Description
Statistics Supplement
31 December 2016
Artisan High Income Fund
This material must be preceded or accompanied by a current Artisan Partners Funds prospectus. View a prospectus or summary prospectus.
Sector Diversification (% of total fixed income securities)
Automotive
Banking
Basic Industry
Capital Goods
Consumer Goods
Energy
Financial Services
Health Care
Insurance
Leisure
Media
Real Estate
Retail
Services
Technology & Electronics
Telecommunications
Transportation
Utility
Other
Total
Index1
2.0
3.6
11.1
5.9
2.3
14.6
2.9
9.4
0.8
4.2
11.0
0.7
4.7
4.4
6.6
10.2
1.1
2.7
1.7
100.0
Fund
1.0
0.0
4.5
5.2
2.8
17.0
4.5
6.0
10.4
1.8
10.2
6.3
4.2
4.9
17.2
4.1
0.0
0.0
0.0
100.0
Currency Exposure (% of total portfolio)
US Dollar
Total
100.0
100.0
Source: Artisan Partners. Based on the currency of the underlying securities in the portfolio and does not
depict currency risk. The investment team typically hedges a portion of non-USD currency exposure.
Portfolio Statistics
Top 10 Issuers (% of total portfolio)
Top 20 Issuers (% of total portfolio)
Top 30 Issuers (% of total portfolio)
Fixed / Floating (% of total portfolio)
Average Coupon
Current Yield
Duration
Average Maturity
Average Price
Yield to Worst
38.1%
57.3%
71.1%
75.3% / 20.1%
6.6%
6.8%
2.90 yrs
6.22 yrs
$97.81
6.4%
Investor
Source: Artisan Partners/BofA Merrill Lynch.
Cash represented 4.5% of the total portfolio. 1BofA Merrill Lynch US High Yield Master II Index. 1 Advisor 5.4% 6.3% 1.03% 1.09% 30-Day SEC Yield Monthly Distribution Yield Expense Ratio (as of 30 Sep 2016)1 Expense Ratio (as of 30 Sep 2015)2 5.6% 6.5% 0.84% 0.93% Annual Report. 2Prospectus. Geographic Breakdown (% of total fixed income securities) Americas US Canada Europe Pacific Basin Total 96.5 94.0 2.5 3.5 0.0 100.0 Source: Artisan Partners/Bloomberg.
Based on issuer country of domicile. Investment Results (%) Average Annual Total Returns As of 31 December 2016 QTD1 YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception2 Investor Class: ARTFX 1.95 14.52 14.52 — — — 6.10 Advisor Class: APDFX 2.00 14.72 14.72 — — — 6.26 BofA Merrill Lynch US High Yield Master II Index 1.88 17.49 17.49 — — — 4.08 Source: Artisan Partners/BofA Merrill Lynch. 1Returns not annualized. 2Fund Inception: 19 March 2014. Past performance does not guarantee and is not a reliable indicator of future results.
Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance.
The performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Performance may reflect agreements to limit a Fund’s expenses, which would reduce performance if not in effect. Unlike the Index, the High Income Fund holds loans and other security types.
At times, this causes material differences in relative performance. . Fixed income securities carry interest rate risk and credit risk for both the issuer and counterparty and investors may lose principal value. In general, when interest rates rise, fixed income values fall. High income securities (junk bonds) are speculative, experience greater price volatility and have a higher degree of credit and liquidity risk than bonds with a higher credit rating. The portfolio typically invests a significant portion of its assets in lower-rated high income securities (e.g., CCC).
Loans carry risks including insolvency of the borrower, lending bank or other intermediary. Loans may be secured, unsecured, or not fully collateralized, trade infrequently, experience delayed settlement, and subject to resale restrictions. Private placement and restricted securities may not be easily sold due to resale restrictions and are more difficult to value.
The use of derivatives in a portfolio may create investment leverage and increase the likelihood of volatility and risk of loss in excess of the amount invested. 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.
Please read it carefully before you invest or send money. Unless otherwise indicated, information in this report includes all classes of shares, except performance and expense ratio information and is as of the date shown. Portfolio statistics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time and are calculated using information obtained from various data sources. Portfolio statistics include accrued interest unless otherwise stated and may vary from the official books and records of the Fund.
Artisan Partners may exclude outliers when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. Portfolio Statistics Source: Artisan Partners/Bloomberg.
Totals may not sum due to rounding. Coupon is the annual interest rate paid by a fixed-income security, expressed as a percentage of the face value. Current Yield is the annual income (interest or dividends) divided by the current price of a security. Duration estimates the sensitivity of underlying fixed income securities to changes in interest rates—the longer the duration, the greater the sensitivity to changes in interest rates.
Effective duration typically incorporates prepayments and the exercise of calls. Modified duration, in contrast, does not. Duration shown is calculated using effective duration for bonds and modified duration for loans and includes cash and cash equivalents.
Average Maturity refers to a finite time period at the end of which a financial instrument will be repaid and is calculated based on the total market value of fixed-income securities in the portfolio. Average Price is the aggregate market value of the fixed-income securities in the portfolio. Yield to Worst reflects the lowest potential yield receivable for a fixed-income security absent a default, and includes cash and cash equivalents.
Current Yield and Yield to Worst, do not take into consideration fund fees and expenses. Yields will vary from a fund shareholder’s actual return, and income distributions from the fund may be higher or lower than indicated. Unless otherwise noted, portfolio statistics represent the weighted average of the portfolio’s fixed-income securities and exclude cash and cash equivalents. 30-Day SEC Yield is based on a formula specified by the SEC that calculates a fund's hypothetical annualized income, as a percentage of its assets.
