Morningstar Ratings

Growth Global Value
Global Equity Sustainable Emerging Markets
U.S. Value Credit
International Value Developing World
Ratings/Funds in Category
30 November 2019
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 725 599 365 725 Silver
Mid Cap (ARTMX) Mid-Cap Growth 558 495 384 558 Silver
Small Cap (ARTSX) Small Growth 566 506 382 566 Silver
Global Equity (ARTHX) World Large Stock 725 599 725 Bronze
International (ARTIX) Foreign Large Growth 395 337 244 395 Bronze
International Small-Mid (ARTJX) Foreign Small/Mid Growth 112 94 57 112 Bronze
Value (ARTLX) Large Value 1082 944 685 1082 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 376 342 236 376 Bronze
International Value (ARTKX) Foreign Large Blend 620 488 363 620 Silver
Global Value (ARTGX) World Large Stock 725 599 365 725 Silver
Sustainable Emerging Markets (ARTZX) Diversified Emerging Mkts 706 566 239 706
High Income (ARTFX) High Yield Bond 615 539 615 Bronze
Developing World (ARTYX) Diversified Emerging Mkts 706 706 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
30 September 2019
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
20th
41/204
32nd
50/159
14th
18/135
6th
4/75
5th
3/63
Global Discovery (APFDX) Global Small-/Mid-Cap
3rd
3/137
1st
1/128
Mid Cap (ARTMX) Multi-Cap Growth
23rd
128/566
70th
355/508
64th
285/450
39th
124/321
2nd
1/81
Small Cap (ARTSX) Small-Cap Growth
6th
34/623
18th
94/549
7th
33/479
8th
26/370
62nd
30/48
Global Equity (ARTHX) Global Multi-Cap Growth
12th
23/204
14th
22/159
20th
27/135
8th
6/77
International (ARTIX) International Large-Cap Growth
13th
26/199
19th
31/167
44th
64/147
21st
24/115
5th
1/23
International Small-Mid (ARTJX) International Small/Mid-Cap Growth
19th
43/227
36th
66/186
53rd
75/142
56th
51/91
17th
6/35
Value (ARTLX) Multi-Cap Value
61st
273/448
64th
245/387
50th
166/333
53rd
133/252
31st
59/195
Mid Cap Value (ARTQX) Mid-Cap Value
46th
85/185
47th
76/164
70th
100/142
81st
85/105
14th
4/29
International Value (ARTKX) International Multi-Cap Core
14th
58/415
42nd
149/359
12th
33/293
2nd
4/199
2nd
1/83
Global Value (ARTGX) Global Multi-Cap Value
44th
62/141
32nd
39/124
15th
13/88
2nd
1/50
3rd
1/41
Sustainable Emerging Markets (ARTZX) Emerging Markets
37th
290/788
26th
168/664
10th
53/540
78th
191/246
75th
153/204
High Income (ARTFX) High Yield
72nd
359/498
6th
23/419
2nd
5/374
1st
3/358
Developing World (ARTYX) Emerging Markets
1st
3/788
4th
26/664
2nd
10/598
Thematic (ARTTX) Global Multi-Cap Growth
1st
2/204
1st
1/180
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 (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.

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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 .