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PROCESS & CURRENT INFORMATION
Process Highlights
Artisan Small Cap Fund employs a bottom-up investment process to
construct a diversified portfolio of U.S. small-cap growth companies.
The Fund's focus is on well-managed companies whose growth and profit potential are not yet fully recognized by investors. During the research process the team analyzes a company's competitive advantages and returns on invested capital, and determines an estimate of the company's intrinsic value.
The Fund's focus is on well-managed companies whose growth and profit potential are not yet fully recognized by investors. During the research process the team analyzes a company's competitive advantages and returns on invested capital, and determines an estimate of the company's intrinsic value.
Competitive Advantages - A sustainable competitive advantage is
critical to producing above average growth and profitability.
Identifying the source of a company's competitive advantage lends
confidence to the team's assessment of intrinsic value.
Return on Invested Capital - The team believes that, over time, a company with improving returns on its invested capital will be rewarded with a higher valuation. The team determines how much capital investment is needed to achieve a company's continued growth and analyzes management's ability to use that capital in the most effective way to support that growth.
Intrinsic Value - The team estimates a company's intrinsic value - the value it thinks a buyer would pay to buy the entire company. The team bases its buy and sell targets for a company's stock on its intrinsic value estimates.
The Fund is broadly diversified across sectors and industries and
typically holds between 60 and 85 stocks.The team will not initiate a
position in a company unless it has a market capitalization below $2.5 billion.
Return on Invested Capital - The team believes that, over time, a company with improving returns on its invested capital will be rewarded with a higher valuation. The team determines how much capital investment is needed to achieve a company's continued growth and analyzes management's ability to use that capital in the most effective way to support that growth.
Intrinsic Value - The team estimates a company's intrinsic value - the value it thinks a buyer would pay to buy the entire company. The team bases its buy and sell targets for a company's stock on its intrinsic value estimates.
Current Information
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Small Cap |
|
|
–2.31% | 11.40% | |
| 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. |
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Morningstar Rating™
as of 05/31/09
| Period | Rating | Funds in Category |
| 3 Yr |
|
687 |
| 5 Yr |
|
582 |
| 10 Yr |
|
310 |
| Overall Rating |
|
687 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small 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 3/31/09
| Period | Rank | Funds in Category |
| 1 Yr | #466 | 594 |
| 3 Yr | #445 | 507 |
| 5 Yr | #285 | 414 |
| 10 Yr | #89 | 208 |
| Since Inception 3/28/95 | #45 | 63 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Small-Cap Growth category. *Lipper ranking inception date: 3/28/95. |
||
Morningstar data© 2009, 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.
 |
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| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Small Cap | 14.04% | 26.91% | –21.54% | –11.62% | –3.88% | 2.28% | 4.85% |
| Russell 2000® Index | 2.64% | 20.69% | –25.01% | –9.89% | –1.71% | 2.38% | 6.22% |
| Russell 2000® Growth Index | 11.36% | 23.38% | –24.85% | –7.83% | –1.32% | –0.89% | 3.46% |
| Lipper Small-Cap Growth Funds Index | 13.14% | 20.59% | –25.74% | –9.04% | –2.32% | 1.16% | 5.28% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 3/28/95.
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.
|
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Morningstar Rating™
as of 05/31/09
| Period | Rating | Funds in Category |
| 3 Yr |
|
687 |
| 5 Yr |
|
582 |
| 10 Yr |
|
310 |
| Overall Rating |
|
687 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small 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 3/31/09
| Period | Rank | Funds in Category |
| 1 Yr | #466 | 594 |
| 3 Yr | #445 | 507 |
| 5 Yr | #285 | 414 |
| 10 Yr | #89 | 208 |
| Since Inception 3/28/95 | #45 | 63 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Small-Cap Growth category. *Lipper ranking inception date: 3/28/95. |
||
Morningstar data© 2009, 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.
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| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Small Cap | 14.04% | 26.91% | –21.54% | –11.62% | –3.88% | 2.28% | 4.85% |
| Russell 2000® Index | 2.64% | 20.69% | –25.01% | –9.89% | –1.71% | 2.38% | 6.22% |
| Russell 2000® Growth Index | 11.36% | 23.38% | –24.85% | –7.83% | –1.32% | –0.89% | 3.46% |
| Lipper Small-Cap Growth Funds Index | 13.14% | 20.59% | –25.74% | –9.04% | –2.32% | 1.16% | 5.28% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 3/28/95.
