Mid Cap Fund

Ticker: ARTMX
Inception: 6/27/97
Availability: Closed to most
new investors
Fund Assets: $10.1 B
(All classes as of 31-Mar-2014)
   
Manager: Kamm, Stephens, Hamel, Cepukenas, White
Expense Ratio: 1.29% / 1.22%
Indirect / Direct
For the fiscal year ended 9/30/13.
Expense Ratio Disclosure
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PROCESS & CURRENT INFORMATION
Investment Process Highlights
The investment team seeks to invest in companies with franchise characteristics that are benefiting from an accelerating profit cycle and are trading at a discount to private market value.

Security Selection. The team seeks to identify companies with franchise characteristics that are selling at attractive valuations and are benefiting from an accelerating profit cycle. The team looks for companies that are well positioned for long-term growth, driven by demand for their products and services, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle.

Capital Allocation. Based on the team’s fundamental analysis of a company's profit cycle, it divides the portfolio into three parts. GardenSM investments are small positions in the early part of their profit cycle that will warrant a more sizeable allocation once their profit cycle accelerates. CropSM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycle. HarvestSM investments are positions that are being reduced as they near the team’s estimate of full valuation or their profit cycle begins to decelerate. The team believes that adhering to this process increases the likelihood of delivering upside participation with downside protection.

Broad Knowledge. The team overlays security selection and capital allocation with the capability to invest opportunistically across the entire global equity spectrum. It is the team’s goal to have broad knowledge of the global economy to ensure that it is able to find growth wherever it occurs. This capability extends from the design of the team, which leverages the broad experience of the portfolio managers and the deep expertise of the analysts on the team.
Portfolio Construction Highlights
  • Maximum position size up to 5%*
  • Maximum of 10% in non-U.S. companies traded on U.S. exchanges
  • Generally maintains a Weighted Average Market Cap of no more than 1.5X that of the Russell Midcap® Index
  • Typically less than 5% cash

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

Current Information
 
PERFORMANCE  
     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Mid Cap $46.93 $0.15 0.32% –3.83% –1.45%
 
 
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™
Period Rating Funds in Category
3 Yr 641
5 Yr 556
10 Yr 420
Overall Rating 641
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap Growth Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
Period Rank Funds in Category
1 Yr 77 547
3 Yr 79 471
5 Yr 17 416
10 Yr 11 273
Since Inception 6/27/97 1 112
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category.
*Lipper Rankings Inception Date: 6/27/97.
 
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
Mid Cap 2.48% 2.48% 29.51% 15.36% 26.16% 11.16% 14.77%
Russell Midcap® Index 3.53% 3.53% 23.51% 14.39% 25.55% 10.05% 9.93%
Russell Midcap® Growth Index 2.04% 2.04% 24.22% 13.52% 24.73% 9.47% 8.19%
Lipper Multi-Cap Growth Funds Index 1.70% 1.70% 26.48% 13.18% 22.20% 7.96% 6.31%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/27/97.

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™
Period Rating Funds in Category
3 Yr 641
5 Yr 556
10 Yr 420
Overall Rating 641
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap Growth Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
Period Rank Funds in Category
1 Yr 77 547
3 Yr 79 471
5 Yr 17 416
10 Yr 11 273
Since Inception 6/27/97 1 112
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category.
*Lipper Rankings Inception Date: 6/27/97.
 
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
Mid Cap 2.48% 2.48% 29.51% 15.36% 26.16% 11.16% 14.77%
Russell Midcap® Index 3.53% 3.53% 23.51% 14.39% 25.55% 10.05% 9.93%
Russell Midcap® Growth Index 2.04% 2.04% 24.22% 13.52% 24.73% 9.47% 8.19%
Lipper Multi-Cap Growth Funds Index 1.70% 1.70% 26.48% 13.18% 22.20% 7.96% 6.31%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/27/97.

