(PUB) Morningstar FundInvestor
4
Data through August 31, 2014 Artisan International Investor
Ticker
Status Yield Total Assets
Mstar Category
ARTIX Open
0.9% $17,481 mil
Foreign Large Growth
Morningstar Analyst Rating 08-20-14
Investment Style Equity Stock %
Historical Profile Return Risk Rating Above Avg Above Avg Above Avg
99% 97% 97% 98% 98% 97% 96% 94% 97%
„
Manager Change Partial Manager Change
14.0 18.0 22.8 28.4
Morningstar Pillars Process Performance
Growth of $10,000
Positive Positive Positive Positive Negative
Investment Values of Fund Investment Values of MSCI WexUS
People Parent Price
10.0
§ ∞
Performance Quartile (within Category) History
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 08-14
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis.
18.91 29.14 -11.69 -5.28 1.19 27.95
22.14 17.76 -3.15
25.31 16.27 -0.35 -0.44
28.99 25.56 -1.09
29.88
14.96
20.66 39.77 -1.68
21.70 5.91 -5.24 -8.54 0.86 5.05
19.83 -7.26 6.45 6.95 1.30 -8.56
24.59 25.39
30.48 25.18
30.92 1.44 -3.65 -2.73 0.00 1.44
NAV
-46.96 19.73
Total Return % +/-MSCI WexUS
3.08 -1.30 0.70
-1.43 -1.35 0.63
8.56 8.72 1.39
9.89 9.69 1.19
Analyst Rating Spectrum Œ „ ´ •
1.03 0.65
1.95 1.72
1.10 1.64
+/-MSCI AC World exUSA Gr ND
1.85
Income Return % Capital Return %
• ¨
17.11
14.42
23.84
-47.59 19.03
38.13
24.00
23.99
71
29
42
23
31
49
30
88
3
4
10
46
Total Rtn % Rank Cat
Pillar Spectrum Positive ∞
0.18 0.00 1.20 1.35
0.12 0.00 1.22 0.64
0.41 0.00 1.19 0.94
0.43 2.33 1.20 0.66
0.20 4.47 1.21 1.01
0.19 0.70 1.22 1.28
0.25 0.00 1.22 1.47
0.18 0.00 1.23 0.86
0.28 0.00 1.22 1.18
0.27 0.00 1.19 1.32
0.29 0.00 1.20 1.21
0.00 0.00
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
. . .
Performance 08-31-14 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
15
56
58
66
54
82
71
70
55
42
.
2010 2011 2012 2013 2014
-2.52 -12.36 16.54 6.37 5.91 3.46 2.81 -20.41 9.55 -7.26 15.48 -4.41 7.54 5.63 25.39 6.02 -0.04 9.98 7.40 25.18 -1.83 5.37 . . .
9,591
13,039 10,821 12,075 7,130
6,003
8,078
7,396
6,142
13,520 11,220 7,503
Portfolio Analysis 06-30-14 Share change since 03-14 Total Stocks:69 Sector
Rating and Risk Time Load-Adj
Country
% Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
Baidu Inc ADR
Technology China Hlth care Germany
4.48 3.85 3.81 3.07 3.06 3.06 2.94 2.69 2.64 2.59 2.58 2.58 2.44 2.43 2.31 2.30 2.29 2.18 2.08 1.96
1 Yr 3 Yr 5 Yr
16.30 14.60 11.41
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Bayer AG Linde AG Nestle SA
Return% WexUS WldexUSAGrND Cat
$10,000
High +Avg +Avg
+Avg +Avg +Avg
Basic Mat Cnsmr Def
Germany
3 Mo 6 Mo 1 Yr
0.52 -0.71 1.08 -3.75 16.30 -1.45 14.60 5.33 11.41 3.24 9.13 1.20 7.23 2.14
-0.34 -2.85 0.10 6.04 2.53 1.17
39 10,052 49 10,108 35 11,630 1 15,051 21 17,164 18 23,958 11 28,493
Switzerland
10 Yr Incept
9.13
Rolls-Royce Holdings PLC AIA Group Ltd Roche Holding AG Deutsche Post AG SABMiller PLC ASML Holding NV Toyota Motor Corp NGK Insulators Ltd Unilever NV DR Grupo Televisa SAB ADR Anheuser-Busch Inbev SA
Industrl
U.K.
10.32
Finan Svs Hong Kong Hlth care Switzerland
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Other Measures
Standard Index Best Fit Index MSCI WexUS Mstr Lftime Mod 2050
Industrl
Germany
Cnsmr Def Cnsmr Def
U.K.
Alpha
5.0
-4.0 1.31
Belgium
.
