Investment Process

The investment team seeks to capitalize on opportunities in developing world economies by investing in companies that compound business value over a market cycle, while implementing a forward-looking construct for managing risk.

Business Value Compounding
The team emphasizes companies with the capital structures and business models to compound business value through a market cycle.

Foundational Risk Management
The team implements a forward-looking construct for managing risk by emphasizing differentiated correlation and currency profiles.

Morningstar Analyst Rating - View PDF

Investment Results (%)

As of 31 October 2017 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTYX -0.70 30.53 23.73 11.15
MSCI Emerging Markets Index 3.51 32.26 26.45 9.33
As of 30 September 2017 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTYX 8.00 31.45 22.70 11.94
MSCI Emerging Markets Index 7.89 27.78 22.46 8.03

Calendar Year Returns (%)

2016
Investor Class: ARTYX 11.74
MSCI Emerging Markets Index 11.19

Returns for periods less than one year are not annualized. 

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. 

Risk Management— Upside/Downside Capture

As of 30 September 2017 Average Up Month Average Down Month
Investor Class: ARTYX 347bps -313bps
MSCI Emerging Markets Index 350bps -405bps
Difference -4bps +92bps

Based on monthly returns for ARTYX (Investor Shares) beginning with July 2015, the first full month since inception. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.

Ratings

Morningstar Analyst RatingTM
As of 31 October 2017
Bronze

Morningstar Rating Disclosure

Expense Ratio

  Gross Net
Semi-Annual Report 31 March 2017 1.38%
Prospectus 30 September 2016 1.53% 1.50%

Expense Ratio Disclosure

Net expenses reflect a contractual Fund expense reimbursement agreement in effect through 31 Jan 2018. See prospectus for more information. Semi-Annual Report Figures: Unaudited, annualized for the six month period. 

Top 10 Holdings
(% of total portfolio as of 31 October 2017)
AIA Group Ltd (Hong Kong) 4.4
Reckitt Benckiser Group PLC (United Kingdom) 4.3
Alibaba Group Holding Ltd (China) 4.1
Shanghai International Airport Co Ltd (China) 4.0
Kroton Educacional SA (Brazil) 3.6
Sinopharm Group Co Ltd (China) 3.1
Cielo SA (Brazil) 3.0
Facebook Inc (United States) 3.0
China Biologic Products Holdings Inc (China) 2.9
Tencent Holdings Ltd (China) 2.8
Total 35.3%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 October 2017)
Median Market Cap (Billions) $12.5
Weighted Avg. Market Cap (Billions) $85.6
Number of Securities 55
Number of Countries 21
Cash (% of total portfolio) 8.4%
Region Allocation
(% of total portfolio equities as of 31 October 2017)
Emerging Asia 46.4
Developed Markets 20.8
Latin America 20.5
Europe, Middle East and Africa 12.3
Total 100.0%
Top 10 Countries
(% of total portfolio equities as of 31 October 2017)
China 28.5
India 13.9
Brazil 13.0
United States 9.1
Russia 8.0
Hong Kong 4.8
United Kingdom 4.7
Mexico 3.3
Indonesia 2.2
Argentina 2.0
  • Lewis S. Kaufman, CFA
  • Portfolio Manager
  • 18Years Investment
    Experience
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.  These risks are discussed in the prospectus. Please read it carefully before you invest or send money. 

Performance Source: Artisan Partners/MSCI. Data & Statistics Sources: Artisan Partners/FactSet/MSCI. Country Classification Source:  Artisan Partners. Portfolio country classifications are defined by the investment team and may differ substantially from MSCI classifications. For the portfolio’s country breakdown according to MSCI methodology, refer to the Fund’s most recent N-Q filing on the SEC website. Artisan Partners may exclude outliers when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Cash weighting includes cash and cash equivalents.  Totals may not sum due to rounding. 

Median  is the data's midpoint value.  Market Cap  is the aggregate value of all of a company's outstanding equity securities. Weighted Average  is the average of values weighted to the data set's composition. Weighted Harmonic Average is a calculation of weighted average commonly used for rates or ratios. 

MSCI Emerging Markets Index measures the performance of emerging markets. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

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. 

The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst's overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe.

The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a "Gold" rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a 'Silver' rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A "Bronze"-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a 'Neutral' rating isn't seriously flawed across the five pillars, nor does it distinguish itself very positively. A "Negative" rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months. View detailed information about Morningstar’s Analyst Rating, including its methodology .