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Artisan Credit Opportunities Fund

The Artisan Credit Opportunities Strategy is a flexible, credit-intensive investment approach designed to generate attractive risk-adjusted returns. The strategy employs a high-conviction, bottom-up research process to identify opportunities across the corporate capital structure, including bonds, loans, and other securities of leveraged corporate issuers.

 

By capitalising on market dislocations and special situations, it seeks to exploit the illiquidity premium and asymmetric risk profiles inherent in credit investments. Unconstrained by credit ratings and liquidity, the strategy allows for dynamic rotation of exposures to take advantage of opportunities throughout the credit cycle, aiming for idiosyncratic outcomes less correlated with overall market direction.

Fund Information

An investment rating of VERY STRONG has been assigned to the Artisan Credit Opportunities Fund, indicating a very strong conviction that it can deliver a risk-adjusted return in line with its investment objectives by independent research consultant Foresight Analytics and Ratings. 

Investment Team

Bryan C. Krug, CFA

Bryan C. Krug, CFA, is a managing director of Artisan Partners and a portfolio manager on the Credit team. He is the portfolio manager for the Artisan Credit Opportunities Strategy which he has managed since each strategy’s inception.

Prior to joining Artisan Partners, Mr. Krug was the portfolio manager of Ivy High Income Fund at Waddell & Reed from February 2006 to November 2013. Mr. Krug joined Waddell & Reed in 2001 as a high yield investment analyst and was later promoted to portfolio manager. Earlier in his career, he was affiliated with Pacholder Associates as the primary analyst for a distressed portfolio. Mr. Krug holds a bachelor’s degree in finance from Miami University, Richard T. Farmer School of Business.

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Mr. Krug is supported by senior analysts, a data scientist, dedicated fixed income traders and a Chief Operating Officer.

Investment Philosophy and Process

The investment team seeks to generate appealing risk-adjusted returns, investing along the corporate capital structure in bonds, loans and other securities of leveraged corporate issuers. The team’s aim is to take advantage of the illiquidity premium and the asymmetric risk profile in credit investments.

Key features of the Artisan Credit Opportunities Fund

Opportunistic, Unconstrained Mandate

The strategy is not limited by credit rating, geography, or sector, allowing the team to dynamically allocate across the credit spectrum. This flexibility enables the fund to capitalise on dislocations and inefficiencies.

Deep, Bottom-Up Credit Research

Led by Bryan C. Krug, CFA, the team applies a high-conviction, fundamental research process to uncover undervalued or mispriced opportunities across bonds, loans, and other leveraged corporate instruments.

Harnessing Illiquidity and Complexity

The fund actively seeks to exploit the illiquidity premium in less-followed segments of the credit market and invests in complex or bespoke capital structures that may be overlooked by traditional credit investors.

Focus on Idiosyncratic, Asymmetric Returns

The portfolio is built on security-specific selection, aiming for alpha through targeted, asymmetric return profiles. Focus on idiosyncratic ideas seeks outcomes less dependent on broad market direction or beta exposure.

Key Facts

Fund Established

Artisan Credit Opportunities Fund launched December 1 2022

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Manager

Copia Investment Partners

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Underlying Fund Manager

Artisan Partners Limited Partnership

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Underlying Fund

Artisan Credit Opportunities Offshore Fund Ltd (a Cayman Islands exempted company)​​

Distributions

Quarterly

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​Management Fee
1.00% of the net asset value of the Fund (inclusive of GST and net of RITC). This includes fees charged at the Underlying Fund level. 

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Performance Fee
15.375% (including GST net of RITC) of the amount the Fund outperforms its performance hurdle

​Performance Hurdle​

High Watermark

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Performance Periods

30 June, 30 September, 31 December, 31 March

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Minimum Additional InvestmentA$100,000 or A$20,000 respectively, or lesser amount approved by the Trustee

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Fund Domicile
Australia

Redemption Fee

3% of redemption proceeds if a redemption is made before 1 year of initial investment

 

Redemption
Investors must retain at least one hundred thousand dollars (A$100,000) in the Fund after redemption or a lesser amount approved by the Trustee. Redemptions are processed quarterly subject to a 65 day notice period

Performance

28 February 2026

1 Mth

3 Mths

1Yr

3 Yrs

5 Yrs

Since Inception

*

Artisan Credit Opportunities Fund

-1.60%

1.20%

5.00%

11.30%

8.30%

9.10%

Source: Copia/Artisan Partners/BofA. * Inception of the Fund for performance calculation purposes is 20 June 2017. Performance shown represents that of the underlying fund, Artisan Credit Opportunities Offshore Fund Ltd Class A (net of 1% management fee and 15% incentive allocation) for the period since inception through 30 November 2022 and Artisan Credit Opportunities Fund (net of 1% management fee and 15.375% performance fee) for periods thereafter. Returns reflect reinvestment of dividends, interest, and other proceeds from transactions along with the deduction of financing costs and operational and transaction expenses. All performance information is subject to revision and may vary from the official fund books and records. Deduction of early redemption fees (if applicable) are not reflected; if assessed, redemption fees would reduce performance. The Artisan Credit Opportunities Fund returns will vary from that of the underlying fund due to the fee and expense variations and employment of hedging to AUD from USD. Past performance is not a reliable indicator of future performance.

