Non-U.S. Small-Cap Growth Strategy
Investment Approach
Artisan Non-U.S. Small-Cap Growth strategy employs a fundamental stock selection process focused on identifying long-term growth opportunities among small non-U.S. growth companies. The strategy defines a small company as one with a market capitalization less than $4 billion at the time of investment. The investment team’s thematic approach identifies catalysts for change and develops investment themes with the objective of capitalizing on them globally. The team generally finds that companies with sustainable growth characteristics are well managed, have a dominant or improving market position and competitive advantages compared to industry and regional peers.
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 Non-U.S. Small-Cap Growth Composite (Gross) | 17.95% | 17.95% | -0.89% | 26.96% | 2.50% | 15.34% | 15.46% |
| Artisan Non-U.S. Small-Cap Growth Composite (Net) | 17.61% | 17.61% | -2.13% | 25.41% | 1.23% | 13.92% | 14.04% |
| MSCI EAFE® Small Cap Index | 14.86% | 14.86% | -6.23% | 24.10% | -2.79% | 9.91% | 10.26% |
Source: Artisan Partners/MSCI. Past performance is not indicative of future results.
1 Returns are not annualized. 2 Inception date is January 1, 2002. 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.