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 March 2018
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 717 591 717 Silver
Mid Cap (ARTMX) Mid-Cap Growth 549 485 352 549 Silver
Small Cap (ARTSX) Small Growth 592 531 402 592 Silver
Global Equity (ARTHX) World Large Stock 717 591 717 Bronze
International (ARTIX) Foreign Large Growth 339 293 211 339 Silver
International Small Cap (ARTJX) Foreign Small/Mid Growth 108 103 63 108 Silver
Value (ARTLX) Large Value 1086 958 687 1086 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 361 309 225 361 Bronze
Global Value (ARTGX) World Large Stock 717 591 340 717 Silver
International Value (ARTKX) Foreign Large Blend 605 536 355 605 Gold
Emerging Markets (ARTZX) Diversified Emerging Mkts 666 474 194 666
High Income (ARTFX) High Yield Bond 588 588 Bronze
Developing World (ARTYX) Diversified Emerging Mkts 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
31 March 2018
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
32nd
71/225
11th
19/187
13th
21/164
5th
4/87
Mid Cap (ARTMX) Multi-Cap Growth
82nd
399/486
88th
384/440
82nd
313/382
37th
100/274
3rd
2/75
Small Cap (ARTSX) Small-Cap Growth
23rd
122/550
13th
62/480
35th
154/440
30th
98/334
64th
29/45
Global Equity (ARTHX) Global Multi-Cap Growth
14th
30/225
48th
90/187
49th
80/164
8th
8/110
International (ARTIX) International Large-Cap Growth
23rd
37/164
92nd
122/133
62nd
72/117
41st
36/87
6th
1/16
International Small Cap (ARTJX) International Small/Mid-Cap Growth
30th
61/203
87th
135/155
92nd
126/136
79th
68/86
17th
7/42
Value (ARTLX) Multi-Cap Value Funds
71st
248/350
27th
81/302
81st
214/265
54th
113/212
28th
48/171
Mid Cap Value (ARTQX) Mid-Cap Value
49th
85/173
56th
80/144
97th
121/124
49th
47/95
12th
4/34
Global Value (ARTGX) Global Multi-Cap Value
36th
37/104
9th
8/90
11th
7/64
3rd
1/39
3rd
1/38
International Value (ARTKX) International Multi-Cap Core
87th
366/421
38th
123/331
8th
20/283
2nd
3/185
2nd
1/80
Emerging Markets (ARTZX) Emerging Markets
21st
168/824
3rd
18/675
17th
81/478
82nd
172/210
High Income (ARTFX) High Yield Funds
5th
29/659
2nd
6/565
1st
5/518
Developing World (ARTYX) Emerging Markets
64th
528/824
32nd
220/701
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 .