Unit Price

31 December 2025

Application Price

Net Asset Value

Redemption Price

Artisan Credit Opportunities Fund

1.0835

1.0808

1.0781

Distribution

Distribution Frequency

Period ending

Distribution (Cents per unit)

3.0728

31/12/2025

Quarterly

Reinvestment price

Reinvestment Date

Ex-distribution price (red)

Cum-distribution price (red)

1.0750

2/1/26

1.0723

1.1083

For more information, Contact Copia Investment Partners
Round - Mac 1.png

Mac Dinsmore
Distribution Manager

M:   + 61 410 762 135

E:    mdinsmore@copiapartners.com.au​


Copia Investment Partners

Level 25, Governor Macquarie Tower

1 Farrer Place

Sydney 2000

Governance | Complaints | Privacy Policy | Terms & Conditions

DISCLAIMER  |  This information has been prepared by Copia Investment Partners Limited (AFSL 229316 , ABN 22 092 872 056) the issuer, distributor and responsible entity of the Artisan Global Discovery Fund. This website provides information to help investors and their advisers assess the merits of investing in financial products. We strongly advise investors and their advisers to read information memoranda and product disclosure statements carefully and seek advice from qualified professionals where necessary. The information on this document does not constitute personal advice and does not take into account your personal objectives, financial situation or needs. It is therefore important that if you are considering investing in any financial products and services referred to on this document, you determine whether the relevant investment is suitable for your objectives, financial situation or needs. You should also consider seeking independent advice, particularly on taxation, retirement planning and investment risk tolerance from a suitably qualified professional before making an investment decision. Neither Copia Investment Partners Limited, nor any of our associates, guarantee or underwrite the success of any investments, the achievement of investment objectives, the payment of particular rates of return on investments or the repayment of capital. Copia Investment Partners Limited publishes information on the document that is, to the best of its knowledge, current at the time and Copia is not liable for any direct or indirect losses attributable to omissions from the document, information being out of date, inaccurate, incomplete or deficient in any other way. Investors and their advisers should make their own enquiries before making investment decisions. © 2026 Copia Investment Partners Ltd.

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The Artisan Global Discovery Fund invests all or substantially all of its assets in Artisan Global Discovery Fund (Fund), a sub-fund of Artisan Partners Global Funds plc. Artisan Partners Limited Partnership serves as investment manager to the Fund. Artisan Partnership Limited Partnership, its affiliates and Artisan Partners Global Funds plc (together, Artisan Partners) are not affiliated with Copia Investment Partners. Artisan Partners does not take any responsibility for the accuracy or completeness of the contents of these materials, any representations made herein, or the performance of the Artisan Global Discovery Fund offered by Copia Investment Partners. Artisan Partners disclaims any liability for any direct, indirect, consequential or other losses or damages, including loss of profits, incurred by you or by any third party that may arise from any reliance on these materials. Artisan Partners is not responsible for, nor involved in, the marketing, distribution or sales of shares or interests in the Artisan Global Discovery Fund and is not responsible for compliance with any marketing or promotion laws, rules or regulations; and no third party, other than Copia Investment Partners, is authorised to make any statement about any of Artisan Partners’ products or services in connection with any such marketing, distribution or sales. Past performance by any other funds or accounts advised by Artisan Partners, including the Fund into which the Artisan Global Discovery Fund invests, is not indicative of any future performance by the Artisan Global Discovery Fund. © 2026 Artisan Partners. All rights reserved.

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The rating issued April 2025 APIR OPS8304AU is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.

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The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned APIR OPS8304AU November 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines

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​The Genium rating (assigned June 2025) presented in this document is issued by Genium Investment Partners Pty Ltd ABN 13 165 099 785, which is a Corporate Authorised Representative of Genium Advisory Services Pty Ltd ABN 94 304 403 582, AFSL 246580. The Rating is limited to “General Advice” (s766B Corporations Act 2001 (Cth)) and has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without notice. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision in relation to this financial product(s). Genium receives a fee from the Fund Manager for researching and rating the product(s). Visit Geniumip.com.au for information regarding Genium’s Ratings methodology.

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