International Small Cap Fund

Ticker: ARTJX     Manager: Yockey
Inception: 12/21/01   Expense Ratio: 1.50% (Based on the fiscal year ended 9/30/09)
Availability: Closed to most new investors  
Custom View: Performance
  Data/Statistics
  Fund Manager
Font Size:
PROCESS & CURRENT INFORMATION
Process Highlights
Artisan International Small Cap Fund employs a fundamental stock selection process focused on identifying long-term growth opportunities among small non-U.S. companies. The Fund defines a "small" company as one with a market capitalization less than $4 billion at the time of investment. The investment team's thematic approach identifies catalysts for change and develops investment themes with the objective of capitalizing on them globally.
Themes - Changing demographics, developing technology, privatization of economic resources, outsourcing, and infrastructure are among the long-term catalysts for change that currently form the basis for the team's investment themes. The team incorporates these catalysts along with sector and regional fundamentals into a long-term global framework for investment analysis and decision-making.

Sustainable Growth - The team applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. The team seeks high quality companies that are well managed, have a dominant or improving market position and competitive advantages compared to industry and regional peers.

Valuation - The team assesses the relationship between its estimate of a company's sustainable growth prospects and its stock price. The team uses multiple valuation metrics to establish price targets.

The team invests primarily in developed markets, but also may invest up to 25% of the Fund's net assets at market value at the time of purchase in emerging and less developed markets.
Current Information

"MONTHLY COMMENTARY: We continue to invest in companies with exposure to secular growth themes and strong competitive positions that are trading at reasonable valuations. We believe our investment discipline and emphasis on high quality sustainable growth characteristics will be rewarded over the long term..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Given the rally in equity markets in 2009, we expect returns to be more muted in 2010 as countries and economies continue to work through the lasting effects of the global financial crisis. We believe that our emphasis on high quality sustainable growth companies with balance sheets that are operationally geared to..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 12/31/09
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Small Cap $17.14 $0.10 0.59% 4.32% –1.49%
Historical NAVs
  
1Net Asset Value (NAV)
2Returns for periods less than one year are not annualized.
Source: Artisan Partners

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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing. 

Morningstar Rating™
as of 2/28/10
Period Rating Funds in Category
3 Yr 105
5 Yr 80
10 Yr n/a n/a
Overall Rating 105
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid Growth Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #15 92
3 Yr #2 79
5 Yr #5 62
10 Yr n/a n/a
Since Inception 12/21/01 #8 42
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Small/Mid-Cap Growth Category.
*Lipper ranking inception date: 12/21/01.
Morningstar data© 2009, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Small Cap –5.57% –1.93% 74.51% –3.75% 7.67% n/a 14.84%
MSCI EAFE® Small Cap Index –2.36% –1.63% 68.74% –9.46% 1.80% n/a 10.74%
MSCI EAFE® Index –5.06% –3.69% 54.58% –8.11% 1.98% n/a 6.08%
Lipper International Small/Mid-Cap Growth Funds Index –2.76% –0.76% 73.47% –6.34% 5.22% n/a 10.22%
1Returns for periods less than one year are not annualized. 2Fund Inception 12/21/01.
Source: Artisan Partners/MSCI/Lipper
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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing. 
Morningstar Rating™
as of 2/28/10
Period Rating Funds in Category
3 Yr 105
5 Yr 80
10 Yr n/a n/a
Overall Rating 105
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid Growth Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #15 92
3 Yr #2 79
5 Yr #5 62
10 Yr n/a n/a
Since Inception 12/21/01 #8 42
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Small/Mid-Cap Growth Category.
*Lipper ranking inception date: 12/21/01.
Morningstar data© 2009, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Small Cap 58.13% 5.17% 58.13% –1.21% 10.05% n/a 15.99%
MSCI EAFE® Small Cap Index 46.78% –1.03% 46.78% –7.59% 3.51% n/a 11.30%
MSCI EAFE® Index 31.78% 2.18% 31.78% –6.04% 3.54% n/a 6.89%
Lipper International Small/Mid-Cap Growth Funds Index 54.44% 3.73% 54.44% –4.79% 7.01% n/a 10.82%
1Returns for periods less than one year are not annualized. 2Fund Inception 12/21/01.
Source: Artisan Partners/MSCI/Lipper
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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing. 
Morningstar Rating™
as of 2/28/10
Period Rating Funds in Category
3 Yr 105
5 Yr 80
10 Yr n/a n/a
Overall Rating 105
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid Growth Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #15 92
3 Yr #2 79
5 Yr #5 62
10 Yr n/a n/a
Since Inception 12/21/01 #8 42
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Small/Mid-Cap Growth Category.
*Lipper ranking inception date: 12/21/01.
Morningstar data© 2009, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
PERFORMANCE  as of 12/31/09

