Artisan International Value Fund Q2 2026 Commentary
The Artisan International Value Fund rose 12.91% in Q2, outperforming the MSCI EAFE Index. The fund's exposure to Samsung Electronics contributed significantly to its return.
Intelligence analysis by Llama 3.3 70B
The fund's portfolio benefited from its significant exposure to semiconductors and data center infrastructure, leading to its outperformance.
The Artisan International Value Fund is a type of investment fund that tries to make money by buying and selling stocks. It did well in the second quarter of 2026, partly because it owned a lot of Samsung stock, which is a company that makes computer chips.
Analysis
Artisan International Value Fund's Q2 Performance
The Artisan International Value Fund's net asset value rose by 12.91% during the quarter, outperforming the MSCI EAFE Index's 10.82% rise. This outperformance can be attributed to the fund's significant exposure to Samsung Electronics, the world's largest manufacturer of memory semiconductors, which contributed over 450bps to the portfolio's return.
Portfolio Positioning
The fund's portfolio is positioned to benefit from the growth of undervalued IT services firms, which continue to grow revenue and profits despite market skepticism. The fund exited overvalued IT hardware names, such as Nokia and Sensata, and maintains positions in IT services firms.
Macroeconomic Risks
The fund manager highlights several macroeconomic risks for U.S. investors, including rising U.S. deficits, regulatory expansion, and creeping socialism. These risks could erode the economic advantages underpinning long-term American prosperity.
Key points
- The Artisan International Value Fund outperformed the MSCI EAFE Index in Q2
- The fund's exposure to Samsung Electronics contributed significantly to its return
- The fund is positioned to benefit from the growth of undervalued IT services firms
If the fund continues to outperform the market, it could lead to higher returns for investors. The fund's positioning in undervalued IT services firms could also lead to continued growth.
However, the fund manager highlights several macroeconomic risks that could negatively impact the fund's performance, including rising U.S. deficits and regulatory expansion.
