(PUB) Investing 2016

246 / 708

4
Data through May 31, 2016 FINRA members: For internal or institutional use only.
Artisan International Value Investor Ticker
ARTKX
Yield
0.8%
Total Assets
$11,384 mil
Mstar Category
Foreign Large Blend
Benchmark 1: MSCI ACWI Ex USA NR USD
Benchmark 2: MSCI ACWI Ex USA NR USD
Morningstar Analyst Rating 05-13-16
Œ
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ∞ Positive
Price § 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 „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
15.0
20.0
Historical Profile
Return
Risk
Rating
High
Low
QQQQQ
Highest
4 4 4 4 4 4 1 4 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& ( & ) ( & & & & ( & Performance Quartile
(within Category)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 05-16 History
27.93 25.52 17.63 23.10 27.11 25.09 30.38 36.77 34.21 31.71 32.55 NAV
34.46 -0.67 -30.11 33.47 18.90 -7.14 22.82 30.49 -0.59 -1.75 2.65 Total Return %
7.81 -17.32 15.42 -7.98 7.75 6.57 5.99 15.20 3.27 3.92 2.13 +/- Bmark 1
7.81 -17.32 15.42 -7.98 7.75 6.57 5.99 15.20 3.27 3.92 2.13 +/- Bmark 2
2.01 1.82 0.83 2.41 1.53 0.05 1.17 2.07 1.49 0.81 0.00 Income Return %
32.45 -2.49 -30.93 31.06 17.37 -7.19 21.65 28.42 -2.08 -2.55 2.65 Capital Return %
5 74 5 81 71 3 7 1 10 60 9 Total Rtn % Rank Cat
0.44 0.51 0.21 0.42 0.35 0.01 0.29 0.63 0.55 0.28 0.00 Income $
1.28 1.67 0.00 0.00 0.00 0.07 0.14 2.15 1.81 1.68 0.00 Capital Gains $
1.25 1.23 1.23 1.25 1.21 1.18 1.17 1.16 1.16 1.17 1.17 Expense Ratio %
2.18 1.34 1.83 0.95 1.34 1.10 1.08 0.85 0.86 0.60 -0.04 Income Ratio %
43 46 45 55 21 31 20 33 20 24 . Turnover Rate %
1,654 1,404 875 1,947 3,083 3,454 5,651 8,854 8,603 4,992 . Net Assets $mil
Performance 05-31-16
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2012 11.28 -5.19 8.50 7.29 22.82
2013 7.54 1.16 11.98 7.11 30.49
2014 0.19 6.22 -6.57 -0.02 -0.59
2015 3.65 0.65 -8.60 3.04 -1.75
2016 0.79 — — — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 9.12 0.02 0.01 23 10,912
6 Mo 0.56 1.93 1.93 8 10,056
1 Yr -4.90 6.49 6.50 7 9,510
3 Yr Avg 6.06 5.87 5.87 3 11,932
5 Yr Avg 6.97 6.85 6.85 3 14,007
10 Yr Avg 6.70 4.69 4.68 1 19,123
15 Yr Avg — — — — —
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 4.04 5 1.91 91
5 Yr (estimated) 5.64 3 1.25 84
10 Yr (estimated) 5.48 1 1.14 74
Potential Capital Gain Exposure: 13% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr -4.90
3 Yr 6.06 High Low QQQQQ
5 Yr 6.97 High Low QQQQQ
10 Yr 6.70 High Low QQQQQ
Incept 13.02
Other Measures Standard Index Best Fit Index
Alpha 5.7 0.0
Beta 0.78 1.04
R-Squared 85 91
Standard Deviation 11.47
Mean 6.06
Sharpe Ratio 0.56
Portfolio Analysis 03-31-16
Total Stocks: 43
Share change since 12-31-15 Sector Country % Assets
TCompass Group PLC Cnsmr Cyc United Kingdom 5.11
TSamsung Electronics Co Lt Technology South Korea 4.68
TUBS Group AG Finan Svcs Switzerland 4.40
TArch Capital Group Ltd Finan Svcs United States 3.98
TABB Ltd Industrl Switzerland 3.94
TBaidu Inc ADR Technology China 3.58
YRELX PLC Cnsmr Cyc United Kingdom 3.58
TING Groep NV Finan Svcs Netherlands 3.37
TRoyal Bank of Scotland Gr Finan Svcs United Kingdom 3.27
TMedtronic PLC Hlth Care United States 3.19
TISS A/S Industrl Denmark 3.16
TTesco PLC Cnsmr Def United Kingdom 3.07
TTE Connectivity Ltd Technology United States 2.72
TTelefonica Brasil SA ADR Comm Svcs Brazil 2.72
TGroupe Bruxelles Lambert Finan Svcs Belgium 2.37
TCarlsberg A/S B Cnsmr Def Denmark 2.36
TTokyo Electron Ltd Technology Japan 2.30
TLloyds Banking Group PLC Finan Svcs United Kingdom 2.16
TPanalpina Welttransport ( Industrl Switzerland 2.14
TImperial Oil Ltd Energy Canada 1.96
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 49.8
