GRRMF - Artisan Global Discovery Fund Q4 2024 Commentary

2025-02-21 04:35:00 ET

Summary

• The portfolio generated strong absolute returns in Q4 and 2024, and it outperformed the MSCI AC World Small Mid Index over each period.
• Q4 performance was driven by strong security selection, where portfolio holdings outperformed in 9 of the 10 sectors we invested in.
• During the quarter, we initiated 10 new Garden SM positions, including Pure Storage and The Sage Group.

Investing Environment

US equities posted solid gains in Q4, capping off a robust year. After Donald Trump’s presidential election victory, investors cheered the prospect of deregulation, corporate tax cuts and the reshoring of manufacturing benefiting the economy and, ultimately, the stock market. This optimism faded in December as concerns about potential inflationary pressures from proposed tariffs and strict immigration policies led to hawkish Fed speak and reintroduced downside volatility to the market. Still, markets finished 2024 with solid gains, capping off one of the best two-year performance stretches in decades....

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