Download Webcast Presentation—Artisan Partners Global Equity Team

Artisan High Income Fund
10 March 2016
Artisan Partners Global Equity Team
This is an offering of shares of an Artisan Fund and does not create a relationship between the investor and Artisan Partners. The Notes and Disclosures section of this presentation contains important
information. Readers are encouraged to review it carefully.
Artisan Partners Global Equity Team
Portfolio Managers
Research Analysts
Research Associates
Singapore
New York
Team Leadership (Pictured left to right)
San Francisco
Years of
Investment
Experience
London
Artisan Partners Global Equity Team

Mark Yockey
35
Charles-Henri Hamker
26

Andrew Euretig
12


Our
investment
members have
an average of
19 years
investment
experience
Richard Logan
Chemicals and Energy
17
Michael Steib
Consumer
22

Andrew Ziccardi
Consumer and Real Estate
10

Claudia Corra
Financial Services
24

Brice Vandamme
Financial Services
13
Steven Foundos
Financial Services
9
Jason Kantor
Health Care: Biotechnology
19
Gregory Brash
Health Care: Services & Devices
16
William Tsao-Wu
Industrials
8

Herman Leung
Technology
16

Team Resources & Support
Michael Carruthers
Telecommunications and Media
24

Chief Operating Officer
Stephen Chan
Asia Pacific
23
Maya Bittar
Multi-Sector
24
9 Individuals Dedicated to Fundamental Research









