Artisan: Global Opportunities
05/17/2017 2:50 am EST
In the three-year period ended April 30, 2017, the fund — with $2.1 billion in assets in all share classes — produced an annualized gain of 10.4%. This return was among the top performances of all the global equity funds we track.
For all of its funds (the team also manages mid-cap and small cap U.S. growth funds), the Artisan growth team seeks out stocks with excellent prospects for significant long-term growth.
For Global Opportunities, the team also provides diversification throughout the global economy. This means not only sector diversification, but also geographic.
Management wants to find the best possible growth investments, whether in the U.S. or abroad. U.S. stocks accounted for about 60%of assets as of quarter-end, with Europe (17%), developed markets in Asia (16%) and the emerging markets (6.6%) accounting for the rest.
In terms of sectors, technology and healthcare were the leaders, with 32% and 16%, respectively, though consumer discretionary and industrial stocks also accounted for significant assets.
The fund’s portfolio certainly isn’t cheap. Artisan calculates the price/earnings ratio (P/E) of the portfolio as 24.3 for the current fiscal year, as compared with long-term earnings growth of 18.5%.
To make money over time with Artisan Global Opportunities, you have to be willing to hold on through periods of underperformance. Over periods of several years, however, investors in this fund have been rewarded for taking on the higher short-term risk.