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 3/31/12)
| AVERAGE ANNUAL TOTAL RETURNS | |||||||
|---|---|---|---|---|---|---|---|
| Strategy/Index | QTD1 | YTD1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception2 |
| Artisan Emerging Markets Composite (Gross) | 15.74% | 15.74% | -14.52% | 23.34% | 2.87% | -- | 7.56% |
| Artisan Emerging Markets Composite (Net) | 15.45% | 15.45% | -15.43% | 22.07% | 1.79% | -- | 6.44% |
| MSCI Emerging Markets IndexSM | 14.08% | 14.08% | -8.80% | 25.04% | 4.66% | -- | 8.32% |
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.