(PUB) Morningstar FundInvestor
4
Data through October 31, 2013 Artisan Small Cap Value Investor
Ticker
Status Yield Total Assets
Mstar Category
ARTVX Limited 0.7% $2,638 mil
Small Blend
Morningstar Analyst Rating 10-17-13
Investment Style Equity Stock %
Historical Profile Return Risk Rating Average Below Avg Neutral
95% 96% 99% 96% 94% 93% 94% 97% 93%
Œ
Manager Change Partial Manager Change
15.0 20.0 26.0
Morningstar Pillars Process Performance
Growth of $10,000
Positive Positive Positive Positive Neutral
Investment Values of Fund Investment Values of S&P 500
People Parent Price
10.0
¶
NAV Total Return % +/-S&P 500 +/-Russ 2000 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 10-13
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. Analyst Rating Spectrum Œ „ ´ˇ ¨
11.60 -4.44 17.66 16.04 0.00 -4.44 0.00 0.50 1.20 -0.10 19
16.08 40.54 11.86 -6.71
17.61 21.15 10.27
17.25 11.06
18.08 19.11
13.86
10.23
14.33 40.24 13.78 13.07
16.85 17.69 2.63 -9.16 0.11 17.58
14.92 -3.17 -5.28 0.04 -3.21 0.01 1.35 1.20 0.06 48
15.35 6.12 -9.88
18.72 21.95 -3.35 -8.95
-23.83 -5.98
6.15 6.51 0.00
-11.47 3.32
13.17
2.82 0.00
0.74 0.00
-4.41 0.00
9.96 0.00
-10.23 1.01
0.00
0.15
0.84 5.28 0.13 0.36 1.22 0.31 98
0.00
40.54
21.15
11.06
19.11
-23.83 -5.98
40.09
21.95
51
52
8
28
47
4
18
96
95
Pillar Spectrum Positive
0.00 0.20 1.21 -0.21
0.00 1.78 1.18 -0.17
0.00 2.32 1.18 -0.16
0.00 2.47 1.17 -0.09
0.00 3.09 1.19 -0.03
0.00 0.32 1.20 -0.16
0.02 0.00 1.22 0.20
0.02 0.00 1.22 0.11
0.00 0.00
§ Negative
¶ Neutral
. . .
Performance 10-31-13 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
34
12
41
56
59
72
75
63
37
47
28
2009 2010 2011 2012 2013
-11.05 21.98 22.16 5.80 40.24 5.79 -9.56 8.32 13.57 17.69 9.44 -2.12 -20.78 14.10 -3.17 9.99 -6.89 -0.26 3.89 6.12 8.40 2.70 5.68 . .
566
991
1,400
1,728
2,173
1,796
1,390
2,373
3,077
2,775
2,227
2,313
Portfolio Analysis 06-30-13 Share change since 03-13 Total Stocks:92 Sector
Rating and Risk Time Load-Adj
PE Tot Ret% % Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
EMCOR Group, Inc. Ryder System Inc
Industrl Industrl
19.7 7.60 3.04 14.6 33.77 2.98
1 Yr 3 Yr 5 Yr
29.77 10.84 15.23 10.25 10.48
Trailing
Total
+/-
+/- Russ %Rank Growth of
Return% S&P 500 5.11 0.36 15.34 4.19 29.77 2.59 10.84 -5.72 15.23 0.06 10.25 2.79 11.69 6.59
2000 -0.48 -1.56 -6.51 -6.85 -1.81 1.22 2.89
Cat
$10,000
Low -Avg +Avg
-Avg -Avg Avg
Adtran, Inc.
Technology 46.7 22.01 2.69 Basic Mat 24.7 38.58 2.48
3 Mo 6 Mo 1 Yr
76 10,511 65 11,534 89 12,977 94 13,617 85 20,316 21 26,533 19 52,507
H.B. Fuller Company World Fuel Services Corp
10 Yr Incept
Energy
13.6 -7.06 2.38
Diebold Incorporated Rent-A-Center, Inc. Ultratech, Inc. FTI Consulting, Inc.
Technology
0.69 2.36
.
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Cnsmr Cyc 11.8 1.48 2.26 Technology 33.8 -36.22 2.18
Other Measures
Standard Index
Best Fit Index S&P 500 Mstar Small Core
Industrl
22.97 2.17
.
