4
Morningstar Analyst Rating
08-20-14
„
Morningstar Pillars
Process
Performance
People
Parent
Price
§
Positive
Positive
Positive
Positive
Negative
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Π㠫
•
•
¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
30.92
30.48
24.59
19.83
21.70
20.66
14.96
29.88
28.99
25.31
22.14
18.91
Total Return %
1.44
25.18
25.39
-7.26
5.91
39.77
-46.96
19.73
25.56
16.27
17.76
29.14
+/-MSCI WexUS
-3.65
9.89
8.56
6.45
-5.24
-1.68
-1.43
3.08
-1.09
-0.35
-3.15
-11.69
+/-MSCI AC World exUSA Gr ND
-2.73
9.69
8.72
6.95
-8.54
1.10
-1.35
-1.30
1.95
-0.44
1.03
-5.28
Income Return %
0.00
1.19
1.39
1.30
0.86
1.64
0.63
0.70
1.72
1.85
0.65
1.19
Capital Return %
1.44
23.99
24.00
-8.56
5.05
38.13
-47.59
19.03
23.84
14.42
17.11
27.95
Total Rtn % Rank Cat
46
10
4
3
88
30
49
31
23
42
29
71
Income $
0.00
0.29
0.27
0.28
0.18
0.25
0.19
0.20
0.43
0.41
0.12
0.18
Capital Gains $
0.00
0.00
0.00
0.00
0.00
0.00
0.70
4.47
2.33
0.00
0.00
0.00
Expense Ratio %
.
1.20
1.19
1.22
1.23
1.22
1.22
1.21
1.20
1.19
1.22
1.20
Income Ratio %
.
1.21
1.32
1.18
0.86
1.47
1.28
1.01
0.66
0.94
0.64
1.35
Turnover Rate %
.
42
55
70
71
82
54
66
58
56
.
15
Net Assets $mil
13,520
11,220
7,503
6,142
7,396
8,078
6,003
13,039
10,821
12,075
7,130
9,591
Performance
08-31-14
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2010
2011
2012
2013
2014
-2.52 -12.36 16.54 6.37
5.91
3.46 2.81 -20.41 9.55 -7.26
15.48 -4.41
7.54 5.63 25.39
6.02 -0.04
9.98 7.40 25.18
-1.83 5.37
. . .
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Return% WexUS WldexUSAGrND Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
0.52 -0.71
-0.34
39 10,052
1.08 -3.75
-2.85
49 10,108
16.30 -1.45
0.10
35 11,630
14.60 5.33
6.04
1 15,051
11.41 3.24
2.53
21 17,164
9.13 1.20
1.17
18 23,958
7.23 2.14
.
11 28,493
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
14.10
1
0.44
66
10.96
16
0.41
56
8.25
20
0.81
69
Potential Capital Gain Exposure: 18% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
16.30
3 Yr
14.60
High
+Avg
5 Yr
11.41
+Avg
+Avg
10 Yr
9.13
+Avg
+Avg
Incept
10.32
Other Measures
Standard Index
Best Fit Index
MSCI WexUS Mstr Lftime Mod 2050
Alpha
5.0
-4.0
Beta
1.00
1.31
R-Squared
90
95
Standard Deviation
16.43
Mean
14.60
Sharpe Ratio
0.91
Morningstar’s Take
by Greg Carlson 08-20-14
Artisan International is getting hefty, but its prospects
remain solid.
This fund has been on a tear lately. After cracking
the top quartile of its category just once in a calendar
year between 2000 and 2010, it beat more than 90% of
its peers in 2011, 2012, and 2013. (The fund resided in
the foreign large-blend category from 2010 to 2013 but
has otherwise been in foreign large-growth.) As a
result, flows have reversed here: Investors pulled a
combined net $2.3 billion out in 2010 and 2011, the
fund saw a small net inflow in 2012, and a net $4
billion came in between 2013 and the first seven
months of 2014. Coupled with price appreciation as the
market has rallied, the fund has grown to $17.5
billion--up from $8.2 billion at the end of 2011. The
team runs a total of $28.4 billion in the strategy.
The team’s large asset load isn’t a major concern
yet. True, the fund now has a bigger stake in large-cap
stocks than is typical, but lead manager Mark Yockey
says that’s a reflection of where the team is finding
value. Also, while the fund’s holdings list grew to more
than 100 in number the last time assets peaked--near
$25 million--in the mid-2000s, its 69 holdings at the
end of June 2014 was near the low end of its
historical range. Finally, Artisan has a long history of
closing its funds to preserve their flexibility. Indeed,
one of the team’s other charges, Artisan International
Small Cap ARTJX, has been closed to new investors
for more than a decade. That said, Yockey and
company would likely have difficulty taking a big stake
in a mid-cap stock at this point, and the fund may lag
if smaller-cap stocks lead the market.
