Small Cap Value Fund

Ticker: ARTVX
Inception: 9/29/97
Availability: Closed to most new investors
Fund Assets: $2.7 Bil.
(All classes as of 31-Mar-13)
   
Manager: Satterwhite, Kieffer, Sertl, Kane
Expense Ratio: 1.23% / 1.22%
Indirect / Direct
For the fiscal year ended 9/30/12.
Expense Ratio Disclosure
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PROCESS & CURRENT INFORMATION
Process HighlightsIn-depth Philosophy & Process (PDF)
Gold Promo Artisan Small Cap Value Fund pursues long-term capital growth by investing in small, undervalued U.S. companies. The Fund’s performance is typically benchmarked against the Russell 2000® Value Index over a full market cycle.

Artisan Small Cap Value Fund employs a fundamental investment process to construct a diversified portfolio of U.S. small-cap value companies that the investment team believes are undervalued, in solid 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 - The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team generally will purchase a security if the stock price falls below or toward the lower end of that range.

Sound Financial Condition - The team favors companies with an acceptable level of debt and positive cash flow, which it believes represents financial flexibility and strength. At a minimum, the team tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies' 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. Attractive business economics are an important business characteristic and the team believes they are helpful in avoiding classic "value traps."
The team will not initiate a position in a company unless it has a market capitalization below $2.0 billion at the time of purchase.
Current Information

"MONTHLY COMMENTARY: Our approach to assessing value is to look at a business’s normalized earnings power. Through this prism, the valuation gap continues to increase between defensives and income-oriented assets on the one hand and global cyclicals on the other. We don’t know when these dynamics will shift, but we believe that maintaining..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Pull-backs during the rally have been short, shallow and infrequent, and most industries have participated nicely in the move higher. The strength and breadth of the rally has left the market with few out-of-favor areas. The optimism built into market prices has made it challenging to find new ideas and left the risk/reward tradeoff in the market unattractive..."


Prospectus | Important Fund Risks | Index Definitions
 
PERFORMANCE  as of 3/31/13
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Small Cap Value $17.10 –$0.02 -0.12% 5.36% 11.40%
 
Historical NAVs
  
1Net Asset Value (NAV)
2Returns for periods less than one year are not annualized.
Source: Artisan Partners

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 

Morningstar Rating™
as of 4/30/2013
Period Rating Funds in Category
3 Yr 606
5 Yr 536
10 Yr 331
Overall Rating 606
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small Blend Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 3/31/13
Period Rank Funds in Category
1 Yr 294 294
3 Yr 231 237
5 Yr 147 204
10 Yr 57 116
Since Inception 9/29/97 3 43
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 Value category.
*Lipper Rankings inception date: 9/29/1997.
 
Morningstar Rating™
as of 12/30/2011

Medal Gold

View More

 The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Small Cap Value 5.73% 0.68% 2.83% 5.06% 5.76% 10.84% 9.83%
Russell 2000® Value Index 11.52% 5.25% 19.71% 9.58% 6.60% 10.28% 7.81%
Russell 2000® Index 11.98% 5.38% 17.69% 11.25% 7.27% 10.47% 6.24%
Lipper Small-Cap Value Funds Index 10.55% 4.20% 15.71% 9.60% 7.16% 11.02% 7.99%
1Returns for periods less than one year are not annualized.
2Fund Inception 9/29/97.
3Index performance starts 12/31/95.

Source: Artisan Partners/Russell/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 
Morningstar Rating™
as of 4/30/2013
Period Rating Funds in Category
3 Yr 606
5 Yr 536
10 Yr 331
Overall Rating 606
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small Blend Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 3/31/13
Period Rank Funds in Category
1 Yr 294 294
3 Yr 231 237
5 Yr 147 204
10 Yr 57 116
Since Inception 9/29/97 3 43
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 Value category.
*Lipper Rankings inception date: 9/29/1997.
 
Morningstar Rating™
as of 12/30/2011

Medal Gold

View More

 The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Small Cap Value 8.40% 8.40% 4.59% 7.41% 7.20% 11.94% 10.06%
Russell 2000® Value Index 11.63% 11.63% 18.09% 12.12% 7.29% 11.29% 7.86%
Russell 2000® Index 12.39% 12.39% 16.30% 13.45% 8.24% 11.52% 6.30%
Lipper Small-Cap Value Funds Index 11.87% 11.87% 15.31% 12.20% 8.13% 12.11% 8.12%
1Returns for periods less than one year are not annualized.
2Fund Inception 9/29/97.
3Index performance starts 12/31/95.

