Investment Returns

Show Indices
Growth Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Antero Peak Group
Global Value
Average Annual Total Returns (% USD)
31 October 2020
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps)
Global Opportunities—Gross 24.85 33.85 17.53 17.20 15.49 12.28 721
Global Opportunities—Net 24.00 32.76 16.56 16.23 14.50 11.36
MSCI All Country World Index -1.09 4.89 5.51 8.10 7.89 5.07
Global Discovery—Gross 24.56 33.37 21.32 — — 21.79 1525
Global Discovery—Net 23.57 32.10 20.17 — — 20.63
MSCI All Country World Index -1.09 4.89 5.51 — — 6.54
U.S. Mid-Cap Growth—Gross 34.68 42.95 22.71 17.36 16.33 16.08 617
U.S. Mid-Cap Growth—Net 33.67 41.66 21.59 16.29 15.26 15.00
Russell Midcap® Growth Index 14.06 21.14 15.19 14.14 14.11 9.91
U.S. Small-Cap Growth—Gross 30.42 41.43 25.19 21.18 18.42 12.15 425
U.S. Small-Cap Growth—Net 29.37 40.06 23.97 19.99 17.26 11.05
Russell 2000® Growth Index 4.67 13.37 7.89 10.35 11.94 7.90
Global Equity—Gross 10.40 16.51 13.96 13.46 13.11 13.28 543
Global Equity—Net 9.59 15.48 12.88 12.37 12.01 12.18
MSCI All Country World Index -1.09 4.89 5.51 8.10 7.89 7.85
Non-U.S. Growth—Gross -4.93 -0.43 4.75 6.13 7.32 9.78 553
Non-U.S. Growth—Net -5.66 -1.34 3.80 5.17 6.35 8.77
MSCI EAFE Index -10.80 -6.86 -1.24 2.84 3.82 4.25
Non-U.S. Small-Mid Growth—Gross 11.26 20.57 — — — 26.50 1953
Non-U.S. Small-Mid Growth—Net 10.30 19.34 — — — 25.20
MSCI All Country World ex USA SMID Index -7.52 -2.00 — — — 6.97
Value Equity—Gross -9.35 -3.91 2.53 7.89 9.54 7.46 109
Value Equity—Net -9.88 -4.58 1.83 7.15 8.78 6.65
Russell 1000® Value Index -12.74 -7.57 1.93 5.82 9.47 6.38
U.S. Mid-Cap Value—Gross -12.85 -8.37 -0.07 5.01 8.32 11.38 268
U.S. Mid-Cap Value—Net -13.55 -9.24 -1.00 4.03 7.32 10.34
Russell Midcap® Value Index -12.03 -6.94 0.86 5.32 9.40 8.70
International Value—Gross -12.51 -6.47 -1.75 3.91 7.49 10.52 521
International Value—Net -13.20 -7.34 -2.66 2.95 6.51 9.49
MSCI EAFE Index -10.80 -6.86 -1.24 2.84 3.82 5.30
Global Value—Gross -12.57 -7.92 -0.43 5.16 9.27 7.05 247
Global Value—Net -13.28 -8.81 -1.38 4.17 8.22 6.02
MSCI All Country World Index -1.09 4.89 5.51 8.10 7.89 4.57
Select Equity—Gross — — — — — 1.72 -1030
Select Equity—Net — — — — — 1.22
S&P 500® Index — — — — — 12.03
Sustainable Emerging Markets—Gross 0.81 7.11 3.18 10.70 2.87 5.89 67
Sustainable Emerging Markets—Net -0.03 6.04 2.16 9.59 1.82 4.80
MSCI Emerging Markets Index 0.87 8.25 1.94 7.91 2.42 5.21
High Income—Gross 3.49 7.00 5.87 7.89 — 7.12 255
High Income—Net 2.89 6.27 5.14 7.14 — 6.36
ICE BofA US High Yield Master II Index 0.17 2.54 3.86 6.13 — 4.57
Developing World—Gross 54.18 66.73 25.09 23.36 — 19.42 1458
Developing World—Net 52.89 65.06 23.81 22.09 — 18.19
MSCI Emerging Markets Index 0.87 8.25 1.94 7.91 — 4.84
Antero Peak—Gross 9.26 15.29 19.91 — — 23.92 1233
Antero Peak—Net 8.35 14.15 18.73 — — 22.71
S&P 500® Index 2.77 9.71 10.41 — — 11.59
