Artisan International Fund Q4 2024 Commentary

2025-01-21 06:20:00 ET

Summary

• Global equities posted mixed results in local currencies during Q4.
• The portfolio delivered double-digit returns in 2024, outperforming the single-digit gains of the MSCI EAFE and the MSCI AC World ex USA Indices, the primary and secondary benchmarks.
• In Q4, positioning changes were generally a reflection of profit-taking from long-term winners and reinvestment in new opportunities.

Investing Environment

Global equities posted mixed results in local currencies during Q4. Some regions ended the year on a positive note, supported by steady economic growth, declining interest rates and resilient employment. However, other markets ended lower, influenced by geopolitical concerns and rising yields. The euro and yen weakened against the US dollar, which surged on post-election optimism and expectation of fewer rate cuts than previously anticipated....

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