Global Value Fund

Ticker: ARTGX
Inception: 12/10/07
Availability: Closed to most new investors
Fund Assets: $1.8 B
(All classes as of 30-Apr-2015)
   
Manager: O'Keefe, Samra
Expense Ratio: 1.32% / 1.30%
Indirect / Direct
For the fiscal year ended 9/30/14.
Expense Ratio Disclosure
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PROCESS & CURRENT INFORMATION
Investment Process Highlights
The investment team seeks to invest in undervalued companies that are generating high returns on capital, are financially strong and are managed by people who are working to build value over time.

Undervaluation. Determining the intrinsic value of the business is the heart of the team’s research process. As long-term investors, it is the team’s core belief that valuation is the most crucial determinant of stock market return over the long term.

Business Quality. The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. This criteria helps rule out businesses that are statistically cheap, but whose values are deteriorating over time.

Financial Strength. The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.

Shareholder-Oriented Management. The team’s research process attempts to identify management teams with a history of building value for shareholders.
Portfolio Construction Highlights
  • Typically 30-50 holdings
  • Maximum position size generally 5%*
  • Maximum of 30% in emerging markets*
  • Minimum of $2 billion market capitalization*
  • Typically less than 15% 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 Value $16.21 –$0.09 -0.55% 2.14% 4.51%
 
 
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. 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. 

Morningstar Rating™
Period Rating Funds in Category
3 Yr 922
5 Yr 724
10 Yr N/A N/A
Overall Rating 922
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 98 153
3 Yr 11 104
5 Yr 2 76
10 Yr NA NA
Since Inception 12/10/07 2 62
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 Core Category. *Lipper ranking inception date: 12/10/07.

 
Morningstar Rating™

Medal Silver

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
Inception
2
Global Value 2.32% 6.37% 4.88% 15.28% 13.04% n/a 8.17%
MSCI ACWI Index 5.28% 6.95% 7.46% 12.24% 9.58% n/a 2.86%
Lipper Global Multi-Cap Core Funds Index 5.00% 3.69% 5.90% 12.85% 10.36% n/a 4.31%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/10/07.

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. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information 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. 
Morningstar Rating™
Period Rating Funds in Category
3 Yr 922
5 Yr 724
10 Yr N/A N/A
Overall Rating 922
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 98 153
3 Yr 11 104
5 Yr 2 76
10 Yr NA NA
Since Inception 12/10/07 2 62
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 Core Category. *Lipper ranking inception date: 12/10/07.

 
Morningstar Rating™

Medal Silver

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
Inception
2
Global Value 0.52% 0.52% 3.69% 14.50% 12.97% n/a 8.01%
MSCI ACWI Index 2.31% 2.31% 5.42% 10.75% 8.99% n/a 2.49%
Lipper Global Multi-Cap Core Funds Index 2.85% 2.85% 3.96% 11.54% 9.97% n/a 4.06%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/10/07.

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. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information 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. 
Morningstar Rating™
Period Rating Funds in Category
3 Yr 922
5 Yr 724
10 Yr N/A N/A
Overall Rating 922
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 98 153
3 Yr 11 104
5 Yr 2 76
10 Yr NA NA
Since Inception 12/10/07 2 62
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 Core Category. *Lipper ranking inception date: 12/10/07.

 
Morningstar Rating™

Medal Silver

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 3/31/15

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
Global Value 0.52% 0.52% 3.69% 14.50% 12.97% n/a 8.01%
MSCI ACWI Index 2.31% 2.31% 5.42% 10.75% 8.99% n/a 2.49%
Lipper Global Multi-Cap Core Funds Index 2.85% 2.85% 3.96% 11.54% 9.97% n/a 4.06%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/10/07.

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. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information 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. 


PERFORMANCE  as of 4/30/15

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
Global Value 2.32% 6.37% 4.88% 15.28% 13.04% n/a 8.17%
MSCI ACWI Index 5.28% 6.95% 7.46% 12.24% 9.58% n/a 2.86%
Lipper Global Multi-Cap Core Funds Index 5.00% 3.69% 5.90% 12.85% 10.36% n/a 4.31%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/10/07.

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. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information 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. 


PERFORMANCE  as of 5/22/15

     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Global Value $16.21 –$0.09 -0.55% 2.14% 4.51%
 
 
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. 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. 



Morningstar Rating™
Period Rating Funds in Category
3 Yr 922
5 Yr 724
10 Yr N/A N/A
Overall Rating 922
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 98 153
3 Yr 11 104
5 Yr 2 76
10 Yr NA NA
Since Inception 12/10/07 2 62
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 Core Category. *Lipper ranking inception date: 12/10/07.

 
Morningstar Rating™

Medal Silver

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.
 
