The Artisan Developing World Fund has consistently demonstrated exceptional performance in the dynamic landscape of global investments, particularly within emerging markets. For the quarter ending June 30, 2025, the Investor Class of the fund reported a remarkable return of 14.40%, significantly exceeding the 11.99% gain of its benchmark, the MSCI Emerging Markets Index. This solid quarterly performance further underscores the fund's robust strategy and adept management in identifying high-growth opportunities.

Building on its quarterly success, the fund's long-term trajectory is even more impressive. Over the past decade, specifically since June 30, 2015, the Artisan Developing World Fund has generated a staggering cumulative return of 192.04%. This far outstrips the 60.03% cumulative return of the MSCI Emerging Markets Index over the same period, showcasing the fund's ability to create substantial wealth for its investors. The strong contributors to this quarter's positive results were notable names in various sectors, including MercadoLibre, a prominent e-commerce and fintech leader; CrowdStrike, a cutting-edge cybersecurity firm; Nu Holdings, an innovative digital banking platform; Sea, a diversified technology conglomerate; and ARM Holdings, a dominant force in semiconductor design. Conversely, some holdings experienced headwinds during the quarter, with Meituan, PDD Holdings, KE Holdings, LVMH, and Kanzhun identified as the primary detractors from performance.

The sustained outperformance of the Artisan Developing World Fund highlights the importance of strategic foresight and adaptive investment practices in an ever-evolving global economy. By carefully selecting companies with strong growth potential and resilient business models, the fund not only navigates market complexities but also capitalizes on emerging trends. This commitment to rigorous analysis and strategic positioning empowers investors to participate in the growth of developing economies, fostering financial prosperity and contributing to the broader economic development of these regions.

The United States housing market in 2025 is characterized by a persistent disconnect between available homes and buyer demand, fueling affordability concerns and market unpredictability. This situation stems from several key factors, including homeowners' reluctance to sell their properties due to advantageous existing mortgage rates, a phenomenon often termed the 'lock-in effect.' For prospective homebuyers, this environment presents notable hurdles. However, various approaches can help mitigate these challenges, such as considering all-cash transactions, exploring adjustable-rate mortgages, or focusing on newly constructed properties where developers might offer financial incentives. Understanding these dynamics and strategic options is crucial for successfully navigating the current real estate landscape.

The prevailing sentiment among many existing homeowners is a disinclination to list their properties. This hesitation is largely attributed to the significantly lower interest rates secured on their current mortgages compared to prevailing rates. Data indicates that a substantial majority of mortgaged homeowners enjoy rates below 6%. Relinquishing such favorable terms to acquire a new home, which would likely entail a mortgage rate closer to 7%, is an unattractive prospect. This reluctance on the part of sellers contributes directly to the constrained inventory, making it difficult for buyers to find suitable homes and intensifying market competition.

For those intent on entering the housing market amidst these conditions, several strategic considerations emerge. One effective tactic involves presenting all-cash offers, which are considerably more appealing to sellers and bypass the burden of elevated mortgage rates. Alternatively, buyers might examine adjustable-rate mortgages (ARMs), which typically commence with lower interest rates than their fixed-rate counterparts. While these options offer potential entry points, they require careful financial planning and a thorough understanding of associated risks.

Furthermore, the underlying issue of critically low housing supply continues to exert upward pressure on prices. Despite minor increases, the number of available homes remains significantly below historical norms, a consequence of prolonged underbuilding over the past decade, further compounded by the aforementioned lock-in effect. This enduring scarcity means that competition for available properties will likely remain intense.

A promising avenue for potential buyers lies within the market for newly constructed homes. Builders, facing their own rising costs, particularly on short-term commercial loans, are increasingly offering financial inducements to purchasers. These incentives can range from mortgage rate buy-downs to covering homeowners' association fees for an initial period. Such strategies benefit both parties: buyers gain access to more affordable financing, and developers enhance their cash flow, enabling them to offset higher borrowing costs. This segment of the market may offer more flexibility and opportunity compared to the resale market.

The US housing market in 2025 remains defined by an enduring imbalance between supply and demand, exacerbated by favorable historical mortgage rates that keep existing homeowners in place. This environment has led to substantial affordability pressures, compelling many potential buyers to postpone their housing aspirations. Until the construction of new homes significantly increases and interest rates experience a notable moderation, the current market dynamics, characterized by high prices and limited accessibility, are likely to persist. However, by exploring alternative financing like all-cash offers or adjustable-rate mortgages, and by actively seeking out opportunities in the new construction sector, prospective homeowners can better navigate these challenging conditions and potentially achieve their homeownership goals.