4
Morningstar Analyst Rating
09-16-13
„
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
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
14.44
11.97
10.14
10.16
8.81
6.76
9.63
. . . . .
Total Return %
20.63
18.98
1.50
16.18
33.37
-29.26
. . . . . .
+/-MSCI EAFE
4.49
1.66
13.64
8.43
1.59
14.12
. . . . . .
+/-MSCI World
3.34
3.15
7.04
4.42
3.38
11.45
. . . . . .
Income Return %
0.00
0.61
0.00
0.85
3.01
0.55
. . . . . .
Capital Return %
20.63
18.37
1.50
15.33
30.36
-29.81
. . . . . .
Total Rtn % Rank Cat
20
27
9
26
46
6
. . . . . .
Income $
0.00
0.06
0.00
0.08
0.20
0.05
0.00
. . . . .
Capital Gains $
0.00
0.03
0.17
0.00
0.00
0.00
0.00
. . . . .
Expense Ratio %
.
1.50
1.50
1.50
1.50
1.44
. . . . . .
Income Ratio %
.
0.50
0.56
0.71
1.11
1.39
. . . . . .
Turnover Rate %
.
22
32
35
57
42
. . . . . .
Net Assets $mil
571
239
91
43
31
17
. . . . . .
Performance
09-30-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
-12.28 22.60 18.84 4.35 33.37
4.99 -10.27 12.89 9.23 16.18
2.56 2.98 -13.51 11.12
1.50
9.17 -2.80
7.62 4.18 18.98
8.77 3.46
7.20
. .
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Return% EAFE
World
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
7.20 -4.36
-0.98
67 10,720
10.91 0.44
2.04
25 11,091
25.68 1.91
5.47
21 12,568
16.75 8.28
4.93
2 15,914
13.07 6.72
5.23
5 18,481
. . . . .
. . . . .
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
16.45
2
0.26
32
12.65
5
0.37
37
. . . .
Potential Capital Gain Exposure: 19% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
25.68
3 Yr
16.75
High
-Avg
5 Yr
13.07
High
-Avg
10 Yr
. . . .
Incept
7.69
Other Measures
Standard Index
Best Fit Index
MSCI EAFE
MSCI World
Alpha
10.1
6.3
Beta
0.64
0.82
R-Squared
85
94
Standard Deviation
12.07
Mean
16.75
Sharpe Ratio
1.34
Morningstar’s Take
by Greg Carlson 09-16-13
Artisan Global Value has lived up to its potential, but
it’s best to keep expectations from running wild.
Since its November 2007 inception, this world-stock
fund has delivered the excellent returns expected of an
offering run by David Samra and Dan O’Keefe of
Gold-rated Artisan International Value ARTKX. From its
launch through Sept. 9, 2013, this fund has beaten
98% of its category peers on both total-return and
risk-adjusted bases and trounced its MSCI All Country
World benchmark. The fund also lands in the category’s
top 5% in the trailing three and five years through
Sept. 9.
Samra and O’Keefe have steered the fund to its
superb results using the same approach that’s
generated excellent returns at foreign large-blend
offering Artisan International Value: They choose firms
with relatively modest debt loads, solid management,
and business models that trade at a discount to their
estimates of the companies’ private market value.
They’ve deviated significantly from the category norm
by running a rather concentrated portfolio of 40-50
stocks, but their other bets have been made in the
name of capital preservation: They’ve avoided entire
sectors and countries when they can’t find attractive
stocks within them. Treading lightly in emerging
markets and cyclical fare helped the fund hold up far
better than its typical peer in 2008’s sharp decline and
during 2011’s rough seas.
The fund’s recent strong absolute returns, however,
may prove difficult to maintain over the short term.
The broad stock market’s runup since the start of 2012
has left the managers with a dearth of stocks that
meet their valuation criteria. The fund’s cash stake
rose to an all-time high of 12.1% as of June 30, 2013,
and the managers report that the portfolio’s collective
discount to fair value is substantially narrower than
normal. Shareholders here are still a fortunate bunch,
but the fund now appears to offer more downside risk
than usual, so they may want to ensure it hasn’t
exceeded its target allocation.
