(PUB) Investing 2015

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Data through October 31, 2015 FINRA members: For internal or institutional use only.
Artisan Global Opportunities Inv Ticker
ARTRX
Yield
0.3%
Total Assets
$1,356 mil
Mstar Category
World Stock
Benchmark 1: MSCI ACWI NR USD
Benchmark 2: MSCI ACWI Ex USA NR USD
Morningstar Analyst Rating 10-15-15
„
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ∞ Positive
Price ¶ Neutral
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 „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
15.0
20.0
Historical Profile
Return
Risk
Rating
High
Above Avg
QQQQQ
Highest
7 7 7 7 7 7 7 7 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& & ) & ( ( & Performance Quartile
(within Category)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 10-15 History
. . . 6.54 9.67 12.27 11.35 14.73 18.31 18.26 19.71 NAV
. . . . 47.86 28.23 -6.56 29.78 24.30 2.35 7.94 Total Return %
. . . . 13.23 15.56 0.79 13.65 1.50 -1.81 7.68 +/- Bmark 1
. . . . 6.41 17.08 7.15 12.95 9.02 6.22 9.77 +/- Bmark 2
. . . . 0.00 0.00 0.00 0.00 0.00 0.31 0.00 Income Return %
. . . . 47.86 28.23 -6.56 29.78 24.30 2.05 7.94 Capital Return %
. . . . 10 1 85 1 57 53 4 Total Rtn % Rank Cat
. . . . 0.00 0.00 0.00 0.00 0.00 0.06 0.00 Income $
. . . . 0.00 0.13 0.11 0.00 0.00 0.43 0.00 Capital Gains $
. . . 48.41 1.47 1.50 1.40 1.34 1.28 1.20 1.18 Expense Ratio %
. . . -0.69 -0.59 -0.91 -0.73 -0.46 -0.29 0.07 -0.20 Income Ratio %
. . . 3 101 80 76 43 42 45 . Turnover Rate %
. . . 7 56 103 125 267 613 695 . Net Assets $mil
Performance 10-31-15
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2011 6.68 1.76 -18.24 5.28 -6.56
2012 20.88 -4.81 9.26 3.22 29.78
2013 5.77 0.64 10.27 5.90 24.30
2014 -0.11 4.37 -0.89 -0.95 2.35
2015 5.20 4.58 -8.66 — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo -2.43 0.75 2.94 26 9,757
6 Mo -0.56 4.22 9.14 11 9,945
1 Yr 4.87 4.90 9.55 13 10,487
3 Yr Avg 13.38 3.46 8.69 15 14,574
5 Yr Avg 12.44 4.76 9.84 3 17,973
10 Yr Avg — — — — —
15 Yr Avg — — — — —
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 13.12 8 0.22 13
5 Yr (estimated) 12.19 2 0.22 16
10 Yr (estimated) — — — —
Potential Capital Gain Exposure: 24% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr 4.87
3 Yr 13.38 +Avg +Avg QQQQ
5 Yr 12.44 High +Avg QQQQQ
10 Yr — — — —
Incept 10.75
Other Measures Standard Index Best Fit Index
Alpha 8.9 3.4
Beta 0.84 1.55
R-Squared 73 79
Standard Deviation 12.11
Mean 13.38
Sharpe Ratio 1.10
Portfolio Analysis 09-30-15
Total Stocks: 45
Share change since 06-30-15 Sector Country % Assets
TIHS Inc Class A Industrl United States 4.97
TVisa Inc Class A Finan Svcs United States 4.63
TRegeneron Pharmaceuticals Hlth Care United States 4.32
TFacebook Inc Class A Technology United States 4.10
TAlphabet Inc Class A Technology United States 3.66
TTencent Holdings Ltd Technology China 3.29
TMarkit Ltd Industrl United States 3.26
TDirect Line Insurance Gro Finan Svcs United Kingdom 3.21
TElectronic Arts Inc Technology United States 2.95
TGenmab A/S Hlth Care Denmark 2.95
TAbbott Laboratories Hlth Care United States 2.77
TMcGraw Hill Financial Inc Industrl United States 2.76
TIllumina Inc Hlth Care United States 2.70
TAlphabet Inc Class C Capi Technology United States 2.24
YStarbucks Corp Cnsmr Cyc United States 2.10
YWalt Disney Co Cnsmr Cyc United States 2.06
TFanuc Corp Industrl Japan 2.05
TAdobe Systems Inc Technology United States 2.04
TChipotle Mexican Grill In Cnsmr Cyc United States 2.04
TJames Hardie Industries P Basic Mat United States 2.04
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 32.4
Large 37.4
Mid 30.1
Small 0.0
