Global Equity Fund

Ticker: ARTHX
Inception: 3/29/10
Availability: Open
Fund Assets: $218 M
(as of 31-Mar-2014)
   
Manager: Yockey, Hamker, Euretig
Expense Ratio: 1.50% / 1.77%
Subsidized / Unsubsidized
For the fiscal year ended 9/30/13.
Expense Ratio Disclosure
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PROCESS & CURRENT INFORMATION
Investment Process HighlightsIn-depth Philosophy & Process (PDF)
The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not reflect their long-term potential.

Themes. The team identifies long-term secular growth trends with the objective of investing in companies that have meaningful exposure to these trends. The team’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend.

Sustainable Growth. The team applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. The team seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model and a high-quality management team.

Valuation. The team uses multiple valuation metrics to establish a target price range. The team assesses the relationship between its estimate of a company's sustainable growth prospects and its current valuation.
Portfolio Construction Highlights
  • Typically 40-80 holdings
  • Maximum position size generally 5%*
  • Maximum of 35% in any one country other than the U.S.*
  • Maximum of 30% in emerging markets*
  • Typically less than 10% cash

*Limitations apply at the time of purchase. See prospectus for more details.

Current Information
 
PERFORMANCE  
     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Global Equity $15.94 $0.06 0.38% –1.42% –1.42%
 
 
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 performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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. The Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.
 

Morningstar Rating™
Period Rating Funds in Category
3 Yr 804
5 Yr N/A N/A
10 Yr N/A N/A
Overall Rating 804
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s World Stock 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
Period Rank Funds in Category
1 Yr 151 226
3 Yr 1 179
5 Yr N/A N/A
10 Yr N/A N/A
Since Inception 3/29/10 3 157
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Global Multi-Cap Growth Category. *Lipper ranking inception date: 3/29/10


Morningstar data© 2014, 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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
Global Equity 0.00% 0.00% 17.19% 15.96% n/a n/a 16.22%
MSCI ACWI Index 1.08% 1.08% 16.55% 8.55% n/a n/a 9.92%
Lipper Global Multi-Cap Growth Funds Index 0.53% 0.53% 18.94% 7.63% n/a n/a 10.46%
1Returns for periods less than one year are not annualized.
2Fund Inception 3/29/10.

Source: Artisan Partners/MSCI/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. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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. The Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.
 
Morningstar Rating™
Period Rating Funds in Category
3 Yr 804
5 Yr N/A N/A
10 Yr N/A N/A
Overall Rating 804
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s World Stock 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
Period Rank Funds in Category
1 Yr 151 226
3 Yr 1 179
5 Yr N/A N/A
10 Yr N/A N/A
Since Inception 3/29/10 3 157
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Global Multi-Cap Growth Category. *Lipper ranking inception date: 3/29/10


Morningstar data© 2014, 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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
Global Equity 0.00% 0.00% 17.19% 15.96% n/a n/a 16.22%
MSCI ACWI Index 1.08% 1.08% 16.55% 8.55% n/a n/a 9.92%
Lipper Global Multi-Cap Growth Funds Index 0.53% 0.53% 18.94% 7.63% n/a n/a 10.46%
1Returns for periods less than one year are not annualized.
2Fund Inception 3/29/10.

Source: Artisan Partners/MSCI/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. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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. The Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.
 
Morningstar Rating™
Period Rating Funds in Category
3 Yr 804
5 Yr N/A N/A
10 Yr N/A N/A
Overall Rating 804
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s World Stock 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
Period Rank Funds in Category
1 Yr 151 226
3 Yr 1 179
5 Yr N/A N/A
10 Yr N/A N/A
Since Inception 3/29/10 3 157
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Global Multi-Cap Growth Category. *Lipper ranking inception date: 3/29/10


Morningstar data© 2014, 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 3/31/14

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
Global Equity 0.00% 0.00% 17.19% 15.96% n/a n/a 16.22%
MSCI ACWI Index 1.08% 1.08% 16.55% 8.55% n/a n/a 9.92%
Lipper Global Multi-Cap Growth Funds Index 0.53% 0.53% 18.94% 7.63% n/a n/a 10.46%
1Returns for periods less than one year are not annualized.
2Fund Inception 3/29/10.

Source: Artisan Partners/MSCI/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. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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. The Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.
 


PERFORMANCE  as of 3/31/14

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
Global Equity 0.00% 0.00% 17.19% 15.96% n/a n/a 16.22%
MSCI ACWI Index 1.08% 1.08% 16.55% 8.55% n/a n/a 9.92%
Lipper Global Multi-Cap Growth Funds Index 0.53% 0.53% 18.94% 7.63% n/a n/a 10.46%
1Returns for periods less than one year are not annualized.
2Fund Inception 3/29/10.

Source: Artisan Partners/MSCI/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. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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. The Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.
 


PERFORMANCE  as of 4/17/14

     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Global Equity $15.94 $0.06 0.38% –1.42% –1.42%
 
 
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 performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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. The Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.
 



Morningstar Rating™
Period Rating Funds in Category
3 Yr 804
5 Yr N/A N/A
10 Yr N/A N/A
Overall Rating 804
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s World Stock 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
Period Rank Funds in Category
1 Yr 151 226
3 Yr 1 179
5 Yr N/A N/A
10 Yr N/A N/A
Since Inception 3/29/10 3 157
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Global Multi-Cap Growth Category. *Lipper ranking inception date: 3/29/10


Morningstar data© 2014, 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.
 
