Artisan Partners
Artisan Partners International Explorer Strategy
International Small-cap
Dec 2024 → Jun 2026
Our archive holds 5 letters from this strategy, behind 14 investment theses and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 3 years — follow all of Artisan Partners for every strategy.
What it bought and sold
We initiated the position at low-to-mid-teen P/E based on what we believe is its normal earnings power.
We’ve only trimmed a bit, however, due to the following two considerations:
A cheap reported valuation multiple notwithstanding, we’ve decided to exit given uncertain regulatory prospects around this industry.
However, we believe the company can recover its growth and reach a mid-teen normal operating margin in the medium term, and we have added to the position in Q2.
Also held
Its investment theses
- IQE plcJun 2026IQE plc is a compound semiconductor wafer maker leveraged to AI and defense demand, with operating leverage, recovery potential, and balance sheet improvement.
- Shimadzu CorporationJun 2026Shimadzu Corporation is a diversified Japanese instruments company with an oligopolistic LC-MS business, margin upside, and potential value from divestitures.
- Essentra plcJun 2026Essentra plc is a critical industrial components supplier with self-help initiatives that could restore growth and margins.
- Glenveagh Properties PLCJun 2026Glenveagh Properties PLC is a homebuilder using more pre-manufactured content to lower costs, improve quality, speed construction, and earn higher margins in a supply-constrained market.
- Lion CorpJun 2026Lion Corp is a consumer products company rationalizing SKUs and exiting unprofitable businesses to lift operating profit without hurting revenue.
- Elementis PLCJun 2026Elementis PLC is a specialty chemicals company focused on upgrading its portfolio through divestments and R&D to improve margins and grow new product sales.
- Sabre Insurance Group PLCJun 2026Sabre Insurance Group PLC is a UK auto insurer that prioritizes niche underwriting and profitability over market share.
- IQE plcDec 2025IQE plc is a scarce-knowhow compound semiconductor wafer producer whose sum-of-parts asset value likely exceeds its share price amid new management exploring strategic options.
- Vitzrocell Co LtdDec 2025Vitzrocell Co Ltd is a leading primary lithium battery producer gaining share with quality and serving smart meter and defense demand, supporting double-digit growth at a reasonable valuation.
- Zuken IncDec 2025Zuken Inc is a Japan-based EDA software company poised to benefit from electrification and automation trends and trades at a compelling ex-cash valuation.