Morningstar Ratings

Growth Global Value
Global Equity Emerging Markets
U.S. Value Credit
International Value Developing World
Ratings/Funds in Category
30 November 2018
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 732 610 362 732 Silver
Mid Cap (ARTMX) Mid-Cap Growth 542 490 341 542 Silver
Small Cap (ARTSX) Small Growth 585 515 393 585 Silver
Global Equity (ARTHX) World Large Stock 732 610 732 Bronze
International (ARTIX) Foreign Large Growth 354 316 227 354 Bronze
International Small-Mid (ARTJX) Foreign Small/Mid Growth 103 95 56 103 Bronze
Value (ARTLX) Large Value 1090 935 678 1090 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 364 306 220 364 Bronze
International Value (ARTKX) Foreign Large Blend 636 511 380 636 Gold
Global Value (ARTGX) World Large Stock 732 610 362 732 Gold
Emerging Markets (ARTZX) Diversified Emerging Mkts 710 521 236 710
High Income (ARTFX) High Yield Bond 607 607 Bronze
Developing World (ARTYX) Diversified Emerging Mkts 710 710 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 Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Thematic
Global Value
Lipper Percentile/Ranking
30 September 2018
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
47th
111/238
18th
33/190
13th
22/171
4th
3/90
4th
3/90
Global Discovery (APFDX) Global Multi-Cap Growth
14th
19/144
15th
21/144
Mid Cap (ARTMX) Multi-Cap Growth
58th
321/554
83rd
407/492
88th
372/426
36th
112/311
3rd
2/79
Small Cap (ARTSX) Small-Cap Growth
18th
98/556
23rd
111/484
35th
150/436
22nd
71/329
68th
29/42
Global Equity (ARTHX) Global Multi-Cap Growth
18th
42/238
44th
84/190
42nd
71/171
8th
8/113
International (ARTIX) International Large-Cap Growth
29th
51/176
55th
78/141
58th
73/126
19th
18/95
6th
1/17
International Small-Mid (ARTJX) International Small/Mid-Cap Growth
7th
15/229
87th
155/178
84th
125/149
34th
32/94
14th
6/42
Value (ARTLX) Multi-Cap Value Funds
49th
197/403
2nd
5/331
59th
165/281
40th
88/219
25th
43/178
Mid Cap Value (ARTQX) Mid-Cap Value
42nd
78/186
34th
53/159
97th
127/130
75th
76/101
17th
6/35
International Value (ARTKX) International Multi-Cap Core
94th
376/402
48th
165/345
17th
43/264
3rd
5/182
2nd
1/73
Global Value (ARTGX) Global Multi-Cap Value
57th
64/113
29th
27/94
20th
13/65
7th
2/32
4th
1/30
Emerging Markets (ARTZX) Emerging Markets
38th
317/850
5th
32/726
13th
64/515
78th
176/226
82nd
171/208
High Income (ARTFX) High Yield Funds
7th
43/667
3rd
13/569
1st
4/506
Developing World (ARTYX) Emerging Markets
95th
800/850
37th
266/726
42nd
289/695
Thematic (ARTTX) Global Multi-Cap Core
1st
2/238
1st
1/233
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 (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 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 .