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PROCESS & CURRENT INFORMATION
Process Highlights
Artisan International Fund uses a fundamental stock selection process
focused on identifying long-term growth opportunities. The investment
team's thematic approach identifies catalysts for change and develops
investment themes with the objective of capitalizing on them globally.
Themes - Changing demographics, developing technology, privatization
of economic resources and outsourcing are among the long-term
catalysts for change that currently form the basis for the team's
investment themes. The team incorporates these catalysts along with
sector and regional fundamentals into a long-term global framework
for investment analysis and decision-making.
Sustainable Growth - The team applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. The team seeks high quality companies that are well managed, have a dominant or improving market position and competitive advantages compared to industry and regional peers.
Valuation - The team assesses the relationship between its estimate of a company's sustainable growth prospects and its stock price. The team uses multiple valuation metrics to establish price targets.
The Fund typically holds between 80-120 stocks, diversified across most major sectors and typically at least 18 countries. The team invests primarily in developed markets, but also may invest up to 20% of the Fund's net assets at market value at the time of purchase in emerging markets.
Sustainable Growth - The team applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. The team seeks high quality companies that are well managed, have a dominant or improving market position and competitive advantages compared to industry and regional peers.
Valuation - The team assesses the relationship between its estimate of a company's sustainable growth prospects and its stock price. The team uses multiple valuation metrics to establish price targets.
The Fund typically holds between 80-120 stocks, diversified across most major sectors and typically at least 18 countries. The team invests primarily in developed markets, but also may invest up to 20% of the Fund's net assets at market value at the time of purchase in emerging markets.
Current Information
PERFORMANCE as of 9/30/08
PERFORMANCE as of 9/30/08
PERFORMANCE as of 10/3/08
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| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| International | –31.93% | –22.13% | –29.99% | 2.59% | 10.10% | 9.59% | 10.75% |
| MSCI EAFE® Index | –29.26% | –20.56% | –30.50% | 1.12% | 9.69% | 5.02% | 4.49% |
| MSCI EAFE® Growth Index | –28.28% | –21.92% | –28.48% | 2.16% | 9.23% | 2.97% | 2.77% |
| Lipper International Multi-Cap Growth Funds Index | –30.51% | –22.42% | –31.05% | 2.93% | 10.83% | 5.67% | 6.48% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 12/28/95.
Source: Artisan Partners/MSCI/Lipper |
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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. 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. |
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PERFORMANCE as of 9/30/08
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| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| International | –31.93% | –22.13% | –29.99% | 2.59% | 10.10% | 9.59% | 10.75% |
| MSCI EAFE® Index | –29.26% | –20.56% | –30.50% | 1.12% | 9.69% | 5.02% | 4.49% |
| MSCI EAFE® Growth Index | –28.28% | –21.92% | –28.48% | 2.16% | 9.23% | 2.97% | 2.77% |
| Lipper International Multi-Cap Growth Funds Index | –30.51% | –22.42% | –31.05% | 2.93% | 10.83% | 5.67% | 6.48% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 12/28/95.
Source: Artisan Partners/MSCI/Lipper |
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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. 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. |
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PERFORMANCE as of 10/3/08
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| International |
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–6.64% | –36.45% | |
| 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. 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. 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. |
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Morningstar Rating™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
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178 |
| 5 Yr |
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153 |
| 10 Yr |
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70 |
| Overall Rating |
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178 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #79 | 220 |
| 3 Yr | #45 | 150 |
| 5 Yr | #68 | 124 |
| 10 Yr | #8 | 52 |
| Since Inception 12/28/95 | #2 | 25 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi-Cap Growth Category. *Lipper ranking inception date: 12/28/95. |
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Morningstar data© 2008, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
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Region/Country Allocation1 % of total portfolio equities
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