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Small Cap 58.13% 5.17% 58.13% –1.21% 10.05% n/a 15.99%
MSCI EAFE® Small Cap Index 46.78% –1.03% 46.78% –7.59% 3.51% n/a 11.30%
MSCI EAFE® Index 31.78% 2.18% 31.78% –6.04% 3.54% n/a 6.89%
Lipper International Small/Mid-Cap Growth Funds Index 54.44% 3.73% 54.44% –4.79% 7.01% n/a 10.82%
1Returns for periods less than one year are not annualized. 2Fund Inception 12/21/01.
Source: Artisan Partners/MSCI/Lipper
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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing. 


PERFORMANCE  as of 2/28/10

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Small Cap –5.57% –1.93% 74.51% –3.75% 7.67% n/a 14.84%
MSCI EAFE® Small Cap Index –2.36% –1.63% 68.74% –9.46% 1.80% n/a 10.74%
MSCI EAFE® Index –5.06% –3.69% 54.58% –8.11% 1.98% n/a 6.08%
Lipper International Small/Mid-Cap Growth Funds Index –2.76% –0.76% 73.47% –6.34% 5.22% n/a 10.22%
1Returns for periods less than one year are not annualized. 2Fund Inception 12/21/01.
Source: Artisan Partners/MSCI/Lipper
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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing. 


PERFORMANCE  as of 3/12/10

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Small Cap $17.14 $0.10 0.59% 4.32% –1.49%
Historical NAVs
  
1Net Asset Value (NAV)
2Returns for periods less than one year are not annualized.
Source: Artisan Partners

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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing. 



Morningstar Rating™
as of 2/28/10
Period Rating Funds in Category
3 Yr 105
5 Yr 80
10 Yr n/a n/a
Overall Rating 105
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid Growth Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #15 92
3 Yr #2 79
5 Yr #5 62
10 Yr n/a n/a
Since Inception 12/21/01 #8 42
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Small/Mid-Cap Growth Category.
*Lipper ranking inception date: 12/21/01.
Morningstar data© 2009, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
Prospectus | Important Fund Risk Disclosure | Index Definitions
 
DATA/STATISTICS  as of 12/31/09

Region/Country Allocation1
% of total portfolio equities
Emerging Markets 26.4
China 13.7
Turkey 5.4
Egypt 5.0
Thailand 1.2
India 0.6
Malaysia 0.5
   
Americas 1.9
Canada 1.9
   
Europe 58.8
United Kingdom 17.8
Germany 15.6
Switzerland 10.7
Italy 7.3
Austria 4.3
France 3.1
   
Pacific Basin 12.9
Hong Kong 7.1
Singapore 3.1
Australia 2.7
   
Sector Diversification2
% of total portfolio equities
  Fund
Consumer Discretionary
25.1
Consumer Staples
19.7
Energy
0.0
Financials
15.3
Health Care
9.0
Industrials
14.4
Information Technology
12.2
Materials
3.0
Telecommunication Services
0.0
Utilities
1.3
Total 100.0%


Characteristics
Distribution Information Select Year
Weighted Avg. Market Cap3 $2.4 billion
Weighted Avg. Growth Rate (3-5 YR)3 14.6%
Weighted Avg. P/E (FY1)3 17.0X
Weighted Avg. P/E (FY2)3 15.1X
Number of Holdings 58
Portfolio Turnover Rate4 58.42%
Cash (% of total porfolio) 3.0%
Total Net Assets $759 million


