- Fund Fact Sheet
- Manager Commentary
- Month-End Summary
- Account Application
- IRA Account Application
- Education Savings Acct. Application
- Prospectus
- Additional Materials »
|
|
||||||||||||||
|
PROCESS & CURRENT INFORMATION
Process Highlights
Artisan Mid Cap Value Fund pursues long-term capital growth by investing in undervalued, medium-sized U.S. companies. The Fund's performance is typically benchmarked against the Russell Midcap® Value Index over a full market cycle.
Artisan Mid Cap Value Fund uses a bottom-up investment process to construct a diversified portfolio of U.S. mid-cap value companies that the investment team believes are undervalued, in sound financial condition and have attractive business economics. The team believes companies with these characteristics are less likely to experience eroding values over the long-term.
The Fund typically holds between 40 and 60 stocks. The team will generally not initiate a position in a company unless it has a market capitalization between $2.0 billion and $15 billion at the time of purchase.
Artisan Mid Cap Value Fund uses a bottom-up investment process to construct a diversified portfolio of U.S. mid-cap value companies that the investment team believes are undervalued, in sound financial condition and have attractive business economics. The team believes companies with these characteristics are less likely to experience eroding values over the long-term.
Attractive Valuation - We value businesses using what we believe are reasonable expectations for long-term earnings power and capitalization rates. This results in a range of what we believe are reasonable values for the company. We generally will purchase a security if its price falls at or below the lower end of that range.
Sound Financial Condition - We prefer companies with an acceptable level of debt and positive cash flow. At minimum we do not want a company's debt to impede the ability of management to make decisions that would be in the best interests of its shareholders.
Attractive Business Economics - The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company's business cycle.
Sound Financial Condition - We prefer companies with an acceptable level of debt and positive cash flow. At minimum we do not want a company's debt to impede the ability of management to make decisions that would be in the best interests of its shareholders.
Attractive Business Economics - The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company's business cycle.
The Fund typically holds between 40 and 60 stocks. The team will generally not initiate a position in a company unless it has a market capitalization between $2.0 billion and $15 billion at the time of purchase.
Current Information
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Mid Cap Value |
|
|
1.84% | 3.76% | |
| 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. |
|||||
Morningstar Rating™
as of 4/30/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
301 |
| 5 Yr |
|
217 |
| 10 Yr | n/a | n/a |
| Overall Rating |
|
301 |
| 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 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 | #43 | 330 |
| 3 Yr | #59 | 256 |
| 5 Yr | #26 | 203 |
| 10 Yr | n/a | n/a |
| Since Inception 3/28/01 | #16 | 116 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Mid-Cap Value category. *Lipper Rankings inception date: 3/28/2001. |
||
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.
 |
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Mid Cap Value | 1.88% | 2.96% | –5.74% | 10.61% | 17.58% | n/a | 13.30% |
| Russell Midcap® Value Index | –3.08% | 1.55% | –11.65% | 9.66% | 16.44% | n/a | 11.40% |
| Russell Midcap® Index | –3.89% | 2.81% | –6.34% | 10.92% | 16.20% | n/a | 10.11% |
| Lipper Mid-Cap Value Funds Index | –3.81% | 1.54% | –8.27% | 9.49% | 15.11% | n/a | 10.22% |
Source: Artisan Partners/Russell/Lipper
|
|||||||
1Returns for periods less than one year are not annualized. 2Fund Inception date: 3/28/01. |
|||||||
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 4/30/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
301 |
| 5 Yr |
|
217 |
| 10 Yr | n/a | n/a |
| Overall Rating |
|
301 |
| 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 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 | #43 | 330 |
| 3 Yr | #59 | 256 |
| 5 Yr | #26 | 203 |
| 10 Yr | n/a | n/a |
| Since Inception 3/28/01 | #16 | 116 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Mid-Cap Value category. *Lipper Rankings inception date: 3/28/2001. |
||
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.
