- 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 Opportunistic Growth Fund employs a bottom-up investment process to construct a portfolio of growth companies across a broad capitalization range. The investment team looks for opportunities across the entire economy so that it can find sustainable growth regardless of the sector or industry.
The Fund's investment process focuses on two distinct areas:
Security Selection - The team's investment process begins by identifying companies that possess franchise characteristics (strong competitive positions), selling at attractive valuations and benefiting from an accelerating profit cycle. The investment 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 profit cycle.
Capital Allocation - Based on the investment team's fundamental analysis of a company's profit cycle, portfolio holdings develop through three stages. 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 investment team believes that adhering to this process increases the likelihood of delivering upside participation with downside protection.
Additional characteristics of the Fund include:
The Fund's investment process focuses on two distinct areas:
Security Selection - The team's investment process begins by identifying companies that possess franchise characteristics (strong competitive positions), selling at attractive valuations and benefiting from an accelerating profit cycle. The investment 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 profit cycle.
Capital Allocation - Based on the investment team's fundamental analysis of a company's profit cycle, portfolio holdings develop through three stages. 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 investment team believes that adhering to this process increases the likelihood of delivering upside participation with downside protection.
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 $3 billion at the time of purchase.
- The Fund can invest up to 25% of its net assets at market value at the time of purchase in non-U.S. securities.
- The Fund tries to maintain a cash position of no more than 15% of its net assets, although cash flows from shareholder investments and redemptions and purchases and sales of portfolio securities may cause the Fund's cash position to be larger or smaller.
- The Fund's maximum position size is 5% at the time of purchase in 75% of the portfolio, but in the remaining 25% of the portfolio the team can invest up to 10% of Fund assets at the time of purchase in a single position.
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Opportunistic Growth |
|
|
–20.97% | –42.70% | |
| 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 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. |
|||||
 |
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Opportunistic Growth | n/a | n/a | n/a | n/a | n/a | n/a | -27.502 |
| Russell 1000® Index | n/a | n/a | n/a | n/a | n/a | n/a | –20.50% |
| Russell 1000® Growth Index | n/a | n/a | n/a | n/a | n/a | n/a | –21.05% |
| Lipper Multi Cap Growth Index | n/a | n/a | n/a | n/a | n/a | n/a | –23.75% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/22/08.
|
|||||||
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 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.
|
|||||||
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Opportunistic Growth | n/a | n/a | n/a | n/a | n/a | n/a | -6.80%2 |
| Russell 1000® Index | n/a | n/a | n/a | n/a | n/a | n/a | –3.69% |
| Russell 1000® Growth Index | n/a | n/a | n/a | n/a | n/a | n/a | –4.18% |
| Lipper Multi Cap Growth Index | n/a | n/a | n/a | n/a | n/a | n/a | –5.89% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/22/08.
|
|||||||
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 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.
|
|||||||
PERFORMANCE as of 9/30/08
PERFORMANCE as of 10/31/08
PERFORMANCE as of 11/19/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Opportunistic Growth | n/a | n/a | n/a | n/a | n/a | n/a | -6.80%2 |
| Russell 1000® Index | n/a | n/a | n/a | n/a | n/a | n/a | –3.69% |
| Russell 1000® Growth Index | n/a | n/a | n/a | n/a | n/a | n/a | –4.18% |
| Lipper Multi Cap Growth Index | n/a | n/a | n/a | n/a | n/a | n/a | –5.89% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/22/08.
|
|||||||
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 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.
|
|||||||
PERFORMANCE as of 10/31/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Opportunistic Growth | n/a | n/a | n/a | n/a | n/a | n/a | -27.502 |
| Russell 1000® Index | n/a | n/a | n/a | n/a | n/a | n/a | –20.50% |
| Russell 1000® Growth Index | n/a | n/a | n/a | n/a | n/a | n/a | –21.05% |
| Lipper Multi Cap Growth Index | n/a | n/a | n/a | n/a | n/a | n/a | –23.75% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/22/08.
|
|||||||
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 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.