Top 10 Holdings
% of total portfolio
Wirecard AG (Germany) 7.4
Coca-Cola Icecek AS (Turkey) 5.2
Bank Sarasin & Cie AG (Switzerland) 3.8
Industrial & Commercial Bank of China Asia Ltd (Hong Kong) 3.6
Davide Campari-Milano SpA (Italy) 3.4
Commercial International Bank (Egypt) 3.2
Schindler Holding AG (Switzerland) 2.9
Premier Foods PLC (United Kingdom) 2.9
Praktiker Bau- und Heimwerkermaerkte AG (Germany) 2.8
SSL International PLC (United Kingdom) 2.5
Total 37.7%
Holdings: Current | Historical
For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund.




1 Source: Artisan Partners/FactSet(MSCI)
2 Source: Artisan Partners/FactSet(GICS)
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/09.
Prospectus | Important Fund Risk Disclosure | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGER



Mark L. Yockey

Mark L. Yockey, CFA
Mark L. Yockey, CFA is a Managing Director of Artisan and the portfolio manager for Artisan International Fund, Artisan International Small Cap Fund and the firm's international growth and international small-cap growth separate account portfolios. Prior to joining Artisan in December 1995, Mr. Yockey was the portfolio manager of the United International Growth Fund and vice president of Waddell & Reed from January 1990 through December 1995.

Before assuming responsibility for the United International Growth Fund, Mr. Yockey was an analyst for Waddell & Reed from 1986 through 1989, specializing in the worldwide healthcare industry and international special situations. Prior to joining Waddell & Reed, he was a healthcare analyst for the State of Michigan Retirement Fund for five years.

Mr. Yockey holds a BA and an MBA in Finance from Michigan State University. He completed one year of undergraduate work at the Université d'Aix-en-Provence in France. He also worked for the French bank, La Société Générale. He is fluent in French.

Prospectus | Important Fund Risk Disclosure
This material is not an offer of any mutual funds mentioned other than Artisan Funds.
Important Fund Risk Disclosure

International securities 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. Growth securities may underperform other asset types during a given period.



Important Index Disclosure

The MSCI EAFE® Index is an unmanaged, market-weighted index of companies in developed markets, excluding the U.S. and Canada. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index.

The MSCI EAFE® Small Cap Index is an unmanaged, market-weighted index of small companies in developed markets, excluding the U.S. and Canada. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index.

The Lipper International Small/Mid-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 10 of the largest international small/mid-cap growth funds tracked by Lipper, including Artisan International Small Cap Fund. Its returns include net reinvested dividends.

An investment can not 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 to create any financial instruments or products or any indices. 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.



Data/Statistics Disclosure

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 Limited Partnership. 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.

Market Capitalization is calculated by FactSet using the price as of the most recent month-end multiplied by the number of shares outstanding as shown in the financial statements of the issuer.

The Weighted Average Market Cap is the average of the market capitalizations of the companies in the portfolio weighted by the size of each company's position within the portfolio. Market capitalization is the aggregate value of all of a company's outstanding equity securities.

The Weighted Average Growth Rate (the annual rate at which a company's earnings is expected to grow) is the average of the 3-5 year forecasted growth rates of each company in the portfolio, weighted by the size of the company's position in the portfolio.

The Weighted Harmonic Average P/E (a measure of how expensive a stock is) is the harmonic average, which measures the price/earnings ratio of the Fund’s entire portfolio, excluding negative earners, weighted by the size of the company’s position within the portfolio. The earnings figures used for FY1 and FY2 are estimates for the current unreported fiscal year and for the next unreported fiscal year, respectively.

In general, the Turnover Ratio is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year, by the monthly average of the value of portfolio securities owned by the Fund during the fiscal year.

Portfolio characteristics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Characteristics are calculated using information obtained from various data sources. Artisan Partners excludes outliers when calculating portfolio characteristics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio characteristics.

 
Custom View allows users to create their own viewable fact sheet by adding or subtracting sections from this profile page. The check boxes allow users to customize the page.
Font Size
This tool allows users to increase or decrease the size of the text.