27 Years Industry Experience
8 Traders

24-Hour Global Coverage
25 Team Members
ARTISAN PARTNERS
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Artisan Partners Global Equity Team
Investment Process Overview
We believe that investing in well-managed businesses, generating strong earnings growth at reasonable prices will
lead to outperformance over a full market cycle
Identify Global Long-Term Themes
 Demographics
 Technology
Global
Themes
Sustainable
Growth
Investment
Opportunities
 Privatization / deregulation
Invest in Sustainable Growth
 Sustainable competitive advantage
 Superior business model
 High-quality management team
 Outsourcing
 Air travel
 Infrastructure
Valuation
 Environment
Invest at a Reasonable Valuation
 Relative to growth
 Compared to history and peers
 Valuation determines timing of buy and sell decisions
ARTISAN PARTNERS
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Artisan Partners Global Equity Team
Investment Process—Identifying Sustainable Growth
Through an extensive program of meetings and the development of a deep understanding of each opportunity, we
seek to assess a company’s ability to sustain earnings growth
Sustainable Competitive Advantage
 Dominant market position
 High barriers to entry
 Brand strength
 Pricing power
 Unique assets
Sustainable Growth
Superior Business Model
 Significant free cash flow
 High/improving profit margins
 Strong financial position
 High/improving return on equity
High-Quality Management Team
 Focused leadership
 Clear business strategy
 Proven track record
 Alignment of interests
Sustainable Growth factors outlined above apply to the investment selection criteria.
ARTISAN PARTNERS
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Artisan Partners Global Equity Team
Investment Performance
(%) as of 29 Feb 2016
Artisan International Fund (28 Dec 1995)
MSCI EAFE Index
Artisan International Small Cap Fund (21 Dec 2001)
MSCI EAFE Small Cap Index
Artisan Global Equity Fund (29 Mar 2010)
MSCI All Country World Index
Artisan Global Small Cap Fund (25 Jun 2013)
MSCI All Country World Small Cap Index
Investor Class
Status
1 Yr
ARTIX
Open
-16.12
-15.18
-4.05
-5.45
-14.79
-12.32
-12.00
-11.90
ARTJX Closed1
ARTHX
Open
ARTWX Open
Average Annual Total Returns
3 Yr
5 Yr
10 Yr
1.45
0.38
2.31
5.22
4.11
3.67
-----
4.15
0.56
5.78
3.94
7.57
3.71
-----
3.47
1.49
5.59
3.13
---------
Inception
8.70
3.90
11.77
9.45
9.30
5.48
-0.30
4.64
Expense Ratios
Subsidized Unsubsidized
---
1.17%
---
1.52%
---
1.37%
1.50%
1.53%
(Inception)
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. Visit www.artisanpartners.com/performance for
current to most recent month-end performance. Performance may reflect agreements to limit a Fund’s expenses, which would reduce performance if not in effect. The Artisan
Global Equity and Global Small Cap Funds’ investments in initial public offerings (IPOs) made a material contribution to the Funds’ performance. IPO investments are not an
integral component of the Funds’ investment process and may not be available in the future.
Source: Artisan Partners/MSCI. 1Closed to most new investors. Performance data shown for the Investor Classes. Investor Class represents the oldest share class in the fund and generally has higher expenses and lower minimum investments. 2For the fiscal year ended 30 Sep 2015.
Subsidized expenses reflect a contractual Fund expense reimbursement agreement in effect through 1 Feb 2017.
ARTISAN PARTNERS
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Artisan Partners Global Equity Team
Investment Performance
(%) as of 31 Dec 2015
Artisan International Fund (28 Dec 1995)
MSCI EAFE Index
Artisan International Small Cap Fund (21 Dec 2001)
MSCI EAFE Small Cap Index
Artisan Global Equity Fund (29 Mar 2010)
MSCI All Country World Index
Artisan Global Small Cap Fund (25 Jun 2013)
MSCI All Country World Small Cap Index
Investor Class
Status
1 Yr
ARTIX
Open
-3.85
-0.81
11.02
9.59
1.13
-2.36
6.07
-1.04
ARTJX Closed1
ARTHX
Open
ARTWX Open
Average Annual Total Returns
3 Yr
5 Yr
10 Yr
6.03
5.01
8.07
10.44
10.65
7.69
-----
