Artisan Partners
Artisan Partners International Value Strategy
International Large-cap Value
Dec 2024 → Sep 2026
Our archive holds 7 letters from this strategy, behind 11 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.
7 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+9.1%index +10.3%
- 1Y+14.4%index +15.7%
- 3Y · /yr+16.5%index +18.4%
- 5Y · /yr+11.3%index +9.3%
- 10Y · /yr+10.5%index +9.1%
- Inception · /yr+11.0%index +7.1%
Index: MSCI EAFE Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Artisan Partners International Value Strategy | +9.1% | +14.4% | +16.5% | +11.3% | +10.5% | +11.0% |
| MSCI EAFE Index | +10.3% | +15.7% | +18.4% | +9.3% | +9.1% | +7.1% |
Calendar years
- 2025+22.9%
- 2024+6.8%
- 2023+23.1%
- 2022−7.0%
- 2021+17.0%
Since inception: Inception: 1 Jul 2002
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
Though there were no new purchases this quarter, we did take advantage of the market’s obsession with IT hardware to sell all of the shares in two companies: Nokia and Sensata.
Though there were no new purchases this quarter, we did take advantage of the market’s obsession with IT hardware to sell all of the shares in two companies: Nokia and Sensata.
Also held
Its investment theses
- Garmin Ltd.Sep 2026Garmin makes best-in-class electronic products in niche markets and is valued for its high margins, strong free cash flow, and debt-free balance sheet.
- Danone SASep 2026Danone is a consumer staples company whose nutrition business is growing strongly, including in China, even as dairy and North American execution remain weak.
- Amrize Ltd.Sep 2026Amrize is a North American building materials company whose value depends on realizing a significant opportunity under experienced CEO Jan Jenisch despite recent turnover.
- 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.