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 December 2017
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 720 589 720 Silver
Mid Cap (ARTMX) Mid-Cap Growth 562 490 362 562 Silver
Small Cap (ARTSX) Small Growth 609 544 406 609 Silver
Global Equity (ARTHX) World Large Stock 720 589 720 Bronze
International (ARTIX) Foreign Large Growth 330 289 206 330 Silver
International Small Cap (ARTJX) Foreign Small/Mid Growth 112 106 62 112 Silver
Value (ARTLX) Large Value 1090 965 695 1090 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 366 311 221 366 Bronze
Global Value (ARTGX) World Large Stock 720 589 333 720 Silver
International Value (ARTKX) Foreign Large Blend 597 535 347 597 Gold
Emerging Markets (ARTZX) Diversified Emerging Mkts 647 467 186 647
High Income (ARTFX) High Yield Bond 609 609 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 December 2017
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
37th
84/232
9th
17/196
20th
33/169
6th
5/92
Mid Cap (ARTMX) Multi-Cap Growth
92nd
471/511
89th
412/462
87th
350/402
41st
118/292
3rd
2/83
Small Cap (ARTSX) Small-Cap Growth
26th
145/558
41st
206/502
55th
249/457
42nd
144/342
73rd
34/46
Global Equity (ARTHX) Global Multi-Cap Growth
36th
82/232
50th
98/196
48th
80/169
8th
9/118
International (ARTIX) International Large-Cap Growth
20th
30/154
93rd
116/125
51st
56/109
52nd
44/84
6th
1/16
International Small Cap (ARTJX) International Small/Mid-Cap Growth
62nd
125/201
91st
141/154
95th
132/139
80th
70/87
16th
7/43
Value (ARTLX) Multi-Cap Value Funds
38th
136/360
8th
24/309
74th
202/275
33rd
72/220
26th
47/181
Mid Cap Value (ARTQX) Mid-Cap Value
58th
99/170
65th
95/147
87th
108/124
37th
34/93
11th
4/36
Global Value (ARTGX) Global Multi-Cap Value
33rd
33/100
12th
10/87
13th
8/62
3rd
1/39
3rd
1/39
International Value (ARTKX) International Multi-Cap Core
80th
343/433
27th
92/343
3rd
7/283
2nd
2/184
2nd
1/80
Emerging Markets (ARTZX) Emerging Markets
27th
217/820
4th
23/662
32nd
151/477
83rd
176/212
High Income (ARTFX) High Yield Funds
8th
48/667
2nd
7/578
1st
5/534
Developing World (ARTYX) Emerging Markets
53rd
427/820
21st
147/705
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 .