ACGL - Artisan International Value Fund Q1 2024 Commentary

2024-04-24 11:30:00 ET

Summary

• Artisan Partners is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally.
• The net asset value of the Artisan International Value Fund increased by 4.38% during the quarter while the MSCI EAFE Index increased by 5.78%.
• There were no significant new purchases or sales during the quarter.

Dear Shareholder:

The net asset value of the Artisan International Value Fund increased by 4.38% during the quarter while the MSCI EAFE Index increased by 5.78%. Over the last 1,3 and 5 years, the annualized returns for the Artisan International Value Fund are 16.28%, 8.64% and 11.19%, respectively. Since the inception of the Fund back in 2002, the average annual total return is 11.65%.

Investing Environment

The stock market’s rise has been relentless. Over the past six months alone, the S&P 500® Index ( SP500 . SPX ) has gone up more than 23%, and the MSCI EAFE Index is up 17%. Even gold, the barbarous relic, rose 21% over that same period. Those stock price movements are arguably rational if the market expects a further decline in the 10-year US Treasury ( US10Y ) bond yield. After all, the value of a business (an index, of course, is a collection of businesses) is the present value of its future cash flows. Mathematically, lower interest rates make future cash flows more valuable....

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