- 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 Small Cap Value Fund uses a bottom-up investment process to
construct a diversified portfolio of U.S. small-cap value companies
that the investment team believes are undervalued, in sound financial
condition and have attractive business economics. The team believes
companies with these characteristics are less likely to experience
eroding values over the long-term.
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 generally will purchase a security if the stock price falls
below or toward the lower end of that range.
Sound Financial Condition - The team favors companies with an acceptable level of debt and positive cash flow. At a minimum, the team tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interests of the company's shareholders.
Attractive Business Economics - The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company's business cycle.
The team will not initiate a position in a company unless it has a
market capitalization below $2.0 billion at the time of purchase.
Sound Financial Condition - The team favors companies with an acceptable level of debt and positive cash flow. At a minimum, the team tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interests of the company's shareholders.
Attractive Business Economics - The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company's business cycle.
Current Information
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Small Cap Value |
|
|
–8.69% | –8.23% | |
| 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. |
|||||
Morningstar Rating™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
331 |
| 5 Yr |
|
267 |
| 10 Yr |
|
109 |
| Overall Rating |
|
331 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #34 | 314 |
| 3 Yr | #30 | 248 |
| 5 Yr | #21 | 199 |
| 10 Yr | #4 | 93 |
| Since Inception 9/29/97 | #2 | 65 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Small Cap Value category. *Lipper Rankings inception date: 9/29/1997. |
||
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.
 |
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Small Cap Value | 0.51% | –0.78% | –5.77% | 4.10% | 12.55% | 13.32% | 11.06% |
| Russell 2000® Value Index | –5.37% | 4.96% | –12.25% | 2.00% | 9.45% | 10.14% | 7.87% |
| Russell 2000® Index | –10.38% | –1.11% | –14.48% | 1.83% | 8.15% | 7.81% | 5.09% |
| Lipper Small-Cap Value Funds Index | –10.30% | –2.22% | –16.35% | 0.53% | 8.65% | 10.15% | 7.32% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/29/97.
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™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
331 |
| 5 Yr |
|
267 |
| 10 Yr |
|
109 |
| Overall Rating |
|
331 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #34 | 314 |
| 3 Yr | #30 | 248 |
| 5 Yr | #21 | 199 |
| 10 Yr | #4 | 93 |
| Since Inception 9/29/97 | #2 | 65 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Small Cap Value category. *Lipper Rankings inception date: 9/29/1997. |
||
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.
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Small Cap Value | 0.51% | –0.78% | –5.77% | 4.10% | 12.55% | 13.32% | 11.06% |
| Russell 2000® Value Index | –5.37% | 4.96% | –12.25% | 2.00% | 9.45% | 10.14% | 7.87% |
| Russell 2000® Index | –10.38% | –1.11% | –14.48% | 1.83% | 8.15% | 7.81% | 5.09% |
| Lipper Small-Cap Value Funds Index | –10.30% | –2.22% | –16.35% | 0.53% | 8.65% | 10.15% | 7.32% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/29/97.
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™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
331 |
| 5 Yr |
|
267 |
| 10 Yr |
|
109 |
| Overall Rating |
|
331 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #34 | 314 |
| 3 Yr | #30 | 248 |
| 5 Yr | #21 | 199 |
| 10 Yr | #4 | 93 |
| Since Inception 9/29/97 | #2 | 65 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Small Cap Value category. *Lipper Rankings inception date: 9/29/1997. |
||
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.
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 Inception2 |
| Small Cap Value | 0.51% | –0.78% | –5.77% | 4.10% | 12.55% | 13.32% | 11.06% |
| Russell 2000® Value Index | –5.37% | 4.96% | –12.25% | 2.00% | 9.45% | 10.14% | 7.87% |
| Russell 2000® Index | –10.38% | –1.11% | –14.48% | 1.83% | 8.15% | 7.81% | 5.09% |
| Lipper Small-Cap Value Funds Index | –10.30% | –2.22% | –16.35% | 0.53% | 8.65% | 10.15% | 7.32% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/29/97.
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 9/30/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Small Cap Value | 0.51% | –0.78% | –5.77% | 4.10% | 12.55% | 13.32% | 11.06% |
| Russell 2000® Value Index | –5.37% | 4.96% | –12.25% | 2.00% | 9.45% | 10.14% | 7.87% |
| Russell 2000® Index | –10.38% | –1.11% | –14.48% | 1.83% | 8.15% | 7.81% | 5.09% |
| Lipper Small-Cap Value Funds Index | –10.30% | –2.22% | –16.35% | 0.53% | 8.65% | 10.15% | 7.32% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 9/29/97.
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 10/3/08
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Small Cap Value |
|
|
–8.69% | –8.23% | |
| 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. |
|||||
Morningstar Rating™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
331 |
| 5 Yr |
|
267 |
| 10 Yr |
|
109 |
| Overall Rating |
|
331 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Small 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #34 | 314 |
| 3 Yr | #30 | 248 |
| 5 Yr | #21 | 199 |
| 10 Yr | #4 | 93 |
| Since Inception 9/29/97 | #2 | 65 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Small Cap Value category. *Lipper Rankings inception date: 9/29/1997. |
||
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.