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.
|
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Morningstar Rating™
as of 05/31/09
| Period | Rating | Funds in Category |
| 3 Yr |
|
687 |
| 5 Yr |
|
582 |
| 10 Yr |
|
310 |
| Overall Rating |
|
687 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small 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 3/31/09
| Period | Rank | Funds in Category |
| 1 Yr | #466 | 594 |
| 3 Yr | #445 | 507 |
| 5 Yr | #285 | 414 |
| 10 Yr | #89 | 208 |
| Since Inception 3/28/95 | #45 | 63 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Small-Cap Growth category. *Lipper ranking inception date: 3/28/95. |
||
Morningstar data© 2009, 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 6/30/09
PERFORMANCE as of 6/30/09
PERFORMANCE as of 7/2/09
|
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| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Small Cap | 14.04% | 26.91% | –21.54% | –11.62% | –3.88% | 2.28% | 4.85% |
| Russell 2000® Index | 2.64% | 20.69% | –25.01% | –9.89% | –1.71% | 2.38% | 6.22% |
| Russell 2000® Growth Index | 11.36% | 23.38% | –24.85% | –7.83% | –1.32% | –0.89% | 3.46% |
| Lipper Small-Cap Growth Funds Index | 13.14% | 20.59% | –25.74% | –9.04% | –2.32% | 1.16% | 5.28% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 3/28/95.
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 6/30/09
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Small Cap | 14.04% | 26.91% | –21.54% | –11.62% | –3.88% | 2.28% | 4.85% |
| Russell 2000® Index | 2.64% | 20.69% | –25.01% | –9.89% | –1.71% | 2.38% | 6.22% |
| Russell 2000® Growth Index | 11.36% | 23.38% | –24.85% | –7.83% | –1.32% | –0.89% | 3.46% |
| Lipper Small-Cap Growth Funds Index | 13.14% | 20.59% | –25.74% | –9.04% | –2.32% | 1.16% | 5.28% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 3/28/95.
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.
|
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PERFORMANCE as of 7/2/09
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Small Cap |
|
|
–2.31% | 11.40% | |
| 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 05/31/09
| Period | Rating | Funds in Category |
| 3 Yr |
|
687 |
| 5 Yr |
|
582 |
| 10 Yr |
|
310 |
| Overall Rating |
|
687 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small 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 3/31/09
| Period | Rank | Funds in Category |
| 1 Yr | #466 | 594 |
| 3 Yr | #445 | 507 |
| 5 Yr | #285 | 414 |
| 10 Yr | #89 | 208 |
| Since Inception 3/28/95 | #45 | 63 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Small-Cap Growth category. *Lipper ranking inception date: 3/28/95. |
||
Morningstar data© 2009, 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 | R2000G2 |
| 1.3 + | 38.7 | 19.7 |
| 0.9 – 1.3 | 27.6 | 22.3 |
| 0.6 – 0.9 | 24.4 | 19.6 |
| 0.3 – 0.6 | 9.3 | 24.0 |
| 0 – 0.3 | 0.0 | 14.4 |
| Total | 100.0% | 100.0% |
Top 10 Holdings
% of total portfolio
| Euronet Worldwide Inc | 2.6 |
| Waste Connections Inc | 2.3 |
| LKQ Corp | 2.3 |
| ICON PLC | 2.2 |
| Phase Forward Inc | 2.1 |
| Ares Capital Corp | 2.1 |
| PSS World Medical Inc | 2.0 |
| Mantech International Corp | 2.0 |
| Equinix Inc | 1.8 |
| Avocent Corp | 1.8 |
| Total | 21.2% |
| 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. | |
Characteristics
| Distribution Information | Select Year |
| Median Market Cap3 | $1.1 billion |
| Weighted Avg. Growth Rate (3-5 YR)3 | 16.1% |
| Weighted Avg. P/E (FY1)3 | 15.2X |
| Weighted Avg. P/E (FY2)3 | 13.2X |
| Number of Holdings | 71 |
| Portfolio Turnover Rate4 | 96.90% |
| Cash (% of total porfolio) | 3.8% |
| Total Net Assets | $359 million |
Sector Diversification5
% of total portfolio equities
| Fund | |
| Consumer Discretionary |
11.1
|
| Consumer Staples |
3.3
|
| Energy |
8.1
|
| Financials |
6.5
|
| Health Care |
15.7
|
| Industrials |
23.6
|
| Information Technology |
28.5
|
| Materials |
1.5
|
| Telecommunication Services |
0.0
|
| Utilities |
1.7
|
| Total | 100.0% |
|
1 Source: Artisan Partners/FactSet/Russell 2 Russell 2000® Growth Index 3 Source: Artisan Partners/FactSet 4 Audited. For the 12 months ended 9/30/08. 5 Source: Artisan Partners/FactSet(GICS) |
Marina T. Carlson, CFA
Marina T. Carlson, CFA is a Managing Director of Artisan and portfolio co-manager of Artisan Small Cap Fund and the firm's domestic small-cap growth separate account portfolios. Prior to joining Artisan in March 1999, Ms. Carlson was co-manager of the Strong Common Stock and Opportunity Funds from December 1993 to December 1998 as well as a number of institutional small-cap and mid-cap equity portfolios at Strong Capital Management. She was named portfolio manager for the Strong Mid Cap Disciplined Fund in January of 1999. She began her investment career at Stein Roe & Farnham in 1986.
