Value Fund

Ticker: ARTLX
Inception: 3/27/06
Availability: Open
Fund Assets: $1.4 B
(All classes as of 31-Mar-2014)
   
Manager: Sertl, Satterwhite, Kieffer, Kane
Expense Ratio: 1.04%
For the fiscal year ended 9/30/13.
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PROCESS & CURRENT INFORMATION
Investment Process Highlights
The investment team seeks to invest in cash producing business in strong financial condition that are selling at undemanding valuations. The team’s goal is to build a diversified portfolio of companies that meet its three margin of safety criteria:

Attractive Valuation. The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team will generally purchase a security if the stock price falls below or toward the lower end of that range.

Sound Financial Condition. The team prefers companies with an acceptable level of debt and positive cash flow, which it believes represents financial flexibility and strength. At a minimum, the team seeks to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies' shareholders.

Attractive Business Economics. The team favors cash-producing businesses that are capable of earning acceptable returns on capital over the company's business cycle. Attractive business economics are an important business characteristic and the team believes they are helpful in avoiding classic "value traps."
Portfolio Construction Highlights
  • Typically 30-40 holdings
  • Maximum position size generally 5%*
  • Position sizes determined in part by how well a company meets the team’s margin of safety criteria
  • Maximum of 25% in non-U.S. companies*
  • Attention to economic exposure
  • Typically less than 15% cash

*Limitations apply at the time of purchase. See prospectus for more details. Margin of Safety, a concept developed by Benjamin Graham, is the difference between the market price and the estimated intrinsic value of a business. It is believed to be an important measure of risk and appreciation potential. Artisan's U.S. Value team also incorporates a company's financial strength and certain business quality measures into its margin of safety estimates. A large margin of safety helps guard against permanent capital loss and improves the probability of capital appreciation; however it does not prevent market loss. All investments contain risk and may lose value.

Current Information
 
PERFORMANCE  
     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Value $13.88 –$0.01 -0.07% 0.51% 3.35%
 
 
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 1068
5 Yr 951
10 Yr N/A N/A
Overall Rating 1068
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Large Value 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 699 785
3 Yr 334 686
5 Yr 254 589
10 Yr N/A N/A
Since Inception 3/27/06 186 491
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 Core category.
*Lipper ranking inception date: 3/27/06.

 
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
Value 2.83% 2.83% 16.21% 13.08% 20.92% n/a 6.74%
Russell 1000® Index 2.05% 2.05% 22.41% 14.75% 21.73% n/a 7.16%
Russell 1000® Value Index 3.02% 3.02% 21.57% 14.80% 21.75% n/a 6.13%
Lipper Multi-Cap Core Funds Index 1.66% 1.66% 21.71% 12.67% 21.38% n/a 6.62%
1Returns for periods less than one year are not annualized.
2Fund Inception date: 3/27/06.
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 1068
5 Yr 951
10 Yr N/A N/A
Overall Rating 1068
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Large Value 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 699 785
3 Yr 334 686
5 Yr 254 589
10 Yr N/A N/A
Since Inception 3/27/06 186 491
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 Core category.
*Lipper ranking inception date: 3/27/06.

 
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
Value 2.83% 2.83% 16.21% 13.08% 20.92% n/a 6.74%
Russell 1000® Index 2.05% 2.05% 22.41% 14.75% 21.73% n/a 7.16%
Russell 1000® Value Index 3.02% 3.02% 21.57% 14.80% 21.75% n/a 6.13%
Lipper Multi-Cap Core Funds Index 1.66% 1.66% 21.71% 12.67% 21.38% n/a 6.62%
1Returns for periods less than one year are not annualized.
2Fund Inception date: 3/27/06.
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 1068
5 Yr 951
10 Yr N/A N/A
Overall Rating 1068
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Large Value 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 699 785
3 Yr 334 686
5 Yr 254 589
10 Yr N/A N/A
Since Inception 3/27/06 186 491
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 Core category.
*Lipper ranking inception date: 3/27/06.

 
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
Value 2.83% 2.83% 16.21% 13.08% 20.92% n/a 6.74%
Russell 1000® Index 2.05% 2.05% 22.41% 14.75% 21.73% n/a 7.16%
Russell 1000® Value Index 3.02% 3.02% 21.57% 14.80% 21.75% n/a 6.13%
Lipper Multi-Cap Core Funds Index 1.66% 1.66% 21.71% 12.67% 21.38% n/a 6.62%
1Returns for periods less than one year are not annualized.
2Fund Inception date: 3/27/06.
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
Value 2.83% 2.83% 16.21% 13.08% 20.92% n/a 6.74%
Russell 1000® Index 2.05% 2.05% 22.41% 14.75% 21.73% n/a 7.16%
Russell 1000® Value Index 3.02% 3.02% 21.57% 14.80% 21.75% n/a 6.13%
Lipper Multi-Cap Core Funds Index 1.66% 1.66% 21.71% 12.67% 21.38% n/a 6.62%
1Returns for periods less than one year are not annualized.
2Fund Inception date: 3/27/06.
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 4/23/14

     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Value $13.88 –$0.01 -0.07% 0.51% 3.35%
 
 
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 1068
5 Yr 951
10 Yr N/A N/A
Overall Rating 1068
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Large Value 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 699 785
3 Yr 334 686
5 Yr 254 589
10 Yr N/A N/A
Since Inception 3/27/06 186 491
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 Core category.
*Lipper ranking inception date: 3/27/06.

