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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven electricity demand."
Artisan International Fund delivered strong Q1 2026 performance, outperforming benchmarks with a 4.89% return while MSCI EAFE declined 1.24%. The portfolio benefited from concentrated exposure to defense and electrification themes. Defense holdings, particularly Korean companies LIG Nex1 and Hanwha Aerospace, were top contributors as geopolitical tensions drove investor enthusiasm for defense spending. The electrification theme also performed well, with LS Electric and National Grid benefiting from AI-driven power infrastructure demand and grid modernization needs. The manager added new positions including CSG (European defense), Fujikura (AI infrastructure connectivity), and Sun Hung Kai Properties (Hong Kong real estate recovery). Portfolio activity focused on trimming insurance exposure after strong performance and exiting RELX due to AI disruption risks. Geopolitical tensions, particularly Middle East conflicts affecting energy markets, created volatility but reinforced the defense investment thesis. The outlook remains constructive on international markets relative to the US, emphasizing structural investment themes over multiple expansion.
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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: Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
Growth Outlook
Market outlook remains low conviction: Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
Risk Appetite
Risk appetite posture is moderate conviction: Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
Forward Guidance
Forward guidance signal: Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
Language Signal
Tone analysis indicates low conviction language: Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven elec...
