Investment Returns

Show Indices
Growth Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Thematic
Global Value
Average Annual Total Returns (%)
30 November 2018
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps) UCITS Available
Global Opportunities—Gross -1.81 -0.39 10.81 9.73 17.13 9.94 537
Global Opportunities—Net -2.57 -1.23 9.88 8.79 16.11 9.03
MSCI All Country World Index -2.55 -0.98 8.56 6.15 10.65 4.57
Global Discovery—Gross 6.15 7.05 9.89 589
Global Discovery—Net 5.20 6.02 8.83
MSCI All Country World Index -2.55 -0.98 4.00
U.S. Mid-Cap Growth—Gross 7.90 7.94 8.81 8.57 17.76 14.79 568
U.S. Mid-Cap Growth—Net 6.99 6.95 7.81 7.57 16.68 13.72
Russell Midcap® Growth Index 4.75 5.32 11.23 10.16 16.63 9.10
U.S. Small-Cap Growth—Gross 17.39 17.26 15.97 11.00 19.05 10.88 310
U.S. Small-Cap Growth—Net 16.33 16.10 14.83 9.90 17.88 9.80
Russell 2000® Growth Index 2.69 2.81 9.96 8.21 15.54 7.78
Global Equity—Gross 4.45 5.69 11.16 8.92 12.24 447
Global Equity—Net 3.51 4.65 10.07 7.84 11.13
MSCI All Country World Index -2.55 -0.98 8.56 6.15 7.77
Non-U.S. Growth—Gross -4.89 -4.34 4.18 2.81 10.75 9.85 539
Non-U.S. Growth—Net -5.69 -5.22 3.24 1.87 9.75 8.84
MSCI EAFE Index -9.39 -7.94 4.12 1.84 7.47 4.46
Value Equity—Gross -3.70 -1.41 11.24 7.54 14.07 8.05 72
Value Equity—Net -4.31 -2.09 10.48 6.80 13.24 7.22
Russell 1000® Value Index 1.48 2.96 9.81 8.65 12.45 7.34
U.S. Mid-Cap Value—Gross -2.49 -0.95 9.27 5.71 14.49 12.70 311
U.S. Mid-Cap Value—Net -3.32 -1.87 8.26 4.74 13.44 11.64
Russell Midcap® Value Index -2.00 -0.79 8.90 8.39 14.83 9.59
Non-U.S. Value—Gross -9.82 -8.39 5.79 4.29 12.28 11.55 584
Non-U.S. Value—Net -10.59 -9.24 4.82 3.33 11.25 10.51
MSCI EAFE Index -9.39 -7.94 4.12 1.84 7.47 5.72
Global Value—Gross -4.89 -4.07 8.78 6.96 13.98 8.14 417
Global Value—Net -5.72 -4.98 7.75 5.94 12.88 7.11
MSCI All Country World Index -2.55 -0.98 8.56 6.15 10.65 3.97
Emerging Markets—Gross -10.76 -6.62 12.65 4.80 9.73 5.39 63
Emerging Markets—Net -11.58 -7.56 11.51 3.73 8.60 4.30
MSCI Emerging Markets Index -12.24 -9.09 9.40 1.90 9.12 4.76
High Income—Gross 1.75 2.51 8.42 6.70 276
High Income—Net 1.10 1.79 7.66 5.94
ICE BofAML US High Yield Master II Index -0.07 0.22 7.12 3.93
Developing World—Gross -12.04 -9.38 10.20 5.51 249
Developing World—Net -12.89 -10.34 9.05 4.41
MSCI Emerging Markets Index -12.24 -9.09 9.40 3.02
Thematic—Gross 20.37 21.16 32.49 2061
Thematic—Net 19.29 19.97 31.21
S&P 500® Index 5.11 6.27 11.89
Growth Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Thematic
Global Value
Average Annual Total Returns (%)
30 September 2018
Team Strategy Name YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Value-Added (bps) UCITS Available
Global Opportunities—Gross 8.53 13.56 17.98 12.81 13.97 11.04 583
Global Opportunities—Net 7.85 12.61 16.98 11.84 12.98 10.12
MSCI All Country World Index 3.83 9.77 13.38 8.66 8.18 5.21
Global Discovery—Gross 16.96 22.32 21.96 1102
Global Discovery—Net 16.12 21.15 20.80
MSCI All Country World Index 3.83 9.77 10.94
U.S. Mid-Cap Growth—Gross 18.81 22.75 15.05 11.29 14.59 15.43 584
U.S. Mid-Cap Growth—Net 18.00 21.63 14.00 10.27 13.54 14.35
Russell Midcap® Growth Index 13.38 21.10 16.63 12.99 13.45 9.58
U.S. Small-Cap Growth—Gross 28.82 36.45 22.33 14.14 15.91 11.40 301
U.S. Small-Cap Growth—Net 27.88 35.13 21.13 13.01 14.77 10.31
Russell 2000® Growth Index 15.76 21.06 17.96 12.13 12.65 8.39
Global Equity—Gross 11.82 18.36 15.82 11.33 13.40 466
Global Equity—Net 11.00 17.20 14.68 10.23 12.28
MSCI All Country World Index 3.83 9.77 13.38 8.66 8.73
Non-U.S. Growth—Gross 1.51 5.81 9.73 5.27 7.96 10.24 536
Non-U.S. Growth—Net 0.82 4.85 8.74 4.31 6.98 9.23
MSCI EAFE Index -1.43 2.74 9.23 4.41 5.38 4.88
Value Equity—Gross 4.69 10.62 18.02 10.42 10.93 8.84 122
Value Equity—Net 4.15 9.86 17.22 9.66 10.12 8.00
Russell 1000® Value Index 3.92 9.45 13.54 10.71 9.78 7.63
U.S. Mid-Cap Value—Gross 4.51 9.72 13.83 8.19 11.24 13.22 326
U.S. Mid-Cap Value—Net 3.79 8.71 12.78 7.20 10.22 12.16
Russell Midcap® Value Index 3.13 8.81 13.08 10.71 11.28 9.96
Non-U.S. Value—Gross -3.74 -0.83 10.11 6.72 10.55 12.13 580
Non-U.S. Value—Net -4.41 -1.75 9.10 5.73 9.53 11.08
MSCI EAFE Index -1.43 2.74 9.23 4.41 5.38 6.33
Global Value—Gross 1.34 5.53 13.39 9.63 12.13 8.88 426
Global Value—Net 0.62 4.53 12.32 8.59 11.05 7.84
MSCI All Country World Index 3.83 9.77 13.38 8.66 8.18 4.62
Emerging Markets—Gross -8.80 -1.29 17.23 6.07 5.52 5.66 39
Emerging Markets—Net -9.49 -2.28 16.04 4.98 4.42 4.56
MSCI Emerging Markets Index -7.68 -0.81 12.35 3.61 5.40 5.26
High Income—Gross 4.57 5.69 9.76 7.61 293
High Income—Net 4.03 4.95 8.99 6.84
ICE BofAML US High Yield Master II Index 2.52 2.94 8.19 4.68
Developing World—Gross -11.50 -8.73 13.08 6.00 120
Developing World—Net -12.21 -9.69 11.91 4.90
MSCI Emerging Markets Index -7.68 -0.81 12.35 4.79
Thematic—Gross 22.07 35.10 38.32 2083
Thematic—Net 21.18 33.79 36.98
S&P 500® Index 10.56 17.91 17.49