 
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 R1000V2
230.0 + 14.9 16.5
75.0 – 230.0 14.5 25.1
35.0 – 75.0 9.5 16.9
15.0 – 35.0 40.0 20.9
0.0 – 15.0 21.1 20.6
Total 100.0% 100.0%


Top 10 Holdings

Apple Inc 6.5
Samsung Electronics Co Ltd 5.5
Oracle Corp 4.6
Apache Corp 4.3
Baker Hughes Inc 3.6
Cigna Corp 3.4
Cie Generale des Etablissements Michelin 3.3
Berkshire Hathaway Inc 3.2
National Oilwell Varco Inc 3.1
Alleghany Corp 3.1
Total 40.6%
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 $26.9 billion
Weighted Avg. Market Cap3 $99.3 billion
Median Price/Book Value3 1.7X
Weighted Avg. P/E (FY1)3 13.2X
Weighted Avg. P/E (FY2)3 11.3X
Number of Holdings 34
Portfolio Turnover Rate4 57.90%
Non U.S. Equities (% of total portfolio)5
15.3%
Cash (% of total porfolio) 8.4%


Sector Diversification6
  Fund
Consumer Discretionary
3.6
Consumer Staples
4.7
Energy
16.6
Financials
24.3
Health Care
3.7
Industrials
2.2
Information Technology
33.7
Materials
11.3
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%



1 Source: Artisan Partners/FactSet/Russell
2 Russell 1000® Value Index
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/13.
5 Source: Artisan Partners/FactSet(MSCI)
6 Source: Artisan Partners/FactSet(GICS)
 
FUND MANAGERS



George O. Sertl

George O. Sertl, CFA
George O. Sertl, CFA, is a managing director of Artisan Partners and a portfolio manager on the U.S. Value team. In this role, he is a portfolio manager for the Artisan Value Equity, U.S. Mid-Cap Value and U.S. Small-Cap Value strategies, including Artisan Value, Artisan Mid Cap Value and Artisan Small Cap Value Funds. Prior to joining Artisan Partners in January 2000, Mr. Sertl was a research analyst at Schwartz Investment Counsel. Mr. Sertl began his investment career at Pauli & Company working as a research analyst in 1992. Mr. Sertl holds a bachelor’s degree in Economics and History from the University of Richmond and a master’s degree in Economics from St. Louis University.

Scott Satterwhite

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

James Kieffer

James C. Kieffer, CFA
James C. Kieffer, CFA, is a managing director of Artisan Partners and a portfolio manager on the U.S. Value team. In this role, he is a portfolio manager for the Artisan Value Equity, U.S. Mid-Cap Value and U.S. Small-Cap Value strategies, including Artisan Value, Artisan Mid Cap Value and Artisan Small Cap Value Funds. Prior to joining Artisan Partners in August 1997, Mr. Kieffer was a research analyst at the investment firm McColl Partners. Mr. Kieffer began his investment career at Wachovia Corporation working with Scott Satterwhite from 1989 to 1996, initially as a personal trust portfolio manager and later as a general equities and small-cap value research analyst in the institutional portfolio group. Mr. Kieffer holds a bachelor’s degree in Economics from Emory University.

Daniel L. Kane, CFA

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

 
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. Value securities may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.



Expense Ratio Disclosure



Important Index Disclosure

An investment can not be made directly into an index.

The Russell 1000® Index is an unmanaged, market-weighted index of about 1,000 large 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.

The Russell 1000® Value Index is an unmanaged, market-weighted index of those large companies included in the Russell 1000® Index, an index of about 1,000 large U.S. companies, with lower price-to-book ratios and lower forecasted growth values. Its returns include net reinvested dividends but unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the index.

Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners’ presentation thereof.

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

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

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

The Lipper Large-Cap Core Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest large-cap core funds tracked by Lipper. Its returns include net reinvested dividends.



Data/Statistics Disclosure

Totals may not sum due to rounding.

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

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 Market Cap is the average of the market capitalizations of the companies in the portfolio weighted by the size of each company's position within the portfolio. Market capitalization is the aggregate value of all of a company's outstanding equity securities.

The Median Price/Book Value measures the median ratio of portfolio stock prices to each stock's book value of equity per share (book value is a company's assets minus its liabilities).

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

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

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

 
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Artisan Growth Team