Mid Cap Fund

Ticker: ARTMX
Inception: 6/27/97
Availability: Closed to most
new investors
Fund Assets: $7.5 Bil.
(All classes as of 31-Mar-13)
   
Manager: Stephens, Hamel, Kamm, White
Expense Ratio: 1.33% / 1.22%
Indirect / Direct
For the fiscal year ended 9/30/12.
Expense Ratio Disclosure
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PROCESS & CURRENT INFORMATION
Process HighlightsIn-depth Philosophy & Process (PDF)
Artisan Mid Cap Fund pursues long-term capital growth by investing primarily in mid cap growth companies benefiting from an accelerating profit cycle with franchise characteristics, that are selling at attractive valuations. The Fund’s performance is typically benchmarked against the Russell Midcap® and Russell Midcap® Growth indices over a full market cycle.

Artisan Mid Cap Fund employs a fundamental investment process to construct a diversified portfolio of U.S. mid-cap growth companies. The investment process focuses on two distinct areas — security selection and capital allocation.
Security Selection - Artisan's Growth investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle. The investment team looks for companies that are well positioned for long-term growth, driven by demand for their products and services, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle.

Capital Allocation - Based on their fundamental analysis of a company's profit cycle, the team divides the portfolio into three parts. GardenSM investments are small positions in the early part of their profit cycle that will warrant a more sizeable allocation once their profit cycle accelerates. CropSM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycle. HarvestSM investments are positions that are being reduced as they near the team's estimate of full valuation or their profit cycle begins to decelerate. The investment team believes that adhering to this process increases the likelihood of delivering upside participation with downside protection.

Broad Knowledge - The team overlays security selection and capital allocation with the capability to invest opportunistically across the entire global equity spectrum. It is the team’s goal to have broad knowledge of the global economy to ensure that it is able to find growth wherever it occurs. This capability extends from the design of the team, which leverages the broad experience of the portfolio managers and the deep expertise of the analysts on the team.



The Fund generally maintains a weighted average market capitalization of not more than 1.5 times the weighted average market capitalization of the companies included in the Russell Midcap® Index.
Current Information

"MONTHLY COMMENTARY: In the U.S., the first quarter GDP growth estimate was behind expectations (2.5%) with government spending and business spending on software and equipment specific areas of cited weakness. China also contributed to global slowdown concerns with decelerating GDP growth and manufacturing activity..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Coming into the quarter there were warnings that payroll tax increases and government spending cuts caused by sequestration could halt economic progress. Markets shrugged off those warnings however, and appeared to instead focus on the positives such as rebounding home prices, improving labor markets and stronger automobile sales..."


Prospectus | Important Fund Risks | Index Definitions
 
PERFORMANCE  as of 3/31/13
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Mid Cap $43.06 –$0.27 -0.62% 2.97% 14.70%
 
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. 

Morningstar Rating™
as of 4/30/2013
Period Rating Funds in Category
3 Yr 642
5 Yr 559
10 Yr 412
Overall Rating 642
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap 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 3/31/13
Period Rank Funds in Category
1 Yr 311 529
3 Yr 21 455
5 Yr 22 384
10 Yr 22 250
Since Inception 6/27/97 1 110
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category.
*Lipper Rankings Inception Date: 6/27/97.
 
Morningstar Rating™
as of 3/15/2012

Medal Silver

View More

 The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Mid Cap 11.40% 5.90% 9.80% 16.15% 9.21% 11.84% 13.99%
Russell Midcap® Index 14.41% 7.08% 19.20% 13.70% 7.24% 11.63% 9.15%
Russell Midcap® Growth Index 13.15% 6.58% 14.42% 13.68% 6.79% 10.96% 7.30%
Lipper Multi-Cap Growth Funds Index 11.07% 5.54% 12.09% 11.20% 4.99% 8.52% 5.19%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/27/97.
3Index performance starts 12/31/95.

Source: Artisan Partners/Russell/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. 
Morningstar Rating™
as of 4/30/2013
Period Rating Funds in Category
3 Yr 642
5 Yr 559
10 Yr 412
Overall Rating 642
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap 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 3/31/13
Period Rank Funds in Category
1 Yr 311 529
3 Yr 21 455
5 Yr 22 384
10 Yr 22 250
Since Inception 6/27/97 1 110
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category.
*Lipper Rankings Inception Date: 6/27/97.
 
