Fact Sheet - Bright Directions

Artisan Emerging Markets Fund
QUARTERLY
Fact Sheet
Advisor Class: ARTZX
As of 30 September 2013
Investment Process Highlights
The investment team seeks to invest in companies that are uniquely positioned to benefit
from the growth potential in emerging markets and that possess a sustainable global
competitive advantage.
Sustainable Earnings
■
■
■
In-depth financial and strategic analyses to determine a normal ROE
Financial analysis focuses on identifying historical drivers of ROE
Strategic analysis examines a company's competitive advantages
Risk Analysis
■
■
Assess and incorporate company-specific risks into valuation analysis
Assess macro-economic risks, e.g. currency, inflation, monetary and fiscal policy and
political risks
Valuation
■
■
Determine risk-adjusted target price based on sustainable earnings estimates, cash flow
expectations and risk analysis
Invest in companies that are undervalued relative to peers and historical, industry, country
and regional valuations
Sector Diversification (% of total portfolio equities)
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Telecommunication Services
Utilities
Fund
14.4
10.4
23.4
17.4
TOTAL
100.0%
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash represented 2.9% of the total portfolio.
4.1
3.6
8.9
9.7
5.2
2.9
Portfolio Details
Net Asset Value (NAV)
Inception
2 June 2008
Expense Ratio 1 1.49%
Direct Operating Expenses
1.48%
Total AUM (Millions) 2 $582
Advisor Class: ARTZX
$12.32
$188
1
For the fiscal year ended 30 Sep 2012. The Fund's direct operating expenses are 1.48% which
are reflected in the Fund's Financial Highlights in the prospectus and financial statements. The
Expense Ratio noted above includes indirect expenses the Fund may incur from investing in an
investment company (Acquired Fund Fees and Expenses); such indirect expenses are not paid
from the Fund’s assets but are reflected in the Fund's return realized by its investment in the
acquired funds. 2 AUM as of 30 Jun 2013.
Portfolio Statistics Fund MSCI EM 1
Median Market Cap (Billions)
Weighted Avg. Market Cap (Billions)
Weighted Harmonic Avg. P/E (FY1)
Weighted Harmonic Avg. P/E (FY2)
Weighted Avg. LT EPS Growth Rate (3-5 Yr)
Weighted Avg. ROE
Median Price/Book Value
Active Share
76.9%
Portfolio Turnover Rate 2 38.2%
Number of Holdings
Number of Countries
$5.1
$33.1
11.3X
9.9X
15.6%
14.9%
1.6X
109
25
$4.9
$44.2
11.2X
10.2X
13.7%
17.4%
1.8X
818
Source: Artisan Partners/FactSet (MSCI). 1 MSCI Emerging Markets Index. 2 Audited. For the 12
months ended 30 Sep 2012.
Top 10 Holdings (% of total portfolio)
Samsung Electronics Co Ltd (South Korea)
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan)
Hon Hai Precision Industry Co Ltd (Taiwan)
Vale SA (Brazil)
Petroleo Brasileiro SA (Brazil)
Kia Motors Corp (South Korea)
Zhuzhou CSR Times Electric Co Ltd (China)
Lukoil OAO (Russia)
Shinhan Financial Group Co Ltd (South Korea)
Hypermarcas SA (Brazil)
TOTAL
Source: Artisan Partners/FactSet (MSCI).
21
6.7
3.5
2.3
2.3
2.1
2.0
1.9
1.9
1.9
1.7
26.2%
Investment Results (%)
Average Annual Total Returns
As of 30 September 2013
QTD 1
YTD 1
1 Yr
3 Yr
5 Yr
10 Yr
Inception
Advisor Class: ARTZX
6.48 -7.51 -2.25
-6.00
3.02
—
-5.42
Linked Institutional and Advisor Class 2 —
MSCI Emerging Markets Index
5.77 -4.35
0.98
-0.33
7.22
-1.28
Source: Artisan Partners/MSCI. 1 Returns are not annualized. 2 Linked performance data shown relates to the Advisor Shares from 2 June 2008 forward and for Institutional Shares prior to 2 June 2008. 3 Institutional Shares inception date: 26 June 2006.
Linked Inception 3
4.30
7.38
Calendar Year Returns (%)
2009
2010
2011
2012
Advisor Class: ARTZX
MSCI Emerging Markets Index
82.99
78.51
18.14
18.88
-28.35
-18.42
16.76
18.22
Performance of the Institutional class shares does not reflect higher expenses associated with the Advisor Shares, and if reflected, would reduce the performance quoted. 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 888.454.1770 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. The Fund's performance information reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance,
which would have been lower in its absence.