Annual Returns (%)

12 Months Ended 30 September 2014 2015 2016 2017 2018
Global Opportunities—Gross 10.69 0.50 20.64 19.91 13.56
Global Discovery—Gross 22.32
U.S. Mid-Cap Growth—Gross 7.31 4.45 9.34 13.52 22.75
U.S. Small-Cap Growth—Gross -2.07 8.02 16.73 14.98 36.45
Global Equity—Gross 8.35 1.59 8.96 20.52 18.36
Non-U.S. Growth—Gross 7.14 -8.70 6.71 17.06 5.81
Value Equity—Gross 12.34 -11.14 25.58 18.40 10.62
U.S. Mid-Cap Value—Gross 8.49 -7.37 15.41 16.52 9.72
Non-U.S. Value—Gross 7.69 -3.75 10.52 21.84 -0.83
Global Value—Gross 12.33 -3.33 13.41 21.88 5.53
Emerging Markets—Gross 3.46 -19.47 29.40 26.19 -1.29
High Income—Gross 2.74 12.63 11.12 5.69
Developing World—Gross 27.38 24.41 -8.73
Thematic—Gross 35.10
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; Value Equity 1 Jul 2005; U.S. Mid-Cap Value 1 Apr 1999; Global Value 1 Jul 2007; Non-U.S. Value 1 Jul 2002; Emerging Markets 1 Jul 2006; High Income 1 Apr 2014; Developing World 1 Jul 2015; Thematic 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 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. Unlike the Index, the High Income Strategy may hold loans and other security types. At times, this causes material differences in relative performance. 

Investment Risk: Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in funds 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 BofAML 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 BofAML 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 BofAML 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. 

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