Artisan International Value and Small Cap Funds reopen to new investors

Comments

• Mark

  March 2020

  That didn't take long. I almost expect to see a bunch more coming down the pipe.
• TheShadow

  March 2020 edited March 2020

  @Mark
  
  GP reopened two funds also.
  
  https://www.mutualfundobserver.com/discuss/discussion/55618/gp-global-micro-cap-international-opportunities-fund-to-reopen
  
• davfor

  March 2020

  Thanks for the heads up. I owned ARTKX for several years....I don't remember what prompted me sell it but recall regretting the decision more than once. Its down 32% YTD. Reestablishing a position while its still down may make sense.....A quick glance at M* suggests it has a new structure. I will need to figure out what that means.
• Mona

  March 2020

  davfor said:

  Thanks for the heads up. I owned ARTKX for several years....I don't remember what prompted me sell it but recall regretting the decision more than once. Its down 32% YTD. Reestablishing a position while its still down may make sense.....A quick glance at M* suggests it has a new structure. I will need to figure out what that means.

  
  David Snowball touched on the split off of managers in his March commentary.
  
  Mona
  
  
• davfor

  March 2020

  @Mona Thanks. It was helpful to read that info. It looks like they had 10% cash as of 2/29. So, they have some room to take advantage of the downturn.
• msf

  March 2020

  In the past, ARTKX is a fund I would have looked at. But given its declining relative performance over the years (going from 5* over the past 10 years to 4* over the past five, to 3* over the past three), I might have expected it to have reopened sooner.
  
  The M* analysis notes that "the fund has historically fared best during sell-offs." This time though, YTD, it's behind its category average, -32.82% vs -30.49%.
  
  The analysis also says that it blends quantitative and qualitative screens. If one wants a value-leaning international blend fund with a fair amount of EM (10% - 20%), that uses both quantitative and qualitative processes, BRXAX is an alternative to consider.
  
  It's also from a solid fund family (MFS), but it costs less and is much smaller in size ($250M vs. $14B). The funds have comparable std dev, same 3 year risk rating, similar market cap and style (on the border between value and blend), identical Sharpe ratios, nearly identical market capture ratios.
  
  It's done slightly worse, cumulatively over its nearly five year lifetime, -8.05% vs. -6.90%, though better over the past three years, -14.7% vs. -18.5%. YTD, BRXAX has slightly outperformed its category average at -29.51% (ARTKX has underperformed YTD). All figures are as of 3/16/2020, using this M* chart.
  
  Given the similarity between these funds, I'd take a closer look at both before deciding to invest in ARTKX. Though if one wants a compact portfolio, ARTKX's has just 39 equity holdings vs. 135 for BRXAX. Or if one doesn't insist on on a value-leaning fund, it's not hard to find better performing foreign large cap funds.
• davfor

  March 2020

  @msf Yes. Thanks for the comments. I see its performance has only been middling in recent years. My memory of it traces back to outperforming years.
• mrc70

  March 2020

  I owned ARTKX since 2006, saw some its best years, but finally sold it a week ago. I am not really bothered about one of the fund manager (Global Value team head) leaving, as most of its good years was under Samra. However, its performance has gone bad increasingly in the recent years as msf said.
  
  Most of my recent International large cap went to Vanguard International dividend growth fund (a category that normally ends buying quality stocks). I also brought VWIGX, which I held in my daughter's Educatinoal IRA for the last few years.