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.
| Period |
Rating |
Funds in Category |
| 3 Yr |
|
659 |
| 5 Yr |
|
596 |
| 10 Yr |
|
411 |
| Overall Rating |
|
659 |
| 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. |
| Period |
Rank |
Funds in Category |
| 1 Yr |
#203 |
510 |
| 3 Yr |
#35 |
427 |
| 5 Yr |
#15 |
347 |
| 10 Yr |
#25 |
236 |
| Since Inception 6/27/97 |
#1 |
111 |
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 data© 2012, 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.
| Period |
Rating |
Funds in Category |
| 3 Yr |
|
659 |
| 5 Yr |
|
596 |
| 10 Yr |
|
411 |
| Overall Rating |
|
659 |
| 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. |
| Period |
Rank |
Funds in Category |
| 1 Yr |
#203 |
510 |
| 3 Yr |
#35 |
427 |
| 5 Yr |
#15 |
347 |
| 10 Yr |
#25 |
236 |
| Since Inception 6/27/97 |
#1 |
111 |
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 data© 2012, 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.
| Period |
Rating |
Funds in Category |
| 3 Yr |
|
659 |
| 5 Yr |
|
596 |
| 10 Yr |
|
411 |
| Overall Rating |
|
659 |
| 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. |
| Period |
Rank |
Funds in Category |
| 1 Yr |
#203 |
510 |
| 3 Yr |
#35 |
427 |
| 5 Yr |
#15 |
347 |
| 10 Yr |
#25 |
236 |
| Since Inception 6/27/97 |
#1 |
111 |
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 data© 2012, 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 12/31/11
PERFORMANCE as of 1/31/12
PERFORMANCE as of 2/3/12
| Period |
Rating |
Funds in Category |
| 3 Yr |
|
659 |
| 5 Yr |
|
596 |
| 10 Yr |
|
411 |
| Overall Rating |
|
659 |
| 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. |
| Period |
Rank |
Funds in Category |
| 1 Yr |
#203 |
510 |
| 3 Yr |
#35 |
427 |
| 5 Yr |
#15 |
347 |
| 10 Yr |
#25 |
236 |
| Since Inception 6/27/97 |
#1 |
111 |
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 data© 2012, 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.
| $ in billions |
Fund |
RMCG2 |
|
12.0 +
|
32.1
|
20.3
|
|
9.0 – 12.0
|
12.8
|
21.2
|
|
6.0 – 9.0
|
13.7
|
22.7
|
|
4.0 – 6.0
|
19.0
|
18.2
|
|
0.0 – 4.0
|
22.4
|
17.6
|
| Total |
100.0% |
100.0% |
| Regeneron Pharmaceuticals Inc |
4.2 |
| IHS Inc |
3.0 |
| Agilent Technologies Inc |
2.9 |
| Coach Inc |
2.7 |
| Salesforce.com Inc |
2.6 |
| Trimble Navigation Ltd |
2.4 |
| Cameron International Corp |
2.4 |
| Dresser-Rand Group Inc |
2.4 |
| Cepheid Inc |
2.3 |
| athenahealth Inc |
2.3 |
| Total |
27.2%
|
|
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.
|
| Distribution Information |
Select Year
|
| Median Market Cap3 |
$6.7 billion |
| Weighted Avg. Growth Rate (3-5 yrs)3 |
21.1% |
| Weighted Avg. P/E (FY1)3 |
22.2X |
| Weighted Avg. P/E (FY2)3 |
19.4X |
| Weighted Avg. LT Debt/Capital3 |
20.8% |
| Number of Holdings |
71 |
| Portfolio Turnover Rate4 |
62.87%
|
| Cash (% of total porfolio) |
3.1% |
| Total Net Assets (all share classes) |
$5.9 billion
|
| |
Fund |
|
Consumer Discretionary
|
22.0
|
|
Consumer Staples
|
2.4
|
|
Energy
|
8.7
|
|
Financials
|
4.2
|
|
Health Care
|
24.1
|
|
Industrials
|
12.5
|
|
Information Technology
|
26.2
|
|
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 9/30/11.
