U.S. Value Team
Investment Philosophy & Process Overview
Artisan's U.S. Value investment team believes that undervalued companies, in solid financial condition with attractive business economics, are less likely to experience eroding value over the long term.
Attractive Valuation
The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team generally will purchase a security if the stock price falls below or toward the lower end of that range.
Sound Financial Condition
The team favors companies with an acceptable level of debt and positive cash flow, which it believes represents financial flexibility and strength. At a minimum, the team tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies' shareholders.
Attractive Business Economics
The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company's business cycle. Attractive business economics are an important business characteristic and the team believes they are helpful in avoiding classic "value traps."
Important Investment Risk Disclosure
Important Investment Risk Disclosure
U.S. Mid Cap Value Strategy
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. 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. Growth securities may underperform other asset types during a given period.
U.S. Small Cap Value Strategy
Securities of smaller 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. Growth securities may underperform other asset types during a given period.
Value Equity Strategy
Securities of smaller 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.