Growth Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Antero Peak Group
Global Value
Average Annual Total Returns (% USD)
30 September 2020
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps)
Global Opportunities—Gross 27.76 40.16 19.01 19.50 16.28 12.56 726
Global Opportunities—Net 26.99 39.03 18.03 18.51 15.29 11.62
MSCI All Country World Index 1.37 10.44 7.11 10.29 8.54 5.30
Global Discovery—Gross 25.96 39.36 23.05 — — 22.90 1532
Global Discovery—Net 25.06 38.04 21.87 — — 21.73
MSCI All Country World Index 1.37 10.44 7.11 — — 7.58
U.S. Mid-Cap Growth—Gross 36.31 46.50 24.15 18.88 16.91 16.20 626
U.S. Mid-Cap Growth—Net 35.39 45.18 23.02 17.79 15.84 15.12
Russell Midcap® Growth Index 13.92 23.23 16.21 15.51 14.54 9.94
U.S. Small-Cap Growth—Gross 27.85 41.20 25.75 21.68 18.86 12.10 421
U.S. Small-Cap Growth—Net 26.92 39.83 24.52 20.49 17.70 11.01
Russell 2000® Growth Index 3.88 15.71 8.17 11.41 12.33 7.89
Global Equity—Gross 13.96 22.79 16.24 15.57 14.20 13.74 557
Global Equity—Net 13.21 21.70 15.14 14.46 13.09 12.63
MSCI All Country World Index 1.37 10.44 7.11 10.29 8.54 8.17
Non-U.S. Growth—Gross -0.46 7.53 6.95 8.84 8.38 10.02 558
Non-U.S. Growth—Net -1.15 6.56 5.98 7.86 7.40 9.01
MSCI EAFE Index -7.09 0.49 0.62 5.26 4.61 4.44
Non-U.S. Small-Mid Growth—Gross 14.32 29.81 — — — 29.95 2090
Non-U.S. Small-Mid Growth—Net 13.44 28.49 — — — 28.62
MSCI All Country World ex USA SMID Index -4.89 4.88 — — — 9.05
Value Equity—Gross -7.44 0.86 3.49 10.50 10.04 7.65 115
Value Equity—Net -7.93 0.17 2.78 9.74 9.28 6.83
Russell 1000® Value Index -11.58 -5.03 2.63 7.65 9.94 6.51
U.S. Mid-Cap Value—Gross -12.81 -7.69 -0.04 6.07 8.64 11.43 274
U.S. Mid-Cap Value—Net -13.44 -8.56 -0.97 5.09 7.63 10.39
Russell Midcap® Value Index -12.84 -7.30 0.82 6.37 9.71 8.69
International Value—Gross -10.15 -1.53 -0.27 5.96 8.26 10.73 517
International Value—Net -10.79 -2.44 -1.19 4.98 7.26 9.70
MSCI EAFE Index -7.09 0.49 0.62 5.26 4.61 5.57
Global Value—Gross -11.70 -4.47 0.48 6.99 9.81 7.17 238
Global Value—Net -12.35 -5.39 -0.48 5.97 8.76 6.15
MSCI All Country World Index 1.37 10.44 7.11 10.29 8.54 4.80
Select Equity—Gross — — — — — 3.10 -1199
Select Equity—Net — — — — — 2.65
S&P 500® Index — — — — — 15.09
Sustainable Emerging Markets—Gross 0.18 11.30 4.31 13.12 3.04 5.88 78
Sustainable Emerging Markets—Net -0.57 10.20 3.28 11.99 1.99 4.78
MSCI Emerging Markets Index -1.16 10.54 2.42 8.96 2.50 5.09
High Income—Gross 2.81 6.14 5.88 8.23 — 7.10 255
High Income—Net 2.28 5.41 5.15 7.48 — 6.35
ICE BofA US High Yield Master II Index -0.30 2.30 3.83 6.60 — 4.55
Developing World—Gross 52.11 72.93 24.32 24.93 — 19.46 1494
Developing World—Net 50.97 71.20 23.05 23.65 — 18.23
MSCI Emerging Markets Index -1.16 10.54 2.42 8.96 — 4.52
Antero Peak—Gross 14.02 22.92 23.56 — — 26.15 1337
Antero Peak—Net 13.17 21.71 22.36 — — 24.92
S&P 500® Index 5.57 15.15 12.27 — — 12.78