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Mid Cap Value | –2.98% | –2.98% | –5.95% | 7.32% | 18.00% | n/a | 12.68% |
| Russell Midcap® Value Index | –8.64% | –8.64% | –14.12% | 6.57% | 16.77% | n/a | 10.60% |
| Russell Midcap® Index | –9.98% | –9.98% | –8.92% | 7.36% | 16.31% | n/a | 9.21% |
| Lipper Mid-Cap Value Funds Index | –9.07% | –9.07% | –9.92% | 5.90% | 15.52% | n/a | 9.46% |
Source: Artisan Partners/Russell/Lipper
|
|||||||
1Returns for periods less than one year are not annualized. 2Fund Inception date: 3/28/01. |
|||||||
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 4/30/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
301 |
| 5 Yr |
|
217 |
| 10 Yr | n/a | n/a |
| Overall Rating |
|
301 |
| 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 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 | #43 | 330 |
| 3 Yr | #59 | 256 |
| 5 Yr | #26 | 203 |
| 10 Yr | n/a | n/a |
| Since Inception 3/28/01 | #16 | 116 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Mid-Cap Value category. *Lipper Rankings inception date: 3/28/2001. |
||
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
PERFORMANCE as of 4/30/08
PERFORMANCE as of 5/8/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Mid Cap Value | –2.98% | –2.98% | –5.95% | 7.32% | 18.00% | n/a | 12.68% |
| Russell Midcap® Value Index | –8.64% | –8.64% | –14.12% | 6.57% | 16.77% | n/a | 10.60% |
| Russell Midcap® Index | –9.98% | –9.98% | –8.92% | 7.36% | 16.31% | n/a | 9.21% |
| Lipper Mid-Cap Value Funds Index | –9.07% | –9.07% | –9.92% | 5.90% | 15.52% | n/a | 9.46% |
Source: Artisan Partners/Russell/Lipper
|
|||||||
1Returns for periods less than one year are not annualized. 2Fund Inception date: 3/28/01. |
|||||||
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 4/30/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Mid Cap Value | 1.88% | 2.96% | –5.74% | 10.61% | 17.58% | n/a | 13.30% |
| Russell Midcap® Value Index | –3.08% | 1.55% | –11.65% | 9.66% | 16.44% | n/a | 11.40% |
| Russell Midcap® Index | –3.89% | 2.81% | –6.34% | 10.92% | 16.20% | n/a | 10.11% |
| Lipper Mid-Cap Value Funds Index | –3.81% | 1.54% | –8.27% | 9.49% | 15.11% | n/a | 10.22% |
Source: Artisan Partners/Russell/Lipper
|
|||||||
1Returns for periods less than one year are not annualized. 2Fund Inception date: 3/28/01. |
|||||||
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 5/8/08
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Mid Cap Value |
|
|
1.84% | 3.76% | |
| 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. |
|||||
Morningstar Rating™
as of 4/30/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
301 |
| 5 Yr |
|
217 |
| 10 Yr | n/a | n/a |
| Overall Rating |
|
301 |
| 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 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 | #43 | 330 |
| 3 Yr | #59 | 256 |
| 5 Yr | #26 | 203 |
| 10 Yr | n/a | n/a |
| Since Inception 3/28/01 | #16 | 116 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Mid-Cap Value category. *Lipper Rankings inception date: 3/28/2001. |
||
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.
Market Cap Distribution1
% of total portfolio equities
| $ in billions | Fund | RMCV2 |
| 15.0 + | 0.0 | 9.5 |
| 10.0 – 15.0 | 5.6 | 22.5 |
| 7.0 – 10.0 | 11.5 | 14.8 |
| 4.0 – 7.0 | 24.1 | 24.7 |
| 0.0 – 4.0 | 58.8 | 28.5 |
| Total | 100.0% | 100.0% |
Top 10 Holdings
% of total portfolio
| Ryder System, Inc. | 3.7 |
| Alleghany Corporation | 3.5 |
| Nabors Industries Ltd. | 3.5 |
| Ingram Micro, Inc. | 3.1 |
| Acuity Brands, Inc. | 3.1 |
| Con-way, Inc. | 2.9 |
| Avnet, Inc. | 2.5 |
| Mohawk Industries, Inc. | 2.5 |
| Arrow Electronics, Inc. | 2.4 |
| Rent-A-Center, Inc. | 2.3 |
| Total | 29.5% |
| Holdings: Current | Historical | |
| For the purposes of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund. | |
Characteristics
| Distribution Information | Select Year |
| Median Market Cap 1 | $3.1 billion |
| Weighted Avg. Market Cap 1 | $4.2 billion |
| Median Price/Book Value1 | 1.7X |
| Weighted Avg. P/E (FY1)1 | 11.6X |
| Weighted Avg. P/E (FY2)1 | 10.6X |
| Number of Holdings | 50 |
| Portfolio Turnover Rate3 | 53.62% |
| Cash (% of total porfolio) | 8.5% |
| Total Net Assets | $2.9 billion |
Sector Diversification4
% of total portfolio equities
| Fund | |
| Consumer Discretionary |
15.8
|
| Consumer Staples |
2.4
|
| Energy |
16.8
|
| Financials |
16.8
|
| Healthcare |
2.1
|
| Industrials |
23.6
|
| Information Technology |
20.7
|
| Materials |
0.0
|
| Telecommunication Services |
0.0
|
| Utilities |
1.8
|
| Total | 100.0% |
|
1 Source: FactSet/Russell/Artisan Partners 2 Russell Midcap® Value Index 3 Audited. For the 12 months ended 9/30/07. 4 Source: FactSet (GICS)/Artisan Partners |
James C. Kieffer, CFA
