Global Small Cap Fund

Ticker: ARTWX
Inception: 6/25/13
Availability: Open
Fund Assets: $157 M
(as of 31-Mar-2014)
   
Manager: Yockey, Hamker, Geisler
Expense Ratio: 1.50% / 2.51%
Subsidized / Unsubsidized
For the Fund's inception through the fiscal year ended 30-Sep-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
  • Maximum position size generally 5%*
  • Maximum of 35% in any one country other than the U.S.*
  • Maximum of 50% in emerging markets*
  • Market capitalization generally less than $4 billion*
  • 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 Small Cap $12.24 $0.01 0.08% –1.37% 3.29%
 
 
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 periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 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.
 

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
1,2
Global Small Cap 4.73% 4.73% n/a n/a n/a n/a 24.44%
MSCI ACWI Small Cap Index 2.90% 2.90% n/a n/a n/a n/a 24.36%
Lipper Global Small/Mid-Cap Funds Index 1.88% 1.88% n/a n/a n/a n/a 21.33%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/25/13

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 return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 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.
 
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
1,2
Global Small Cap 4.73% 4.73% n/a n/a n/a n/a 24.44%
MSCI ACWI Small Cap Index 2.90% 2.90% n/a n/a n/a n/a 24.36%
Lipper Global Small/Mid-Cap Funds Index 1.88% 1.88% n/a n/a n/a n/a 21.33%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/25/13

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 return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 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
1,2
Global Small Cap 4.73% 4.73% n/a n/a n/a n/a 24.44%
MSCI ACWI Small Cap Index 2.90% 2.90% n/a n/a n/a n/a 24.36%
Lipper Global Small/Mid-Cap Funds Index 1.88% 1.88% n/a n/a n/a n/a 21.33%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/25/13

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 return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 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
1,2
Global Small Cap 4.73% 4.73% n/a n/a n/a n/a 24.44%
MSCI ACWI Small Cap Index 2.90% 2.90% n/a n/a n/a n/a 24.36%
Lipper Global Small/Mid-Cap Funds Index 1.88% 1.88% n/a n/a n/a n/a 21.33%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/25/13

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 return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 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 4/24/14

     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Global Small Cap $12.24 $0.01 0.08% –1.37% 3.29%
 
 
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 periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 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.
 



 
DATA/STATISTICS  

Region/Country Allocation1
Americas 15.4
United States 15.4
   
Emerging Markets 29.1
China 9.8
India 5.4
Indonesia 3.9
Cambodia 3.3
Malaysia 3.0
Brazil 2.5
Colombia 1.1
Thailand 0.1
   
Europe 40.3
United Kingdom 17.8
Germany 7.3
Switzerland 5.5
Finland 4.2
France 3.0
Sweden 2.4
   
Middle East 3.5
Israel 3.5
   
Pacific Basin 11.6
Singapore 7.8
Japan 2.0
Hong Kong 1.8
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
Sector Diversification2
  Fund
Consumer Discretionary
22.7
Consumer Staples
18.7
Energy
1.8
Financials
7.1
Health Care
10.4
Industrials
15.8
Information Technology
3.1
Materials
9.9
Utilities
10.7
Total 100.0%


Characteristics
Weighted Avg. Market Cap 3 $2.3 billion
Weighted Avg. Growth Rate
(3-5 YR)3
15.6%
Weighted Avg. P/E (FY1)3 19.8X
Weighted Avg. P/E (FY2)3 16.6X
Number of Holdings 44
Cash (% of total porfolio) 4.6%


Top 10 Holdings

Kaveri Seed Co Ltd (India) 5.2
SIIC Environment Holdings Ltd (Singapore) 4.4
Victrex PLC (United Kingdom) 4.1
Huhtamaki OYJ (Finland) 4.0
Synergy Health PLC (United Kingdom) 3.8
Wesco Aircraft Holdings Inc (United States) 3.7
China Oil & Gas Group Ltd (China) 3.5
Carpetright PLC (United Kingdom) 3.3
Sarine Technologies Ltd (Israel) 3.3
Stroeer Media AG (Germany) 3.3
Total 38.7%
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





 
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.

Dave Geisler

Dave Geisler
David Geisler is a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Global Small-Cap Growth strategy, including Artisan Global Small Cap Fund. He also conducts research, primarily focusing on consumer and business services companies. Prior to joining Artisan Partners in May 2007, Mr. Geisler was an associate analyst at Cowen and Company covering the internet and new media sectors. Mr. Geisler joined Cowen and Company after working at Vertex Management and HCorp in various roles. Earlier in his career, he was a vice president at Sightline Partners, a venture capital affiliate of Piper Jaffray Ventures.

Mr. Geisler holds a bachelor's degree in Economics from the University of California-San Diego and a Master of Business Administration from the Haas School of Business at the University of California-Berkeley. He is fluent in French.

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- and medium-sized 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

The MSCI ACWI Small Cap Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small-capitalization companies in developed and emerging markets.

The Lipper Global Small/Mid-Cap Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest global small/mid-cap funds tracked by Lipper. An investment cannot be made directly in an 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)

An investment can not be made directly into an index.



Data/Statistics Disclosure

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.

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.

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.



Expense Ratio Disclosure

Gross expense ratio is 2.51%, which includes estimated expenses for the fiscal year ended 30-Sep-13. 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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