Dear Fellow Shareholder: Market Backdrop The Artisan Developing World Fund ( MUTF: ARTYX , Investor Class) returned 4.72% for the quarter ended June 30, 2024, versus 5.00% for the MSCI Emerging Markets Index (all returns in USD unless stated otherwise).
Since June 30, 2015, the Artisan Developing World Fund has returned 127.46% cumulatively, versus 38.81% for the MSCI Emerging Markets Index.
It was an uneven quarter for markets driven by changes in monetary policy expectations. The MSCI Emerging Markets Index declined 3.64% through April 19 as investors priced in the possibility of delayed or shallow interest rate cuts in the US, only to rebound 8.
97% through June 30 as inflation readings cooled and signs of labor supply improvement emerged. Artificial intelligence ('AI') and semiconductors remained prominent themes in global and emerging markets, as Nvidia ( NVDA ) increased 36.74% during the quarter and Taiwan Semiconductor ( TSM ) increased 28.
07%; the MSCI Taiwan Index was up 15.10%. India also rose during the quarter (MSCI India Index +10.
21%), as market participants absorbed the Bharatiya Janata Party’s ('BJP') lost parliamentary majority and propelled indices to all-time highs. Investors also embraced the possibility of reform in Turkey (MSCI Turkey Index +21.37%) and South Africa (MSCI South Africa Index +12.
26%) following local and national elections in those countries, respectively. Investors reacted less favorably to the electoral outcome in Mexico (MSCI Mexico I.