DATA/STATISTICS  

Region/Country Allocation1
Americas 62.1
United States 59.8
Canada 2.3
   
Emerging Markets 5.0
Korea 5.0
   
Europe 32.8
United Kingdom 13.7
Switzerland 7.6
Denmark 4.4
Netherlands 3.0
Belgium 1.7
Norway 1.2
France 1.1
   
Pacific Basin 0.1
Japan 0.1
   
   
   
   
   
   
Sector Diversification2
  Fund
Consumer Discretionary
4.3
Consumer Staples
8.0
Energy
3.6
Financials
35.2
Health Care
9.6
Industrials
8.1
Information Technology
31.2
Materials
0.0
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%


Characteristics
Distribution Information Current | Historical
Weighted Avg. Market Cap 3 $89.4 billion
Median Market Cap 3 $30.3 billion
Median Price/Book Value3 2.8X
Weighted Avg. P/E (FY1)3 15.0X
Weighted Avg. P/E (FY2)3 13.6X
Number of Holdings 45
Portfolio Turnover Rate4 25.41%
Cash (% of total porfolio) 12.8%


Top 10 Holdings

Oracle Corp (United States) 5.1
The Bank of New York Mellon Corp (United States) 3.9
Citigroup Inc (United States) 3.4
Medtronic Inc PLC (United States) 3.4
Samsung Electronics Co Ltd (South Korea) 3.1
Tesco PLC (United Kingdom) 3.1
Royal Bank of Scotland Group PLC (United Kingdom) 3.0
Arch Capital Group Ltd (United States) 3.0
QUALCOMM Inc (United States) 3.0
Cisco Systems Inc (United States) 3.0
Total 34.0%
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 9/30/14.
 
FUND MANAGERS



Daniel J. O'Keefe

Daniel J. O'Keefe
Daniel J. O’Keefe is a managing director of Artisan Partners and founding partner of the Global Value team. He is lead portfolio manager of Artisan Global Value Fund, which he has managed since the portfolio’s inception in December 2007. In addition, he is the portfolio co‐manager of Artisan International Value Fund, which he has co‐managed since October 2006. Prior to becoming portfolio manager in 2006, Mr. O’Keefe was a research analyst for the ArtisanPartners Global Value team since its inception in 2002. Prior to joining Artisan Partners in May 2002, Mr. O'Keefe was an analyst in international equities at Harris Associates LP, from July 1997 through May 2002. Preceding his days at Harris Associates, he was an associate in mergers and acquisitions at BancAmerica Securities from February 1995 through July 1997, and was an analyst with Morningstar, Inc. from June 1993 through February 1995.

Under the management of Mr. O’Keefe and his co‐founding partner, David Samra, the Global Value team has been nominated five times (in 2008 and consecutively from 2011‐2014) for Morningstar, Inc.’s International‐Stock Fund Manager of the Year award in the US. The team won the award for their management efforts in 2008 for Artisan International Value Fund and in 2013 for Artisan International Value Fund and Artisan Global Value Fund.

Mr. O’Keefe holds a bachelor’s degree in Philosophy from Northwestern University.

David Samra

David Samra
N. David Samra is a managing director of Artisan Partners and founding partner of the Global Value team. He is lead portfolio manager of Artisan International Value Fund, which he has managed since the portfolio’s inception in September 2002. In addition, he is the portfolio co‐ manager of Artisan Global Value Fund, which he has co‐managed since its inception in December 2007. Prior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP, from August 1997 through May 2002. Earlier in his career, he was a portfolio manager with Montgomery Asset Management, Global Equities Division from June 1993 through August 1997.

Under the management of Mr. Samra and his co‐founding partner, Daniel O’Keefe, the Global Value team has been nominated five times (in 2008 and consecutively from 2011‐2014) for Morningstar, Inc.’s International‐Stock Fund Manager of the Year award in the US. The team won the award for their management efforts in 2008 for Artisan International Value Fund and in 2013 for Artisan International Value Fund and Artisan Global Value Fund.

Mr. Samra holds a bachelor’s degree in Finance from Bentley College and a master’s degree in Business Administration from Columbia Business School.

 
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 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.



Expense Ratio Disclosure

Indirect includes expenses the Fund may incur from investing in an investment company (Acquired Fund Fees and Expenses); such indirect expenses are not paid from the Fund’s assets but are reflected in the Fund's return realized by its investment in the acquired funds.


Important Index Disclosure

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 Core Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest global multi-cap core funds tracked by Lipper, including Artisan Global Value Fund.

The Lipper Global Multi-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 10 of the largest global multi-cap value funds tracked by Lipper.

An investment can not be made directly into an index.



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 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 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. Data believed to be inaccurate may be excluded from the price/earnings calculations.

In general, the Turnover Ratio is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year, by the monthly average of the value of portfolio securities owned by the Fund during the fiscal year.

Portfolio characteristics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Characteristics are calculated using information obtained from various data sources. Artisan Partners excludes outliers when calculating portfolio characteristics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio characteristics.

 
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Artisan Growth Team