This hypothetical yield will differ from the fund's actual experience and as a result, income distributions from the fund may be higher or lower. Monthly Distribution Yield is calculated by dividing the annualized monthly dividends distributed by the Fund by the month-end NAV. BofA Merrill Lynch US High Yield Master II Index measures the performance of below investment grade $US-denominated corporate bonds publicly issued in the US market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
Source Merrill Lynch, Pierce, Fenner & Smith Incorporated ("BofAML"), used with permission. BofAML permits use of the BofAML indices and related data on an "as is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofAML indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Artisan Partners or any of its products or services. Artisan Partners Funds offered through Artisan Partners Distributors LLC, member FINRA. ©2017 Artisan Partners. All rights reserved. Not FDIC Insured | No Bank Guarantee | May Lose Value A15705L - ARTFX Statistics vR .
Cash represented 4.5% of the total portfolio. 1BofA Merrill Lynch US High Yield Master II Index. 1 Advisor 5.4% 6.3% 1.03% 1.09% 30-Day SEC Yield Monthly Distribution Yield Expense Ratio (as of 30 Sep 2016)1 Expense Ratio (as of 30 Sep 2015)2 5.6% 6.5% 0.84% 0.93% Annual Report. 2Prospectus. Geographic Breakdown (% of total fixed income securities) Americas US Canada Europe Pacific Basin Total 96.5 94.0 2.5 3.5 0.0 100.0 Source: Artisan Partners/Bloomberg.
Based on issuer country of domicile. Investment Results (%) Average Annual Total Returns As of 31 December 2016 QTD1 YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception2 Investor Class: ARTFX 1.95 14.52 14.52 — — — 6.10 Advisor Class: APDFX 2.00 14.72 14.72 — — — 6.26 BofA Merrill Lynch US High Yield Master II Index 1.88 17.49 17.49 — — — 4.08 Source: Artisan Partners/BofA Merrill Lynch. 1Returns not annualized. 2Fund Inception: 19 March 2014. Past performance does not guarantee and is not a reliable indicator of future results.
Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance.
The performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Performance may reflect agreements to limit a Fund’s expenses, which would reduce performance if not in effect. Unlike the Index, the High Income Fund holds loans and other security types.
At times, this causes material differences in relative performance. . Fixed income securities carry interest rate risk and credit risk for both the issuer and counterparty and investors may lose principal value. In general, when interest rates rise, fixed income values fall. High income securities (junk bonds) are speculative, experience greater price volatility and have a higher degree of credit and liquidity risk than bonds with a higher credit rating. The portfolio typically invests a significant portion of its assets in lower-rated high income securities (e.g., CCC).
Loans carry risks including insolvency of the borrower, lending bank or other intermediary. Loans may be secured, unsecured, or not fully collateralized, trade infrequently, experience delayed settlement, and subject to resale restrictions. Private placement and restricted securities may not be easily sold due to resale restrictions and are more difficult to value.
The use of derivatives in a portfolio may create investment leverage and increase the likelihood of volatility and risk of loss in excess of the amount invested. 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.
Please read it carefully before you invest or send money. Unless otherwise indicated, information in this report includes all classes of shares, except performance and expense ratio information and is as of the date shown. Portfolio statistics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time and are calculated using information obtained from various data sources. Portfolio statistics include accrued interest unless otherwise stated and may vary from the official books and records of the Fund.
Artisan Partners may exclude outliers when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. Portfolio Statistics Source: Artisan Partners/Bloomberg.
Totals may not sum due to rounding. Coupon is the annual interest rate paid by a fixed-income security, expressed as a percentage of the face value. Current Yield is the annual income (interest or dividends) divided by the current price of a security. Duration estimates the sensitivity of underlying fixed income securities to changes in interest rates—the longer the duration, the greater the sensitivity to changes in interest rates.
Effective duration typically incorporates prepayments and the exercise of calls. Modified duration, in contrast, does not. Duration shown is calculated using effective duration for bonds and modified duration for loans and includes cash and cash equivalents.
Average Maturity refers to a finite time period at the end of which a financial instrument will be repaid and is calculated based on the total market value of fixed-income securities in the portfolio. Average Price is the aggregate market value of the fixed-income securities in the portfolio. Yield to Worst reflects the lowest potential yield receivable for a fixed-income security absent a default, and includes cash and cash equivalents.
Current Yield and Yield to Worst, do not take into consideration fund fees and expenses. Yields will vary from a fund shareholder’s actual return, and income distributions from the fund may be higher or lower than indicated. Unless otherwise noted, portfolio statistics represent the weighted average of the portfolio’s fixed-income securities and exclude cash and cash equivalents. 30-Day SEC Yield is based on a formula specified by the SEC that calculates a fund's hypothetical annualized income, as a percentage of its assets.
This hypothetical yield will differ from the fund's actual experience and as a result, income distributions from the fund may be higher or lower. Monthly Distribution Yield is calculated by dividing the annualized monthly dividends distributed by the Fund by the month-end NAV. BofA Merrill Lynch US High Yield Master II Index measures the performance of below investment grade $US-denominated corporate bonds publicly issued in the US market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
Source Merrill Lynch, Pierce, Fenner & Smith Incorporated ("BofAML"), used with permission. BofAML permits use of the BofAML indices and related data on an "as is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofAML indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Artisan Partners or any of its products or services. Artisan Partners Funds offered through Artisan Partners Distributors LLC, member FINRA. ©2017 Artisan Partners. All rights reserved. Not FDIC Insured | No Bank Guarantee | May Lose Value A15705L - ARTFX Statistics vR .
