- Alcon, Inc. 2.18%
- JET2 plc 2.06%
- Swedish Orphan Biovitrum AB 2.02%
- CyberArk Software Ltd. 1.77%
- Glaukos Corp. 1.73%
- Fabrinet 1.71%
- Rotork plc 1.65%
Asset Allocation
| Weighting | Return Low | Return High | APDJX % Rank | |
|---|---|---|---|---|
| Stocks | 98.60% | 87.24% | 101.99% | 29.66% |
| Cash | 1.40% | 0.00% | 8.60% | 66.95% |
| Preferred Stocks | 0.00% | 0.00% | 8.74% | 50.00% |
| Other | 0.00% | 0.00% | 9.66% | 42.37% |
| Convertible Bonds | 0.00% | 0.00% | 0.00% | 27.97% |
| Bonds | 0.00% | 0.00% | 2.77% | 30.51% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | APDJX % Rank | |
|---|---|---|---|---|
| Industrials | 25.14% | 0.00% | 40.13% | 38.98% |
| Healthcare | 24.93% | 1.74% | 29.97% | 6.78% |
| Technology | 24.52% | 6.70% | 37.76% | 21.19% |
| Consumer Cyclical | 7.25% | 1.31% | 28.28% | 78.81% |
| Consumer Defense | 7.15% | 1.61% | 17.90% | 36.44% |
| Basic Materials | 3.60% | 0.00% | 18.70% | 76.27% |
| Financial Services | 2.65% | 1.92% | 22.28% | 96.61% |
| Communication Services | 1.81% | 1.49% | 23.23% | 95.76% |
| Energy | 1.61% | 0.00% | 9.29% | 44.07% |
| Real Estate | 1.34% | 0.00% | 13.00% | 71.19% |
| Utilities | 0.00% | 0.00% | 5.12% | 67.80% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | APDJX % Rank | |
|---|---|---|---|---|
| Non US | 70.82% | 64.54% | 98.83% | 98.31% |
| US | 27.78% | 0.00% | 33.08% | 2.54% |
APDJX - Expenses
Operational Fees
| APDJX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.15% | 0.01% | 41.09% | 72.88% |
| Management Fee | 1.03% | 0.00% | 1.75% | 77.12% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.05% | 0.26% | N/A |
Sales Fees
| APDJX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| APDJX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| APDJX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 28.29% | 8.00% | 236.00% | 42.11% |
APDJX - Distributions
Dividend Yield Analysis
| APDJX | Category Low | Category High | APDJX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 5.44% | 79.66% |
Dividend Distribution Analysis
| APDJX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
| APDJX | Category Low | Category High | APDJX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.26% | -1.81% | 1.51% | 68.14% |
Capital Gain Distribution Analysis
| APDJX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 22, 2022 | $0.004 | OrdinaryDividend |
| Dec 30, 2021 | $0.000 | OrdinaryDividend |
| Nov 23, 2021 | $0.585 | OrdinaryDividend |
| Nov 24, 2020 | $0.127 | OrdinaryDividend |
| Nov 21, 2019 | $0.036 | OrdinaryDividend |
APDJX - Fund Manager Analysis
Managers
Rezo Kanovich
Start Date
Tenure
Tenure Rank
Oct 15, 2018
3.63
3.6%
Rezo Kanovich is a managing director of Artisan Partners and the sole portfolio manager for the Artisan Non-U.S. Small-Mid Growth Strategy. Prior to joining Artisan Partners in October 2018, Mr. Kanovich was a portfolio manager for OppenheimerFunds, where he managed the International Small-Mid Cap strategy from January 2012 through September 2018. Before that, Mr. Kanovich worked as an analyst with Boston Biomedical Consultants, an investment banker with the Lehman Brothers mergers & acquisitions team and as a consultant at PricewaterhouseCoopers. Mr. Kanovich holds a bachelor’s and master’s degree in international economics and finance from Brandeis University and a master’s degree in business administration, dual concentration in finance and health care systems, from the Wharton School, University of Pennsylvania.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.17 | 28.52 | 5.77 | 0.17 |