Last month we purchased Fidelity Limited Term Bond (FJRLX) in our model portfolio. Part of our strat...
Artisan Global: A Bullish Reopening
10/26/2015 9:00 am EST
The managers at this global value fund—Dan O’Keefe and David Samra—make it very difficult for a stock to make it into this fund, suggests Mark Salzinger, editor of No-Load Fund Investor.
A stock must offer four characteristics: undervaluation, superior business quality (including strong cash flows, competitive strength, and barriers to entry), financial strength, and shareholder-oriented management.
Artisan Global Value Fund (ARTGX) reopened to investors on October 1. We think that’s a reason to be bullish.
If they are seeing enough attractive securities to warrant reopening the fund, it’s a strong sign that recent volatility in the market has caused some quality companies to become attractively valued again.
The financial services and technology sectors are easily the fund’s most prominent sectors, as they accounted for 40.3% and 25.5% of assets.
Global Value has traditionally devoted about 60% of assets to US stocks. Stocks from developed Europe currently account for 33 percentage points of the balance, followed by South Korea, and a smattering of other emerging markets.
Through September 30, the fund has produced a loss this year of 6.7%, which places it in the bottom 40% of the Global Equity category. But the relative performance of the fund improves as you lengthen the time period.
Its annualized gain of 10.0% over the past three years places it in the second 20%, while its 11.0% annualized gain over the past five places it among the top five funds in its category.
With a record of excellent risk-adjusted returns over the long run, this fund is a welcome addition to the list of no-load global equity funds available to new investors.
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