Investment Process

The investment team seeks to invest in cash-producing businesses in strong financial condition that are selling at undemanding valuations.

Attractive Valuation

  • Distinct discount to intrinsic value
  • Low expectations
  • Favorable risk/reward

Sound Financial Condition

  • Focus on financial flexibility and liquidity
  • Seek to protect capital in difficult environments
  • Allows management to pursue value-enhancing initiatives

Attractive Business Economics

  • Focus on free cash flow and return on capital capabilities
  • Ability to grow underlying business value
  • Avoid “value traps”

In-depth Investment Process

 

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Other Funds Managed

Investment
Results (%)

As of 31 May 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDWX -2.10 -1.88
S&P 500® Index -8.55 -5.16
Dow Jones US Select Dividend Index 1.63 5.80
As of 31 March 2022 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Advisor Class: APDWX 0.23 0.23
S&P 500® Index 3.71 3.71
Dow Jones US Select Dividend Index 4.10 4.10
Returns for periods less than one year are not annualized. 

Past performance does not guarantee and is not a reliable indicator of future results. 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. Current performance may be lower or higher than that shown. The Fund's returns may vary greatly over shorter periods due to the limited operating period since inception. 

Expense Ratio

  Gross Net
Semi-Annual Report 31 March 2022 32.61% 1.07%
Prospectus 26 February 2022 1.33% 1.10%

Expense Ratio Disclosure

Net expenses reflect a contractual expense limitation agreement in effect through 31 Jan 2024. See prospectus for further details. Prospectus Figures: Includes estimated expenses for the current fiscal year. Semi-Annual Report Figures: Unaudited, for the period from commencement of operations 28 Feb 2022 through 31 Mar 2022. 

Top 10 Holdings
(% of total portfolio as of 31 May 2022)
Altria Group Inc (Consumer Staples) 3.6
Philip Morris International Inc (Consumer Staples) 3.4
EOG Resources Inc (Energy) 3.3
Lamar Advertising Co (Real Estate) 3.1
nVent Electric PLC (Industrials) 2.7
Comcast Corp (Communication Services) 2.6
Cable One Inc (Communication Services) 2.5
Moelis & Co (Financials) 2.5
Samsung Electronics Co Ltd (Information Technology) 2.4
Northern Trust Corp (Financials) 2.4
Total 28.5%
View Full Holdings Historical Holdings
Portfolio Statistics
(as of 31 May 2022)
Median Market Cap (Billions) $22.8
Weighted Avg. Market Cap (Billions) $77.3
Weighted Harmonic Avg. P/E (FY1) 14.6X
Weighted Harmonic Avg. P/E (FY2) 13.5X
Median Price/Book Value 2.4X
Median ROE 15.3%
Median Fixed Charge Coverage Ratio 10.8X
Active Share 91.8%
Number of Securities 56
Cash (% of total portfolio) 2.6%
(as of 31 May 2022)
Weighted Average Dividend Yield (%) 2.9%
30-Day SEC Yield 1.65%
Market Cap Distribution
(% of portfolio securities as of 31 May 2022)

$ in billions
200.0+ 9.8
140.0–200.0 11.0
90.0–140.0 8.2
60.0–90.0 6.9
30.0–60.0 13.2
15.0–30.0 19.3
5.0–15.0 17.5
0.0–5.0 11.2
Not Applicable 1.1
TOTAL 100.0%
Sector Diversification
(% of portfolio securities as of 31 May 2022)
Communication Services 7.2
Consumer Discretionary 4.6
Consumer Staples 16.4
Energy 3.4
Financials 21.6
Health Care 8.9
Industrials 14.2
Information Technology 7.7
Materials
Real Estate 8.3
Utilities 7.8
Total 100.0%
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
  • Daniel L. Kane, CFA
  • Portfolio Manager
  • 24Years Investment
    Experience
  • Thomas A. Reynolds IV
  • Portfolio Manager
  • 23Years Investment
    Experience
  • Craig Inman, CFA
  • Portfolio Manager
  • 23Years Investment
    Experience
Current and future portfolio holdings are subject to risk. The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. Dividend payments are not guaranteed and the amount declared, if any, could vary over time. International investments involve special risks that may in particular cause a loss in principal, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Value securities may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money. 

Performance Source: Artisan Partners/S&P/S&P DJI. Data & Statistics Sources: Artisan Partners/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Artisan Partners may exclude outlier data and certain securities which lack applicable attributes, such as private securities when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Cash weighting includes cash and cash equivalents. Totals may not sum due to rounding. 

The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

Weighted Average is the average of values weighted to the data set's composition. Median is the data's midpoint value. Market Cap (USD) is the aggregate value of all of a company's outstanding equity securities. Weighted Harmonic Average is a calculation of weighted average commonly used for rates or ratios. Price-to-Earnings Ratio (P/E Ratio) measures how expensive a stock is. Earnings figures used for FY1 and FY2 are estimates for the current and next unreported fiscal years. Price-to-Book Ratio (P/B Ratio) is a valuation measure used to compare a stock's market value to its book value. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. Fixed Charge Coverage Ratio indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. Active Share is defined as the percentage of a portfolio that differs from its benchmark index. Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. 30-Day SEC Yield is based on a formula specified by the SEC that calculates a fund's hypothetical annualized income, as a percentage of its assets. This hypothetical yield will differ from the fund's actual experience and as a result, income distributions from the fund may be higher or lower. 

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The Dow Jones US Select Dividend Index measures the performance of the US's leading stocks by dividend yield. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use.  Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

The Dow Jones US Select Dividend Index ("Index") is a product of S&P Dow Jones Indices LLC ("S&P DJI") and/or its affiliates and has been licensed for use. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc.. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.