Opportunistic Growth Fund

Ticker: ARTRX
Inception: 9/22/08
Availability: Open
   
Managers: Stephens, Hamel, Kamm
Expense Ratio: Subsidized: 1.50%
Unsubsidized: 2.24%
Based on the fiscal year ended 9/30/09.
Expense Ratio Disclosure
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PROCESS & CURRENT INFORMATION
Process Highlights
Artisan Opportunistic Growth Fund employs a bottom-up investment process to construct a portfolio of growth companies across a broad capitalization range. The investment team looks for opportunities across the entire economy so that it can find sustainable growth regardless of the sector or industry.

The Fund's investment process focuses on two distinct areas:

Security Selection - The team's investment process begins by identifying companies that possess franchise characteristics (strong competitive positions), 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 profit cycle.

Capital Allocation - Based on the investment team's fundamental analysis of a company's profit cycle, portfolio holdings develop through three stages. 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.

Additional characteristics of the Fund include:
  • The Fund typically holds between 30 and 50 stocks.
  • The Fund primarily invests in securities with market capitalizations of at least $3 billion at the time of purchase.
  • The Fund can invest up to 25% of its net assets at market value at the time of purchase in non-U.S. securities.
  • The Fund tries to maintain a cash position of no more than 15% of its net assets, although cash flows from shareholder investments and redemptions and purchases and sales of portfolio securities may cause the Fund's cash position to be larger or smaller.
  • The Fund's maximum position size is 5% at the time of purchase in 75% of the portfolio, but in the remaining 25% of the portfolio the team can invest up to 10% of Fund assets at the time of purchase in a single position.

Current Information

"MONTHLY COMMENTARY: U.S stocks closed with solid gains in February with the Russell 1000® Index gaining 3.3%. Investors seemed to set aside some of the concerns that troubled markets in January, although worries regarding the fiscal problems of Greece and other euro-zone countries persisted..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: We are quite bullish on the prospects for growth stocks over value stocks for the next couple of years. A market bias in favor of value stocks for most of the past decade and a compression in the valuation premium between growth and value create the potential for growth stock outperformance through simple mean reversion..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 12/31/09
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Opportunistic Growth $10.08 –$0.04 -0.40% 6.44% 4.24%
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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 

Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #97 455
3 Yr n/a n/a
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 9/22/08 #291 526
Ratings 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 ranking inception date: 9/22/08.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Opportunistic Growth –2.07% 2.16% 59.97% n/a n/a n/a –3.72%
Russell 1000® Index –0.42% 2.00% 55.32% n/a n/a n/a –3.17%
Russell 1000® Growth Index –1.08% 1.98% 54.19% n/a n/a n/a 0.29%
Lipper Multi-Cap Growth Index –0.64% 3.50% 59.40% n/a n/a n/a –0.81%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/22/08.
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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #97 455
3 Yr n/a n/a
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 9/22/08 #291 526
Ratings 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 ranking inception date: 9/22/08.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Opportunistic Growth 47.86% 5.80% 47.86% n/a n/a n/a –2.60%
Russell 1000® Index 28.43% 6.07% 28.43% n/a n/a n/a –3.24%
Russell 1000® Growth Index 37.21% 7.94% 37.21% n/a n/a n/a 1.18%
Lipper Multi-Cap Growth Index 39.17% 6.11% 39.17% n/a n/a n/a –0.42%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/22/08.
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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #97 455
3 Yr n/a n/a
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 9/22/08 #291 526
Ratings 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 ranking inception date: 9/22/08.
PERFORMANCE  as of 12/31/09

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Opportunistic Growth 47.86% 5.80% 47.86% n/a n/a n/a –2.60%
Russell 1000® Index 28.43% 6.07% 28.43% n/a n/a n/a –3.24%
Russell 1000® Growth Index 37.21% 7.94% 37.21% n/a n/a n/a 1.18%
Lipper Multi-Cap Growth Index 39.17% 6.11% 39.17% n/a n/a n/a –0.42%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/22/08.
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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 


