Artisan Partners plans to close its international small-mid cap fund to new investors in the coming days.
The firm has submitted a filing with the Securities and Exchange Commission (SEC) to soft close the $6.2bn Artisan International Small-Mid fund, effective July 30.
Citywire AAA-rated Rezo Kanovich (pictured above) is sole manager on the fund. He joined Artisan in 2018 after leaving OppenheimerFunds, now part of Invesco. The fund was called the Artisan International Small Cap fund until December 2018, when Artisan renamed it to reflect strategy changes that included the ability to invest in larger companies.
‘Our approach to opening or closing strategies is an important tool in protecting the integrity of each team’s investment process. Rezo and his team have successfully delivered strong performance results for clients, which has led to accelerating investor cash flows. To preserve the team’s ability to achieve its investment objectives, we believe now is the right time to limit new investments in the strategy,’ said Artisan Partners chief executive Eric Colson.
The fund, under different management, had previously been soft closed from 2003 to October 15, 2018. At the end of that month, the fund had $336.7m in assets, according to data from Morningstar Direct.
Since then, it has taken in new money for every month to the end of June 2021 except in November 2018. The fund surpassed $1bn in assets for the first time in June 2019. Since then, assets have risen to $6.2bn through a combination of flows and performance.
In June, Artisan also soft closed Citywire AA-rated David Samra’s $21.4bn Artisan International Value fund a little over a year after it reopened to new investors. The $6.5bn Artisan High Income fund closed to new investors on April 30.
Citywire analysisFor the past three years through July 14 (most of Kanovich’s tenure), the fund has delivered a 16.3% annualized return, landing it in the top third of the Foreign Small/Mid Growth category and more than 5 percentage points ahead of the MSCI World Ex USA SMID growth index.For cumulative returns for the three years to the end of June, it ranks ninth out of 46 funds in the category, returning 59.9% compared to the category average of 42.5%.The fund has nearly 27% of its assets in healthcare, versus 16% for its average peer, and no utilities or energy exposure, where its average peer has 3% and 8%, respectively. Kanovich has also done a good job on the volatility front, despite some aggressive sector weightings. For the past three years, the fund has a standard deviation of returns of 19.68%, just under the category average of 20.55%. The low volatility may owe to the fact that no stock position currently exceeds 2.6% of the fund. At $6.2bn in assets, the fund is the category’s fourth largest. Smaller funds, including the $878m WCM International Small Cap Growth fund (WCMSX), which leads the category for three year annualized returns, and the $1.2bn Oberweis International Opportunities fund (OBIIX), sport seasoned management teams and may be beneficiaries of the Artisan fund soft closing.
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July 16, 2021 at 01:01AM
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