6.75
3.60
7.58
6.32
10.78
6.09
-----
5.05
3.03
7.79
4.55
---------
Inception
9.26
4.42
12.81
10.22
11.87
6.91
5.29
8.13
Expense Ratios
Subsidized Unsubsidized
---
1.17%
---
1.52%
---
1.37%
1.50%
1.53%
(Inception)
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. Visit www.artisanpartners.com/performance for
current to most recent month-end performance. Performance may reflect agreements to limit a Fund’s expenses, which would reduce performance if not in effect. The Artisan
Global Equity and Global Small Cap Funds’ investments in initial public offerings (IPOs) made a material contribution to the Funds’ performance. IPO investments are not an
integral component of the Funds’ investment process and may not be available in the future.
Source: Artisan Partners/MSCI. 1Closed to most new investors. Performance data shown for the Investor Classes. Investor Class represents the oldest share class in the fund and generally has higher expenses and lower minimum investments. 2For the fiscal year ended 30 Sep 2015.
Subsidized expenses reflect a contractual Fund expense reimbursement agreement in effect through 1 Feb 2017.
ARTISAN PARTNERS
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Artisan Partners Global Equity Team
Sector Weights
Artisan
International Fund
MSCI EAFE
Index
Artisan International
Small Cap Fund
MSCI EAFE
Small Cap Index
Artisan Global
Equity Fund
MSCI All Country
World Index
Artisan Global
Small Cap Fund
MSCI All Country
World Small Cap Index
Consumer Discretionary
20.1
13.2
12.9
17.4
22.4
13.0
25.2
15.3
Consumer Staples
11.7
11.9
17.5
6.9
7.5
10.2
7.7
5.0
0.0
4.5
0.0
2.4
0.0
6.2
0.0
3.1
Financials
10.8
25.6
7.7
22.4
11.6
21.5
11.8
23.9
Health Care
22.6
11.9
8.5
7.9
28.8
12.5
14.0
10.7
Industrials
10.5
12.6
13.7
22.1
6.8
10.3
8.8
17.2
Information Technology
14.6
5.2
15.0
9.8
14.8
14.9
6.0
13.8
Materials
7.9
6.4
5.4
8.1
5.0
4.5
7.8
7.0
Telecommunication Services
1.6
4.9
15.0
1.5
1.6
3.7
12.3
0.9
Utilities
0.2
3.7
4.2
1.5
1.6
3.2
6.4
3.3
(%) as of 31 Dec 2015
Energy
Source: FactSet/GICS/MSCI. Percentages shown are of the portfolio equities. Cash represented 4.3%, 9.3%, 2.9% and 5.1%, respectively, of the total portfolios of Artisan International Fund, International Small Cap Fund, Global Equity Fund and Global Small Cap Fund at 31 Dec 2015.
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Artisan Partners Global Equity Team
Region Weights
Artisan
International Fund
MSCI EAFE
Index
Artisan International
Small Cap Fund
MSCI EAFE
Small Cap Index
Artisan Global
Equity Fund
MSCI All Country
World Index
Artisan Global
Small Cap Fund
MSCI All Country World
Small Cap Index
Europe
53.6
64.5
75.6
57.5
20.6
22.3
58.3
20.2
Pacific Basin
13.5
34.8
7.5
41.3
2.4
12.0
3.4
14.5
Emerging Markets
11.6
0.0
14.2
0.0
9.4
9.6
17.2
10.4
0.0
0.8
0.0
1.2
0.0
0.3
0.0
0.4
21.3
0.0
2.7
0.0
67.7
55.8
21.1
54.4
(%) as of 31 Dec 2015
Middle East
Americas
Source: FactSet/MSCI. Percentages shown are of the portfolio equities. Cash represented 4.3%, 9.3%, 2.9% and 5.1%, respectively, of the total portfolios of Artisan International Fund, International Small Cap Fund, Global Equity Fund and Global Small Cap Fund at 31 Dec 2015.
Countries held in the index but not the portfolio are not listed.
ARTISAN PARTNERS
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Artisan International Fund
Portfolio Holdings (% of total portfolio)
Consumer Discretionary
4.3 Liberty Global PLC
2.5 Delphi Automotive PLC
2.2 Toyota Motor Corp
1.8 WPP PLC
1.6 Grupo Televisa SAB
1.5 Carnival PLC
1.2 Autoliv Inc
1.1 Royal Caribbean Cruises Ltd
1.0 InterContinental Hotels Group PLC
0.8 Telenet Group Holding NV
0.7 LVMH Moet Hennessy Louis
Vuitton SE
0.6 Mediaset SpA
Consumer Staples
3.0 Nestle SA
2.2 Japan Tobacco Inc
1.5 Beiersdorf AG
1.2 Imperial Tobacco Group PLC
0.9 Pernod-Ricard SA
0.9 Henkel AG & Co KGaA
0.8 L'Oreal SA
0.7 Anheuser-Busch InBev SA/NV
0.1 Diageo PLC
0.0 Orion Corp
Financials
3.7 AIA Group Ltd
1.4 Housing Development Finance
Corp Ltd
1.3 Lloyds Banking Group PLC
1.1 Aon PLC
1.0 Allianz SE
1.0 Vonovia SE
0.9 Swedbank AB
Health Care
