Artisan Partners
Artisan Partners International Value Strategy
International Large-cap Value
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 8 investment theses and positions in 7 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.
Its investment theses
- Koninklijke Philips NVDec 2025Koninklijke Philips is a refocused health tech and personal health company under improved leadership with margin expansion and restructuring catalysts implying sub-15x normalized earnings.
- Brenntag SEDec 2025Brenntag is the leading chemicals distributor positioned for cyclical recovery and substantial operational improvement under a new CEO, with margin and EPS targets implying upside from current valuation.
- Arch Capital Group LtdDec 2025Arch Capital Group is a disciplined P&C and mortgage insurer compounding book value with strong ROE prospects and is undervalued at 1.2x projected 2026 book.
- Koninklijke PhilipsDec 2024Koninklijke Philips is a healthcare conglomerate with a €23 billion market cap and €7 billion in debt, experiencing a 20% share price increase in 2024 due to resolved legal liabilities, with substantial business in personal health and medical devices, and potential for significant growth if new management enhances profitability.
- NovartisDec 2024Novartis is poised for over 10% revenue and profit growth in 2024, yet its shares are undervalued at 13X forecasted earnings due to regulatory pressures and a shift in investor focus towards obesity drugs.
- RELXDec 2024RELX’s data-driven businesses remain strong, but AI-driven valuation expansion limits further upside.
- SamsungDec 2024Samsung’s governance and AI lag pose challenges, but its strong balance sheet and valuation offer long-term potential.
- UBS GroupDec 2024UBS Group is a well-capitalized European banking leader, undervalued in the market despite strong growth potential after acquiring Credit Suisse.