5 Source: Artisan Partners/FactSet(GICS)
|
| $ in billions |
Fund |
RMCG2 |
|
12.0 +
|
30.1
|
17.9
|
|
9.0 – 12.0
|
9.6
|
18.4
|
|
6.0 – 9.0
|
14.3
|
25.3
|
|
4.0 – 6.0
|
22.8
|
16.6
|
|
0.0 – 4.0
|
23.2
|
21.7
|
| Total |
100.0% |
100.0% |
| IHS Inc |
3.2 |
| Regeneron Pharmaceuticals Inc |
2.8 |
| Agilent Technologies Inc |
2.6 |
| Coach Inc |
2.6 |
| Dresser-Rand Group Inc |
2.5 |
| Salesforce.com Inc |
2.5 |
| Trimble Navigation Ltd |
2.4 |
| Cameron International Corp |
2.4 |
| Precision Castparts Corp |
2.4 |
| Cerner Corp |
2.4 |
| Total |
25.9%
|
|
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.
|
| Distribution Information |
Select Year
|
| Median Market Cap3 |
$5.7 billion |
| Weighted Avg. Growth Rate (3-5 yrs)3 |
21.0% |
| Weighted Avg. P/E (FY1)3 |
21.4X |
| Weighted Avg. P/E (FY2)3 |
18.8X |
| Weighted Avg. LT Debt/Capital3 |
20.2% |
| Number of Holdings |
70 |
| Portfolio Turnover Rate4 |
63.46%
|
| Cash (% of total porfolio) |
4.7% |
| Total Net Assets (all share classes) |
$5,350 million
|
| |
Fund |
|
Consumer Discretionary
|
21.6
|
|
Consumer Staples
|
2.5
|
|
Energy
|
9.8
|
|
Financials
|
4.0
|
|
Health Care
|
21.6
|
|
Industrials
|
13.5
|
|
Information Technology
|
27.0
|
|
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 9/30/10.
5 Source: Artisan Partners/FactSet(GICS)
|
Andrew C. Stephens
Andrew C. Stephens is a Managing Director of Artisan Partners and portfolio co-manager for Artisan Small Cap Fund, Artisan Mid Cap Fund, Artisan Growth Opportunities Fund and the firm's growth separate account portfolios. Prior to joining Artisan Partners, 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 BS in Economics from the University of Wisconsin-Madison.
James D. Hamel, CFA
James D. Hamel, CFA is a Managing Director of Artisan Partners and portfolio co-manager for Artisan Small Cap Fund, Artisan Mid Cap Fund, Artisan Growth Opportunities Fund and the firm's growth separate account portfolios. Prior to joining Artisan Partners, 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 in Minneapolis, Minnesota.
Mr. Hamel holds a BS 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 is an associate portfolio manager for Artisan Small Cap Fund, Artisan Mid Cap Fund, Artisan Growth Opportunities Fund and the firm's growth separate account portfolios. Prior to joining Artisan Partners, Mr. Kamm was an associate equity research analyst at Banc of America Securities. Prior to that, he was a senior operations analyst for NYU Medical Center in New York, NY.
Mr. Kamm holds a BA in Public Policy from Duke University and an MBA in Finance and Operations Management from New York University.
Jason L. White, CFA
Jason L. White, CFA is an associate portfolio manager for Artisan Small Cap Fund, Artisan Mid Cap Fund, Artisan Growth Opportunities Fund and the firm's growth separate account portfolios. Prior to joining Artisan Partners, 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 BS in History from the United States Naval Academy, where he graduated with distinction.
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 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. 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 1.24% 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 Limited Partnership or Artisan Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners’ or Artisan Distributors’ presentation thereof.
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. 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.
Totals may not sum due to rounding.
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.
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 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. 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.
Artisan Mid Cap Fund
Select one of the links below to view or download a specific Portfolio Holding.
2011
2010
2009
2008
2007
2006
2005
2004
|
|
CLOSE
|
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 Limited Partnership or Artisan Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners’ or Artisan Distributors’ presentation thereof.
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. 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.
Totals may not sum due to rounding.
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.
Historical Distributions (all funds)
Select one of the links below to view and/or print a specific year.
Expense Ratio Disclosure
The Fund's direct operating expenses are 1.24% 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.
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