Morningstar - Q3 2020 - 80

Ten Questions

David Samra of Artisan finds opportunities
and reasons for optimism.
Laura Lallos, managing editor of Morningstar
magazine, interviewed Samra in May.
1. Why did you reopen Artisan International Value

to new investors in March?

We invest in companies that are undervalued, with
a high-return business, a strong balance sheet,
and a management team with a track record
of building intrinsic value. Finding companies with
all these characteristics is difficult most of the
time. The first quarter's sell-off, combined with
a rush to safety in historical growth stocks, created
an attractive valuation gap.
2. Cash was more than 10% late last year; how
about today?

Disciplined value investing generally results in
a cash buildup in a buoyant market environment like 2019's. We've deployed just about all
the cash and today remain fully invested.
3. Where are the most attractive opportunities?

David Samra is a managing director of
Artisan Partners and founding partner of the
firm's international value team. He is lead
portfolio manager of Artisan International
Value APHKX, which has a Morningstar Analyst
Rating of Silver. Samra was part of a team
named Morningstar International-Stock Fund
Manager of the Year in both 2008 and
2013, demonstrating an ability to excel in both
downturns and rallies. Samra holds
a bachelor's degree in finance from Bentley
University and an MBA from Columbia
Business School.

Companies in the leisure and travel industry are
in the eye of the storm. In addition, the oil
and gas industry has suffered disproportionately.
However, our efforts do not stop at just the most
beat-up industries. In a large market drawdown, there are great companies outside the eye
of the storm that also suffer meaningful shareprice declines.
4. What are the challenges to investing now?

Rather than allowing the free market to adjust to
the crisis, politicians and their healthcare
advisors are driving economic decisions. That
makes determining the length and severity of
a downturn complex.
5. What is your worst-case scenario?

A complete economic shutdown that lasts longer
than two calendar quarters. We do not believe any
social or economic framework can endure much
more than that.

80

Morningstar Q3 2020

6. What are you optimistic about?

The pharmaceutical and biotechnology industries
have dramatically improved their development
capabilities over the past 25 years. The focus of a
number of the world's largest pharmaceuticals
on finding a vaccine for COVID-19 and the work of
dozens more on therapeutics to manage
the disease are very good reasons for optimism.
7. What changes would you like to see arise from

this crisis?

There has been a lot of attention paid to work
habits, digital technologies, and necessary
repairs to the supply chain. There has been little
attention paid to one of the most important
keys to a strong future: financial strength. Though
I see fiscal discipline as a remote prospect, one
can always hope it becomes a priority.
8. Have travel limitations affected your research?

Travel limitations have not impaired or changed
our approach. However, over the years we have
curated relationships with able management teams, and they are a valuable resource.
Those relationships are fostered via personal
contact. Restoring our ability to travel overseas
would be welcome.
9. Where do you dedicate your energies outside
of investing?

I am involved with the value investing program
at Columbia Business School and sit on the board
of a clean water coalition in Cape Cod. Most
important, I have two high-school-age children
whom I love.
10. What about hobbies or interests?

I probably have too many to get very good at
any of them: skiing, running, open-water
swimming, clay shooting, fishing, cycling, sculling,
sailing, playing guitar and harmonica, water
skiing, and golf. I also collect new and used luxury
watches and trompe l'oeil paintings.



Morningstar - Q3 2020

Table of Contents for the Digital Edition of Morningstar - Q3 2020

Contents
Morningstar - Q3 2020 - CT1
Morningstar - Q3 2020 - CT2
Morningstar - Q3 2020 - Cover1
Morningstar - Q3 2020 - Cover2
Morningstar - Q3 2020 - 1
Morningstar - Q3 2020 - 2
Morningstar - Q3 2020 - Contents
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Morningstar - Q3 2020 - Cover3
Morningstar - Q3 2020 - Cover4
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