Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” first quarter 2025 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund’s Investor Class APFDX returned -3.67%, Advisor Class APDDX posted a return of -3.65%, and Institutional Class APHDX returned -3.62%, compared to a -1.71% return for the MSCI All Country World Small Mid Index. Investor sentiment as 2025 approached was positive. In 2024, US equities once more surpassed their global counterparts, raising expectations that the incoming Republican...
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