Market Cap Distribution1
% of total portfolio equities
| $ in billions | Fund | R2000V2 |
| 2.0 + | 2.7 | 6.1 |
| 1.5 – 2.0 | 11.5 | 13.0 |
| 1.0 – 1.5 | 34.5 | 22.7 |
| 500 – 1.0 | 39.3 | 33.8 |
| 0 – 500 | 12.0 | 24.4 |
| Total | 100.0% | 100.0% |
Top 10 Holdings
% of total portfolio
| Hilb Rogal & Hobbs Co | 2.7 |
| Stewart Information Services Corp | 2.3 |
| Acuity Brands Inc | 2.2 |
| CACI International Inc | 2.2 |
| Arkansas Best Corp | 2.1 |
| Sanderson Farms Inc | 2.0 |
| Rent-A-Center Inc | 1.9 |
| AMN Healthcare Services Inc | 1.9 |
| Cross Country Healthcare Inc | 1.8 |
| Ethan Allen Interiors Inc | 1.7 |
| Total | 20.8% |
| 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 | Select Year |
| Median Market Cap 1 | $0.9 billion |
| Weighted Avg. Market Cap1 | $1.0 billion |
| Median Price/Book Value1 | 1.6X |
| Weighted Avg. P/E (FY1)1 | 13.8X |
| Weighted Avg. P/E (FY2)1 | 12.2X |
| Number of Holdings | 94 |
| Portfolio Turnover Rate3 | 72.38% |
| Cash (% of total porfolio) | 6.2% |
| Total Net Assets | $1.9 billion |
Sector Diversification4
% of total portfolio equities
| Fund | |
| Consumer Discretionary |
14.1
|
| Consumer Staples |
3.3
|
| Energy |
6.7
|
| Financials |
12.5
|
| Healthcare |
6.0
|
| Industrials |
21.6
|
| Information Technology |
29.9
|
| Materials |
2.5
|
| Telecommunication Services |
0.0
|
| Utilities |
3.4
|
| Total | 100.0% |
|
1 Source: Artisan Partners/FactSet/Russell 2 Russell 2000® Value Index 3 Audited. For the 12 months ended 9/30/07. 4 Source: Artisan Partners/FactSet(GICS)/Russell |
Scott C. Satterwhite, CFA
Mr. Satterwhite is a Managing Director of Artisan Partners Limited Partnership and has managed Artisan Small Cap Value Fund since inception. He has also been Portfolio Co-Manager of Artisan Mid Cap Value Fund since November 2001 and Artisan Opportunistic Value Fund since inception.
Prior to joining Artisan Partners in May 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 B.A. in Economics from The University of the South and an M.B.A. from Tulane University.
James C. Kieffer, CFA
Mr. Kieffer is a Managing Director of Artisan Partners Limited Partnership, and has been Portfolio Co-Manager of Artisan Small Cap Value Fund since July 2000. He has also been Portfolio Co-Manager of Artisan Mid Cap Value Fund since November 2001 and Artisan Opportunistic Value Fund since inception. Mr. Kieffer was an analyst working with Mr. Satterwhite on Artisan Small Cap Value Fund from inception through June 2000.
Prior to joining Artisan Partners, 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 B.A. degree in Economics from Emory University.
George O. Sertl, CFA
Mr. Sertl has been Portfolio Co-Manager of Artisan Small Cap Value Fund and Artisan Mid Cap Value Fund since May 2006. Mr. Sertl has co-managed Artisan Opportunistic Value Fund since inception. Prior to that he was an analyst working with Mr. Satterwhite and Mr. Kieffer.
Prior to joining Artisan Partners, 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 B.A. in Economics and History from the University of Richmond and an M.A. in Economics from St. Louis University.
This material is not an offer of any mutual funds mentioned other than Artisan Funds.
Important Fund Risk Disclosure
Stocks of smaller companies 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. The Fund invests in value stocks, which 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.
Important Index Disclosure
An investment can not be made directly into an index.
The Russell 2000® Index is an unmanaged, market-weighted index of about 2,000 small U.S. companies. Its returns include net reinvested dividends but, unlike the 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 2000® Value Index is an unmanaged, market-weighted index of those small companies included in the Russell 2000® Index 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 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.
The Lipper Small-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest small-cap value funds tracked by Lipper, including Artisan Small Cap Value Fund. Its returns include net reinvested dividends.
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.
Stocks of smaller companies 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. The Fund invests in value stocks, which 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.
Important Index Disclosure
An investment can not be made directly into an index.
The Russell 2000® Index is an unmanaged, market-weighted index of about 2,000 small U.S. companies. Its returns include net reinvested dividends but, unlike the 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 2000® Value Index is an unmanaged, market-weighted index of those small companies included in the Russell 2000® Index 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 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.
The Lipper Small-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest small-cap value funds tracked by Lipper, including Artisan Small Cap Value Fund. Its returns include net reinvested dividends.
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.