International Value Fund

Ticker: ARTKX     Availability: Closed to most new investors
CUSIP: 04314H881   Expense Ratio: 1.23% (for the 12 months ended 9/30/07)
Inception: 9/23/02  
Custom View: Performance
  Data/Statistics
  Fund Managers
Font Size:
PROCESS & CURRENT INFORMATION
Process Highlights
Artisan International Value Fund uses a bottom-up investment process focused on identifying what the investment team believes are high quality, undervalued businesses that offer the potential for superior risk/reward outcomes.

The team's research process focuses on four key investment characteristics:
Undervaluation - Determining the intrinsic value of the business is the heart of the team's research process. As long-term investors, it is the team's core belief that investing at a significant discount to fair value is the most crucial determinant of stock market return over the long-term.

Business Quality - The team seeks to invest in companies with a history of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. This criteria helps rule out businesses that are statistically cheap, but whose values are deteriorating over time.

Financial Strength - The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.

Shareholder-Oriented Management - The team's research process attempts to identify management teams with a history of building value for shareholders.

The Fund typically holds between 40-60 stocks, diversified across most major sectors and typically at least 5 countries. The maximum exposure to a single country is 35% of the Fund's net assets at market value at the time of purchase. The team invests primarily in developed markets, but also may invest up to 20% of the Fund's net assets at market value at the time of purchase in emerging markets.
Current Information

"Q&A with David Samra (February 1, 2008): We buy shares in companies where there is a significant discount between the price that we are paying and our estimate of the intrinsic value of the business..."

"MONTHLY COMMENTARY: Share prices of banks, brokerage firms, energy and metals and mining stocks bounced significantly. Given that we have little exposure to these areas, the Fund showed modest positive absolute returns during the month..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: We have just gone through a period of declining share prices. In our analysis, discounts to long-term estimates of intrinsic value have widened and valuations have become more attractive, implying significant revaluation potential even considering the potential headwinds. So, while the timing and strength of headwinds are debated, our efforts..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 3/31/08
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Value $25.00 –$0.17 -0.68% 1.50% –2.04%
Historical NAVs
  
1Net Asset Value (NAV)
2Fund performance is not annualized.

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. 
Morningstar Rating™
as of 4/30/08
Period Rating Funds in Category
3 Yr 74
5 Yr 72
10 Yr n/a n/a
Overall Rating 74
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 Value 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 3/31/08
Period Rank Funds in Category
1 Yr #340 379
3 Yr #205 264
5 Yr #12 198
10 Yr n/a n/a
Since Inception 9/23/02 #8 183
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi Cap Core Category.
*Lipper ranking inception date: 9/23/02.
Morningstar data© 2008, 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 Value –3.49% 1.27% –8.61% 13.30% 22.16% n/a 22.50%
MSCI EAFE® Index –3.96% 5.81% –1.78% 16.25% 20.42% n/a 19.60%
MSCI EAFE® Value Index –4.29% 5.49% –6.05% 15.45% 21.76% n/a 20.86%
Lipper International Multi-Cap Core Funds Index –4.30% 4.19% 0.05% 16.28% 20.25% n/a 18.98%
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/23/02.
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. 
Morningstar Rating™
as of 4/30/08
Period Rating Funds in Category
3 Yr 74
5 Yr 72
10 Yr n/a n/a
Overall Rating 74
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 Value 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 3/31/08
Period Rank Funds in Category
1 Yr #340 379
3 Yr #205 264
5 Yr #12 198
10 Yr n/a n/a
Since Inception 9/23/02 #8 183
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi Cap Core Category.
*Lipper ranking inception date: 9/23/02.
Morningstar data© 2008, 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 Value –5.29% –5.29% –7.96% 11.22% 24.53% n/a 22.45%
MSCI EAFE® Index –8.91% –8.91% –2.70% 13.32% 21.40% n/a 18.78%
MSCI EAFE® Value Index –9.66% –9.66% –7.25% 12.20% 22.88% n/a 19.95%
Lipper International Multi-Cap Core Funds Index –9.34% –9.34% –1.44% 13.11% 21.15% n/a 18.12%
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/23/02.
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. 
Morningstar Rating™
as of 4/30/08
Period Rating Funds in Category
3 Yr 74
5 Yr 72
10 Yr n/a n/a
Overall Rating 74
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 Value 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 3/31/08
Period Rank Funds in Category
1 Yr #340 379
3 Yr #205 264
5 Yr #12 198
10 Yr n/a n/a
Since Inception 9/23/02 #8 183
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi Cap Core Category.
*Lipper ranking inception date: 9/23/02.
Morningstar data© 2008, 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 3/31/08