Morningstar Rating™
as of 3/15/2012

Medal Silver

View More

 The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Mid Cap 8.71% 8.71% 7.53% 16.28% 10.06% 12.27% 13.89%
Russell Midcap® Index 12.96% 12.96% 17.30% 14.62% 8.37% 12.27% 9.12%
Russell Midcap® Growth Index 11.51% 11.51% 12.76% 14.23% 7.98% 11.53% 7.24%
Lipper Multi-Cap Growth Funds Index 9.77% 9.77% 9.65% 11.54% 6.04% 9.16% 5.14%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/27/97.
3Index performance starts 12/31/95.

Source: Artisan Partners/Russell/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. 
Morningstar Rating™
as of 4/30/2013
Period Rating Funds in Category
3 Yr 642
5 Yr 559
10 Yr 412
Overall Rating 642
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap 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 3/31/13
Period Rank Funds in Category
1 Yr 311 529
3 Yr 21 455
5 Yr 22 384
10 Yr 22 250
Since Inception 6/27/97 1 110
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category.
*Lipper Rankings Inception Date: 6/27/97.
 
Morningstar Rating™
as of 3/15/2012

Medal Silver

View More

 The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described.
PERFORMANCE  as of 3/31/13

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Mid Cap 8.71% 8.71% 7.53% 16.28% 10.06% 12.27% 13.89%
Russell Midcap® Index 12.96% 12.96% 17.30% 14.62% 8.37% 12.27% 9.12%
Russell Midcap® Growth Index 11.51% 11.51% 12.76% 14.23% 7.98% 11.53% 7.24%
Lipper Multi-Cap Growth Funds Index 9.77% 9.77% 9.65% 11.54% 6.04% 9.16% 5.14%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/27/97.
3Index performance starts 12/31/95.

Source: Artisan Partners/Russell/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. 


PERFORMANCE  as of 4/30/13

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Mid Cap 11.40% 5.90% 9.80% 16.15% 9.21% 11.84% 13.99%
Russell Midcap® Index 14.41% 7.08% 19.20% 13.70% 7.24% 11.63% 9.15%
Russell Midcap® Growth Index 13.15% 6.58% 14.42% 13.68% 6.79% 10.96% 7.30%
Lipper Multi-Cap Growth Funds Index 11.07% 5.54% 12.09% 11.20% 4.99% 8.52% 5.19%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/27/97.
3Index performance starts 12/31/95.

Source: Artisan Partners/Russell/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. 


PERFORMANCE  as of 5/24/13

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Mid Cap $43.06 –$0.27 -0.62% 2.97% 14.70%
 
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. 



Morningstar Rating™
as of 4/30/2013
Period Rating Funds in Category
3 Yr 642
5 Yr 559
10 Yr 412
Overall Rating 642
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap 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 3/31/13
Period Rank Funds in Category
1 Yr 311 529
3 Yr 21 455
5 Yr 22 384
10 Yr 22 250
Since Inception 6/27/97 1 110
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category.
*Lipper Rankings Inception Date: 6/27/97.
 
Morningstar Rating™
as of 3/15/2012

Medal Silver

View More

 The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described.
Important Fund Risks | Index Definitions | Morningstar Ratings Disclosure
 
DATA/STATISTICS  as of 3/31/13
Market Cap Distribution1
% of total portfolio equities
$ in billions Fund RMCG2
13.0 + 37.0 30.2
9.0 – 13.0 15.6 25.0
6.0 – 9.0 19.1 20.7
4.0 – 6.0 12.4 13.3
0.0 – 4.0 15.9 10.8
Total 100.0% 100.0%


