- Fund Fact Sheet
- Manager Commentary
- Month-End Summary
- Account Application
- IRA Account Application
- Education Savings Acct. Application
- Prospectus
- Additional Materials »
|
|
||||||||||||||
|
PROCESS & CURRENT INFORMATION
Process Highlights
Artisan Global Value Fund uses a bottom-up investment process to construct a diversified portfolio of securities of undervalued U.S. and non-U.S. companies. The Fund's investment process is focused on identifying what Artisan considers to be high quality, undervalued businesses that offer the potential for superior risk/reward outcomes.
The team's research process focuses on four key investment characteristics:
Additional characteristics of the Fund include:
The team's research process focuses on four key investment characteristics:
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 investing at a significant discount to fair value is the most crucial determinant of stock market return over the long-term.
Business Quality - The team seeks to invest in companies with a history 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.
Business Quality - The team seeks to invest in companies with a history 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.
Additional characteristics of the Fund include:
- The Fund typically holds between 30 and 50 stocks.
- The Fund primarily invests in securities with market capitalizations of at least $2.0 billion at the time of purchase.
- The Fund can invest up to 30% of its assets in emerging markets securities.
- The Fund's maximum position size is 5% at the time of purchase in 75% of the portfolio, but in the remaining 25% of the portfolio the team can invest up to 10% of Fund assets at the time of purchase in a single position.
Current Information
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Global Value |
|
|
–5.17% | –18.07% | |
| 1Net Asset Value (NAV) 2Fund performance is 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 time periods, and current performance may be materially lower or higher than the performance data quoted. 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' undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance, which would have been lower in its absence. 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. |
|||||
 |
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception1,2 |
| Global Value | –13.60% | –3.37% | n/a | n/a | n/a | n/a | -16.80%2 |
| MSCI ACWI IndexSM | –25.54% | –16.61% | n/a | n/a | n/a | n/a | –27.81% |
| Lipper Global Multi-Cap Value Funds Index | –23.45% | –13.26% | n/a | n/a | n/a | n/a | –25.96% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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' undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance, which would have been lower in its absence. 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. |
|||||||
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception1,2 |
| Global Value | –13.60% | –3.37% | n/a | n/a | n/a | n/a | -16.80%2 |
| MSCI ACWI IndexSM | –25.54% | –16.61% | n/a | n/a | n/a | n/a | –27.81% |
| Lipper Global Multi-Cap Value Funds Index | –23.45% | –13.26% | n/a | n/a | n/a | n/a | –25.96% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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' undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance, which would have been lower in its absence. 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 9/30/08
PERFORMANCE as of 9/30/08
PERFORMANCE as of 10/3/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception1,2 |
| Global Value | –13.60% | –3.37% | n/a | n/a | n/a | n/a | -16.80%2 |
| MSCI ACWI IndexSM | –25.54% | –16.61% | n/a | n/a | n/a | n/a | –27.81% |
| Lipper Global Multi-Cap Value Funds Index | –23.45% | –13.26% | n/a | n/a | n/a | n/a | –25.96% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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' undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance, which would have been lower in its absence. 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 9/30/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception1,2 |
| Global Value | –13.60% | –3.37% | n/a | n/a | n/a | n/a | -16.80%2 |
| MSCI ACWI IndexSM | –25.54% | –16.61% | n/a | n/a | n/a | n/a | –27.81% |
| Lipper Global Multi-Cap Value Funds Index | –23.45% | –13.26% | n/a | n/a | n/a | n/a | –25.96% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 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. The Fund's return may vary greatly over short time periods, and current performance may be materially lower or higher than the performance data quoted. 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' undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance, which would have been lower in its absence. 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 10/3/08
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Global Value |
|
|
–5.17% | –18.07% | |
| 1Net Asset Value (NAV) 2Fund performance is 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 time periods, and current performance may be materially lower or higher than the performance data quoted. 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' undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance, which would have been lower in its absence. 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. |
