Morningstar Ratings

Growth Global Value
Global Equity Sustainable Emerging Markets
U.S. Value Credit
International Value Developing World
Ratings/Funds in Category
30 June 2019
Team Fund Name Category 3 Yr 5 Yr 10 Yr Overall Analyst Rating
Global Opportunities (ARTRX) World Large Stock 722 594 350 722 Silver
Mid Cap (ARTMX) Mid-Cap Growth 539 484 367 539 Silver
Small Cap (ARTSX) Small Growth 583 515 393 583 Silver
Global Equity (ARTHX) World Large Stock 722 594 722 Bronze
International (ARTIX) Foreign Large Growth 396 336 247 396 Bronze
International Small-Mid (ARTJX) Foreign Small/Mid Growth 122 99 59 122 Bronze
Value (ARTLX) Large Value 1103 956 696 1103 Bronze
Mid Cap Value (ARTQX) Mid-Cap Value 363 321 217 363 Bronze
International Value (ARTKX) Foreign Large Blend 611 488 362 611 Silver
Global Value (ARTGX) World Large Stock 722 594 350 722 Silver
Sustainable Emerging Markets (ARTZX) Diversified Emerging Mkts 712 560 240 712
High Income (ARTFX) High Yield Bond 610 524 610 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
30 June 2019
Team Fund Name Category 1 Yr 3 Yr 5 Yr 10 Yr Inception
Global Opportunities (ARTRX) Global Multi-Cap Growth
35th
74/212
24th
39/168
15th
21/145
5th
4/86
4th
3/75
Global Discovery (APFDX) Global Small/Mid-Cap
1st
1/135
5th
6/130
Mid Cap (ARTMX) Multi-Cap Growth
7th
37/552
52nd
255/494
57th
248/436
29th
92/318
2nd
1/81
Small Cap (ARTSX) Small-Cap Growth
10th
56/600
23rd
118/520
11th
50/462
8th
26/352
61st
29/47
Global Equity (ARTHX) Global Multi-Cap Growth
6th
12/212
20th
33/168
26th
37/145
7th
6/89
International (ARTIX) International Large-Cap Growth
11th
21/199
48th
80/167
54th
78/145
19th
21/111
5th
1/23
International Small-Mid (ARTJX) International Small/Mid-Cap Growth
11th
23/217
44th
80/184
69th
96/139
51st
46/90
17th
6/36
Value (ARTLX) Multi-Cap Value Funds
77th
311/407
61st
215/354
66th
207/313
69th
162/234
33rd
61/185
Mid Cap Value (ARTQX) Mid-Cap Value
37th
71/196
46th
78/170
70th
102/146
81st
86/106
10th
3/32
International Value (ARTKX) International Multi-Cap Core
14th
56/402
48th
166/349
17th
43/265
3rd
5/181
2nd
1/74
Global Value (ARTGX) Global Multi-Cap Value
40th
50/125
26th
29/114
18th
14/80
5th
2/39
3rd
1/36
Sustainable Emerging Markets (ARTZX) Emerging Markets
38th
292/788
22nd
147/675
10th
49/532
76th
183/241
78th
159/204
High Income (ARTFX) High Yield Funds
83rd
396/478
10th
37/403
2nd
4/355
1st
3/349
Developing World (ARTYX) Emerging Markets
2nd
14/788
3rd
17/675
2nd
9/609
Thematic (ARTTX) Global Multi-Cap Growth
2nd
3/212
1st
1/193
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 (257/368), 3 Yr (218/313), 5 Yr (219/258), 10 Yr (140/174) and since inception (5/65). 

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.  These risks are discussed in the prospectus. Please read it carefully before you invest or send money. 

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 .