Address:
Artisan Funds Inc
Milwaukee, WI 53202
800-344-1770
Web Address:
Inception:
12-10-07
Advisor:
Artisan Partners Limited Partnership
Subadvisor:
None
NTF Plans:
Fidelity Retail-NTF, Schwab OneSource
Minimum Purchase:
$1000
Add: $50 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:1.00% Dist:
.
Expense Projections:
3Yr:$482
5Yr:$833 10Yr:$1823
Income Distribution:
Annually
Data through September 30, 2013
Artisan Global Value Investor
Ticker
Status Yield Total Assets
Mstar Category
ARTGX Open
0.4% $782 mil
World Stock
94% 93% 92% 94% 88% 87%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 09-13
Historical Profile
Return
Risk
Rating
High
Below Avg
Highest
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
MSCI EAFE
Performance Quartile
(within Category)
History
10.0
4.0
6.0
12.8
14.8
Portfolio Analysis
06-30-13
Share change since 03-13 Total Stocks:44 Sector
Country
% Assets
TE Connectivity Ltd
Technology Switzerland
4.06
Aon plc
Finan Svs U.K.
3.63
Google, Inc. Class A
Technology United States
3.48
Oracle Corporation
Technology United States
3.39
Microsoft Corporation
Technology United States
3.38
Compass Group PLC
Cnsmr Cyc U.K.
3.38
Bank of New York Mellon
Finan Svs United States
3.27
Johnson & Johnson
Hlth care United States
3.22
Arch Capital Group Ltd
Finan Svs United States
3.21
MasterCard Incorporated
Finan Svs United States
3.14
Marsh & McLennan Compani
Finan Svs United States
2.92
3M Co
Industrl
United States
2.90
Medtronic, Inc.
Hlth care United States
2.76
Novartis AG
Hlth care Switzerland
2.75
American Express Co
Finan Svs United States
2.61
Unilever PLC ADR
Cnsmr Def
U.K.
2.50
Tesco PLC
Cnsmr Def
U.K.
2.14
Target Corp
Cnsmr Def
United States
2.14
Kao Corporation
Cnsmr Def
Japan
2.00
Lloyds Banking Group PLC
Finan Svs U.K.
1.95
Current Investment Style
Market Cap %
Giant
49.5
Large
43.5
Mid
7.1
Small
0.0
Micro
0.0
Avg $mil:
42,533
Value Blnd Growth
Large Mid Small
Country Exposure
% Stock
United States 53
U.K.
22
Switzerland 10
Japan
3
Canada
2
Regional Exposure
% Stock
UK/W. Europe 39
Japan
3
Asia X Japan 3
N. America 55
Latn America 0
Other
0
Sector
Weightings
% of
Stocks
Rel MSCI
EAFE High
3 Year
Low
Cyclical 41.72
.
BasicMat 0.91
.
2 1
CnsmrCyc 8.32
.
13 7
FinanSvs 32.49
.
34 29
Real Est 0.00
. . .
Sensitive 33.37
.
CommSrvs 2.03
.
2 2
Energy 3.43
.
3 2
Industrl
7.21
.
27 7
Technlgy 20.70
.
21 2
Defensive24.91
.
CnsmrDef13.32
.
18 13
Hlthcare 11.59
.
12 8
Utilities 0.00
. . .
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
12.1
Stocks
87.3
Bonds
0.0
Other
0.6
Foreign
47.1
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
10.58
5.12
3.52
-0.27
1.59
0.94
2.47
13.54
NMF
0.03
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
14.04
1.99
1.31
10.69
2.03
0.95
1.03
1.01
1.50
0.83
©
2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or
timely. Past performance isnoguaranteeof future results.Accessupdated reportsat
Toorder reprints, call312-696-6100.
mfb.morningstar.com.
Mutual Funds
ß
®
EQ
