Investment Returns

Show Indices
Growth Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Antero Peak Group
Global Value EMsights Capital Group
Average Annual Total Returns (% USD)
31 August 2022
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps)
Global Opportunities—Gross -25.62 -25.50 9.98 10.00 12.51 10.56 517
Global Opportunities—Net -26.05 -26.14 9.08 9.09 11.56 9.64
MSCI All Country World Index -17.75 -15.88 8.03 6.97 8.70 5.38
Global Discovery—Gross -26.71 -27.74 11.23 13.14 13.14 617
Global Discovery—Net -27.20 -28.46 10.17 12.06 12.06
MSCI All Country World Index -17.75 -15.88 8.03 6.97 6.97
U.S. Mid-Cap Growth—Gross -28.23 -31.26 9.97 12.62 12.92 14.61 544
U.S. Mid-Cap Growth—Net -28.69 -31.92 8.96 11.58 11.89 13.55
Russell Midcap® Growth Index -25.09 -26.69 6.97 10.16 12.06 9.18
U.S. Small-Cap Growth—Gross -28.13 -35.45 4.76 11.33 12.46 10.53 307
U.S. Small-Cap Growth—Net -28.63 -36.12 3.72 10.23 11.35 9.45
Russell 2000® Growth Index -22.29 -25.26 5.92 6.69 10.16 7.46
Global Equity—Gross -24.55 -29.00 4.12 8.11 10.66 10.73 290
Global Equity—Net -25.01 -29.65 3.20 7.12 9.61 9.67
MSCI All Country World Index -17.75 -15.88 8.03 6.97 8.70 7.83
Non-U.S. Growth—Gross -24.32 -25.33 -0.35 2.57 5.76 8.88 462
Non-U.S. Growth—Net -24.81 -26.03 -1.26 1.64 4.80 7.88
MSCI EAFE Index -19.57 -19.80 2.39 1.63 5.00 4.26
Non-U.S. Small-Mid Growth—Gross -24.87 -28.12 7.04 11.28 620
Non-U.S. Small-Mid Growth—Net -25.39 -28.85 5.96 10.15
MSCI All Country World ex USA SMID Index -20.57 -22.75 3.40 5.08
Value Equity—Gross -11.05 -10.78 11.46 8.80 10.32 8.54 109
Value Equity—Net -11.47 -11.40 10.70 8.06 9.56 7.72
Russell 1000® Value Index -9.85 -6.23 8.86 7.86 10.52 7.44
U.S. Mid-Cap Value—Gross -11.52 -6.42 10.19 7.46 9.71 12.00 261
U.S. Mid-Cap Value—Net -12.08 -7.31 9.16 6.46 8.69 10.95
Russell Midcap® Value Index -11.80 -7.80 9.55 7.49 10.80 9.39
Value Income—Gross -8.22 62
Value Income—Net -8.55
S&P 500® Index -8.84
International Value—Gross -14.37 -13.11 7.93 4.96 8.78 10.82 560
International Value—Net -14.91 -13.92 6.94 3.99 7.79 9.79
MSCI EAFE Index -19.57 -19.80 2.39 1.63 5.00 5.22
Global Value—Gross -15.97 -15.40 5.81 4.70 9.12 7.52 257
Global Value—Net -16.51 -16.21 4.81 3.70 8.08 6.49
MSCI All Country World Index -17.75 -15.88 8.03 6.97 8.70 4.95
Select Equity—Gross -15.81 -16.16 7.78 -638
Select Equity—Net -16.24 -16.79 6.98
S&P 500® Index -16.14 -11.23 14.15
Sustainable Emerging Markets—Gross -25.72 -29.40 0.96 0.88 4.03 4.55 32
Sustainable Emerging Markets—Net -26.17 -30.07 -0.02 -0.11 2.98 3.48
MSCI Emerging Markets Index -17.49 -21.80 2.73 0.59 2.92 4.23
High Income—Gross -7.54 -6.19 4.65 5.14 6.29 281
High Income—Net -7.96 -6.83 3.95 4.42 5.55
ICE BofA US High Yield Master II Index -11.04 -10.43 0.80 2.42 3.48
Floating Rate—Gross -1.16 -1.16 2
Floating Rate—Net -1.60 -1.60
Credit Suisse Leveraged Loan Index -1.17 -1.17
Developing World—Gross -36.12 -42.37 6.29 6.37 8.46 572
Developing World—Net -36.59 -43.00 5.18 5.27 7.33
MSCI Emerging Markets Index -17.49 -21.80 2.73 0.59 2.74
Antero Peak—Gross -21.48 -16.21 10.98 16.78 18.69 675
Antero Peak—Net -22.02 -17.06 9.88 15.63 17.53
S&P 500® Index -16.14 -11.23 12.38 11.82 11.94
Emerging Markets Debt Opportunities—Gross 1.37 438
Emerging Markets Debt Opportunities—Net 1.12
J.P. Morgan EMB Hard Currency / Local Currency 50/50 -3.00
Global Unconstrained—Gross 2.67 235
Global Unconstrained—Net 2.26