Mr. Kieffer is a Managing Director of Artisan Partners Limited Partnership. He has co-managed Artisan Mid Cap Value Fund since November 2001. He has also been Portfolio Co-Manager of Artisan Small Cap Value Fund since July 2000 and Artisan Opportunistic Value Fund since inception. Mr. Kieffer was an analyst working with Mr. Satterwhite on Artisan Small Cap Value Fund, from inception through June 2000. Prior to joining Artisan Partners, Mr. Kieffer was a Research Analyst from 1996 to 1997 at the investment firm McColl Partners. Mr. Kieffer began his investment career at Wachovia Corporation, working with Mr. Satterwhite from 1989 to 1996, initially as a Personal Trust Portfolio manager and later as a General Equities and Small-Cap Value Research Analyst in the institutional portfolio group.
Mr. Kieffer holds a B.A. degree in Economics from Emory University.
Scott C. Satterwhite, CFA
Mr. Satterwhite is a Managing Director of Artisan Partners Limited Partnership. He has co-managed Artisan Mid Cap Value Fund since November 2001. He has also managed Artisan Small Cap Value Fund and Artisan Opportunistic Value Fund since inception. Prior to joining Artisan Partners in 1997, Mr. Satterwhite was Senior Vice President and Portfolio Manager at Wachovia Corporation. From 1993 to 1997, Mr. Satterwhite was Portfolio Manager of the Biltmore Special Values Fund, in addition to being a Personal Trust Portfolio Manager and Manager of the Georgia Personal Trust Portfolio Group.
Mr. Satterwhite earned his B.A. degree in Economics from the University of the South and M.B.A. from Tulane University.
George O. Sertl, Jr., CFA
Mr. Sertl has been Portfolio Co-Manager of Artisan Mid Cap Value Fund and Artisan Small Cap Value Fund since May 2006. Mr. Sertl has co-managed Artisan Opportunistic Value Fund since inception. Prior to that he had been working as an analyst with Mr. Satterwhite and Mr. Kieffer. Prior to joining Artisan Partners, Mr. Sertl was a research analyst at Schwartz Investment Counsel. Mr. Sertl began his investment career at Pauli & Company working as a research analyst in 1992.
Mr. Sertl holds a B.A. in Economics and History from the University of Richmond and an M.A. in Economics from St. Louis University.
This material is not an offer of any mutual funds mentioned other than Artisan Funds.
Important Fund Risk Disclosure
Medium-sized companies tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods. Value stocks 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.
Important Index Disclosure
An investment can not be made directly into an 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.
The Russell Midcap® Value Index is an unmanaged, market-weighted index of those medium-sized companies included in the Russell Midcap® Index with lower- price-to-book and lower 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.
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 Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Distributors’ presentation thereof.
The Lipper Mid-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest mid-cap value funds tracked by Lipper, including Artisan Mid Cap Value Fund. Its returns include net reinvested dividends.
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 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 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 Median Price/Book Value measures the median ratio of portfolio stock prices to each stock's book value of equity per share (book value is a company's assets minus its liabilities).
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 s
Medium-sized companies tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods. Value stocks 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.
Important Index Disclosure
An investment can not be made directly into an 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.
The Russell Midcap® Value Index is an unmanaged, market-weighted index of those medium-sized companies included in the Russell Midcap® Index with lower- price-to-book and lower 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.
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 Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Distributors’ presentation thereof.
The Lipper Mid-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest mid-cap value funds tracked by Lipper, including Artisan Mid Cap Value Fund. Its returns include net reinvested dividends.
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 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 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 Median Price/Book Value measures the median ratio of portfolio stock prices to each stock's book value of equity per share (book value is a company's assets minus its liabilities).
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 s