Top 10 Holdings
% of total portfolio

Regeneron Pharmaceuticals Inc 3.8
IHS Inc 3.4
Discover Financial Services 3.3
Cerner Corp 2.9
Verisk Analytics Inc 2.8
ARM Holdings PLC 2.8
Trimble Navigation Ltd 2.6
Ralph Lauren Corp 2.3
athenahealth Inc 2.3
Cigna Corp 2.3
Total 28.4%
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.
Characteristics
Distribution Information Current | Historical
Median Market Cap3 $8.3 billion
Weighted Avg. Growth Rate
(3-5 yrs)3		 19.6%
Weighted Avg. P/E (FY1)3 22.1X
Weighted Avg. P/E (FY2)3 19.3X
Weighted Avg. LT Debt/Capital3 23.2%
Number of Holdings 70
Portfolio Turnover Rate4 46.21%
Cash (% of total porfolio) 4.6%


Sector Diversification5
% of total portfolio equities
  Fund
Consumer Discretionary
18.1
Consumer Staples
0.9
Energy
6.5
Financials
5.5
Health Care
25.2
Industrials
16.4
Information Technology
27.4
Materials
0.0
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%


1 Source: Artisan Partners/FactSet/Russell
2 Russell Midcap® Growth Index
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/12.
5 Source: Artisan Partners/FactSet(GICS)
Important Fund Risks | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGERS



Andrew C. Stephens

Andrew C. Stephens
Andrew C. Stephens is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is a portfolio manager for the Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in March 1997, Mr. Stephens was co-manager of the Strong Asset Allocation Fund at Strong Capital Management from February 1993 through March 1997. In addition, Mr. Stephens was a senior research analyst for the Strong Common Stock Fund and Strong Opportunity Fund. He began his career at Strong Capital Management in 1986. Mr. Stephens holds a bachelor’s degree in Economics from the University of Wisconsin-Madison.

James D. Hamel

James D. Hamel, CFA
James D. Hamel, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is a portfolio manager for the Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in May 1997, Mr. Hamel was a financial associate, cost analyst and operations manager of Kimberly-Clark Corporation from March 1990 to May 1997. He began his career at Carlson, Posten & Associates. Mr. Hamel holds a bachelor’s degree in Finance from the University of Minnesota-Minneapolis where he was a three-time Academic All-American.

Matthew H. Kamm, CFA

Matthew H. Kamm, CFA
Matthew H. Kamm, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is a portfolio manager for the U.S. Mid-Cap Growth strategy, including Artisan Mid Cap Fund, and an associate portfolio manager for the Global Opportunities and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities and Artisan Small Cap Funds. Prior to joining Artisan Partners in May 2003, Mr. Kamm was an associate equity research analyst at Banc of America Securities. Earlier in his career, he was a senior operations analyst for NYU Medical Center. Mr. Kamm holds a bachelor’s degree in Public Policy from Duke University and a Master of Business Administration, with a specialty in Finance and Operations Management, from New York University.

Jason L. White, CFA

Jason L. White, CFA
Jason L. White, CFA, is an associate portfolio manager on the Growth team. In this role, he is an associate portfolio manager for the Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in June 2000, Mr. White was a Lieutenant in the U.S. Navy, serving aboard the USS LAKE ERIE as the ship’s fire control officer. Mr. White holds a bachelor’s degree in History from the United States Naval Academy, where he graduated with distinction.

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

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 small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Growth securities may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.



Expense Ratio Disclosure

The Fund's direct operating expenses are 1.22% 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.

Important Index Disclosure

An investment can not be made directly into an index.

The Lipper Mid-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest mid-cap growth funds tracked by Lipper. Its returns include net reinvested dividends.

The Lipper Multi-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest multi-cap growth funds tracked by Lipper, including Artisan Mid Cap Fund. Its returns include net reinvested dividends.

The Russell Midcap® Growth Index is an unmanaged, market-weighted index of those companies included in the Russell Midcap® Index, an index of about 800 medium-sized U.S. companies, with higher price-to-book and higher forecasted growth values. 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 Russell Midcap® Index is an unmanaged, market-weighted index of about 800 medium-sized U.S. companies. 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.

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.



Data/Statistics Disclosure

Totals may not sum due to rounding.

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.

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.

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 Median Market Cap provides a measure of the market capitalization value of the companies in a portfolio. Equal numbers of companies in the portfolio have market capitalizations higher and lower than the median.

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.

The Weighted Average LT Debt/Capital is the average long term debt to total capital of each company within the portfolio, weighted by the size of each stock within the portfolio.

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.

 
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