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Value –5.29% –5.29% –7.96% 11.22% 24.53% n/a 22.45%
MSCI EAFE® Index –8.91% –8.91% –2.70% 13.32% 21.40% n/a 18.78%
MSCI EAFE® Value Index –9.66% –9.66% –7.25% 12.20% 22.88% n/a 19.95%
Lipper International Multi-Cap Core Funds Index –9.34% –9.34% –1.44% 13.11% 21.15% n/a 18.12%
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/23/02.
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. 


PERFORMANCE  as of 4/30/08

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Value –3.49% 1.27% –8.61% 13.30% 22.16% n/a 22.50%
MSCI EAFE® Index –3.96% 5.81% –1.78% 16.25% 20.42% n/a 19.60%
MSCI EAFE® Value Index –4.29% 5.49% –6.05% 15.45% 21.76% n/a 20.86%
Lipper International Multi-Cap Core Funds Index –4.30% 4.19% 0.05% 16.28% 20.25% n/a 18.98%
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/23/02.
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. 


PERFORMANCE  as of 5/9/08

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Value $25.00 –$0.17 -0.68% 1.50% –2.04%
Historical NAVs
  
1Net Asset Value (NAV)
2Fund performance is not annualized.

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. 


Morningstar Rating™
as of 4/30/08
Period Rating Funds in Category
3 Yr 74
5 Yr 72
10 Yr n/a n/a
Overall Rating 74
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 Value 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 3/31/08
Period Rank Funds in Category
1 Yr #340 379
3 Yr #205 264
5 Yr #12 198
10 Yr n/a n/a
Since Inception 9/23/02 #8 183
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi Cap Core Category.
*Lipper ranking inception date: 9/23/02.
Morningstar data© 2008, 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 3/31/08

Region/Country Allocation1
% of total portfolio equities
Americas 10.1
United States 7.9
Canada 2.2
   
Europe 60.6
United Kingdom 23.7
Switzerland 16.5
France 8.8
Germany 5.2
Netherlands 4.7
Italy 1.7
   
Emerging Markets 11.7
South Korea 6.2
Mexico 4.4
Bermuda 1.1
   
Pacific Basin 17.6
Japan 15.7
Hong Kong 1.9
   
Sector Diversification2
% of total portfolio equities
  Fund EAFE3
Consumer Discretionary
24.4
10.7
Consumer Staples
15.2
8.9
Energy
0.0
7.7
Financials
17.2
26.4
Healthcare
11.4
6.5
Industrials
16.3
12.2
Information Technology
11.5
5.2
Materials
2.3
10.6
Telecommunication Services
1.7
5.8
Utilities
0.0
6.0
Total 100.0% 100.0%


Characteristics
Distribution Information Select Year
Weighted Avg. Market Cap 4 $21.1 billion
Median Market Cap 4 $4.7 billion
Median Price/Book Value4 2.2X
Weighted Avg. P/E (FY1)4 12.8X
Weighted Avg. P/E (FY2)4 11.8X
Number of Holdings 44
Portfolio Turnover Rate5 45.60%
Cash (% of total porfolio) 3.7%
Total Net Assets (all share classes) $1.5 billion