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™
Period Rating Funds in Category
3 Yr 641
5 Yr 556
10 Yr 420
Overall Rating 641
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap Growth Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
Period Rank Funds in Category
1 Yr 77 547
3 Yr 79 471
5 Yr 17 416
10 Yr 11 273
Since Inception 6/27/97 1 112
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category.
*Lipper Rankings Inception Date: 6/27/97.
 
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 3/31/14

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
Mid Cap 2.48% 2.48% 29.51% 15.36% 26.16% 11.16% 14.77%
Russell Midcap® Index 3.53% 3.53% 23.51% 14.39% 25.55% 10.05% 9.93%
Russell Midcap® Growth Index 2.04% 2.04% 24.22% 13.52% 24.73% 9.47% 8.19%
Lipper Multi-Cap Growth Funds Index 1.70% 1.70% 26.48% 13.18% 22.20% 7.96% 6.31%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/27/97.

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 3/31/14

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
Mid Cap 2.48% 2.48% 29.51% 15.36% 26.16% 11.16% 14.77%
Russell Midcap® Index 3.53% 3.53% 23.51% 14.39% 25.55% 10.05% 9.93%
Russell Midcap® Growth Index 2.04% 2.04% 24.22% 13.52% 24.73% 9.47% 8.19%
Lipper Multi-Cap Growth Funds Index 1.70% 1.70% 26.48% 13.18% 22.20% 7.96% 6.31%
1Returns for periods less than one year are not annualized.
2Fund Inception 6/27/97.

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 4/17/14

     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Mid Cap $46.93 $0.15 0.32% –3.83% –1.45%
 
 
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™
Period Rating Funds in Category
3 Yr 641
5 Yr 556
10 Yr 420
Overall Rating 641
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap Growth Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
Period Rank Funds in Category
1 Yr 77 547
3 Yr 79 471
5 Yr 17 416
10 Yr 11 273
Since Inception 6/27/97 1 112
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category.
*Lipper Rankings Inception Date: 6/27/97.
 
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  
Market Cap Distribution1
$ in billions Fund RMCG2
17.0 + 35.1 25.6
13.0 – 17.0 8.2 19.7
9.0 – 13.0 17.7 18.2
6.0 – 9.0 18.8 17.8
0.0 – 6.0 20.2 18.7
Total 100.0% 100.0%


Top 10 Holdings

Regeneron Pharmaceuticals Inc 4.5
IHS Inc 4.3
Applied Materials Inc 3.2
BorgWarner Inc 3.1
Discover Financial Services 2.9
Illumina Inc 2.7
Trimble Navigation Ltd 2.6
Cigna Corp 2.4
Chipotle Mexican Grill Inc 2.4
AMETEK Inc 2.3
Total 30.3%
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 $9.9 billion
Weighted Avg. Growth Rate
(3-5 yrs)3
19.9%
Weighted Avg. P/E (FY1)3 25.7X
Weighted Avg. P/E (FY2)3 21.8X
Weighted Avg. LT Debt/Capital3 24.9%
Number of Holdings 61
Portfolio Turnover Rate4 43.72%
Cash (% of total porfolio) 4.4%


Sector Diversification5
  Fund
Consumer Discretionary
22.3
Consumer Staples
1.3
Energy
3.7
Financials
5.1
Health Care
23.3
Industrials
16.8
Information Technology
27.5
Materials
0.0
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%



1 Source: Artisan Partners/FactSet/Russell
2 Russell Midcap® Growth Index
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/13.
5 Source: Artisan Partners/FactSet(GICS)
 
FUND MANAGERS



Matthew H. Kamm, CFA

Matthew H. Kamm, CFA
Matthew H. Kamm, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is lead portfolio manager for the Artisan U.S. Mid-Cap Growth strategy, including Artisan Mid Cap Fund and portfolio manager for the Artisan Global Opportunities and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities and Artisan Small Cap Funds. Prior to joining Artisan Partners in May 2003, Mr. Kamm was an associate equity research analyst at Banc of America Securities. Earlier in his career, he was a senior operations analyst for NYU Medical Center. Mr. Kamm holds a bachelor’s degree in Public Policy from Duke University and a Master of Business Administration, with a specialty in Finance and Operations Management, from New York University.

