2017 Annual Report

AVERAGE ANNUAL TOTAL RETURNS—NET OF FEES
(% as of December 31, 2017) 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added
(bps)
Growth Team
Artisan Global Opportunities Strategy—Feb 1, 2007 31.63 14.20 13.88 9.52 10.08 487
MSCI All Country World Index 23.97 9.29 10.79 4.65 5.21
Artisan Global Discovery Strategy—Sep 1, 2017 5.65 -212
MSCI All Country World Index 7.77
Artisan U.S. Mid-Cap Growth Strategy—Apr 1, 1997 20.85 7.15 12.43 8.94 14.00 346/472
Russell Midcap® Index 18.52 9.57 14.95 9.10 10.54
Russell Midcap® Growth Index 25.27 10.29 15.30 9.09 9.28
Artisan U.S. Small-Cap Growth Strategy—Apr 1, 1995 27.13 10.61 14.02 9.22 9.48 -8/150
Russell 2000® Index 14.65 9.95 14.11 8.70 9.56
Russell 2000® Growth Index 22.17 10.27 15.20 9.18 7.98
Global Equity Team
Artisan Global Equity Strategy—Apr 1, 2010 32.02 9.57 12.09 12.02 294
MSCI All Country World Index 23.97 9.29 10.79 9.08
Artisan Non-U.S. Growth Strategy—Jan 1, 1996 31.37 4.53 7.59 2.93 9.52 440
MSCI EAFE Index 25.03 7.79 7.89 1.94 5.12
Artisan Non-U.S. Small-Cap Growth Strategy—Jan 1, 2002 33.89 9.03 8.32 4.20 12.47 161
MSCI EAFE Small Cap Index 33.01 14.19 12.85 5.77 10.86
U.S. Value Team
Artisan Value Equity Strategy—Jul 1, 2005 16.20 11.01 12.63 7.62 8.15 -90/38
Russell 1000® Index 21.69 11.22 15.70 8.59 9.05
Russell 1000® Value Index 13.66 8.64 14.03 7.10 7.77
Artisan U.S. Mid-Cap Value Strategy—Apr 1, 1999 12.64 7.70 11.61 9.15 12.45 282/225
Russell Midcap® Index 18.52 9.57 14.95 9.10 9.63
Russell Midcap® Value Index 13.34 8.99 14.67 9.09 10.20
Global Value Team
Artisan Global Value Strategy—Jul 1, 2007 22.31 9.44 12.80 9.38 8.35 378
MSCI All Country World Index 23.97 9.29 10.79 4.65 4.58
Artisan Non-U.S. Value Strategy—Jul 1, 2002 24.20 8.83 11.11 8.04 11.97 523
MSCI EAFE Index 25.03 7.79 7.89 1.94 6.74
Emerging Markets Team
Artisan Emerging Markets Strategy—Jul 1, 2006 39.79 12.56 5.73 1.22 5.78 -57
MSCI Emerging Markets Index 37.28 9.09 4.35 1.68 6.35
Credit Team
Artisan High Income Strategy—Apr 1, 2014 9.14 8.29 7.13 219
ICE BofAML US High Yield Master II Index 7.48 6.38 4.94
Developing World Team
Artisan Developing World Strategy—Jul 1, 2015 35.48 12.07 236
MSCI Emerging Markets Index 37.28 9.71
Thematic Team
Artisan Thematic Strategy—May 1, 2017 28.98 1528
S&P 500® Index 13.70

Source: Artisan Partners/MSCI/Russell/ICE BofA Merrill Lynch/S&P. Data as of and through December 31, 2017. Value-added since inception is based on net of fees returns minus the since inception returns of the benchmark. Periods less than one year are not annualized. Past performance is not indicative of future results and represents net of management fees performance for the Artisan composites. Artisan High Income Strategy may hold loans and other security types that may not be included in the ICE BofAML US High Yield Master II Index. At times, this causes material differences in relative performance. The Global Equity, Global Discovery and Thematic strategies investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. Current performance may be lower or higher than the performance shown. View further information on how we present our performance. Performance for Artisan Thematic Long/Short and Credit Opportunities Strategies has been intentionally omitted.

Artisan Partners’ investment teams have added significant long-term value, after fees.

Artisan Strategies Versus Their Benchmark Indices ($)

A hypothetical portfolio consisting of $1 million invested at the inception of each marketed strategy launched prior to 2017 would have grown from $15 million to approximately $73.5 million at December 31, 2017, after fees. That is $23 million (or 46%) more than a portfolio consisting of each strategy’s corresponding passive index.

Chart: Artisan Strategies Versus Their Benchmark Indices ($) 1995-2017

Data as of and through December 31, 2017. Sources: Artisan Partners/MSCI/Russell/ICE BofA Merrill Lynch. The growth of $1 million calculation is based on investing $1 million, with monthly net returns, in each Artisan composite (launched prior to 2017) historically marketed to investors and its broad-based market index for the period since the composite’s inception through December 31, 2017. Performance includes U.S. Small-Cap Value and Global Small-Cap Growth strategies, reflecting the U.S. Small-Cap Value strategy composite’s returns for the period since inception June 1, 1997 through the last full month of performance for the strategy on April 30, 2016, and the Global Small-Cap Growth strategy composite’s returns for the period since inception July 1, 2013 through the last full month of performance for the strategy on December 31, 2016. An investment cannot be made directly in an Artisan composite or a market index and the results are hypothetical.

Delivering high value-added results for our clients.

Rolling 5-Year Performance

Including the impact of management fees, Artisan Partners’ investment strategies have outperformed their benchmark indices in the majority of rolling 5-year periods, demonstrating that our investment teams have added value across multiple market environments.

Chart: Artisan Strategies Versus Their Benchmark Indices ($) 1995-2017

The dark blue line indicates the percent of periods each Artisan composite outperformed its broad-based market index, and the lighter blue line indicates the periods that the U.S. Mid-Cap Growth, U.S. Small-Cap Growth, Value Equity and U.S. Mid-Cap Value strategies outperformed their style indexes. Percent of periods outperformed is the percentage of total 5-year periods in which the Artisan composite, net of fees, outperformed its broad-based market or style index through December 31, 2017. The performance over rolling periods is based on monthly returns for the rolling periods that each Artisan composite has completed a five-year return. The U.S. Small-Cap Value strategy, which reorganized into the U.S. Mid-Cap Value strategy in May 2016, outperformed its broad-based benchmark index in 77% of the 168 rolling 5-year periods during its existence, after fees. The Global Small-Cap Growth strategy, which was shut down in January 2017, was managed for less than five years. The following strategies do not yet have 5-year track records: Artisan Global Discovery, High Income, Credit Opportunities, Developing World, Thematic and Thematic Long/Short Strategies.