The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2026
During the third quarter of 2026, the Artisan International Fund (Investor Class: ARTIX) returned -4.11% net of fees, underperforming both the MSCI EAFE Index (0.81%) and the MSCI All Country World ex USA Index (0.48%). Year-to-date through September 30, 2026, the strategy generated a net return of 9.44%, while benchmark indices delivered 10.33% and 14.22%, respectively. Relative quarterly underperformance was heavily driven by electrical equipment holdings within the industrials sector, alongside pressure on utilities from escalating sovereign yields. The portfolio benefited on a relative basis from an underweight posture in information technology as AI-related momentum slowed, while financials generated significant positive alpha. Macroeconomic headwinds intensified across global markets as central banks maintained tight monetary conditions, highlighted by 25-basis-point interest rate hikes from both the Federal Reserve and the European Central Bank in September. Persistent inflation and sovereign debt burdens pushed developed market bond yields to multiyear highs. Simultaneously, geopolitical escalation in the Middle East and attacks near the Red Sea sustained oil price pressure. The investment team maintained its high-conviction thematic architecture centered around three pillars representing roughly two-thirds of portfolio assets: electrification, financials, and aerospace and defense. Portfolio turnover remained measured, though key capital reallocations were executed. The team fully liquidated long positions in Samsung Electronics and Contemporary Amperex Technology Co Ltd (CATL), alongside selling out of optical connectivity provider Fujikura to mitigate memory cycle peak risks and valuation compression. Conversely, the manager established new long positions in UK-headquartered lender Standard Chartered to capture expanding Asian wealth flows, and added North American midstream operators The Williams Companies and Enbridge to capitalize on structural LNG export demand and dedicated power generation infrastructure.
The strategy invests in high-quality international franchises positioned to compound capital through multiyear secular growth trends, primarily across electrification, financials, and aerospace and defense.
Markets are expected to tread water over the near term as participants navigate higher debt refinancing costs and Middle East geopolitical friction. Long-term capital deployment remains anchored to multiyear grid expansion, rising regulated asset bases, and structural defense spending.
Moderate Conviction Bullish
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