Investment Process

The investment team seeks to invest in high-quality, undervalued businesses that offer the potential for superior risk/reward outcomes.


  • Determine the intrinsic value of the business
  • Invest at a significant discount to intrinsic value

Business Quality

  • Strong free cash flow
  • High/improving returns on capital
  • Strong competitive positions

Financial Strength

  • Strong balance sheets reduce potential for capital risk
  • Provides management ability to build value

Shareholder-Oriented Management

  • History of building shareholder value

In-depth Investment Process


Other Funds Managed

Investment Results (%)

As of 30 September 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTNX 8.77 1.70
S&P 500® Index 8.93 15.09
As of 30 September 2020 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Investor Class: ARTNX 8.77 1.70
S&P 500® Index 8.93 15.09
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. The Fund's returns may vary greatly over shorter periods due to the limited operating period since inception. 

Expense Ratio

  Gross Net
Semi-Annual Report 31 March 2020 22.74% 1.25%
Prospectus 20 February 2020 1.64% 1.25%

Expense Ratio Disclosure

Net expenses reflect a contractual expense limitation agreement in effect through 28 Feb 2021. Prospectus Figures: Includes estimated expenses for the current fiscal year. See prospectus for further details. Semi-Annual Report figures: Unaudited, for the period from commencement of operations 28 Feb 2020 through 31 Mar 2020. 

Top 10 Holdings
(% of total portfolio as of 30 September 2020)
Cognizant Technology Solutions Corp (Information Technology) 5.7
DENTSPLY SIRONA Inc (Health Care) 5.7
FedEx Corp (Industrials) 5.6
Berkshire Hathaway Inc (Financials) 5.6
Alphabet Inc (Communication Services) 5.5
Anthem Inc (Health Care) 5.3
Booking Holdings Inc (Consumer Discretionary) 5.0
Facebook Inc (Communication Services) 5.0
Samsung Electronics Co Ltd (Information Technology) 4.9
American Express Co (Financials) 4.9
Total 53.1%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 30 September 2020)
Median Market Cap (Billions) $58.1
Weighted Avg. Market Cap (Billions) $197.5
Weighted Harmonic Avg. P/E (FY1) 19.4X
Weighted Harmonic Avg. P/E (FY2) 15.9X
Weighted Avg. Net Debt/Capital 3.8%
Median Price/Book Value 3.4X
Weighted Average ROA 8.3%
Active Share 89.8%
Number of Securities 21
Cash (% of total portfolio) 7.8%
Sector Diversification
(% of total portfolio equities as of 30 September 2020)
Communication Services 11.3
Consumer Discretionary 18.5
Consumer Staples
Financials 27.9
Health Care 11.9
Industrials 10.3
Information Technology 15.6
Materials 4.3
Real Estate
Total 100.0%
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Daniel J. O'Keefe
  • Portfolio Manager
  • Managing Director
  • 27Years Investment
  • Michael J. McKinnon, CFA
  • Co-Portfolio Manager
  • Managing Director
  • 17Years Investment
  • Justin V. Bandy, CFA
  • Co-Portfolio Manager
  • 16Years Investment
Current and future portfolio holdings are subject to risk.  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.  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.  Value or growth securities may underperform other asset types during a given period.  These risks are discussed in the prospectus. Please read it carefully before you invest or send money. 

Performance Source: Artisan Partners/S&P®. Data & Statistics Sources: Artisan Partners/FactSet/S&P. Sector exposure percentages reflect sector designations as currently classified by GICS. 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 (USD) 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. Price-to-Earnings Ratio (P/E Ratio) measures how expensive a stock is. Earnings figures used for FY1 and FY2 are estimates for the current and next unreported fiscal years. Net Debt/Capital reflects a company’s financial leverage as measured by its net debt (total debt minus cash & cash equivalents) divided by total capital. The aggregate calculation excludes companies classified by GICS as banks, consumer finance and capital markets to focus on nonfinancial liabilities. Price-to-Book Ratio (P/B Ratio) is a valuation measure used to compare a stock's market value to its book value. Return on Assets (ROA) is a profitability ratio that measures the amount of net income returned as a percentage of total assets. Active Share is defined as the percentage of a portfolio that differs from its benchmark index. Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. 

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. 

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 © 2020 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.

The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.