Morningstar Ratings

Growth Team Emerging Markets Team
Global Equity Team Credit Team
U.S. Value Team Developing World Team
Global Value Team
Ratings/Funds in Category
31 October 2017
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 704 583 704 Silver
Mid Cap (ARTMX) Mid-Cap Growth 557 480 360 557 Silver
Small Cap (ARTSX) Small Growth 598 530 397 598 Silver
Global Equity (ARTHX) World Large Stock 704 583 704 Bronze
International (ARTIX) Foreign Large Growth 325 280 192 325 Silver
International Small Cap (ARTJX) Foreign Small/Mid Growth 112 102 62 112 Silver
Value (ARTLX) Large Value 1102 956 682 1102 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 373 319 227 373 Bronze
Global Value (ARTGX) World Large Stock 704 583 704 Silver
International Value (ARTKX) Foreign Large Blend 593 531 341 593 Gold
Emerging Markets (ARTZX) Diversified Emerging Mkts 637 452 187 637
High Income (ARTFX) High Yield Bond 609 609 Bronze
Developing World (ARTYX) 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 Team Emerging Markets Team
Global Equity Team Credit Team
U.S. Value Team Developing World Team
Global Value Team
Lipper Percentile/Ranking
30 September 2017
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
47th
107/227
9th
16/188
13th
20/165
6th
5/91
Mid Cap (ARTMX) Multi-Cap Growth
97th
512/532
82nd
386/474
78th
320/411
28th
82/292
3rd
2/86
Small Cap (ARTSX) Small-Cap Growth
91st
501/550
38th
184/493
59th
264/448
53rd
176/337
75th
35/46
Global Equity (ARTHX) Global Multi-Cap Growth
44th
99/227
44th
83/188
42nd
69/165
8th
9/117
International (ARTIX) International Large-Cap Growth
77th
111/144
82nd
101/123
49th
54/110
40th
34/85
7th
1/15
International Small Cap (ARTJX) International Small/Mid-Cap Growth
96th
180/187
91st
135/148
86th
114/133
72nd
60/83
18th
7/40
Value (ARTLX) Multi-Cap Value Funds
44th
163/370
25th
78/320
77th
219/286
34th
77/231
26th
49/190
Mid Cap Value (ARTQX) Mid-Cap Value
47th
84/181
84th
130/155
88th
121/138
34th
35/102
10th
4/39
Global Value (ARTGX) Global Multi-Cap Value
37th
36/97
8th
6/83
12th
7/59
3rd
1/39
International Value (ARTKX) International Multi-Cap Core
28th
115/422
10th
34/345
3rd
8/283
2nd
2/181
2nd
1/85
Emerging Markets (ARTZX) Emerging Markets
29th
235/812
7th
43/654
38th
173/458
86th
185/216
High Income (ARTFX) High Yield Funds
8th
51/669
1st
5/570
2nd
6/549
Developing World (ARTYX) Emerging Markets
37th
295/812
8th
52/728
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. 

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 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 Emerging Markets Fund 2 Jun 2008 and Artisan Developing World Fund 29 June 2015. 

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 .