Alpha
-7.5 1.18
-4.0 0.90
Dreamworks Animation SKG Cnsmr Cyc
. 106.64 1.93
Beta
Outerwall Inc
Cnsmr Cyc 10.8 24.94 1.86 Technology 11.2 14.01 1.75 Cnsmr Cyc 21.4 27.41 1.74
R-Squared
82
93
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 9.93 94 0.82 84 14.54 85 0.60 80 8.69 31 1.41 92 Potential Capital Gain Exposure: 26% of assets Morningstar’s Take by Greg Carlson 10-17-13 Artisan Small Cap Value’s slump has continued, and its lead skipper will depart in 2016, but it still inspires confidence. This closed fund, which avoided the small-value category’s bottom third in each calendar year from its September 1997 inception through 2009, lagged 90% of its peers in 2010 and 2012 and is doing so again in 2013 through Oct. 7. (The fund moved from the small-value category to small-blend in 2011.) There are two reasons for the fund’s recent struggles. First, it has long fared better in flat or down markets and often looked weaker when stocks thrived. The fund’s typical peer registered gains of at least 15% in 2010 and 2012 and has done so again thus far in 2013. Second, unusually poor stock selection within the energy sector (where the fund excelled in the prior decade) has dented returns. The team says that when evaluating exploration and production firms, it had placed too much emphasis on net asset values of proven reserves (the basis on which banks lend such firms money) and not enough on balance sheets or
Tech Data Corporation Matthews International C GulfMark Offshore, Inc. WMS Industries, Inc. Platinum Underwriters Ho Cloud Peak Energy Inc Progress Software Arrow Electronics Inc Tidewater, Inc.
Standard Deviation
16.26 10.84
Energy Energy
32.5 46.68 1.71 20.2 36.46 1.69
Mean
Sharpe Ratio
0.71
Cnsmr Cyc Finan Svs
1.67
. .
6.6 35.72 1.63
Basic Mat 14.4 -19.24 1.61 Technology 59.5 23.73 1.55 Technology 11.5 26.10 1.46
cash flows. Retooling its approach has led to few E&P firms clearing the team’s hurdles. The fund’s recent weak showings have pushed its trailing five-year return into the bottom quintile among small-blend funds. Meanwhile, lead manager Scott Satterwhite, who founded the team in 1997, recently announced he’ll retire in September 2016. (Artisan requires three years’ notice from its managers.) But the fund still boasts a number of positive attributes. Comanager Jim Kieffer has worked with Satterwhite on the same small-value strategy since 1989, and they’ve generated strong long-term returns both at Wachovia and at this fund since its 1997 inception. A third manager, George Sertl, has worked with them since 2000. And Dan Kane, an analyst here since 2008, has been promoted to comanager and will now share lead duties on this fund with Satterwhite. The team also retains flexibility; it ran roughly $4 billion in this strategy at the end of June 2013, a figure that has changed little in recent years as the fund has been closed to new investors since 2000.
Current Investment Style
Sector Weightings
% of Stocks
Rel S&P 500 High
3 Year Low
Market Cap % Giant 0.0 Large 0.0 Mid 9.8 Small 63.6 Micro 26.5 Avg $mil: 1,377
Value Blnd Growth
Large Mid Small
Cyclical 26.83 0.93 BasicMat 5.79 1.89 10 6 CnsmrCyc15.10 1.76 15 7 FinanSvs 3.12 0.20 4 2 Real Est 2.82 1.93 4 2 Sensitive 69.56 1.59 CommSrvs 2.21 0.55 3 2 Energy 13.44 1.26 13 8 Industrl 28.31 2.49 36 28 Technlgy 25.60 1.46 26 22 Defensive 3.61 0.13 CnsmrDef 0.00 0.00 4 0 Hlthcare 3.61 0.31 4 2 Utilities 0.00 0.00 8 2
h r t y u j i o p a k s d f
Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures
Rel Category
15.33 1.35 0.51 5.71 1.60 12.65 6.01 9.52 7.30 -4.41
0.94 0.80 0.55 0.89 1.13 1.02 3.60 5.35 0.81 NMF
% Rel Category
Composition - Net
Cash 7.1 Stocks 92.9 Bonds 0.0 Other 0.0 Foreign 2.2
Address:
Artisan Funds Inc Milwaukee, WI 53202 800-344-1770 www.artisanfunds.com
Minimum Purchase: Min Auto Inv Plan:
$1000 $1000
Add: $50 IRA: $0
Add: $50
Profitability
% Rel Category
Sales Fees:
No-load
Return on Equity Return on Assets Net Margin
8.16 3.93 7.14
0.71 0.84 0.84
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
1.00% mx./0.93% mn. Mgt:0.94% Dist: .
(% of Stock)
09-29-97
Actual Fees:
Artisan Partners Limited Partnership
Expense Projections: Income Distribution:
3Yr:$390 Annually
5Yr:$676 10Yr:$1489
None
Fidelity Retail-NTF, Schwab OneSource
Mutual Funds ß ®
© 2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or timely. Past performance isnoguaranteeof future results.Accessupdated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.
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