Morningstar Ratings

Growth Global Value
Global Equity Sustainable Emerging Markets
U.S. Value Credit
International Value Developing World
Ratings/Funds in Category
31 March 2019
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 732 617 370 732 Silver
Mid Cap (ARTMX) Mid-Cap Growth 555 495 352 555 Silver
Small Cap (ARTSX) Small Growth 588 522 392 588 Silver
Global Equity (ARTHX) World Large Stock 732 617 732 Bronze
International (ARTIX) Foreign Large Growth 373 314 228 373 Bronze
International Small-Mid (ARTJX) Foreign Small/Mid Growth 113 93 56 113 Bronze
Value (ARTLX) Large Value 1096 939 691 1096 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 368 318 225 368 Bronze
International Value (ARTKX) Foreign Large Blend 644 514 384 644 Silver
Global Value (ARTGX) World Large Stock 732 617 370 732 Silver
Sustainable Emerging Markets (ARTZX) Diversified Emerging Mkts 707 553 238 707
High Income (ARTFX) High Yield Bond 610 519 610 Bronze
Developing World (ARTYX) Diversified Emerging Mkts 707 707 Bronze
Morningstar ratings are based on risk-adjusted returns, are historical and do not represent future results. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics. 

The table above includes Morningstar Analyst Gold, Silver and Bronze Ratings. The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described. View Important Disclosures below for further details. 

Growth Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Thematic
Global Value
Lipper Percentile/Ranking
31 March 2019
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
55th
121/221
28th
48/175
19th
29/159
9th
7/86
4th
3/76
Global Discovery (APFDX) Global Small/Mid-Cap
7th
9/136
6th
7/133
Mid Cap (ARTMX) Multi-Cap Growth
31st
162/530
66th
313/478
84th
349/416
33rd
99/306
2nd
1/77
Small Cap (ARTSX) Small-Cap Growth
14th
78/582
15th
71/502
21st
94/454
6th
18/343
58th
27/46
Global Equity (ARTHX) Global Multi-Cap Growth
37th
81/221
23rd
39/175
40th
64/159
11th
10/93
International (ARTIX) International Large-Cap Growth
29th
55/195
68th
109/161
63rd
88/140
18th
19/108
5th
1/19
International Small-Mid (ARTJX) International Small/Mid-Cap Growth
21st
46/228
68th
130/191
89th
129/145
54th
51/95
15th
6/39
Value (ARTLX) Multi-Cap Value Funds
59th
232/394
38th
126/337
57th
161/282
60th
133/222
33rd
58/175
Mid Cap Value (ARTQX) Mid-Cap Value
44th
87/201
51st
90/176
88th
129/146
81st
91/112
9th
3/36
International Value (ARTKX) International Multi-Cap Core
26th
100/394
60th
201/339
12th
30/249
5th
8/172
2nd
1/68
Global Value (ARTGX) Global Multi-Cap Value
45th
54/120
34th
36/108
20th
14/70
6th
2/36
3rd
1/34
Sustainable Emerging Markets (ARTZX) Emerging Markets
45th
376/841
12th
83/723
8th
45/563
65th
160/247
76th
156/205
High Income (ARTFX) High Yield Funds
60th
400/674
8th
44/586
1st
4/496
1st
4/495
Developing World (ARTYX) Emerging Markets
2nd
9/841
5th
31/723
2nd
12/666
Thematic (ARTTX) Global Multi-Cap Growth
1st
1/221
1st
1/210
Lipper rankings are based on total return of a fund’s stated share class, are historical and do not represent future results. The number of funds in the category may include several share classes of the same mutual fund which may have a material impact on the fund's ranking within the category. View Important Disclosures for Fund Inceptions. 

Category rankings modified by Artisan Partners to show where Artisan International Value Fund would have ranked if Lipper Inc. had included it in the International Multi-Cap Core category. Lipper Inc. classified the Fund in the International Multi-Cap Growth category and in that category, the Fund ranked as follows (#Rank/Fund in Category): 1 Yr (34/380), 3 Yr (4/330), 5 Yr (8/307), 10 Yr (1/147) and since inception (1/130). 

Past performance does not guarantee future results. View Fund Performance.  
Mutual fund investing is subject to risks. 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. 

Fund Inception dates: Artisan Global Equity Fund 29 Mar 2010, Artisan Global Discovery Fund 21 Aug 2017, Artisan Global Opportunities Fund 22 Sep 2008, Artisan Global Value Fund 10 Dec 2007, Artisan International Fund 28 Dec 1995, Artisan International Small Cap Fund 21 Dec 2001, Artisan International Value Fund 23 Sep 2002, Artisan Mid Cap Fund 27 Jun 1997, Artisan Mid Cap Value Fund 28 Mar 2001, Artisan Small Cap Fund 28 Mar 1995, Artisan Value Fund 27 Mar 2006, Artisan High Income Fund 19 Mar 2014, Artisan Sustainable Emerging Markets Fund 2 Jun 2008, Artisan Developing World Fund 29 June 2015 and Artisan Thematic Fund 24 Apr 2017. 

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. 

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 .