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Why Artisan Funds Is Now Investing in Emerging Markets

Manager Dan O'Keefe explains the firm's change of heart and what stocks they've purchased.

Why Artisan Funds Is Now Investing in Emerging Markets

Greg Carlson: Let's turn to emerging markets. This is an area where the funds traditionally haven't had much of a stake, but that stake has been increasing lately due to some stock-specific choices here. Perhaps we could touch on China and particularly, the consumer to the extent that you have a view on that, and talk a little bit about that in context of a couple of holdings in China, Baidu?

Dan O'Keefe: Right. So, you're correct in that we have not historically been large owners of emerging-markets assets over the last many years and that's a function primarily of valuation for many years. In the past 10, for example, emerging-markets assets were priced very highly by the market based on expectations of--remember the commodities supercycle and we remember the Chinese consumer stories, which you don't hear so much about today, I guess the bloom has come off the rose to some degree there. And as a result of the prices, we just weren't able to find anything interesting.

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