Large 30.2
Mid 18.1
Small 1.9
Micro 0.0
Avg $mil:
24,513
Value Measures Rel Category
Price/Earnings 15.79 1.06
Price/Book 1.52 0.95
Price/Sales 1.07 0.96
Price/Cash Flow 7.40 1.31
Dividend Yield % 3.17 0.98
Growth Measures % Rel Category
Long-Term Erngs 9.38 0.98
Book Value -1.26 -0.35
Sales -2.23 1.78
Cash Flow -6.60 -1.22
Historical Erngs 1.74 1.94
Composition - Net
Cash 10.1 Bonds 0.0
Stocks 89.9 Other 0.0
Foreign (% of Stock) 85.5
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 42.52 0.96
r BasicMat 1.32 0.17
t CnsmrCyc 16.63 1.51
y FinanSvcs 24.57 1.12
u Real Est 0.00 0.00
j Sensitive 39.92 1.25
i CommSrvs 3.03 0.54
o Energy 3.78 0.59
p Industrl 16.44 1.53
a Technlgy 16.67 1.82
k Defensive 17.56 0.74
s CnsmrDef 11.88 1.05
d Hlthcare 5.68 0.63
f Utilities 0.00 0.00
Regional Exposure % Stock
UK/W. Europe 62 N. America 17
Japan 5 Latn America 3
Asia X Japan 13 Other 0
Country Exposure % Stock
UK 25
Switzerland 18
United States 15
South Korea 7
Netherlands 6
Morningstar's Take by Greg Carlson 05-13-16
Artisan International Value’s veteran managers and
prudent strategy continue to earn a Morningstar Analyst
Rating of Gold. This closed fund in the foreign large blend
Morningstar Category has, as expected, held up relatively
well in the market’s recent turbulence. While it lost 7.4%
for the 12 months ended May 11, 2016, that showing
was better than 90% of its category peers and beat the
MSCI ACWI ex USA Index by 6.2 percentage points.
The fund tends to be more buoyant than most in
declining markets, because managers David Samra and
Dan O’Keefe typically seek companies that, while
undervalued relative to the managers’ estimate of value,
still have viable business models and often have sturdy
balance sheets as well. Indeed, holdings that have helped
minimizethe fund’s lossoverthepastyear includesteady-
Eddie firms such as U.K.-based global food-service
provider Compass Group CPG, Bermuda-based reinsurer
Arch Capital ACGL, and U.K. business-information
publisher RELX REL.
The managers have generated excellent returns
since the fund’s November 2002 inception. From then
through April 2016, the fund surpassed all of its foreign
large-blend peers and the MSCI EAFE and MSCI ACWI ex
USA indexes, as well as all of the funds in its previous
Morningstar Category, foreign small/mid-value. The
managers run a compact portfolio of 40-50 stocks and
ply more of an all-cap approach than their typical peer and
the benchmarks, but the fund has been less volatile due
to its higher-quality tilt. Thus, its risk-adjusted returns are
also superb. Samra and O’Keefe have also posted strong
results at Silver-rated Artisan Global Value ARTGX since
that fund’s late 2007 inception. (That fund reopened to
new investors in late2015.)The funddoesn’tappearquite
as focused on sturdy fare now as it was several years
ago. Finding such firms at attractive valuations isn’t as
easy now since the market is at much higher levels than
it was in early 2009’s bottom, so the portfolio has a
slightly largerstake incheapcyclical firms than itdid then.
Volatility could increase relative to the fund’s peers, but
it should remain a solid long-term holding.
Address: Artisan Funds Inc Minimum Purchase: $1000 Add: — IRA: —
Milwaukee, WI 53202 Min Auto Inv Plan: — Add: $50
800-344-1770 Sales Fees: No-load
Web Address: Management Fee: 1.00% mx./0.93% mn.
Inception: 09-23-02 Actual Fees: Mgt:0.93% Dist:—
Advisor: Artisan Partners Limited Partnership Expense Projections: 3Yr:$384 5Yr:$665 10Yr:$1466
Subadvisor: None Income Distribution: Annually
©2016Morningstar, 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, email ß® Mutual Funds A