Investment Returns

Show Indices
Growth Credit
Global Equity Developing World
U.S. Value Antero Peak Group
International Value Group International Small-Mid
Global Value EMsights Capital Group
Sustainable Emerging Markets
Average Annual Total Returns (% USD)
30 November 2024
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps) UCITS Available
Global Opportunities—Gross 20.17 28.49 2.13 12.26 12.53 11.31 439
Global Opportunities—Net 19.27 27.44 1.28 11.33 11.59 10.39 347
MSCI All Country World Index 20.34 26.12 7.67 11.35 9.27 6.93
Global Discovery—Gross 22.38 33.06 1.92 12.73 14.35 671
Global Discovery—Net 21.32 31.81 0.94 11.65 13.26 562
MSCI All Country World Small Mid Index 14.59 23.42 3.89 8.44 7.65
U.S. Mid-Cap Growth—Gross 18.41 27.56 -1.90 11.42 11.24 14.50 424
U.S. Mid-Cap Growth—Net 17.42 26.40 -2.81 10.40 10.22 13.44 318
Russell Midcap® Growth Index 30.20 40.07 6.41 13.16 12.21 10.26
U.S. Small-Cap Growth—Gross 24.02 35.47 -0.62 8.25 11.99 10.87 275
U.S. Small-Cap Growth—Net 22.97 34.23 -1.58 7.21 10.90 9.79 167
Russell 2000® Growth Index 25.42 40.44 3.25 9.18 9.33 8.12
Global Equity—Gross 21.70 27.06 5.03 9.50 10.27 11.91 254
Global Equity—Net 20.72 25.94 4.10 8.53 9.24 10.85 148
MSCI All Country World Index 20.34 26.12 7.67 11.35 9.27 9.37
Non-U.S. Growth—Gross 14.99 20.07 4.57 5.89 5.66 9.51 454
Non-U.S. Growth—Net 14.03 18.98 3.61 4.92 4.69 8.50 353
MSCI EAFE Index 6.24 11.88 4.14 5.88 5.06 4.97
Value Equity—Gross 19.08 25.34 13.59 14.33 11.60 9.94 151
Value Equity—Net 18.34 24.50 12.82 13.55 10.84 9.12 69
Russell 1000® Value Index 22.76 29.56 10.38 10.82 9.32 8.43
U.S. Mid-Cap Value—Gross 12.58 20.49 7.99 10.65 8.47 12.14 227
U.S. Mid-Cap Value—Net 11.66 19.42 7.00 9.63 7.47 11.09 122
Russell Midcap® Value Index 22.00 31.50 8.73 10.91 9.00 9.88
Value Income—Gross 18.00 24.77 7.53 -661
Value Income—Net 17.26 23.92 6.79 -736
S&P 500® Index 28.07 33.89 14.14
International Value—Gross 11.52 16.20 11.34 12.09 8.96 11.74 570
International Value—Net 10.59 15.14 10.32 11.07 7.96 10.71 466
MSCI EAFE Index 6.24 11.88 4.14 5.88 5.06 6.04
Global Value—Gross 15.54 22.11 10.84 11.02 9.17 9.17 259
Global Value—Net 14.55 20.97 9.80 9.97 8.14 8.13 155
MSCI All Country World Index 20.34 26.12 7.67 11.35 9.27 6.58
Select Equity—Gross 22.83 30.13 11.71 14.34 -369
Select Equity—Net 22.01 29.18 10.88 13.49 -454
S&P 500® Index 28.07 33.89 11.43 18.03
Sustainable Emerging Markets—Gross 8.94 12.68 -1.68 4.24 5.38 5.31 84
Sustainable Emerging Markets—Net 8.10 11.74 -2.52 3.29 4.36 4.26 -21
MSCI Emerging Markets Index 7.65 11.86 -1.26 3.20 3.16 4.47
High Income—Gross 9.45 13.34 5.68 7.22 7.26 7.21 246
High Income—Net 8.80 12.59 4.97 6.50 6.53 6.47 173
ICE BofA US High Yield Index 8.67 12.67 3.70 4.56 4.97 4.75
Floating Rate—Gross 7.76 9.42 7.31 48
Floating Rate—Net 7.09 8.69 6.59 -24
Credit Suisse Leveraged Loan Index 8.41 10.16 6.83
Developing World—Gross 34.44 41.38 0.16 12.91 12.09 854
Developing World—Net 33.18 39.94 -0.89 11.74 10.93 738
MSCI Emerging Markets Index 7.65 11.86 -1.26 3.20 3.56
Antero Peak—Gross 37.19 41.49 8.40 15.22 19.37 440
Antero Peak—Net 35.97 40.12 7.32 14.08 18.20 322
S&P 500® Index 28.07 33.89 11.43 15.75 14.98
Non-U.S. Small-Mid Growth—Gross 5.79 14.47 -1.88 6.26 10.47 352
Non-U.S. Small-Mid Growth—Net 4.82 13.34 -2.87 5.19 9.36 241
MSCI All Country World ex USA SMID Index 5.80 12.11 0.83 4.89 6.96