PERFORMANCE  as of 2/28/10

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Opportunistic Growth –2.07% 2.16% 59.97% n/a n/a n/a –3.72%
Russell 1000® Index –0.42% 2.00% 55.32% n/a n/a n/a –3.17%
Russell 1000® Growth Index –1.08% 1.98% 54.19% n/a n/a n/a 0.29%
Lipper Multi-Cap Growth Index –0.64% 3.50% 59.40% n/a n/a n/a –0.81%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/22/08.
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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 


PERFORMANCE  as of 3/18/10

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Opportunistic Growth $10.08 –$0.04 -0.40% 6.44% 4.24%
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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 



Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #97 455
3 Yr n/a n/a
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 9/22/08 #291 526
Ratings 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 ranking inception date: 9/22/08.
Prospectus | Important Fund Risk Disclosure | Index Definitions
 
DATA/STATISTICS  as of 12/31/09
Market Cap Distribution1
% of total portfolio equities
$ in billions Fund R1000G2
150.0 + 14.5 21.5
60.0 – 150.0 7.0 19.9
25.0 – 60.0 18.3 18.8
8.0 – 25.0 32.9 21.4
0.0 – 8.0 27.3 18.4
Total 100.0% 100.0%


Top 10 Holdings
% of total portfolio
Allergan Inc 4.9
Apple Inc 4.6
EMC Corp 4.5
Google Inc 4.2
eBay Inc 4.1
Agilent Technologies Inc 4.0
Visa Inc 4.0
Citrix Systems Inc 3.8
Cerner Corp 3.8
Kohl's Corp 3.7
Total 41.6%
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 Select Year
Median Market Cap3 $16.0 billion
Weighted Avg. Growth Rate (3-5 yrs)3 14.5%
Weighted Avg. P/E (FY1)3 21.6X
Weighted Avg. P/E (FY2)3 17.9X
Weighted Avg. LT Debt/Capital3 18.0%
Number of Holdings 38
Portfolio Turnover Rate4 101.01%
Non U.S. Equities (% of total portfolio)3 16.6%
Cash (% of total porfolio) 7.8%
Total Net Assets $56 million


Sector Diversification5
% of total portfolio equities
  Fund
Consumer Discretionary
15.8
Consumer Staples
2.2
Energy
7.1
Financials
6.1
Health Care
12.5
Industrials
10.8
Information Technology
43.0
Materials
2.5
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%


1 Source: Artisan Partners/FactSet/Russell
2 Russell 1000® Growth Index
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/09.
5 Source: Artisan Partners/FactSet(GICS)
Prospectus | Important Fund Risk Disclosure | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGERS



Andrew C. Stephens

Andrew C. Stephens
Andrew C. Stephens is a Managing Director of Artisan and portfolio co-manager for Artisan's U.S. growth Funds and separate account portfolios. Prior to joining Artisan, 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 and joined the investment department there in 1990.

Mr. Stephens holds a BS 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 and portfolio co-manager for Artisan's U.S. growth Funds and separate account portfolios. Prior to joining Artisan, 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
Matthew H. Kamm, CFA is an associate portfolio manager for Artisan's U.S. growth Funds and separate account portfolios. Prior to joining Artisan, 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.

 
Prospectus | Important Fund Risk Disclosure
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.



Expense Ratio Disclosure

Artisan Opportunistic Growth Fund's gross expense ratio is 2.24%. The net expense ratio is 1.50%, which until 12/1/09 reflected Artisan Partners' voluntary undertaking to limit the Fund's expenses, which could have been terminated at any time, was in effect since the Fund's inception and has had a material impact on the Fund's performance. As of 12/1/09, The Fund entered into a contractual agreement with Artisan Partners, under which Artisan Partners agreed to limit Fund expenses to 1.50% of its average daily net assets through 2/1/2011.

Important Index Disclosure

An investment can not be made directly into an index.

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 1000® Index is an unmanaged, market-weighted index of about 1,000 large 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 1000® Growth Index is an unmanaged, market-weighted index of those large companies included in the Russell 1000® Index, an index of about 1,000 large U.S. companies, with higher price-to-book ratios and higher forecasted growth values. Its returns include net reinvested dividends but, unlike the Fund’s 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 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.

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.

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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