Artisan U.S. Value Team
- 1:03 What is your reaction to winning the 2011 Morningstar Domestic-Stock Fund Manager of the Year award in the U.S.?
- 1:12 Does a company’s ability to pay dividends factor into your investment process?
- 1:03 Explain how “risk awareness” factors into your investment process.
- 1:59 Why is a focused portfolio important in the large-cap space?
- 1:08 What investment opportunities have you found within the technology space?
For an overview of Artisan’s U.S. Value Team’s Philosophy & Process click here.
For important fund performance and disclosures, see below.
|Morningstar™||Announcing Managers of the Year for 2011||1/4/12|
|The Street||World Class Companies at Cheap Valuations||11/10/11|
|Artisan||A Great Recipe for Large-Cap Equities||4/30/11|
Funds Managed by this Team* Closed to most new investors.
On January 4, 2012, Morningstar named Scott Satterwhite, Jim Kieffer and George Sertl of the Artisan U.S. Value team its Domestic-Stock Fund Manager of the Year for 2011 in the U.S. The team manages the Artisan Value (ARTLX), Mid Cap Value (ARTQX) and Small Cap Value (ARTVX) Funds. Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers’ funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders’. The Fund Manager of the Year award winners are chosen based on Morningstar’s proprietary research and in-depth qualitative evaluation by its fund analysts.
This material represents the views of the manager as of 10-Nov-11. The views and opinions expressed are based on current market conditions, which will fluctuate and those views are subject to change without notice. While the information contained herein is believed to be reliable, there no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.
Clarification for “Does a company’s ability to pay dividends factor into your investment process?”: Although the Artisan Value Fund held no property REITs, it did hold a mortgage REIT as of 30-Sep-11: Annaly Capital Management Inc. Clarification for “Why is a focused portfolio important in the large-cap space?”: The Artisan Value Fund held position sizes in excess of 5% in 6 securities since inception.
For important fund performance and disclosures, see below.
For current to most recent month-end performance, please click here.
Average annual total returns for the fund and benchmark as of 31-Dec-11:
Artisan Value Fund – ARTLX (Inception 27-Mar-06): 5.49% (1YR), 16.75 % (3YR), 0.35% (5YR), 2.42 % (Since Inception). Russell 1000® Value Index: 0.39% (1YR), 11.55% (3YR), -2.64% (5YR), 0.07 % (Since Inception). Russell 1000® Index: 1.50% (1YR), 14.81% (3YR), -0.02% (5YR), 1.68% (Since Inception).
Artisan Mid Cap Value Fund – ARTQX (Inception 28-Mar-01): 6.42% (1YR), 19.23% (3YR), 4.53% (5YR), 10.57% (10YR), 10.47% (Since Inception). Russell Midcap® Value Index: -1.38% (1YR), 18.19% (3YR), 0.04% (5YR), 7.67% (10YR), 7.85% (Since Inception). Russell Midcap® Index: -1.55% (1YR), 20.17% (3YR), 1.41% (5YR), 6.99% (10YR), 7.10% (Since Inception).
Artisan Small Cap Value Fund – ARTVX (Inception 29-Sep-97): -3.17% (1YR), 16.92% (3YR), 2.74% (5YR), 9.43% (10YR), 9.90% (Since Inception). Russell 2000® Value Index: -5.50% (1YR), 12.36% (3YR), -1.87% (5YR), 6.40% (10YR), 6.50% (Since Inception). Russell 2000® Index: -4.18% (1YR), 15.63% (3YR), 0.15% (5YR), 5.62% (10YR), 4.88% (Since Inception).
Expense Ratios are for the fiscal year ended 30-Sep-11.
Artisan Value Fund’s expense ratio is 1.10%.
Artisan Mid Cap Value Fund’s expense ratio is 1.20%.
Artisan Small Cap Value Fund’s expense ratio is 1.20%.
Source: Artisan Partners/Russell.
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, call 800.344.1770 or visit www.artisanfunds.com.
Artisan Value, Mid Cap Value and Small Cap Value Funds: Value securities may underperform other asset types during a given period. Artisan Value Fund: International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Artisan Value and Mid Cap Value Funds: Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Artisan Small Cap Value Fund: Securities of smaller companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. These holdings comprise the following percentages of Artisan Value Fund’s total net assets as of 30-Sep-11: Annaly Capital Management Inc 2.1%; Apple Inc 6.8%; Berkshire Hathaway Inc 5.3%. Securities named in the video, but not listed here were not held in the Fund as of the date of this report.
The Russell 1000® Value Index is an unmanaged, market-weighted index of those large companies included in the Russell 1000® Index, an index of about 1,000 large U.S. companies, with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Index is an index of about 800 medium-sized U.S. companies. The Russell Midcap® Value Index is an index of those companies included in the Russell Midcap® Index with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Index is an index of about 2,000 small U.S. companies. The Russell 2000® Value Index is an index of those small companies included in the Russell 2000® Index with lower price-to-book ratios and lower forecasted growth values. All indices are unmanaged, market-weighted indices whose returns include net reinvested dividends, but, unlike the Fund’s returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. An investment cannot be made directly into an index.
Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners’ presentation thereof.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Artisan Partners. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Margin of Safety is the difference between the market price and the estimated intrinsic value of a business. The concept was developed by Benjamin Graham and is believed to be an important measure of risk and appreciation potential. Artisan’s U.S. value team also incorporates a company’s financial strength and certain business quality measures into its margin of safety estimates. A large margin of safety helps guard against permanent capital loss and improves the probability of capital appreciation; however, a margin of safety does not prevent market loss. All investments contain risk and may lose value.
Price-to-Earnings (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. The earnings yield (which is the inverse of the P/E ratio) is the company’s per-share earnings divided by its current share price. The cost of debt is the effective rate that a company pays on its current debt.
Weighted Average Dividend Yield of the Fund’s portfolio is the average of the current dividend yield of each company in the portfolio, weighted by the size of the company’s position within the portfolio. Dividend yield is an indication of the income generated by a share of stock, calculated by dividing a company’s annual dividends per share by the price per share.
Artisan Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealer subsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Funds, is wholly owned by Artisan Partners Holdings LP.
Morningstar Awards 2011 (c). Morningstar, Inc. All Rights Reserved. Awarded for Domestic-Stock Fund Manager of the Year Nominee, U.S.
© 1999–2011 Artisan Partners Distributors LLC, Member FINRA. All rights reserved. 1/5/12 – A11658L