Growth Credit
Global Equity Developing World
U.S. Value Antero Peak Group
International Value Group International Small-Mid
Global Value EMsights Capital Group
Sustainable Emerging Markets
Average Annual Total Returns (% USD)
30 September 2024
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps) UCITS Available
Global Opportunities—Gross 17.74 33.31 2.69 13.02 12.42 11.30 439
Global Opportunities—Net 17.02 32.23 1.84 12.09 11.48 10.38 347
MSCI All Country World Index 18.66 31.76 8.08 12.18 9.38 6.91
Global Discovery—Gross 14.13 26.24 0.10 12.71 13.59 604
Global Discovery—Net 13.32 25.04 -0.86 11.64 12.51 496
MSCI All Country World Small Mid Index 12.47 25.55 3.08 9.19 7.55
U.S. Mid-Cap Growth—Gross 7.44 17.31 -4.94 10.57 10.84 14.19 443
U.S. Mid-Cap Growth—Net 6.70 16.24 -5.82 9.56 9.83 13.13 338
Russell Midcap® Growth Index 12.91 29.33 2.31 11.47 11.29 9.76
U.S. Small-Cap Growth—Gross 14.81 26.30 -5.22 8.64 11.95 10.64 285
U.S. Small-Cap Growth—Net 14.01 25.13 -6.13 7.59 10.85 9.56 177
Russell 2000® Growth Index 13.22 27.66 -0.35 8.81 8.94 7.79
Global Equity—Gross 19.91 33.07 3.04 10.28 10.78 11.94 256
Global Equity—Net 19.12 31.90 2.12 9.30 9.75 10.88 150
MSCI All Country World Index 18.66 31.76 8.08 12.18 9.38 9.38
Non-U.S. Growth—Gross 15.36 26.72 3.81 7.01 6.17 9.58 435
Non-U.S. Growth—Net 14.57 25.57 2.85 6.03 5.21 8.57 335
MSCI EAFE Index 12.99 24.77 5.48 8.19 5.70 5.23
Value Equity—Gross 13.98 25.22 11.25 14.56 11.10 9.78 156
Value Equity—Net 13.40 24.38 10.49 13.78 10.34 8.96 74
Russell 1000® Value Index 16.68 27.76 9.02 10.68 9.22 8.22
U.S. Mid-Cap Value—Gross 9.43 21.84 7.05 10.65 8.38 12.10 241
U.S. Mid-Cap Value—Net 8.69 20.74 6.06 9.63 7.38 11.05 136
Russell Midcap® Value Index 15.08 29.01 7.38 10.32 8.93 9.69
Value Income—Gross 15.04 27.43 6.98 -603
Value Income—Net 14.45 26.56 6.24 -677
S&P 500® Index 22.08 36.35 13.01
International Value—Gross 15.49 27.80 12.03 13.84 9.58 12.01 563
International Value—Net 14.70 26.64 11.01 12.80 8.57 10.97 459
MSCI EAFE Index 12.99 24.77 5.48 8.19 5.70 6.39
Global Value—Gross 16.07 30.55 10.48 12.07 9.63 9.30 274
Global Value—Net 15.26 29.33 9.44 11.01 8.59 8.25 169
MSCI All Country World Index 18.66 31.76 8.08 12.18 9.38 6.56
Select Equity—Gross 18.27 33.99 9.58 13.96 -356
Select Equity—Net 17.62 33.01 8.77 13.11 -440
S&P 500® Index 22.08 36.35 11.90 17.51
Sustainable Emerging Markets—Gross 16.24 25.90 0.36 6.41 6.23 5.73 75
Sustainable Emerging Markets—Net 15.52 24.86 -0.51 5.44 5.20 4.68 -31
MSCI Emerging Markets Index 16.86 26.05 0.40 5.74 4.02 4.98
High Income—Gross 8.24 15.87 5.04 7.14 7.34 7.21 245
High Income—Net 7.70 15.11 4.34 6.42 6.60 6.48 171
ICE BofA US High Yield Index 8.03 15.66 3.08 4.54 4.95 4.77
Floating Rate—Gross 6.42 9.34 7.28 68
Floating Rate—Net 5.88 8.61 6.56 -5
Credit Suisse Leveraged Loan Index 6.61 9.65 6.61
Developing World—Gross 28.94 44.55 -2.18 13.81 11.82 728
Developing World—Net 27.96 43.08 -3.20 12.64 10.66 612
MSCI Emerging Markets Index 16.86 26.05 0.40 5.74 4.54
Antero Peak—Gross 29.22 44.33 8.58 14.92 18.89 429
Antero Peak—Net 28.28 42.93 7.50 13.78 17.72 312
S&P 500® Index 22.08 36.35 11.90 15.96 14.60
Non-U.S. Small-Mid Growth—Gross 8.32 20.80 -2.29 8.66 11.25 303
Non-U.S. Small-Mid Growth—Net 7.52 19.61 -3.27 7.57 10.13 191
MSCI All Country World ex USA SMID Index 11.92 23.01 1.63 7.25 8.22