Source: Artisan Partners/Russell/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 
Morningstar Rating™
as of 4/30/2013
Period Rating Funds in Category
3 Yr 606
5 Yr 536
10 Yr 331
Overall Rating 606
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small Blend Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 3/31/13
Period Rank Funds in Category
1 Yr 294 294
3 Yr 231 237
5 Yr 147 204
10 Yr 57 116
Since Inception 9/29/97 3 43
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 Value category.
*Lipper Rankings inception date: 9/29/1997.
 
Morningstar Rating™
as of 12/30/2011

Medal Gold

View More

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

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Small Cap Value 8.40% 8.40% 4.59% 7.41% 7.20% 11.94% 10.06%
Russell 2000® Value Index 11.63% 11.63% 18.09% 12.12% 7.29% 11.29% 7.86%
Russell 2000® Index 12.39% 12.39% 16.30% 13.45% 8.24% 11.52% 6.30%
Lipper Small-Cap Value Funds Index 11.87% 11.87% 15.31% 12.20% 8.13% 12.11% 8.12%
1Returns for periods less than one year are not annualized.
2Fund Inception 9/29/97.
3Index performance starts 12/31/95.

Source: Artisan Partners/Russell/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 


PERFORMANCE  as of 4/30/13

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Small Cap Value 5.73% 0.68% 2.83% 5.06% 5.76% 10.84% 9.83%
Russell 2000® Value Index 11.52% 5.25% 19.71% 9.58% 6.60% 10.28% 7.81%
Russell 2000® Index 11.98% 5.38% 17.69% 11.25% 7.27% 10.47% 6.24%
Lipper Small-Cap Value Funds Index 10.55% 4.20% 15.71% 9.60% 7.16% 11.02% 7.99%
1Returns for periods less than one year are not annualized.
2Fund Inception 9/29/97.
3Index performance starts 12/31/95.

Source: Artisan Partners/Russell/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 


PERFORMANCE  as of 5/24/13

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Small Cap Value $17.10 –$0.02 -0.12% 5.36% 11.40%
 
Historical NAVs
  
1Net Asset Value (NAV)
2Returns for periods less than one year are not annualized.
Source: Artisan Partners

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 



Morningstar Rating™
as of 4/30/2013
Period Rating Funds in Category
3 Yr 606
5 Yr 536
10 Yr 331
Overall Rating 606
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small Blend Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 3/31/13
Period Rank Funds in Category
1 Yr 294 294
3 Yr 231 237
5 Yr 147 204
10 Yr 57 116
Since Inception 9/29/97 3 43
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 Value category.
*Lipper Rankings inception date: 9/29/1997.
 
Morningstar Rating™
as of 12/30/2011

Medal Gold

View More

 The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described.
Important Fund Risks | Index Definitions | Morningstar Ratings Disclosure
 
DATA/STATISTICS  as of 3/31/13
Market Cap Distribution1
% of total portfolio equities
$ in billions Fund R2000V2
1.8 + 35.7 27.3
1.2 – 1.8 22.2 20.9
0.8 – 1.2 24.3 19.7
0.5 – 0.8 13.8 14.0
0.0 – 0.5 4.0 18.1
Total 100.0% 100.0%


Top 10 Holdings
% of total portfolio

EMCOR Group Inc 3.3
Ryder System Inc 3.0
HB Fuller Co 2.6
FTI Consulting Inc 2.6
Ultratech Inc 2.3
ADTRAN Inc 2.2
World Fuel Services Corp 2.2
Rent-A-Center Inc 2.1
Diebold Inc 2.0
Coinstar Inc 1.9
Total 24.3%
Holdings: Current | Historical
For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
Characteristics
Distribution Information Current | Historical
Median Market Cap3 $1.1 billion
Weighted Avg. Market Cap3 $1.6 billion
Median Price/Book Value3 1.5X
Weighted Avg. P/E (FY1)3 14.8X
Weighted Avg. P/E (FY2)3 12.7X
Number of Holdings 93
Portfolio Turnover Rate4 28.17%
Cash (% of total porfolio) 6.6%