Beta
1.00
Technology Netherlands Cnsmr Cyc Japan Cnsmr Cyc Mexico
R-Squared
90
95
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 14.10 1 0.44 66 10.96 16 0.41 56 8.25 20 0.81 69 Potential Capital Gain Exposure: 18% of assets Morningstar’s Take by Greg Carlson 08-20-14 Artisan International is getting hefty, but its prospects remain solid. This fund has been on a tear lately. After cracking the top quartile of its category just once in a calendar year between 2000 and 2010, it beat more than 90% of its peers in 2011, 2012, and 2013. (The fund resided in the foreign large-blend category from 2010 to 2013 but has otherwise been in foreign large-growth.) As a result, flows have reversed here: Investors pulled a combined net $2.3 billion out in 2010 and 2011, the fund saw a small net inflow in 2012, and a net $4 billion came in between 2013 and the first seven months of 2014. Coupled with price appreciation as the market has rallied, the fund has grown to $17.5 billion--up from $8.2 billion at the end of 2011. The team runs a total of $28.4 billion in the strategy. The team’s large asset load isn’t a major concern yet. True, the fund now has a bigger stake in large-cap stocks than is typical, but lead manager Mark Yockey says that’s a reflection of where the team is finding value. Also, while the fund’s holdings list grew to more
Standard Deviation
16.43 14.60
Industrl
Japan
Mean
Cnsmr Def
Netherlands
Sharpe Ratio
0.91
Covidien PLC Olympus Corp
Hlth care United States
Hlth care Japan
Schneider Electric SE
Industrl Industrl
France Japan
IHI Corp
than 100 in number the last time assets peaked--near $25 million--in the mid-2000s, its 69 holdings at the end of June 2014 was near the low end of its historical range. Finally, Artisan has a long history of closing its funds to preserve their flexibility. Indeed, one of the team’s other charges, Artisan International Small Cap ARTJX, has been closed to new investors for more than a decade. That said, Yockey and company would likely have difficulty taking a big stake in a mid-cap stock at this point, and the fund may lag if smaller-cap stocks lead the market. The fund’s long-term prospects are still bright. Yockey has plied this strategy with great success for nearly 19 years here and 25 in all, and he’s backed by a large team that includes several key longtime comanagers and analysts. The team has demonstrated deep fundamental knowledge of its holdings and built distinctive portfolios, performing in line with its typical peer and major benchmarks in down markets while gaining ground on the upside. This fund remains a keeper.
Sands China Ltd
Cnsmr Cyc Hong Kong
Current Investment Style
Sector Weightings
% of Stocks
Rel MSCI
3 Year Low
WexUS High
Market Cap % Giant 52.9 Large 39.3 Mid 7.8 Small 0.0 Micro 0.0 Avg $mil: 39,332
Value Blnd Growth
Cyclical 30.52 BasicMat 9.58 CnsmrCyc14.35 FinanSvs 6.17 Real Est 0.42 Sensitive 37.17 CommSrvs 6.40 Energy 1.01 Industrl 19.61 Technlgy 10.15 Defensive32.30 CnsmrDef16.16 Hlthcare 16.14 Utilities 0.00
.
h r t y u j i o p a k s d f
Large Mid Small
. 11 4 . 15 9 . 17 6
9 0
. . . .
6 3 3 1
Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales
Rel Category
14.58 12.17 7.42 13.86 55.03 19.83 2.25 1.31 9.43 1.74
1.30 1.03 0.92 1.22 0.79
. 21 13 . 10 5
.
. 34 16 . 16 2 . . .
% Rel Category
1.15 5.69 10.60
Regional Exposure UK/W. Europe 63 Japan 15 Asia X Japan 16
% Stock
7.14 0.68
N. America 4 Latn America 3 Other 0
Address:
Artisan Funds Inc Milwaukee, WI 53202 800-344-1770 www.artisanfunds.com
Minimum Purchase: Min Auto Inv Plan:
$1000 $1000
Add: $0 IRA: $0
Add: $50
Sales Fees:
No-load, 2.00%R 1.00% mx./0.90% mn. Mgt:0.93% Dist: .
Composition - Net
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
Country Exposure
% Stock
Cash
0.8
Bonds Other
0.7 1.4
12-28-95
Actual Fees:
U.K.
17 15 13
Switzerland 10 China 9
Artisan Partners Limited Partnership
Expense Projections: Income Distribution:
3Yr:$381 Annually
5Yr:$660 10Yr:$1455
Stocks
97.1
None
Japan
Foreign
96.3
(% of Stock)
Germany
Fidelity Retail-NTF, CommonWealth NTF
Mutual Funds ß ®
© 2014Morningstar, Inc.All rights reserved. The informationherein is not representedorwarranted to be accurate, correct, complete or timely.Pastperformance is no guarantee of future results.Access updated reportsat To order reprints, call 312-696-6100. mfb.morningstar.com.
EQ
Made with FlippingBook