Non-U.S. Value Strategy

Investment Approach

Artisan Non-U.S. Value strategy’s investment process is focused on identifying what they consider to be high-quality, undervalued non-U.S. stocks of all sizes that offer the potential for superior risk/return outcomes. The team’s in-depth research process focuses on four key investment characteristics: Undervaluation, Business Quality, Financial Strength and Shareholder-Oriented Management.

Quarterly Performance (as of 3/31/14)

Strategy/Index QTD1 YTD1 1 Yr 3 Yr 5 Yr 10 Yr Inception2
Artisan Non-U.S. Value Composite (Gross) 0.58% 0.58% 23.16% 14.58% 23.70% 12.67% 14.70%
Artisan Non-U.S. Value Composite (Net) 0.35% 0.35% 22.04% 13.53% 22.57% 11.63% 13.63%
MSCI EAFE Index 0.66% 0.66% 17.56% 7.21% 16.01% 6.52% 7.44%
MSCI EAFE Value Index 1.22% 1.22% 20.25% 7.15% 16.10% 6.40% 7.75%

Source: Artisan Partners/Russell. Past performance is not indicative of future results.

1 Returns are not annualized. 2 Inception date is July 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.

Important Investment Risk & Index Disclosures