Managers Daniel O'Keefe and David Samra also run Artisan's $2.8 billion International Value Investor fund, a standout since its 2002 launch. They use the same approach with the three-year-old Global Value, looking for companies that trade at a discount to their intrinsic value but nevertheless have strong businesses, balance sheets, and management. The key difference is the inclusion of U.S. companies. During the worst days of the recession their approach led them to Signet Jewelers, the world's largest jewelry retailer (its brands include Kay and Jared), which remained profitable during the recession while competitor Zale shuttered scores of stores. More recently the managers added MasterCard to the portfolio. O'Keefe says he was attracted to the company's 50% margins and its long-term growth potential as people around the world increasingly use plastic rather than cash. They loaded up at a discount this summer when the market feared (incorrectly, it turned out) that Congress would regulate away the profits along with so-called debit interchange fees charged by banks.
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