Micro 0.0
Avg $mil:
26,389
Value Measures Rel Category
Price/Earnings 28.58 1.65
Price/Book 4.18 1.87
Price/Sales 3.21 2.13
Price/Cash Flow 16.56 1.93
Dividend Yield % 0.96 0.36
Growth Measures % Rel Category
Long-Term Erngs 18.15 1.66
Book Value 9.31 2.49
Sales -0.12 -0.07
Cash Flow 9.38 4.12
Historical Erngs 16.14 4.23
Composition - Net
Cash 8.0 Bonds 0.0
Stocks 90.8 Other 1.3
Foreign (% of Stock) 36.0
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 26.39 0.68
r BasicMat 4.18 0.84
t CnsmrCyc 12.55 1.07
y FinanSvcs 9.66 0.51
u Real Est 0.00 0.00
j Sensitive 48.14 1.34
i CommSrvs 0.00 0.00
o Energy 1.67 0.25
p Industrl 15.83 1.54
a Technlgy 30.64 2.20
k Defensive 25.47 1.00
s CnsmrDef 5.53 0.55
d Hlthcare 18.29 1.48
f Utilities 1.65 0.53
Regional Exposure % Stock
UK/W. Europe 18 N. America 64
Japan 8 Latn America 3
Asia X Japan 7 Other 0
Country Exposure % Stock
United States 64
Japan 8
UK 7
Germany 4
China 4
Morningstar's Take by Greg Carlson 10-15-15
Artisan Global Opportunities is down one manager, but
the team behind it and its prudent approach to global
investing earn the fund a Morningstar Analyst Rating of
Silver. This team has managed Artisan Mid Cap ARTMX
since that fund’s 1997 inception, this one since its 2008
launch, and Artisan Small Cap ARTSX since late 2009.
(The other two also earn Silver ratings.) Andy Stephens,
who had led the team and Artisan Mid Cap since 1997,
relinquishedhisportfoliomanager title in2014onall three
of the team’s charges and now researches stocks for the
portfolios and mentors analysts.
Despite Stephens’ reduced role, there’s plenty of
reason forconfidence in this fund.JimHamel,whoserves
as lead manager here, has worked on the team since its
founding. He also works collaboratively with a deep,
experienced crew. Matt Kamm, a comanager here, has
worked on the team since 2003 and serves as the lead
on Artisan Mid Cap. Craigh Cepukenas has worked on
Artisan Small Cap since its 1995 launch as an analyst and
manager (he joined this team in 2009) and became a
comanager here in 2013. And Jason White, a 12-year
veteran of the team, serves as an associate portfolio
manager and leads coverage of the tech sector. The
managers are backed by eight analysts.
The fund began as a large-growth vehicle in 2008,
but the team gradually increased its stake in non-U.S.
stocks as it grew more comfortable with overseas
investingandhiredmoreanalystswith relevantexpertise,
and the fund moved to the world-stock Morningstar
Category in 2012. U.S. stocks have dramatically
outperformed their non-U.S. counterparts since 2008,
making performance comparisons tricky—the fund had
a bigger foreign stake than most large-growth peers
when it was in that category and has a below-average
weighting compared with most world-stock funds even
now (37% of assets at the end of June 2015, well below
the 49% category norm). It posted respectable returns as
a large-growth fund and has looked quite strong since the
start of 2012 as a world-stock fund. Unlike this team’s
other two charges, it’s open to new investors.
Address: Artisan Funds Inc Minimum Purchase: $1000 Add: — IRA: —
Milwaukee, WI 53202 Min Auto Inv Plan: $1000 Add: $50
800-344-1770 Sales Fees: No-load, 2.00%R
Web Address: Management Fee: 0.90% mx./0.80% mn.
Inception: 09-22-08 Actual Fees: Mgt:0.90% Dist:—
Advisor: Artisan Partners Limited Partnership Expense Projections: 3Yr:$381 5Yr:$660 10Yr:$1455
Subadvisor: None Income Distribution: Annually
©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past
performance is no guarantee of future results.Access updated reports at . To order reprints, call 312-696-6100. ß® Mutual Funds A