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)
30 November 2023
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps)
Global Opportunities—Gross 16.35 9.86 -0.65 11.40 10.56 10.37 449
Global Opportunities—Net 15.48 8.95 -1.47 10.49 9.64 9.46 357
MSCI All Country World Index 16.60 12.01 5.69 9.07 7.60 5.89
Global Discovery—Gross 12.42 6.81 -1.41 12.06 — 11.62 359
Global Discovery—Net 11.44 5.78 -2.36 10.99 — 10.55 252
MSCI All Country World Index 16.60 12.01 5.69 9.07 — 8.03
U.S. Mid-Cap Growth—Gross 16.45 8.47 -4.09 10.86 9.71 14.04 476
U.S. Mid-Cap Growth—Net 15.47 7.47 -4.98 9.84 8.70 12.98 370
Russell Midcap® Growth Index 17.00 9.98 0.43 10.04 10.10 9.28
U.S. Small-Cap Growth—Gross 1.97 -5.15 -10.30 6.47 8.71 10.10 296
U.S. Small-Cap Growth—Net 1.09 -6.05 -11.19 5.43 7.64 9.02 188
Russell 2000® Growth Index 5.97 -0.83 -4.26 4.16 6.17 7.14
Global Equity—Gross 8.79 5.98 -0.68 8.57 8.74 10.88 264
Global Equity—Net 7.90 5.04 -1.56 7.59 7.72 9.82 158
MSCI All Country World Index 16.60 12.01 5.69 9.07 7.60 8.24
Non-U.S. Growth—Gross 10.64 8.39 1.24 5.98 4.38 9.15 442
Non-U.S. Growth—Net 9.71 7.39 0.31 5.02 3.43 8.15 341
MSCI EAFE Index 12.27 12.36 3.80 5.99 3.89 4.73
Non-U.S. Small-Mid Growth—Gross 3.90 2.45 -3.34 — — 9.68 374
Non-U.S. Small-Mid Growth—Net 2.94 1.42 -4.31 — — 8.58 264
MSCI All Country World ex USA SMID Index 9.27 9.16 0.99 — — 5.94
Value Equity—Gross 19.27 14.86 12.75 12.18 9.84 9.16 177
Value Equity—Net 18.53 14.08 11.98 11.42 9.09 8.34 96
Russell 1000® Value Index 5.61 1.36 8.27 7.52 8.08 7.39
U.S. Mid-Cap Value—Gross 11.51 4.38 9.95 8.41 7.05 11.82 274
U.S. Mid-Cap Value—Net 10.55 3.40 8.93 7.40 6.06 10.77 169
Russell Midcap® Value Index 4.57 -0.75 7.29 7.10 7.74 9.08
Value Income—Gross 6.11 2.57 — — — -1.20 -544
Value Income—Net 5.44 1.85 — — — -1.89 -613
S&P 500® Index 20.80 13.84 — — — 4.23
International Value—Gross 19.18 19.78 12.34 11.50 7.83 11.54 576
International Value—Net 18.19 18.69 11.31 10.48 6.84 10.50 472
MSCI EAFE Index 12.27 12.36 3.80 5.99 3.89 5.78
Global Value—Gross 21.16 18.57 9.33 9.10 8.03 8.43 294
Global Value—Net 20.12 17.45 8.30 8.07 7.00 7.40 190
MSCI All Country World Index 16.60 12.01 5.69 9.07 7.60 5.50
Select Equity—Gross 20.65 15.90 7.59 — — 10.48 -367
Select Equity—Net 19.84 15.05 6.79 — — 9.66 -449
S&P 500® Index 20.80 13.84 9.76 — — 14.15
Sustainable Emerging Markets—Gross 14.37 11.67 -3.18 3.69 4.24 4.90 84
Sustainable Emerging Markets—Net 13.49 10.73 -4.07 2.71 3.22 3.84 -22
MSCI Emerging Markets Index 5.70 4.21 -4.04 2.34 2.12 4.06
High Income—Gross 12.94 10.85 4.15 6.51 — 6.60 264
High Income—Net 12.26 10.12 3.46 5.79 — 5.86 190
ICE BofA US High Yield Index 9.42 8.60 1.42 3.99 — 3.96
Floating Rate—Gross 13.19 13.40 — — — 6.24 109
Floating Rate—Net 12.49 12.64 — — — 5.52 38
Credit Suisse Leveraged Loan Index 11.26 11.65 — — — 5.14
Developing World—Gross 24.53 18.81 -10.14 11.55 — 9.05 644
Developing World—Net 23.36 17.58 -11.09 10.39 — 7.92 531
MSCI Emerging Markets Index 5.70 4.21 -4.04 2.34 — 2.61
Antero Peak—Gross 13.52 8.28 3.29 11.64 — 16.34 398
Antero Peak—Net 12.50 7.21 2.26 10.54 — 15.20 284
S&P 500® Index 20.80 13.84 9.76 12.51 — 12.36
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 2023
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps)
Global Opportunities—Gross 9.88 16.18 -0.42 7.95 10.35 10.10 452
Global Opportunities—Net 9.19 15.22 -1.25 7.06 9.43 9.19 361
MSCI All Country World Index 10.06 20.80 6.89 6.46 7.55 5.58
Global Discovery—Gross 10.51 17.91 1.14 9.53 — 11.65 440
Global Discovery—Net 9.72 16.79 0.17 8.48 — 10.58 333
MSCI All Country World Index 10.06 20.80 6.89 6.46 — 7.24
U.S. Mid-Cap Growth—Gross 14.90 13.87 -1.27 8.46 9.86 14.08 499
U.S. Mid-Cap Growth—Net 14.11 12.83 -2.19 7.46 8.85 13.02 394
Russell Midcap® Growth Index 9.88 17.47 2.61 6.97 9.94 9.08
U.S. Small-Cap Growth—Gross 1.25 7.72 -5.30 4.36 9.14 10.13 298
U.S. Small-Cap Growth—Net 0.54 6.69 -6.24 3.34 8.07 9.05 190
Russell 2000® Growth Index 5.24 9.59 1.09 1.55 6.71 7.15
Global Equity—Gross 2.35 18.61 -0.04 5.80 8.53 10.52 264
Global Equity—Net 1.66 17.56 -0.93 4.84 7.50 9.47 158
MSCI All Country World Index 10.06 20.80 6.89 6.46 7.55 7.88
Non-U.S. Growth—Gross 5.17 22.73 1.00 3.56 4.41 9.01 443
Non-U.S. Growth—Net 4.45 21.61 0.07 2.61 3.46 8.01 342
MSCI EAFE Index 7.08 25.65 5.75 3.24 3.82 4.58
Non-U.S. Small-Mid Growth—Gross 0.81 13.03 -1.13 — — 9.34 400
Non-U.S. Small-Mid Growth—Net 0.05 11.91 -2.12 — — 8.24 290
MSCI All Country World ex USA SMID Index 5.35 19.95 3.24 — — 5.34
Value Equity—Gross 14.27 29.94 16.06 9.39 9.90 8.99 175
Value Equity—Net 13.69 29.07 15.27 8.64 9.15 8.18 94
Russell 1000® Value Index 1.79 14.44 11.05 6.22 8.44 7.24
U.S. Mid-Cap Value—Gross 7.19 17.50 13.85 6.08 7.13 11.73 276
U.S. Mid-Cap Value—Net 6.44 16.41 12.79 5.09 6.14 10.68 171
Russell Midcap® Value Index 0.54 11.05 10.98 5.18 7.91 8.97
Value Income—Gross 1.29 11.71 — — — -4.18 -459
Value Income—Net 0.76 10.94 — — — -4.85 -526
S&P 500® Index 13.07 21.62 — — — 0.41
International Value—Gross 12.22 33.22 14.98 8.74 7.72 11.32 573
International Value—Net 11.46 32.02 13.93 7.74 6.73 10.29 469
MSCI EAFE Index 7.08 25.65 5.75 3.24 3.82 5.59
Global Value—Gross 13.85 29.51 12.35 6.39 8.00 8.11 293
Global Value—Net 13.05 28.30 11.30 5.39 6.98 7.08 190
MSCI All Country World Index 10.06 20.80 6.89 6.46 7.55 5.18
Select Equity—Gross 12.83 26.13 9.65 — — 8.94 -382
Select Equity—Net 12.20 25.20 8.84 — — 8.13 -463
S&P 500® Index 13.07 21.62 10.15 — — 12.76
Sustainable Emerging Markets—Gross 9.23 20.95 -0.87 2.30 4.17 4.67 79
Sustainable Emerging Markets—Net 8.54 19.94 -1.78 1.33 3.14 3.61 -26
MSCI Emerging Markets Index 1.82 11.70 -1.73 0.55 2.07 3.88
High Income—Gross 9.24 11.59 4.72 5.22 — 6.34 266
High Income—Net 8.70 10.85 4.02 4.51 — 5.61 193
ICE BofA US High Yield Index 5.97 10.19 1.82 2.80 — 3.68
Floating Rate—Gross 11.87 14.36 — — — 6.14 122
Floating Rate—Net 11.31 13.59 — — — 5.42 50
Credit Suisse Leveraged Loan Index 9.91 12.47 — — — 4.91
Developing World—Gross 16.82 23.82 -8.56 10.00 — 8.40 620
Developing World—Net 15.92 22.55 -9.53 8.85 — 7.28 507
MSCI Emerging Markets Index 1.82 11.70 -1.73 0.55 — 2.20
Antero Peak—Gross 4.82 10.26 4.17 9.57 — 15.36 382
Antero Peak—Net 4.04 9.17 3.14 8.48 — 14.22 268
S&P 500® Index 13.07 21.62 10.15 9.91 — 11.54