ICE BofA 3-Month U.S. Treasury Bill Index 0.32
Growth Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Antero Peak Group
Global Value EMsights Capital Group
Average Annual Total Returns (% USD)
30 June 2022
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps)
Global Opportunities—Gross -30.95 -25.91 7.50 9.41 12.38 10.14 491
Global Opportunities—Net -31.26 -26.54 6.62 8.50 11.43 9.23
MSCI All Country World Index -20.18 -15.75 6.20 7.00 8.75 5.24
Global Discovery—Gross -31.10 -26.72 8.73 12.19 563
Global Discovery—Net -31.45 -27.43 7.69 11.11
MSCI All Country World Index -20.18 -15.75 6.20 6.56
U.S. Mid-Cap Growth—Gross -34.06 -32.10 6.86 10.98 12.48 14.33 545
U.S. Mid-Cap Growth—Net -34.39 -32.75 5.88 9.96 11.45 13.27
Russell Midcap® Growth Index -31.00 -29.57 4.25 8.88 11.50 8.89
U.S. Small-Cap Growth—Gross -35.29 -40.13 1.48 9.51 11.88 10.17 305
U.S. Small-Cap Growth—Net -35.63 -40.75 0.47 8.43 10.77 9.10
Russell 2000® Growth Index -29.45 -33.43 1.40 4.80 9.29 7.13
Global Equity—Gross -27.45 -28.66 2.65 8.50 11.00 10.54 286
Global Equity—Net -27.79 -29.31 1.73 7.50 9.95 9.47
MSCI All Country World Index -20.18 -15.75 6.20 7.00 8.75 7.68
Non-U.S. Growth—Gross -24.00 -21.62 -0.38 3.41 6.30 8.96 466
Non-U.S. Growth—Net -24.37 -22.35 -1.29 2.47 5.34 7.95
MSCI EAFE Index -19.57 -17.77 1.07 2.20 5.39 4.29
Non-U.S. Small-Mid Growth—Gross -27.43 -28.35 4.83 10.75 603
Non-U.S. Small-Mid Growth—Net -27.82 -29.08 3.77 9.63
MSCI All Country World ex USA SMID Index -22.16 -22.41 1.43 4.72
Value Equity—Gross -13.54 -10.32 9.76 8.41 10.51 8.45 114
Value Equity—Net -13.84 -10.94 9.02 7.67 9.76 7.63
Russell 1000® Value Index -12.86 -6.82 6.86 7.16 10.49 7.31
U.S. Mid-Cap Value—Gross -14.75 -9.22 7.10 6.65 9.61 11.91 269
U.S. Mid-Cap Value—Net -15.16 -10.07 6.10 5.65 8.60 10.86
Russell Midcap® Value Index -16.23 -10.00 6.70 6.27 10.61 9.22
Value Income—Gross -10.42 256
Value Income—Net -10.64
S&P 500® Index -12.99
International Value—Gross -12.92 -11.19 7.21 5.79 9.63 11.01 574
International Value—Net -13.33 -12.02 6.22 4.82 8.62 9.98
MSCI EAFE Index -19.57 -17.77 1.07 2.20 5.39 5.27
Global Value—Gross -15.05 -14.10 4.86 5.37 9.82 7.68 289
Global Value—Net -15.46 -14.92 3.87 4.38 8.77 6.65
MSCI All Country World Index -20.18 -15.75 6.20 7.00 8.75 4.79
Select Equity—Gross -17.52 -16.93 7.42 -556
Select Equity—Net -17.84 -17.56 6.62
S&P 500® Index -19.96 -10.62 12.98
Sustainable Emerging Markets—Gross -25.65 -31.75 -0.52 2.40 4.16 4.61 34
Sustainable Emerging Markets—Net -26.01 -32.41 -1.50 1.39 3.11 3.53
MSCI Emerging Markets Index -17.63 -25.28 0.57 2.18 3.06 4.27
High Income—Gross -10.51 -8.82 3.84 4.75 6.00 289
High Income—Net -10.81 -9.43 3.14 4.03 5.27
ICE BofA US High Yield Master II Index -14.04 -12.66 -0.04 1.95 3.12
Floating Rate—Gross -4.49 -4.49 -4
Floating Rate—Net -4.82 -4.82
Credit Suisse Leveraged Loan Index -4.45 -4.45
Developing World—Gross -38.81 -48.02 3.76 7.01 8.01 522
Developing World—Net -39.16 -48.59 2.68 5.90 6.89
MSCI Emerging Markets Index -17.63 -25.28 0.57 2.18 2.78
Antero Peak—Gross -24.28 -12.69 11.34 18.24 18.53 718
Antero Peak—Net -24.67 -13.57 10.24 17.08 17.36
S&P 500® Index -19.96 -10.62 10.59 11.30 11.35
Emerging Markets Debt Opportunities—Gross -2.34 150
Emerging Markets Debt Opportunities—Net -2.46
J.P. Morgan EMB Hard Currency / Local Currency 50/50 -3.84
Global Unconstrained—Gross -0.46 -56
Global Unconstrained—Net -0.69
ICE BofA 3-Month U.S. Treasury Bill Index 0.10

