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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a disciplined valuation profile."
The Artisan International Fund outperformed the MSCI EAFE Index in Q2 2025. This performance was led by strong stock selection in the industrials sector, particularly within the defense and electrification themes. The portfolio managers completed a significant realignment during the quarter: they aggressively trimmed their healthcare exposure (now at low single digits, down from 20% a year ago) on valuation and rebate concerns, and fully exited underperforming positions like Alibaba, Meituan, and Japanese financials. They reallocated this capital to high-conviction defense and power infrastructure names (such as MHI, Babcock, Airbus, and utilities like RWE and LS Electric) as well as adding back TSMC. Despite expecting ongoing volatility from US tariff policies and Middle East geopolitics, the managers maintain high conviction that the portfolio is well-positioned, offering a higher earnings growth rate than the index at a comparable P/E multiple.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
Growth Outlook
Market outlook remains above average conviction: Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
Risk Appetite
Risk appetite posture is above average conviction: Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
Forward Guidance
Forward guidance signal: Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
Language Signal
Tone analysis indicates above average conviction language: Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
Time Horizon
Investment time horizon reflects a high conviction orientation. Artisan International rotated heavily out of healthcare and Chinese tech into defense and electrification-focused industrials, driving strong Q2 outperformance while maintaining a ...
