Artisan Partners
Artisan Partners Global Value Strategy
Global Large-cap Value
Mar 2025 → Jun 2026
Our archive holds 7 letters from this strategy, behind 11 investment theses and positions in 30 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 2 years — follow all of Artisan Partners for every strategy.
What it bought and sold
We added a new holding to the portfolio this quarter, Experian.
We added meaningfully to Marsh during the quarter.
We exited our position in Lam Research.
Also held
Its investment theses
- Marsh & McLennan Companies, Inc.Jun 2026Marsh & McLennan Companies, Inc. is seen as undervalued, with durable commercial insurance brokerage economics and limited AI disruption risk.
- Experian plcJun 2026Experian plc has a proprietary, regulated data moat and strong growth and returns, with AI likely supporting rather than harming the business.
- Alphabet IncJun 2026Alphabet Inc is growing its core search and AI businesses, while Google Cloud is scaling profitably with a large backlog.
- The Charles Schwab CorporationJun 2026Charles Schwab is positioned to defend its float-driven model thanks to its low-cost structure and competitive advantage.
- Diageo PLCDec 2025Diageo is a leading global spirits company with high-margin brands and pricing power, now at ~13x earnings with rebound potential if demand stabilizes.
- Samsung Electronics Co LtdDec 2025Samsung Electronics is a leading memory chip maker benefiting from AI-driven demand with strong fundamentals and a reasonable valuation.
- Alphabet IncDec 2025Alphabet is a full-stack AI and search leader with strong cloud traction, healthy core growth, and positioning supported by a manageable valuation and reduced regulatory risk.
- Heidelberg Materials AGDec 2025Heidelberg Materials is a global cement producer with pricing power, European recovery potential, and margin upside from ETS-driven price increases given its lower CO2 intensity.
- AlphabetSep 2025Alphabet is investing heavily in capital expenditures for growth and AI development, but its returns are declining, reflecting the challenges of transitioning from its legacy search business to new ventures like Google Cloud and Gemini.
- MetaSep 2025Meta is significantly increasing its capex investments, targeting $70 billion in 2023, with strong incremental returns expected from AI enhancements, despite some initiatives currently lacking economic value.