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Daniel J. O'Keefe

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  • Daniel J. O'Keefe
  • Portfolio Manager
  • Global Value and Select Equity Strategies
  • {yearexp}Years Investment
    Experience

Daniel J. O'Keefe is a managing director of Artisan Partners and founding partner of the Artisan Partners Global Value Team. He is lead portfolio manager of the Artisan Global Value and Artisan Select Equity Strategies, both of which he has managed since inception. Mr. O'Keefe also was co-portfolio manager for the Non-U.S. Value strategy from October 2006 through September 2018. Prior to becoming portfolio manager in 2006, Mr. O'Keefe was a research analyst for the Artisan Non-U.S. Value strategy.

During this time, the team was nominated six times for fund management (in 2008, consecutively from 2011-2014, and again in 2016) for Morningstar, Inc.'s International-Stock Fund Manager of the Year award in the US and won the award in 2008 (Non-U.S Value) and in 2013 (Global Value and Non-U.S. Value).

Prior to joining Artisan Partners in May 2002, Mr. O'Keefe was an analyst in international equities at Harris Associates LP from July 1997 through May 2002. Preceding his days at Harris Associates, he was an associate in mergers and acquisitions at BancAmerica Securities, and was an analyst with Morningstar, Inc.

Mr. O'Keefe holds a bachelor's degree in philosophy from Northwestern University.

    Publish
     
      • Disciplined Value Investing in Volatile Times

        20 March 2020   |  

        In my nearly 30-year investing career, I have been through a number of stock market routs. This one ranks up there as one of the worst—if not for its depth (which remains as yet undetermined), then certainly for its intensity. The market has sold off faster than ever in history, and I have never seen more days of double-digits or nearly double-digits declines in such a short time period. This makes sense, as it’s probably the fastest drop-off in economic activity we’ve ever seen—one day, everyone’s at work; the next, everyone’s at home and all the restaurants are closed. The panic and fear are extreme, with emotion filling the void where information and analysis normally exist. Yet in every instance during my career, periods of fear and panic have presented incredible bargains; I believe this one is no different. I have learned that when it feels really bad, it’s usually the best time to allocate capital. It is painful and ugly right now, but our goal is buying the long-term survivors and compounders to position the portfolio for strong multi-year gains later. 

      • The Impact of Negative Rates and Passive Investing

        12 September 2019   |  

        Global Value team portfolio manager Dan O’Keefe discusses the impact of passive investing on price discovery. 

      • Not All PEs Are Created Equal

        31 May 2019   |  

        Value investing is out of favor. That may be a gross understatement. Growth has outperformed value in 8 of the past 10 years—2011 was a dead heat, and value bested growth in 2016 only to trail by a relative 14% over the next 2 years. According to some measures, growth stocks trade at a nearly 50% premium to their value counterparts. That should be cause for some optimism from the value crowd as such extreme disparities tend to sow the seeds of their own undoing. That said, we saw growth premiums stretch as high as 100% during the dot-com era.

        We must admit we don’t spend much time worrying about this. We focus on the economics, not the machinations of the market per se or which way the winds of popularity blow. Economics endure and ultimately prevail.

        So in this market of massive growth premiums, what is for sale in the value bin?