|||||
|
Region/Country Allocation1 % of total portfolio equities
|
||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||
Sector Diversification2
% of total portfolio equities
| Fund | |
| Consumer Discretionary |
27.8
|
| Consumer Staples |
10.8
|
| Energy |
0.0
|
| Financials |
20.2
|
| Healthcare |
16.2
|
| Industrials |
11.5
|
| Information Technology |
11.6
|
| Materials |
0.0
|
| Telecommunication Services |
1.9
|
| Utilities |
0.0
|
| Total | 100.0% |
Characteristics
| Distribution Information | Select Year |
| Weighted Avg. Market Cap 3 | $49.0 billion |
| Median Market Cap 3 | $12.7 billion |
| Median Price/Book Value3 | 2.0X |
| Weighted Avg. P/E (FY1)3 | 11.9X |
| Weighted Avg. P/E (FY2)3 | 11.2X |
| Number of Holdings | 39 |
| Cash (% of total porfolio) | 4.0% |
| Total Net Assets | $9.6 million |
Top 10 Holdings
% of total portfolio
| Novartis AG (Switzerland) | 5.9 |
| Marsh & McLennan Cos Inc (United States) | 5.5 |
| Johnson & Johnson (United States) | 4.8 |
| Mohawk Industries Inc (United States) | 4.6 |
| Microsoft Corp (United States) | 4.5 |
| Experian PLC (United Kingdom) | 4.0 |
| WellPoint Inc (United States) | 3.9 |
| Signet Jewelers Ltd (United Kingdom) | 3.7 |
| Wolters Kluwer NV (Netherlands) | 3.7 |
| American Express Co (United States) | 3.3 |
| Total | 43.9% |
| 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)/MSCI 3 Source: Artisan Partners/FactSet/MSCI |
Daniel J. O'Keefe
Mr. O'Keefe is a Portfolio Co-Manager of Artisan Global Value Fund since its inception. He is also Portfolio Manager for Artisan International Value Fund. Prior to joining Artisan Partners, Mr. O'Keefe was an analyst in international equities at Harris Associates L.P., from July 1997 through May 2002. Before that, he was an associate in Mergers and Acquisitions at BancAmerica Securities from February 1995 through July 1997, and was an analyst with Morningstar from June 1993 through February 1995.
Mr. O'Keefe holds a BA from Northwestern University.
David Samra
Mr. Samra is a Managing Director of Artisan Partners and a Portfolio Co-Manager of Artisan Global Value Fund since its inception. He is also the Lead Portfolio Manager for Artisan International Value Fund. Prior to joining Artisan Partners, Mr. Samra was a Portfolio Manager and a Senior Analyst in international equities at Harris Associates L.P., from August 1997 through May 2002. Before that, he was a Portfolio Manager with Montgomery Asset Management, Global Equities Division from June 1993 through August 1997.
Mr. Samra holds a BS in Finance from Bentley College and an MBA 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. Stocks of medium-sized companies tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods. Value stocks 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
Artisan Global Value Fund's gross expense ratio is 1.93%. The net expense ratio is 1.48%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance. In addition, the outside directors of Artisan Funds have voluntarily waived that portion of their fees allocable to Artisan Global Value Fund for the first six months of the fiscal year ending September 30, 2008. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08.
Important Index Disclosure
An investment can not be made directly into an index.
MSCI ACWI (All Country World Index) IndexSM 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. An investment cannot be made directly in an index.
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 cannot be made directly in an index.
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 Limited Partnership. 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.
Characteristics are calculated using information obtained from various data sources.
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. Stocks of medium-sized companies tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods. Value stocks 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
Artisan Global Value Fund's gross expense ratio is 1.93%. The net expense ratio is 1.48%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance. In addition, the outside directors of Artisan Funds have voluntarily waived that portion of their fees allocable to Artisan Global Value Fund for the first six months of the fiscal year ending September 30, 2008. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08.
Important Index Disclosure
An investment can not be made directly into an index.
MSCI ACWI (All Country World Index) IndexSM 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. An investment cannot be made directly in an index.
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 cannot be made directly in an index.
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 Limited Partnership. 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.
Characteristics are calculated using information obtained from various data sources.
© 1999-2008 Artisan Distributors LLC, Member FINRA. All rights reserved. 8/14/08
Comments | 800.344.1770