Annual Returns (% USD)

12 Months Ended 30 September 2016 2017 2018 2019 2020
Global Opportunities—Gross 20.64 19.91 13.56 5.96 40.16
Global Discovery—Gross — — 22.32 9.35 39.36
U.S. Mid-Cap Growth—Gross 9.34 13.52 22.75 6.47 46.50
U.S. Small-Cap Growth—Gross 16.73 14.98 36.45 3.27 41.20
Global Equity—Gross 8.96 20.52 18.36 8.12 22.79
Non-U.S. Growth—Gross 6.71 17.06 5.81 7.52 7.53
Non-U.S. Small-Mid Growth—Gross — — — — 29.81
Value Equity—Gross 25.58 18.40 10.62 -0.65 0.86
U.S. Mid-Cap Value—Gross 15.41 16.52 9.72 -1.38 -7.69
International Value—Gross 10.52 21.84 -0.83 1.59 -1.53
Global Value—Gross 13.41 21.88 5.53 0.64 -4.47
Select Equity—Gross — — — — —
Sustainable Emerging Markets—Gross 29.40 26.19 -1.29 3.33 11.30
High Income—Gross 12.63 11.12 5.69 5.83 6.14
Developing World—Gross 27.38 24.41 -8.73 21.82 72.93
Antero Peak—Gross — — 35.10 13.67 22.92
Returns for periods less than one year are not annualized. Value-Added is based on gross of fees returns for each portfolio minus the returns of the benchmark for the since inception period. Inception Dates: Global Opportunities 1 Feb 2007; Global Discovery 1 Sep 2017; U.S. Mid-Cap Growth 1 Apr 1997; U.S. Small-Cap Growth 1 Apr 1995; Global Equity 1 Apr 2010; Non-U.S. Growth 1 Jan 1996; Non-U.S. Small-Mid Growth 1 Jan 2019; Value Equity 1 Jul 2005; U.S. Mid-Cap Value 1 Apr 1999; Global Value 1 Jul 2007; Select Equity 1 March 2020; International Value 1 Jul 2002; Sustainable Emerging Markets 1 Jul 2006; High Income 1 Apr 2014; Developing World 1 Jul 2015; Antero Peak 1 May 2017.

Past performance does not guarantee and is not a reliable indicator of future results. Current performance may be lower or higher than the performance shown. Composite performance has been presented in both gross and net of investment management fees. The Antero Peak Strategy’s 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.  Unlike the Index, Artisan High Income Strategy may hold loans and other security types. At times, this causes material differences in relative performance. The Non-U.S. Small-Mid Growth portfolio's returns may vary greatly over shorter periods due to the limited operating period since inception. 

Investment Risk: Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in investment vehicles denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal. These risks, among others, are further described in the Important Disclosures section which should be read in conjunction with this material. 
International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets.  Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations.  Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods.  Fixed income investments entail credit and interest rate risk. In general, when interest rates rise, fixed income portfolio values fall and investors may lose principal value. High income securities (junk bonds) are fixed income instruments rated below investment grade. High income securities are speculative, have a higher degree of default risk than higher-rated bonds and may increase the Portfolio’s volatility.  A non-diversified portfolio may invest a larger portion of assets in securities of a smaller number of issuers and performance of a single issuer may affect overall portfolio performance greater than in a diversified portfolio. 

Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the Index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. 

Russell Midcap® Growth Index measures the performance of US mid-cap companies with higher price/book ratios and forecasted growth values. Russell 2000® Growth Index measures the performance of US small-cap companies with higher price/book ratios and forecasted growth values. Russell 1000® Value Index measures the performance of US large-cap companies with lower price/book ratios and forecasted growth values. Russell Midcap® Value Index measures the performance of US mid-cap companies with lower price/book ratios and forecasted growth values. MSCI All Country World Index measures the performance of developed and emerging markets. MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI EAFE Small Cap Index measures the performance of small-cap companies in developed markets, excluding the US and Canada. MSCI Emerging Markets Index measures the performance of emerging markets. ICE BofA US High Yield Master II Index measures the performance of below investment grade $US-denominated corporate bonds publicly issued in the US market. S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. 

Source ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofA indices and related data on an "as is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Artisan Partners or any of its products or services. 

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use.  Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Important Disclosures