Sector Diversification5
% of total portfolio equities
  Fund
Consumer Discretionary
14.4
Consumer Staples
1.2
Energy
14.6
Financials
6.2
Health Care
3.6
Industrials
27.4
Information Technology
26.0
Materials
5.5
Telecommunication Services
1.1
Utilities
0.0
Total 100.0%


1 Source: Artisan Partners/FactSet/Russell
2 Russell 2000® Value Index
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/12.
5 Source: Artisan Partners/FactSet(GICS)
Important Fund Risks | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGERS



Scott Satterwhite

Scott C. Satterwhite, CFA
Scott C. Satterwhite, CFA, is a managing director of Artisan Partners and a portfolio manager on the U.S. Value team. In this role, he is a portfolio manager for the Value Equity, U.S. Mid-Cap Value and U.S. Small-Cap Value strategies, including Artisan Value, Artisan Mid Cap Value and Artisan Small Cap Value Funds. Prior to joining Artisan Partners in June 1997, Mr. Satterwhite was senior vice president and portfolio manager at Wachovia Corporation responsible for management of assets of over $1.5 billion. Mr. Satterwhite managed the Biltmore Special Values Fund from August 1993 through May 1997 in addition to being a personal trust portfolio manager since 1984 and managing the Georgia Personal Trust Portfolio Group at Wachovia since 1991. Mr. Satterwhite holds a bachelor’s degree in Economics from The University of the South and a Master of Business Administration from Tulane University.

James Kieffer

James C. Kieffer, CFA
James C. Kieffer, CFA, is a managing director of Artisan Partners and a portfolio manager on the U.S. Value team. In this role, he is a portfolio manager for the Value Equity, U.S. Mid-Cap Value and U.S. Small-Cap Value strategies, including Artisan Value, Artisan Mid Cap Value and Artisan Small Cap Value Funds. Prior to joining Artisan Partners in August 1997, Mr. Kieffer was a research analyst at the investment firm McColl Partners. Mr. Kieffer began his investment career at Wachovia Corporation working with Scott 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 bachelor’s degree in Economics from Emory University.

George O. Sertl, Jr.

George O. Sertl, Jr., CFA
George O. Sertl, Jr., CFA, is a managing director of Artisan Partners and a portfolio manager on the U.S. Value team. In this role, he is a portfolio manager for the Value Equity, U.S. Mid-Cap Value and U.S. Small-Cap Value strategies, including Artisan Value, Artisan Mid Cap Value and Artisan Small Cap Value Funds. Prior to joining Artisan Partners in January 2000, 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 bachelor’s degree in Economics and History from the University of Richmond and a master’s degree in Economics from St. Louis University.

Daniel L. Kane, CFA

Daniel L. Kane, CFA
Daniel L. Kane, CFA, is an associate portfolio manager on the U.S. Value team. In this role, he is an associate portfolio manager for the Value Equity, U.S. Mid-Cap Value and U.S. Small-Cap Value strategies, including Artisan Value, Artisan Mid Cap Value and Artisan Small Cap Value Funds. Prior to joining Artisan Partners in March 2008, Mr. Kane was a senior small cap investment analyst at BB&T Asset Management, Inc. from August 2005 to March 2008. Mr. Kane began his investment career as a domestic equities securities analyst at the State of Wisconsin Investment Board in 1998. Mr. Kane holds a bachelor’s degree in Finance from the University of Wisconsin-Madison and a Master of Business Administration from The University of Chicago Booth School of Business.

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

Securities of small companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Value 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.



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® Value Index is an unmanaged, market-weighted index of those small companies included in the Russell 2000® Index with lower price-to-book ratios 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 Partners. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners’ presentation thereof.

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



Data/Statistics Disclosure

Totals may not sum due to rounding.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Artisan Partners. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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 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.

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.

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.



Expense Ratio Disclosure

The Fund's direct operating expenses are 1.22% which is reflected in the Fund's "Financial Highlights" in the statutory prospectus and financial statements. The expense ratio noted above includes "Acquired Fund Fees and Expenses," which are indirect expenses the Fund may incur from investing in an investment company (acquired fund); such indirect expenses are not paid from the fund's assets but are reflected in the return realized by the fund on its investment in the acquired funds.
 
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