Artisan Growth Team - Capital Allocation Process
This video represents the views of the portfolio manager as of 10-Nov-11. The portfolio manager’s views and portfolio holdings are subject to change and the Funds disclaim any obligation to advise investors of such changes. Artisan Partners is not responsible for and cannot guarantee the accuracy or completeness of any statement in the discussion.
CLARIFICATION: GardenSM investments are typically smaller position sizes within the portfolio. These positions still carry the same equity risks as CropSM and HarvestSM stocks. However, because sizes tend to be smaller in GardenSM positions, they generally impact the portfolio, on both the up and down side, to a lesser degree than the larger positions.
For important fund performance and disclosures, see below.
Average annual total returns for the fund and benchmark as of 9/30/11:
Artisan Growth Opportunities Fund – ARTRX (Inception 22-Sep-08): 0.14% (1YR), 5.70% (3YR), 3.22% (Since Inception). MSCI All Country World IndexSM
: -6.01% (1YR), 0.59% (3YR), -1.65% (Since Inception).
Artisan Mid Cap Fund – ARTMX (Inception 27-Jun-97): 5.38% (1YR), 5.76% (5YR), 7.90% (10YR), 12.92% (Since Inception). Russell Midcap®
Growth Index: 0.80% (1YR), 1.64% (5YR), 6.70% (10YR), 5.32% (Since Inception). Russell Midcap®
Index: -0.88% (1YR), 0.56% (5YR), 7.45% (10YR), 7.09% (Since Inception). The fund is closed to most new investors.
Artisan Small Cap Fund – ARTSX (Inception 28-Mar-95): 11.18% (1YR), 0.75% (5YR), 5.80% (10YR), 6.69% (Since Inception). Russell 2000®
Growth Index: -1.12% (1YR), 0.96% (5YR), 5.45% (10YR), 4.71% (Since Inception). Russell 2000®
Index: -3.53% (1YR), -1.02% (5YR), 6.12% (10YR), 7.06% (Since Inception).
Expense Ratio (for the fiscal year ended 9/30/10): Artisan Growth Opportunities Fund’s gross expense ratio is 1.54%. The Fund’s net expense ratio is 1.50%. From the Fund’s inception until 1-Dec-09, Artisan Partners voluntarily limited the Fund’s expenses, which could have been terminated at any time. As of 1-Dec-09, Artisan Partners has been contractually agreeing on an annual basis to reimburse the Fund for any ordinary operating expenses in excess of 1.50% of its average daily net assets. The current contract continues through 1-Feb-12, at which time Artisan Partners will determine whether to renew, revise or discontinue it.
Artisan Mid Cap Fund’s expense ratio is 1.29%. The Fund’s direct operating expenses are 1.23% which is reflected in the Fund’s "Financial Highlights" in the statutory prospectus and financial statements. The expense ratio noted above includes "Acquired Fund Fees and Expenses," which are indirect expenses the Fund may incur from investing in an investment company (acquired fund); such indirect expenses are not paid from the Fund’s assets but are reflected in the return realized by the Fund on its investment in the acquired funds.
Artisan Small Cap Fund’s expense ratio is 1.66%. The Fund’s direct operating expenses are 1.31%, which is reflected in the Fund’s “Financial Highlights” in the statutory prospectus and financial statements. The expense ratio noted above includes “Acquired Fund Fees and Expenses,” which are indirect expenses the Fund may incur from investing in an investment company (acquired fund); such indirect expenses are not paid from the Fund’s assets but are reflected in the return realized by the Fund on its investment in the acquired funds.
Source: Artisan Partners/Russell/MSCI. 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. The performance information shown for Artisan Growth Opportunities Fund does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ agreement to limit the Fund’s expenses and has had a material impact on the Fund’s performance, which would have been lower in its absence. 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.
Investors should consider carefully before investing the Fund’s investment objective, risks and charges and expenses. For a prospectus or summary prospectus, which contains that information and other information about the Fund, please call us at 800.344.1770. Please read the prospectus or summary prospectus carefully before you invest or send money.
Artisan Growth Opportunities, Mid Cap and Small Cap Funds: Growth securities may underperform other asset types during a given period. Artisan Growth Opportunities and Mid Cap Funds: 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. 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 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.
MSCI All Country World IndexSM
is an index designed to measure equity market performance in the global developed and emerging markets. The Russell Midcap®
Index is an index of about 800 medium-sized U.S. companies. The Russell Midcap®
Growth Index is an index of those medium-sized companies included in the Russell Midcap®
Index with higher price-to-book ratios and higher forecasted growth values. The Russell 2000®
Index is an index of about 2,000 small U.S. companies and the Russell 2000®
Growth Index is an index of those small companies included in the Russell 2000®
Index with higher price-to-book ratios and higher 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.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com)
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.
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.
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