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U.S. Value Team:
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Strategies:
U.S. Mid-Cap Value Strategy
Investment Approach
Artisan U.S. Mid-Cap Value strategy employs a fundamental investment process to construct a diversified portfolio of value-oriented, U.S. mid-cap companies that the team believes are undervalued, in solid financial condition and have attractive business economics. The team believes companies with these characteristics are less likely to experience eroding values over the long term.Quarterly Performance (as of 12/31/11)
| AVERAGE ANNUAL TOTAL RETURNS | ||||||||
| QTD1 | YTD1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception2 | ||
| Artisan U.S. Mid-Cap Value Composite (Gross) | 13.51% | 7.67% | 7.67% | 20.74% | 5.79% | 12.08% | 13.92% | |
| Artisan U.S. Mid-Cap Value Composite (Net) | 13.26% | 6.67% | 6.67% | 19.63% | 4.82% | 11.03% | 12.84% | |
| Russell Midcap® Index | 12.31% | -1.55% | -1.55% | 20.17% | 1.41% | 6.99% | 7.05% | |
| Russell Midcap® Value Index | 13.37% | -1.38% | -1.38% | 18.19% | 0.04% | 7.67% | 7.88% | |
Source: Artisan Partners/Russell. Past performance is not indicative of future results.
1 Returns are not annualized. 2 Inception date is April 1, 1999. 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 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 indices include reinvested dividends 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
Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Value securities may underperform other asset types during a given period.