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Emerging Markets Team:
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Strategy:
Emerging Markets Strategy
Investment Approach
Artisan Emerging Markets strategy believes that emerging markets present investors with two distinct characteristics: higher economic growth potential than developed economies and greater volatility associated with their emerging nature. The team seeks to identify emerging market companies that are uniquely positioned to benefit from that growth potential and possess a sustainable global competitive advantage that can assist in weathering challenging economic environments.Quarterly Performance (as of 12/31/11)
| AVERAGE ANNUAL TOTAL RETURNS | ||||||||
| QTD1 | YTD1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception2 | ||
| Artisan Emerging Markets Composite (Gross) | 1.79% | -26.99% | -26.99% | 17.77% | 1.03% | -- | 5.09% | |
| Artisan Emerging Markets Composite (Net) | 1.52% | -27.77% | -27.77% | 16.56% | -0.04% | -- | 3.99% | |
| MSCI Emerging Markets IndexSM | 4.42% | -18.42% | -18.42% | 20.07% | 2.40% | -- | 6.15% | |
Source: Artisan Partners/MSCI. Past performance is not indicative of future results.
1 Returns are not annualized. 2 Inception date is July 1, 2006.
Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices.
Strategy Risk Disclosure
International investments involve special risks, 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. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped markets; and higher likelihood of high levels of inflation, deflation or currency devaluations.
Index Disclosure
The MSCI Emerging Markets IndexSM is an unmanaged, market-weighted index of companies in emerging markets. Performance results for the index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the index. An investment can not be made directly into an index.The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com)