Andrew C. Stephens

Andrew C. Stephens
Andrew C. Stephens is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is a portfolio manager for the Artisan Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in March 1997, Mr. Stephens was co-manager of the Strong Asset Allocation Fund at Strong Capital Management from February 1993 through March 1997. In addition, Mr. Stephens was a senior research analyst for the Strong Common Stock Fund and Strong Opportunity Fund. He began his career at Strong Capital Management in 1986. Mr. Stephens holds a bachelor’s degree in Economics from the University of Wisconsin-Madison.

James D. Hamel

James D. Hamel, CFA
James D. Hamel, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is lead portfolio manager for the Artisan Global Opportunities strategy, including Artisan Global Opportunities Fund and portfolio manager for the Artisan U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in May 1997, Mr. Hamel was a financial associate, cost analyst and operations manager of Kimberly-Clark Corporation from March 1990 to May 1997. He began his career at Carlson, Posten & Associates. Mr. Hamel holds a bachelor’s degree in Finance from the University of Minnesota-Minneapolis where he was a three-time Academic All-American.

Craigh A. Cepukenas

Craigh A. Cepukenas, CFA
Craigh A. Cepukenas, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is lead portfolio manager for the Artisan U.S. Small-Cap Growth strategy, including Artisan Small Cap Fund and portfolio manager for the Artisan Global Opportunities and U.S. Mid-Cap Growth strategies, including Artisan Global Opportunities and Artisan Mid Cap Funds. Prior to joining Artisan Partners in November 1995 as an analyst, Mr. Cepukenas was an equity research associate at Stein Roe & Farnham, where he began his career in 1989. Mr. Cepukenas holds a bachelor’s degree in Economics from the University of Wisconsin-Madison and a Master of Business Administration from The University of Chicago Booth School of Business.

Jason L. White, CFA

Jason L. White, CFA
Jason L. White, CFA, is an associate portfolio manager on the Growth team. In this role, he is an associate portfolio manager for the Artisan Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in June 2000, Mr. White was a Lieutenant in the U.S. Navy, serving aboard the USS LAKE ERIE as the ship’s fire control officer. Mr. White holds a bachelor’s degree in History from the United States Naval Academy, where he graduated with distinction.

 
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.



Expense Ratio Disclosure

The Expense Ratio noted above includes indirect 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

An investment can not be made directly into an index.

The Lipper Mid-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest mid-cap growth funds tracked by Lipper. Its returns include net reinvested dividends.

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 Russell Midcap® Growth Index is an unmanaged, market-weighted index of those companies included in the Russell Midcap® Index, an index of about 800 medium-sized U.S. companies, with higher price-to-book and higher forecasted growth values. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the index.

The Russell Midcap® Index is an unmanaged, market-weighted index of about 800 medium-sized U.S. companies. 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.



Data/Statistics Disclosure

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Artisan Partners. 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.

Totals may not sum due to rounding.

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.

Market Capitalization is calculated by FactSet using the price as of the most recent month-end multiplied by the number of shares outstanding as shown in the financial statements of the issuer.

The Median Market Cap provides a measure of the market capitalization value of the companies in a portfolio. Equal numbers of companies in the portfolio have market capitalizations higher and lower than the median.

The Weighted Average Growth Rate (the annual rate at which a company's earnings is expected to grow) is the average of the 3-5 year forecasted growth rates of each company in the portfolio, weighted by the size of the company's position in the portfolio.

The Weighted Harmonic Average P/E (a measure of how expensive a stock is) is the harmonic average, which measures the price/earnings ratio of the Fund’s entire portfolio, excluding negative earners, weighted by the size of the company’s position within the portfolio. The earnings figures used for FY1 and FY2 are estimates for the current unreported fiscal year and for the next unreported fiscal year, respectively.

The Weighted Average LT Debt/Capital is the average long term debt to total capital of each company within the portfolio, weighted by the size of each stock within the portfolio.

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