Artisan Partners
Artisan Partners International Explorer Strategy
International Small-cap
Dec 2024 → Sep 2026
Our archive holds 6 letters from this strategy, behind 20 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years · follow all of Artisan Partners for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Composite: Net
- YTD+27.3%index +11.4%
- 1Y+27.0%index +14.7%
- 3Y · /yr+21.5%index +17.9%
- 5Y · /yr+10.4%index +6.7%
- Inception · /yr+15.9%index +11.4%
Index: MSCI All Country World ex USA Small Cap Index
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Artisan Partners International Explorer Strategy | +27.3% | +27.0% | +21.5% | +10.4% | +15.9% |
| MSCI All Country World ex USA Small Cap Index | +11.4% | +14.7% | +17.9% | +6.7% | +11.4% |
Calendar years
- 2025+19.3%
- 2024+5.9%
- 2023+20.3%
- 2022−15.1%
- 2021+18.4%
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We initiated our position at a low-teens P/E ex- cash multiple.
We decided to exit both as we believe rising interest rates will hurt their medium-term prospects.
We decided to exit the position despite its still cheap valuation because we have concerns about whether its growth-oriented investments in the current medium-term plan will generate a satisfactory return on capital.
Considering the narrowing price-to-value gap and the unstable macroeconomic situation in Indonesia, we decided to exit the position through the tender offer.
We’ve added to the name.
We decided to exit both as we believe rising interest rates will hurt their medium-term prospects.
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
- Hoshizaki CorporationSep 2026Hoshizaki is a global commercial kitchen appliance maker with strong domestic market shares and an investment case centered on margin expansion and value creation.
- Alten SASep 2026Alten is a French outsourced engineering services provider that remains viewed as undervalued despite improving growth and margin outlook.
- Elementis plcSep 2026Elementis is a UK specialty chemicals company with attractive margins and a cleaner pure-play structure after divestments.
- Impro Precision Industries Ltd.Sep 2026Impro Precision Industries is a Chinese industrial casting components maker benefiting from AI data center buildout and still seen as attractively valued.
- Glenveagh Properties PLCSep 2026Glenveagh Properties is a leading Irish homebuilder supported by a strong order book, favorable housing supply-demand dynamics and resilient entry-level demand.
- Signify N.V.Sep 2026Signify is a Dutch lighting company whose low valuation reflects a long turnaround effort and limited near-term growth.
- 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.