Annual Returns (% USD)

Trailing 12 Months Ended 30 September 2020 2021 2022 2023 2024
Global Opportunities—Net 39.03 20.57 -30.67 15.22 32.23
Global Discovery—Net 38.04 29.02 -33.29 16.79 25.04
U.S. Mid-Cap Growth—Net 45.18 30.23 -36.32 12.83 16.24
U.S. Small-Cap Growth—Net 39.83 24.73 -38.06 6.69 25.13
Global Equity—Net 21.70 20.42 -31.31 17.56 31.90
Non-U.S. Growth—Net 6.56 15.63 -28.74 21.61 25.57
Value Equity—Net 0.17 41.20 -15.96 29.07 24.38
U.S. Mid-Cap Value—Net -8.56 45.20 -15.10 16.41 20.74
Value Income—Net 10.94 26.56
International Value—Net -2.44 36.87 -18.16 32.02 26.64
Global Value—Net -5.39 36.00 -20.98 28.30 29.33
Select Equity—Net 33.24 -22.71 25.20 33.01
Sustainable Emerging Markets—Net 10.20 20.13 -34.24 19.94 24.86
High Income—Net 5.41 14.04 -10.96 10.85 15.11
Floating Rate—Net 13.59 8.61
Developing World—Net 71.20 16.85 -48.28 22.55 43.08
Antero Peak—Net 21.71 26.20 -20.37 9.17 42.93
Non-U.S. Small-Mid Growth—Net 28.49 23.93 -32.39 11.91 19.61
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. 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 All Country World Small Mid Index measures the performance of small- and mid-cap companies in developed and 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. 

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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 2024, J.P. Morgan Chase & Co. All rights reserved. 

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