Morningstar Ratings

Growth Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Antero Peak Group
Global Value
Ratings/Funds in Category
31 March 2021
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 762 645 395 762 Bronze
Global Discovery (APFDX) World Large Stock 762 762 Bronze
Mid Cap (ARTMX) Mid-Cap Growth 560 500 379 560 Bronze
Small Cap (ARTSX) Small Growth 576 503 379 576 Bronze
Global Equity (ARTHX) World Large Stock 762 645 395 762 Bronze
International (ARTIX) Foreign Large Growth 383 320 224 383 Bronze
International Small-Mid (ARTJX) Foreign Small/Mid Growth 115 101 65 115 Bronze
Value (ARTLX) Large Value 1138 1007 729 1138
Mid Cap Value (ARTQX) Mid-Cap Value 395 350 250 395
International Value (ARTKX) Foreign Large Blend 654 563 370 654 Silver
Global Value (ARTGX) World Large Stock 762 645 395 762 Silver
Sustainable Emerging Markets (ARTZX) Diversified Emerging Mkts 697 596 292 697
High Income (ARTFX) High Yield Bond 630 556 630
Developing World (ARTYX) Diversified Emerging Mkts 697 596 697 Bronze
Focus (ARTTX) Large Growth 1186 1186
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 Morningstar Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. Funds which have not been rated by Morningstar or have been rated Negative or Neutral are not rated above.The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research.  View Important Disclosures below for further details. 

Growth Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Antero Peak Group
Global Value
Lipper Percentile/Ranking
31 March 2021
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
79th
143/182
29th
48/165
24th
29/123
25th
18/73
18th
10/55
Global Discovery (APFDX) Global Small-/Mid-Cap
80th
110/137
8th
9/117
12th
13/114
Mid Cap (ARTMX) Multi-Cap Growth
41st
160/392
14th
51/365
33rd
108/332
20th
50/256
2nd
1/58
Small Cap (ARTSX) Small-Cap Growth
76th
513/678
11th
69/637
13th
70/548
4th
14/409
49th
26/53
Global Equity (ARTHX) Global Multi-Cap Growth
87th
159/182
38th
62/165
42nd
51/123
33rd
24/73
28th
18/64
International (ARTIX) International Large-Cap Growth
96th
285/298
76th
199/264
85th
193/227
40th
65/163
5th
1/22
International Small-Mid (ARTJX) International Small/Mid-Cap Growth
30th
65/219
9th
16/197
24th
39/168
24th
24/103
17th
6/36
Value (ARTLX) Multi-Cap Value
23rd
145/635
20th
115/604
17th
87/512
39th
147/384
29th
81/283
Mid Cap Value (ARTQX) Mid-Cap Value
28th
46/165
44th
67/154
45th
63/141
64th
66/103
9th
2/23
International Value (ARTKX) International Large-Cap Core
4th
4/102
10th
9/89
18th
13/74
10th
5/52
4th
1/24
Global Value (ARTGX) Global Multi-Cap Value
23rd
31/139
44th
59/135
36th
43/120
2nd
1/62
5th
2/45
Sustainable Emerging Markets (ARTZX) Emerging Markets
41st
312/772
50th
332/665
34th
191/573
65th
190/293
73rd
142/195
High Income (ARTFX) High Yield
4th
19/511
5th
20/467
4th
15/402
2nd
4/351
Developing World (ARTYX) Emerging Markets
4th
25/772
1st
3/665
1st
3/573
1st
3/531
Focus (ARTTX) Global Large-Cap Growth
57th
121/213
8th
13/182
3rd
4/173
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 (24/320), 3 Yr (221/296), 5 Yr (177/246), 10 Yr (127/168) and since inception (10/61). 

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.

© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. Performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. Click here  for more detailed information about Morningstar’s Analyst Rating, including its methodology.