Annual Returns (% USD)

12 Months Ended 30 June 2018 2019 2020 2021 2022
Global Opportunities—Net 14.64 8.23 22.40 34.80 -26.54
Global Discovery—Net 14.67 23.17 39.78 -27.43
U.S. Mid-Cap Growth—Net 12.87 20.02 24.94 41.29 -32.75
U.S. Small-Cap Growth—Net 27.12 16.27 24.93 36.99 -40.75
Global Equity—Net 21.11 12.62 11.24 33.88 -29.31
Non-U.S. Growth—Net 7.74 9.03 -0.11 24.02 -22.35
Non-U.S. Small-Mid Growth—Net 11.12 41.80 -29.08
Value Equity—Net 10.21 1.35 -6.18 55.10 -10.94
U.S. Mid-Cap Value—Net 9.49 0.66 -13.99 54.46 -10.07
Value Income—Net
International Value—Net 2.99 2.50 -7.78 47.74 -12.02
International Explorer—Net -15.35
Global Value—Net 6.28 4.01 -12.43 50.43 -14.92
Select Equity—Net 49.45 -17.56
Sustainable Emerging Markets—Net 9.06 2.79 -3.12 45.97 -32.41
High Income—Net 5.10 5.67 1.42 19.46 -9.43
Floating Rate—Net
Developing World—Net 3.54 18.81 37.90 52.72 -48.59
Antero Peak—Net 39.89 17.37 14.20 35.79 -13.57
Emerging Markets Debt Opportunities—Net
Global Unconstrained—Net
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; Value Income 1 Mar 2022; International Value 1 Jul 2002; International Explorer 1 Nov 2020, Global Value 1 Jul 2007; Select Equity 1 March 2020; Sustainable Emerging Markets 1 Jul 2006; High Income 1 Apr 2014; Floating Rate 1 Jan 2022; Developing World 1 Jul 2015; Antero Peak 1 May 2017; Emerging Markets Debt Opportunities 1 May 2022; Global Unconstrained 1 Apr 2022.

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 Artisan Floating Rate and Global Unconstrained Strategy's returns may vary greatly over shorter periods due to 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 that may in particular cause a loss in principal, 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. The costs associated with an investment will impact your return over time. 

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. The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. 

Credit Suisse (CS) Leveraged Loan Index is an unmanaged market value-weighted index designed to mirror the investable universe of the US dollar-denominated leveraged loan market. New issues are added to the index on their effective date if they qualify according to the following criteria: loan facilities must be rated “BB” or lower; only fully funded term loan facilities are included; and issuers must be domiciled in developed countries. 

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. 

The J.P. Morgan (JPM) EMB Hard Currency/Local currency 50-50 is an unmanaged, blended index consisting of 50% JPM Government Bond Index-Emerging Market Global Diversified (GBIEMGD), an index of local-currency bonds with maturities of more than one year issued by EM governments; 25% JPM Emerging Markets Bond Index-Global Diversified (EMBIGD), an index of USD-denominated bonds with maturities of more than one year issued by EM governments; and 25% JPM Corporate Emerging Market Bond Index-Broad Diversified (CEMBIBD), an index of USD-denominated EM corporate bonds. 

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. 

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2022, J.P. Morgan Chase & Co. All rights reserved. 

MSCI All Country World ex USA Small Cap Index measures the performance of small-cap companies in developed markets and emerging markets excluding the US. 

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. 

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