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 July 2018
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 727 601 727 Silver
Mid Cap (ARTMX) Mid-Cap Growth 540 479 343 540 Silver
Small Cap (ARTSX) Small Growth 606 532 404 606 Silver
Global Equity (ARTHX) World Large Stock 727 601 727 Bronze
International (ARTIX) Foreign Large Growth 343 305 217 343 Bronze
International Small Cap (ARTJX) Foreign Small/Mid Growth 108 103 63 108 Bronze
Value (ARTLX) Large Value 1105 948 687 1105 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 371 315 227 371 Bronze
Global Value (ARTGX) World Large Stock 727 601 344 727 Gold
International Value (ARTKX) Foreign Large Blend 633 536 373 633 Gold
Emerging Markets (ARTZX) Diversified Emerging Mkts 693 497 204 693
High Income (ARTFX) High Yield Bond 588 588 Bronze
Developing World (ARTYX) Diversified Emerging Mkts 693 693 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 Thematic Team
Lipper Percentile/Ranking
30 June 2018
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
56th
118/211
22nd
37/175
15th
22/154
5th
4/79
Mid Cap (ARTMX) Multi-Cap Growth
92nd
484/526
86th
402/469
84th
338/406
36th
108/305
3rd
2/76
Small Cap (ARTSX) Small-Cap Growth
31st
172/566
32nd
155/494
36th
157/445
15th
48/336
66th
29/43
Global Equity (ARTHX) Global Multi-Cap Growth
14th
29/211
62nd
108/175
61st
94/154
8th
8/100
International (ARTIX) International Large-Cap Growth
48th
84/176
86th
117/136
73rd
85/117
42nd
37/89
6th
1/16
International Small Cap (ARTJX) International Small/Mid-Cap Growth
26th
55/215
93rd
155/167
95th
137/144
62nd
57/91
15th
6/40
Value (ARTLX) Multi-Cap Value Funds
30th
110/377
10th
31/315
46th
123/268
52nd
107/208
27th
43/164
Mid Cap Value (ARTQX) Mid-Cap Value
36th
61/171
34th
49/147
97th
117/120
53rd
49/93
19th
6/32
Global Value (ARTGX) Global Multi-Cap Value
54th
64/118
14th
12/90
12th
8/69
3rd
1/39
3rd
1/38
International Value (ARTKX) International Multi-Cap Core
94th
391/417
34th
110/330
12th
34/283
2nd
3/183
2nd
1/80
Emerging Markets (ARTZX) Emerging Markets
34th
278/833
3rd
20/701
13th
63/499
82nd
172/210
83rd
174/209
High Income (ARTFX) High Yield Funds
5th
27/664
1st
5/562
1st
4/507
Developing World (ARTYX) Emerging Markets
75th
621/833
22nd
148/701
27th
189/699
Thematic (ARTTX) Global Multi-Cap Core
1st
1/211
1st
1/208
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 (486/492), 3 Yr (254/423), 5 Yr (115/368), 10 Yr (7/269) and since inception (1/127). 

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, 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 .