|
|||||||
PERFORMANCE as of 11/19/08
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Opportunistic Growth |
|
|
–20.97% | –42.70% | |
| 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 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. |
|||||
Market Cap Distribution1
% of total portfolio equities
| $ in millions | Fund | R1000G2 |
| 175.0 + | 4.3 | 9.0 |
| 75.0 – 175.0 | 14.1 | 22.1 |
| 25.0 – 75.0 | 8.2 | 26.6 |
| 12.0 – 25.0 | 31.8 | 17.9 |
| 0.0 – 12.0 | 41.6 | 24.4 |
| Total | 100.0% | 100.0% |
Top 10 Holdings
% of total portfolio
| Electronic Arts Inc | 6.4 |
| Philip Morris International Inc | 5.2 |
| CME Group Inc | 5.1 |
| Thermo Fisher Scientific Inc | 4.8 |
| Cerner Corp | 4.7 |
| Western Union Co/The | 4.4 |
| Allergan Inc/United States | 4.1 |
| Microsoft Corp | 4.1 |
| Invesco Ltd | 3.9 |
| Oracle Corp | 3.7 |
| Total | 46.4% |
| Holdings: Current | |
| 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 | Select Year |
| Median Market Cap 1 | $15.5 billion |
| Weighted Avg. Growth Rate (3-5 yrs) 1 | 17.2% |
| Weighted Avg. P/E (FY1)1 | 15.1X |
| Weighted Avg. P/E (FY2)1 | 13.3X |
| Number of Holdings | 36 |
| Non U.S. Equities (% of total portfolio) | 5.0% |
| Cash (% of total porfolio) | 5.4% |
| Total Net Assets | $5.7 million |
Sector Diversification3
% of total portfolio equities
| Fund | |
| Consumer Discretionary |
6.7
|
| Consumer Staples |
10.8
|
| Energy |
2.1
|
| Financials |
13.0
|
| Healthcare |
20.3
|
| Industrials |
10.8
|
| Information Technology |
33.1
|
| Materials |
2.0
|
| Telecommunication Services |
1.2
|
| Utilities |
0.0
|
| Total | 100.0% |
|
1 Source: Artisan Partners/FactSet/Russell 2 Russell 1000® Growth Index 3 Source: Artisan Partners/FactSet(GICS)/Russell |
Andrew C. Stephens
Mr. Stephens is a Managing Director of Artisan Partners and Portfolio Co-Manager of Artisan Opportunistic Growth Fund and Artisan Mid Cap Fund. Prior to joining Artisan Partners, 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 and joined the investment department there in 1990.
Mr. Stephens holds a BS in Economics from the University of Wisconsin - Madison.
James D. Hamel, CFA
Mr. Hamel is a Managing Director of Artisan Partners and Portfolio Co-Manager of Artisan Opportunistic Growth Fund and Artisan Mid Cap Fund. Mr. Hamel had been the Associate Portfolio Manager of Artisan Mid Cap Fund since October 2001 and was named Portfolio Co-Manager July 2006. He joined Artisan Partners in May 1997 as an analyst working on Artisan Partners' mid-cap growth equity strategy, including the Fund. Before joining Artisan, Mr. Hamel spent 7 years at Kimberly-Clark Corporation in various financial, operations and project management positions. Prior to that he was an accountant for Carlson, Posten & Associates in Minneapolis, MN.
Mr. Hamel holds a BS from the University of Minnesota-Minneapolis in Finance where he was a three-time Academic All-American.
Shayne M. John, CMA, CFM
Mr. John is an Associate Portfolio Manager of Artisan Opportunistic Growth Fund and Artisan Mid Cap Fund. Prior to joining Artisan Partners, Mr. John was a Portfolio Manager for NCM Capital Management Group, Inc.'s mid-cap growth separate account portfolios from January 1999 to May 2007. Prior to that, he was a senior equity analyst for NCM covering the consumer cyclicals, industrials and transportation sectors from August 1997 to December 1999, and the director of research at INNOVA Securities, Inc. from May 1995 to May 1997.
Mr. John holds a BBA from Coe College in Business Administration and Economics, and a MSc from the University of London.
This material is not an offer of any mutual funds mentioned other than Artisan Funds.
Important Fund Risk Disclosure
Growth stocks may underperform other asset types during a given period. The Fund may invest a significant portion of its assets in international investments, which involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. The Fund may also invest a significant portion of its assets in the stocks of medium-sized companies, which tend to be more volatile and less liquid than those of large companies, have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.
Expense Ratio Disclosure
Artisan Opportunistic Growth Fund's gross expense ratio is 1.66%. The net expense ratio is 1.49%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's ordinary operating 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 Opportunistic Growth Fund until September 30, 2009. 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.
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. Its returns include net reinvested dividends.
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® Growth 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 higher price-to-book ratios and higher forecasted growth values. Its returns 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.
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 Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Distributors’ presentation thereof.
Data/Statistics Disclosure
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.
Growth stocks may underperform other asset types during a given period. The Fund may invest a significant portion of its assets in international investments, which involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. The Fund may also invest a significant portion of its assets in the stocks of medium-sized companies, which tend to be more volatile and less liquid than those of large companies, have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.
Expense Ratio Disclosure
Artisan Opportunistic Growth Fund's gross expense ratio is 1.66%. The net expense ratio is 1.49%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's ordinary operating 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 Opportunistic Growth Fund until September 30, 2009. 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.
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. Its returns include net reinvested dividends.
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® Growth 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 higher price-to-book ratios and higher forecasted growth values. Its returns 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.
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 Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Distributors’ presentation thereof.
Data/Statistics Disclosure
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.
© 1999-2008 Artisan Distributors LLC, Member FINRA. All rights reserved. 10/3/08
Comments | 800.344.1770
