Morningstar Ratings

Growth Global Value
Global Equity Sustainable Emerging Markets
U.S. Value Credit
International Value Developing World
Ratings/Funds in Category
31 December 2019
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 722 605 362 722 Silver
Mid Cap (ARTMX) Mid-Cap Growth 565 501 385 565 Silver
Small Cap (ARTSX) Small Growth 571 505 379 571 Silver
Global Equity (ARTHX) World Large Stock 722 605 722 Bronze
International (ARTIX) Foreign Large Growth 405 338 246 405 Bronze
International Small-Mid (ARTJX) Foreign Small/Mid Growth 114 92 56 114 Bronze
Value (ARTLX) Large Value 1091 945 690 1091 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 377 342 233 377 Bronze
International Value (ARTKX) Foreign Large Blend 628 495 372 628 Silver
Global Value (ARTGX) World Large Stock 722 605 362 722 Silver
Sustainable Emerging Markets (ARTZX) Diversified Emerging Mkts 712 577 242 712
High Income (ARTFX) High Yield Bond 616 539 616 Bronze
Developing World (ARTYX) Diversified Emerging Mkts 712 712 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 Sustainable Emerging Markets
Global Equity Credit
U.S. Value Developing World
International Value Thematic
Global Value
Lipper Percentile/Ranking
31 December 2019
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
11th
21/202
26th
40/157
13th
16/132
6th
4/72
5th
3/60
Global Discovery (APFDX) Global Small-/Mid-Cap
1st
1/141
1st
1/126
Mid Cap (ARTMX) Multi-Cap Growth
13th
71/549
59th
287/493
70th
303/434
41st
125/305
2nd
1/78
Small Cap (ARTSX) Small-Cap Growth
5th
31/630
7th
34/561
8th
38/489
8th
27/372
61st
32/52
Global Equity (ARTHX) Global Multi-Cap Growth
34th
69/202
14th
21/157
29th
38/132
10th
7/73
International (ARTIX) International Large-Cap Growth
13th
25/201
19th
34/183
66th
101/153
20th
23/118
4th
1/24
International Small-Mid (ARTJX) International Small/Mid-Cap Growth
4th
7/222
11th
20/191
46th
63/138
61st
53/87
18th
6/33
Value (ARTLX) Multi-Cap Value
10th
42/463
47th
186/397
22nd
73/336
59th
153/261
32nd
62/195
Mid Cap Value (ARTQX) Mid-Cap Value
69th
126/183
58th
96/165
64th
94/146
86th
92/106
14th
4/29
International Value (ARTKX) International Multi-Cap Core
15th
60/422
45th
163/368
19th
55/295
2nd
4/201
2nd
1/79
Global Value (ARTGX) Global Multi-Cap Value
39th
59/151
45th
57/128
23rd
20/89
4th
2/53
3rd
1/41
Sustainable Emerging Markets (ARTZX) Emerging Markets
54th
428/795
33rd
222/679
12th
63/552
79th
193/245
79th
157/200
High Income (ARTFX) High Yield
48th
237/500
6th
22/418
2nd
4/376
1st
3/350
Developing World (ARTYX) Emerging Markets
2nd
9/795
3rd
16/679
2nd
9/590
Thematic (ARTTX) Global Multi-Cap Growth
26th
52/202
1st
1/177
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 (303/360), 3 Yr (270/326), 5 Yr (199/268), 10 Yr (154/188) and since inception (6/71). 

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 Sustainable 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.

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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 .