Morningstar Ratings

Growth Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Thematic
Global Value
Ratings/Funds in Category
30 April 2020
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 764 623 368 764 Silver
Mid Cap (ARTMX) Mid-Cap Growth 565 503 387 565 Silver
Small Cap (ARTSX) Small Growth 581 500 381 581 Silver
Global Equity (ARTHX) World Large Stock 764 623 368 764 Bronze
International (ARTIX) Foreign Large Growth 420 348 249 420 Bronze
International Small-Mid (ARTJX) Foreign Small/Mid Growth 117 92 62 117 Bronze
Value (ARTLX) Large Value 1104 953 696 1104 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 384 340 235 384 Bronze
International Value (ARTKX) Foreign Large Blend 641 510 371 641 Silver
Global Value (ARTGX) World Large Stock 764 623 368 764 Silver
Sustainable Emerging Markets (ARTZX) Diversified Emerging Mkts 704 582 239 704
High Income (ARTFX) High Yield Bond 631 542 631 Bronze
Developing World (ARTYX) Diversified Emerging Mkts 704 704 Bronze
Focus (ARTTX) Large Growth 1237 1237
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 2020
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
4th
8/221
14th
26/187
10th
14/144
4th
3/86
15th
10/70
Global Discovery (APFDX) Global Small-/Mid-Cap
1st
1/141
1st
1/126
Mid Cap (ARTMX) Multi-Cap Growth
14th
73/540
34th
160/479
51st
211/414
31st
91/294
2nd
1/75
Small Cap (ARTSX) Small-Cap Growth
2nd
7/625
5th
23/570
2nd
8/481
2nd
6/366
45th
23/51
Global Equity (ARTHX) Global Multi-Cap Growth
14th
29/221
11th
20/187
34th
48/144
20th
17/86
18th
15/84
International (ARTIX) International Large-Cap Growth
25th
51/208
30th
57/194
60th
96/159
18th
21/118
4th
1/24
International Small-Mid (ARTJX) International Small/Mid-Cap Growth
4th
8/226
6th
10/194
22nd
32/146
29th
27/95
14th
5/37
Value (ARTLX) Multi-Cap Value
30th
144/487
49th
204/423
31st
108/356
48th
132/276
31st
63/207
Mid Cap Value (ARTQX) Mid-Cap Value
71st
127/180
69th
113/164
59th
83/140
72nd
74/102
11th
3/28
International Value (ARTKX) International Multi-Cap Core
74th
301/411
70th
250/361
46th
131/286
3rd
5/187
2nd
1/78
Global Value (ARTGX) Global Multi-Cap Value
82nd
115/140
70th
91/129
57th
51/90
7th
4/59
3rd
1/46
Sustainable Emerging Markets (ARTZX) Emerging Markets
71st
561/793
43rd
293/681
21st
113/559
80th
196/246
79th
157/199
High Income (ARTFX) High Yield
52nd
259/505
26th
110/435
4th
14/381
2nd
6/354
Developing World (ARTYX) Emerging Markets
1st
3/793
1st
3/681
1st
3/582
Focus (ARTTX) Global Multi-Cap Growth
9th
19/221
1st
1/191
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 Mid Cap Value Fund would have ranked if Lipper Inc. had included it in the Mid-Cap Value category. Lipper Inc. classified the Fund in the Mid-Cap Core category and in that category, the Fund ranked as follows (#Rank/Fund in Category): 1 Yr (328/355), 3 Yr (301/330), 5 Yr (227/263), 10 Yr (170/191) and since inception (14/72). 

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 Developing World Fund 29 June 2015, Artisan Focus Fund 24 Apr 2017, Artisan Global Discovery Fund 21 Aug 2017, Artisan Global Equity Fund 29 Mar 2010,  Artisan Global Opportunities Fund 22 Sep 2008, Artisan Global Value Fund 10 Dec 2007, Artisan High Income Fund 19 Mar 2014, 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 Sustainable Emerging Markets Fund 2 Jun 2008, and Artisan Value Fund 27 Mar 2006.

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.

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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 .