Inside Artisan's International Value Fund with Portfolio Manager David Samra
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We're live. I'm Tobias Carlisle. This is Value After Hours. I'm joined as always by my cohost, Jake Taylor. Our special guest today is David Samra, founding partner of Artisan Partners International Value Group, lead portfolio manager of the Artisan International Value Fund. Why don't you describe?
Why don't you introduce yourself? Please.
Well, I'm David Samra. I work at a place called Artisan Partners and I manage about 55,000,000,000 all invested outside The United States. I've been doing this since 2002, where we started with $2,000,000 and we raised about 16 or 17,000,000,000 of that and compounded the rest.
Is there even $55,000,000,000 worth of businesses outside of The US anymore?
Well, you know, it does make it tough. You know, the larger your your investment responsibilities are, the harder it is to find, especially since we're looking for undervalued securities. It gets harder and harder as your universe gets smaller and smaller. We've got almost all that money invested in 25. So it's not as if we've got it really spread out, because I always think somebody's thirtieth best idea is not something that I'm really that interested in. So we try to keep it relatively concentrated in things that we think are particularly valuable because we're able to buy good businesses a
David, opportunity set today feel relative to other points in your career? And maybe not obviously, probably relatively speaking compared to The US where I think maybe we're all in agreement that it's pretty fairly richly valued. But absolute value basis, how do you feel about today's opportunity set internationally?
Well, I don't want to be pithy about it, Jake, but if you just invert the question, it's not as if we're tracking at the lows of some massive sell off, right? Markets are hitting all time highs and in most markets around the globe. I think there is some parts of the market that are obviously being ignored because capital is flowing into a few narrow areas associated with the AI data center build out. And if that's sucking in a lot of capital, then capital comes out of other areas in the market. There's always something that's interesting, especially when markets get narrow like this. But it's
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