Morningstar Ratings

Growth Team Global Equity Team
U.S. Value Team Global Value Team
Emerging Markets Team Credit Team
Ratings/Funds in Category
30 June 2017
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 714 590 714 Silver
Mid Cap (ARTMX) Mid-Cap Growth 576 502 370 576 Silver
Small Cap (ARTSX) Small Growth 599 533 398 599 Silver
Global Equity (ARTHX) World Large Stock 714 590 714 Bronze
International (ARTIX) Foreign Large Growth 324 275 193 324 Silver
International Small Cap (ARTJX) Foreign Small/Mid Growth 114 105 63 114 Silver
Value (ARTLX) Large Value 1091 936 681 1091 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 356 310 217 356 Silver
Global Value (ARTGX) World Large Stock 714 590 714 Silver
International Value (ARTKX) Foreign Large Blend 595 533 342 595 Gold
Emerging Markets (ARTZX) Diversified Emerging Mkts 634 436 178 634
High Income (ARTFX) High Yield Bond 590 590
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. Artisan High Income Fund has an Analyst Rating of Neutral as of 30-June-2017. 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
30 June 2017
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
16th
38/244
8th
15/208
9th
16/183
5th
5/108
Mid Cap (ARTMX) Multi-Cap Growth
78th
416/539
75th
356/480
69th
290/420
18th
52/288
3rd
2/89
Small Cap (ARTSX) Small-Cap Growth
78th
427/549
30th
144/491
47th
203/438
49th
158/325
71st
33/46
Global Equity (ARTHX) Global Multi-Cap Growth
89th
217/244
57th
119/208
34th
62/183
8th
10/133
International (ARTIX) International Large-Cap Growth
92nd
113/123
89th
93/104
55th
50/90
47th
32/68
7th
1/14
International Small Cap (ARTJX) International Small/Mid-Cap Growth
99th
185/186
98th
144/146
82nd
105/128
49th
37/75
17th
7/42
Value (ARTLX) Multi-Cap Value Funds
43rd
144/335
50th
146/296
79th
210/265
39th
84/218
30th
55/187
Mid Cap Value (ARTQX) Mid-Cap Value
59th
94/160
85th
117/137
90th
110/122
36th
31/86
15th
5/34
Global Value (ARTGX) Global Multi-Cap Value
29th
29/100
18th
15/83
4th
2/59
3rd
1/41
International Value (ARTKX) International Multi-Cap Core
29th
127/444
14th
48/354
3rd
8/293
2nd
2/183
2nd
1/93
Emerging Markets (ARTZX) Emerging Markets
24th
198/832
10th
60/649
40th
177/451
86th
190/221
High Income (ARTFX) High Yield Funds
19th
123/666
2nd
6/566
1st
5/557
Developing World (ARTYX) Emerging Markets
19th
154/832
5th
35/750
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 .