DATA/STATISTICS  

Region/Country Allocation1
Americas 44.9
United States 43.4
Canada 1.4
   
Emerging Markets 23.7
China 7.4
Philippines 4.0
India 3.4
Indonesia 2.4
Cambodia 2.4
Nigeria 2.4
Mexico 1.6
Brazil 0.1
   
Europe 24.8
United Kingdom 8.1
Switzerland 5.5
Germany 4.4
Sweden 1.9
Netherlands 1.4
Finland 1.1
Ireland 1.1
France 1.0
Denmark 0.4
   
Pacific Basin 6.7
Hong Kong 4.3
Japan 2.3
   
Sector Diversification2
  Fund
Consumer Discretionary
30.5
Consumer Staples
15.5
Energy
1.5
Financials
9.8
Health Care
12.8
Industrials
11.1
Information Technology
9.2
Materials
4.6
Telecommunication Services
0.0
Utilities
5.0
Total 100.0%


Characteristics
Distribution Information Current | Historical
Weighted Avg. Market Cap 3 $44.5 billion
Weighted Avg. Growth Rate
(3-5 YR)3
16.6%
Weighted Avg. P/E (FY1)3 18.5X
Weighted Avg. P/E (FY2)3 15.8X
Number of Holdings 63
Portfolio Turnover Rate4 126.40%
Cash (% of total porfolio) 1.0


Top 10 Holdings

Comcast Corp (United States) 3.7
The TJX Cos Inc (United States) 3.5
Gilead Sciences Inc (United States) 3.4
Kaveri Seed Co Ltd P-Cert (India) 3.4
Marsh & McLennan Cos Inc (United States) 3.1
China Oil & Gas Group Ltd (China) 3.0
LT Group Inc (Philippines) 2.6
Celgene Corp (United States) 2.5
Google Inc (United States) 2.4
NagaCorp Ltd (Cambodia) 2.4
Total 30.0%
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.





1 Source: Artisan Partners/FactSet(MSCI)
2 Source: Artisan Partners/FactSet(GICS)
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/13.
 
FUND MANAGERS



Mark L. Yockey

Mark L. Yockey, CFA
Mark L. Yockey, CFA is a Managing Director of Artisan Partners and a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Artisan Non-U.S. Growth, Non-U.S. Small-Cap Growth, Global Equity and Global Small Cap Growth strategies, including Artisan International, Artisan International Small Cap, Artisan Global Equity and Artisan Global Small Cap Funds. Prior to joining Artisan Partners in December 1995, Mr. Yockey was the portfolio manager of the United International Growth Fund and vice president of Waddell & Reed from January 1990 through December 1995. Before assuming responsibility for the United International Growth Fund, Mr. Yockey was an analyst for Waddell & Reed from 1986 through 1989, specializing in the worldwide health care industry and international special situations. Earlier in his career, he was a health care analyst for the State of Michigan Retirement Fund for five years.

Mr. Yockey holds a bachelor's degree and a master's degree in Finance from Michigan State University. He completed one year of undergraduate work at the Université d'Aix-en-Provence in France. He also worked for the French bank, La Société Générale. He is fluent in French.

Charles-Henri Hamker

Charles-Henri Hamker
Charles-Henri Hamker is a Managing Director of Artisan Partners and a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Artisan Non-U.S. Small-Cap Growth, Global Equity, and Global Small-Cap Growth strategies, including Artisan International Small Cap, Artisan Global Equity, and Artisan Global Small Cap Funds, and an associate portfolio manager for the Artisan Non-U.S. Growth strategy, including Artisan International Fund. He also conducts research, primarily focusing on the consumer sector. Prior to joining Artisan Partners in August 2000, Mr. Hamker worked on the European Equities Desk in the New York office of Banque Nationale de Paris. Earlier in his career, he worked in the Paris and London offices of J.P. Morgan.

Mr. Hamker holds a bachelor's degree with a specialization in Finance and Economics from the European Business School in Paris. He is fluent in French and German.

Andrew J. Euretig

Andrew J. Euretig
Andrew J. Euretig is a managing director of Artisan Partners and a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Artisan Global Equity strategy, including Artisan Global Equity Fund, and an associate portfolio manager for the Artisan Non-U.S. Growth strategy, including Artisan International Fund. He also conducts research, primarily focusing on companies within the industrials sector. Prior to joining Artisan Partners in June 2005, Mr. Euretig was a graduate student at the University of California at Berkeley. He previously served in the United States Navy as an amphibious operations officer. Mr. Euretig holds a bachelor’s and a master’s degree in Business Administration from the Haas School of Business at the University of California-Berkeley.

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

International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of 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. Growth securities may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.



Important Index Disclosure

An investment can not be made directly into an index.

MSCI ACWI (All Country World Index) Index is an index designed to measure equity market performance in the global developed and emerging markets. The index is an unmanaged, market-weighted index and the returns of the index 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.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com)

The Lipper Global Multi-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest global multi-cap growth funds tracked by Lipper.

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 Lipper Global Large-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 10 of the largest global large-cap growth funds tracked by Lipper.



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 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 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.

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.



Expense Ratio Disclosure

Gross expense ratio is 1.77%. Artisan Partners has contractually agreed to reimburse the Fund for any ordinary operating expenses in excess of 1.50% through 1-Feb-15, at which time the contract may be renewed, revised or discontinued.
 
 
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