Annual Returns (% USD)

12 Months Ended 30 September 2019 2020 2021 2022 2023
Global Opportunities—Net 5.07 39.03 20.57 -30.67 15.22
Global Discovery—Net 8.29 38.04 29.02 -33.29 16.79
U.S. Mid-Cap Growth—Net 5.49 45.18 30.23 -36.32 12.83
U.S. Small-Cap Growth—Net 2.25 39.83 24.73 -38.06 6.69
Global Equity—Net 7.05 21.70 20.42 -31.31 17.56
Non-U.S. Growth—Net 6.55 6.56 15.63 -28.74 21.61
Non-U.S. Small-Mid Growth—Net — 28.49 23.93 -32.39 11.91
Value Equity—Net -1.33 0.17 41.20 -15.96 29.07
U.S. Mid-Cap Value—Net -2.30 -8.56 45.20 -15.10 16.41
Value Income—Net — — — — 10.94
International Value—Net 0.65 -2.44 36.87 -18.16 32.02
Global Value—Net -0.32 -5.39 36.00 -20.98 28.30
Select Equity—Net — — 33.24 -22.71 25.20
Sustainable Emerging Markets—Net 2.31 10.20 20.13 -34.24 19.94
High Income—Net 5.10 5.41 14.04 -10.96 10.85
Floating Rate—Net — — — — 13.59
Developing World—Net 20.57 71.20 16.85 -48.28 22.55
Antero Peak—Net 12.55 21.71 26.20 -20.37 9.17
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. Emerging Markets Debt Opportunities, Global Unconstrained and Emerging Markets Local Opportunities Strategies' 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, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging and less developed markets, including frontier 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 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 2023, 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. 

Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer. 

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 © 2023 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