The fund’s long-term prospects are still bright.
Yockey has plied this strategy with great success for
nearly 19 years here and 25 in all, and he’s backed by
a large team that includes several key longtime
comanagers and analysts. The team has demonstrated
deep fundamental knowledge of its holdings and built
distinctive portfolios, performing in line with its typical
peer and major benchmarks in down markets while
gaining ground on the upside. This fund remains a
keeper.
Address:
Artisan Funds Inc
Milwaukee, WI 53202
800-344-1770
Web Address:
Inception:
12-28-95
Advisor:
Artisan Partners Limited Partnership
Subadvisor:
None
NTF Plans:
Fidelity Retail-NTF, CommonWealth NTF
Minimum Purchase:
$1000
Add: $0 IRA: $0
Min Auto Inv Plan:
$1000
Add: $50
Sales Fees:
No-load, 2.00%R
Management Fee:
1.00% mx./0.90% mn.
Actual Fees:
Mgt:0.93% Dist:
.
Expense Projections:
3Yr:$381
5Yr:$660 10Yr:$1455
Income Distribution:
Annually
Data through August 31, 2014
Artisan International Investor
Ticker
Status Yield Total Assets
Mstar Category
ARTIX Open
0.9% $17,481 mil
Foreign Large Growth
99% 97% 97% 98% 98% 97% 96% 94% 97%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 08-14
Historical Profile
Return
Risk
Rating
Above Avg
Above Avg
Above Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
MSCI WexUS
Performance Quartile
(within Category)
History
10.0
14.0
18.0
22.8
28.4
Portfolio Analysis
06-30-14
Share change since 03-14 Total Stocks:69 Sector
Country
% Assets
Baidu Inc ADR
Technology China
4.48
Bayer AG
Hlth care Germany
3.85
Linde AG
Basic Mat
Germany
3.81
Nestle SA
Cnsmr Def
Switzerland
3.07
Rolls-Royce Holdings PLC
Industrl
U.K.
3.06
AIA Group Ltd
Finan Svs Hong Kong
3.06
Roche Holding AG
Hlth care Switzerland
2.94
Deutsche Post AG
Industrl
Germany
2.69
SABMiller PLC
Cnsmr Def
U.K.
2.64
Anheuser-Busch Inbev SA
Cnsmr Def
Belgium
2.59
ASML Holding NV
Technology Netherlands
2.58
Toyota Motor Corp
Cnsmr Cyc Japan
2.58
Grupo Televisa SAB ADR
Cnsmr Cyc Mexico
2.44
NGK Insulators Ltd
Industrl
Japan
2.43
Unilever NV DR
Cnsmr Def
Netherlands
2.31
Covidien PLC
Hlth care United States
2.30
Olympus Corp
Hlth care Japan
2.29
Schneider Electric SE
Industrl
France
2.18
IHI Corp
Industrl
Japan
2.08
Sands China Ltd
Cnsmr Cyc Hong Kong
1.96
Current Investment Style
Market Cap %
Giant
52.9
Large
39.3
Mid
7.8
Small
0.0
Micro
0.0
Avg $mil:
39,332
Value Blnd Growth
Large Mid Small
Country Exposure
% Stock
U.K.
17
Japan
15
Germany
13
Switzerland 10
China
9
Regional Exposure
% Stock
UK/W. Europe 63
Japan
15
Asia X Japan 16
N. America 4
Latn America 3
Other
0
Sector
Weightings
% of
Stocks
Rel MSCI
WexUS High
3 Year
Low
Cyclical 30.52
.
BasicMat 9.58
.
11 4
CnsmrCyc14.35
.
15 9
FinanSvs 6.17
.
17 6
Real Est 0.42
.
9 0
Sensitive 37.17
.
CommSrvs 6.40
.
6 3
Energy 1.01
.
3 1
Industrl 19.61
.
21 13
Technlgy 10.15
.
10 5
Defensive32.30
.
CnsmrDef16.16
.
34 16
Hlthcare 16.14
.
16 2
Utilities 0.00
. . .
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
0.8
Stocks
97.1
Bonds
0.7
Other
1.4
Foreign
96.3
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
14.58
12.17
7.42
13.86
55.03
1.15
5.69
10.60
7.14
0.68
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
19.83
2.25
1.31
9.43
1.74
1.30
1.03
0.92
1.22
0.79
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2014Morningstar, Inc.All rights reserved. The informationherein is not representedorwarranted to be accurate, correct, complete or
timely.Pastperformance is no guarantee of future results.Access updated reportsat
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