Ms. Carlson holds a BBA in Finance from Drake University and an MBA from DePaul University.
Craigh A. Cepukenas, CFA
Craigh A. Cepukenas, CFA is a portfolio co-manager of Artisan Small Cap Fund and the firm's domestic small-cap growth separate account portfolios. Prior to joining Artisan in November 1995 as an analyst, Mr. Cepukenas was an equity research associate at Stein Roe & Farnham in Chicago, where he began his career in 1989.
Mr. Cepukenas holds a BS in Economics from the University of Wisconsin-Madison and an MBA from The University of Chicago Booth School of Business.
This material is not an offer of any mutual funds mentioned other than Artisan Funds.
Important Fund Risk Disclosure
Stocks of smaller companies tend to be more volatile and less liquid than those of large companies, have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies. Growth 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 2000® Index is an unmanaged, market-weighted index of about 2,000 small U.S. companies. Its returns include net reinvested dividends but, unlike the 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 2000® Growth Index is an unmanaged, market-weighted index of those companies included in the Russell 2000® Index, an index of about 2,000 small U.S. companies, with higher price-to-book ratios 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.
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.
The Lipper Small-Cap Core Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest small-cap core funds tracked by Lipper, including Artisan Small Cap Fund. Its returns include net reinvested dividends.
The Lipper Small-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest small-cap growth funds tracked by Lipper. 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.
In the event Artisan Partners’ securities information vendors do not classify a security to a particular sector/industry or region/country or if the published classification appears to be erroneous, Artisan Partners classifies the security according to its own judgment, using other securities information vendors, the company description and other publicly available information about the company’s peer group. Classifications may change over time.
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.
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.
Characteristics are calculated using information obtained from various data sources.
Stocks of smaller companies tend to be more volatile and less liquid than those of large companies, have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies. Growth 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 2000® Index is an unmanaged, market-weighted index of about 2,000 small U.S. companies. Its returns include net reinvested dividends but, unlike the 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 2000® Growth Index is an unmanaged, market-weighted index of those companies included in the Russell 2000® Index, an index of about 2,000 small U.S. companies, with higher price-to-book ratios 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.
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.
The Lipper Small-Cap Core Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest small-cap core funds tracked by Lipper, including Artisan Small Cap Fund. Its returns include net reinvested dividends.
The Lipper Small-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest small-cap growth funds tracked by Lipper. 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.
In the event Artisan Partners’ securities information vendors do not classify a security to a particular sector/industry or region/country or if the published classification appears to be erroneous, Artisan Partners classifies the security according to its own judgment, using other securities information vendors, the company description and other publicly available information about the company’s peer group. Classifications may change over time.
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.
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.
Characteristics are calculated using information obtained from various data sources.
© 1999-2009 Artisan Distributors LLC, Member FINRA. All rights reserved. 6/17/09
Comments | 800.344.1770