Artisan Emerging Markets Fund
Region/Country Allocation (% of total portfolio equities)
REGION
EMERGING ASIA
Korea
China
Taiwan
India
Indonesia
Thailand
Philippines
Malaysia
LATIN AMERICA
Brazil
Mexico
Chile
Colombia
Peru
EUROPE, MIDDLE EAST AND AFRICA
Russia
South Africa
Turkey
United Arab Emirates
Kazakhstan
Egypt
DEVELOPED MARKETS
Hong Kong
Italy
Switzerland
United States
United Kingdom
Sweden
Source: Artisan Partners/FactSet (MSCI).
Portfolio Construction
■
Typically 90 - 110 holdings
Fund
55.2
15.3
14.2
11.2
6.8
3.7
2.9
0.6
0.5
22.7
13.3
5.6
1.3
1.3
1.2
16.9
7.5
4.4
2.6
1.4
0.7
0.3
5.3
■ Maximum position size generally 5%*
■ Limit +/- 10% of any one country’s weighting in the MSCI
Emerging Markets Index*
■ Minimum of $400 million market capitalization*
■ Typically less than 5% cash
*Limitations apply at the time of purchase. See prospectus for more details.
Morningstar Overall Rating
★
Star ratings are based on risk-adjusted return. The Overall Morningstar Rating for a fund is
derived from a weighted average of the performance figures associated with its 3-, 5- and 10-
year Morningstar Rating metrics. (Overall: 1 star out of 382 funds; 3-years: 1 star out of 382
funds; 5-years: 1 star out of 284 funds in the Diversified Emerging Mkts category).
1.6
1.1
0.9
0.6
0.6
0.5
Team Leadership
Portfolio Manager
Maria Negrete-Gruson, CFA
Years of Investment Experience
22
Advisor Class: ARTZX
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information is contained in
the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefully before investing.
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. Such risks include new and
rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood
of high levels of inflation, deflation or currency devaluations. Securities of small- and medium-sized companies tend to have a shorter
history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods.
Artisan Partners defines emerging markets as those markets in any country other than Canada, Luxembourg, the United States and the countries
comprising the MSCI EAFE Index. The MSCI Emerging Markets Index is an unmanaged, market-weighted index of companies in emerging markets.
Index returns include net reinvested dividends 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. There may be less countries in the MSCI Emerging Markets Index than the
number of countries defined as emerging markets by Artisan Partners. An investment cannot be made directly into an index. All information in this
report includes all classes of shares, except performance and expense ratio information and as otherwise indicated, and is as of the date shown in
the upper right hand corner unless otherwise indicated. Totals may not sum due to rounding.
Morningstar data © 2013 Morningstar, Inc.; all rights reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its
content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its
content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year
history, Morningstar calculates a Morningstar Rating which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in
a fund’s monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations
and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35%
receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Ratings are for the Fund’s Advisor Shares; other
classes may vary.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and
Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Artisan Partners. Neither MSCI, S&P nor any
third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with
respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all
warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or
classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or
compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages
(including lost profits) even if notified of the possibility of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained
herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or
produced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflect
country designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currently
classified by GICS.
Median is the data's midpoint value. Weighted Average is the average of values weighted to the data set's composition. Weighted Harmonic
Average is a calculation of weighted average commonly used for rates or ratios. Market Cap is the aggregate value of all of a company's
outstanding equity securities. Price-to-Earnings Ratio (P/E Ratio) measures how expensive a stock is. Earnings figures used for FY1 and FY2 are
estimates for the current and next unreported fiscal years. Growth Rate is the annual rate at which a company’s earnings are expected to grow.
Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity.
Price-to-Book Ratio (P/B Ratio) measures a company's stock price in relation to its book value (the total amount a company would be worth if it
liquidated its assets and paid back all its liabilities). Active Share is defined as the percentage of a portfolio that differs from its benchmark index.
Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index.
Portfolio Turnover is a measure of the trading activity in an investment portfolio—how often securities are bought and sold by a portfolio.
Artisan Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealer subsidiary of
Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Funds, is wholly owned by
Artisan Partners Holdings LP.
© 2013 Artisan Partners. All rights reserved.
Not FDIC Insured | No Bank Guarantee | May Lose Value
10/15/13 A13677L_vR