5.0 Medtronic PLC
4.3 Bayer AG
2.9 Roche Holding AG
1.8 Olympus Corp
1.6 Novartis AG
1.6 Actelion Ltd
1.4 Grifols SA
1.2 Allergan PLC
1.0 Ono Pharmaceutical Co Ltd
0.9 UCB SA
Industrials
1.9 Zodiac Aerospace
1.8 NGK Insulators Ltd
1.8 International Consolidated Airlines
Group SA
1.3 Ryanair Holdings PLC
0.7 Adecco SA
0.6 WABCO Holdings Inc
0.5 Babcock International Group PLC
0.5 Allegion PLC
0.5 IHI Corp
0.4 Canadian Pacific Railway Ltd
Materials
2.6 Syngenta AG
2.2 Linde AG
2.0 Johnson Matthey PLC
0.8 Croda International PLC
Telecommunication Services
0.8 Orange SA
0.7 BT Group PLC
Utilities
0.2 Beijing Enterprises Water Group Ltd
Information Technology
3.8 Baidu Inc
2.9 Tencent Holdings Ltd
2.1 ASML Holding NV
1.7 Cognizant Technology Solutions
Corp
0.8 Infosys Ltd
0.8 Worldpay Group PLC
0.8 Wirecard AG
0.7 TE Connectivity Ltd
0.4 Taiwan Semiconductor
Manufacturing Co Ltd
Source: FactSet/GICS. As of 31 Dec 2015. Cash represented 4.3% of the total portfolio at 31 Dec 2015. Securities of the same issuer are aggregated to determine the weight in the portfolio.
ARTISAN PARTNERS
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Artisan International Small Cap Fund
Portfolio Holdings (% of total portfolio)
Consumer Discretionary
2.9 Dignity PLC
2.4 RAI Way SpA
2.2 Takkt AG
1.7 Melia Hotels International SA
1.3 JUMBO SA
0.6 Stroeer SE
0.6 Domino's Pizza Group PLC
Consumer Staples
3.3 Royal Unibrew A/S
3.2 Sugi Holdings Co Ltd
2.3 Cloetta AB
2.1 Ebro Foods SA
1.8 Matsumotokiyoshi Holdings Co Ltd
1.8 Cosmos Pharmaceutical Corp
1.4 Davide Campari-Milano SpA
Financials
2.6 Intertrust NV
2.2 Azimut Holding SpA
1.9 Rathbone Brothers PLC
0.3 Inmobiliaria Colonial SA
Health Care
5.3 Ginko International Co Ltd
2.4 Almirall SA
Industrials
3.4 Babcock International Group PLC
3.2 China Everbright International Ltd
2.8 Elis SA
2.3 Hays PLC
0.7 CAE Inc
Information Technology
7.0 Wirecard AG
3.6 Ei Towers SpA
2.9 Comet Holding AG
Materials
3.0 Huhtamaki OYJ
2.0 Essentra PLC
Telecommunication Services
3.6 Infrastrutture Wireless Italiane SpA
3.3 Euskaltel SA
3.3 Cellnex Telecom SAU
1.8 Manitoba Telecom Services Inc
1.6 Cable & Wireless Communications
PLC
Utilities
2.0 Beijing Enterprises Water Group Ltd
1.1 CT Environmental Group Ltd
0.7 Hera SpA
Source: FactSet/GICS. As of 31 Dec 2015. Cash represented 9.3% of the total portfolio at 31 Dec 2015. Securities of the same issuer are aggregated to determine the weight in the portfolio.
ARTISAN PARTNERS
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Artisan Global Equity Fund
Portfolio Holdings (% of total portfolio)
Consumer Discretionary
2.4 Liberty Global PLC
2.4 Advance Auto Parts Inc
2.4 Comcast Corp
2.3 Delphi Automotive PLC
2.0 Dollar General Corp
1.4 Charter Communications Inc
1.4 Dollar Tree Inc
1.2 Carnival PLC
1.0 VF Corp
1.0 The Priceline Group Inc
0.9 Williams-Sonoma Inc
0.9 Royal Caribbean Cruises Ltd
0.8 Restoration Hardware Holdings Inc
0.7 Mediaset SpA
0.5 Live Nation Entertainment Inc
0.3 Nitori Holdings Co Ltd
Consumer Staples
2.9 Molson Coors Brewing Co
1.8 General Mills Inc
1.0 PepsiCo Inc
0.8 Monster Beverage Corp
0.7 Nestle SA
Financials
2.5 JPMorgan Chase & Co
2.1 AIA Group Ltd
1.9 American Express Co
1.6 Vonovia SE
1.1 Lloyds Banking Group PLC
1.1 Housing Development Finance Corp Ltd
0.9 Aon PLC
Health Care
3.9 Medtronic PLC
3.4 Ginko International Co Ltd
2.7 Envision Healthcare Holdings Inc
2.6 Gilead Sciences Inc
2.3 Thermo Fisher Scientific Inc
2.1 Medivation Inc
2.1 Celgene Corp
1.3 HCA Holdings Inc
1.3 Novartis AG
1.1 PTC Therapeutics Inc
1.1 Cigna Corp
1.1 Bayer AG
1.1 Portola Pharmaceuticals Inc
1.0 Nektar Therapeutics
1.0 Roche Holding AG
Industrials
1.9 Elis SA
1.5 CSX Corp
1.0 United Technologies Corp
0.7 Adecco SA
0.6 China Everbright International Ltd
0.5 Allegion PLC
0.4 Canadian Pacific Railway Ltd
Materials
3.5 Huhtamaki OYJ
0.9 Johnson Matthey PLC
0.5 NewMarket Corp
Telecommunication Services
1.5 Telefonica Deutschland Holding AG
Utilities
1.6 Beijing Enterprises Water Group Ltd
Information Technology
4.3 Alphabet Inc
3.4 MasterCard Inc
2.2 Baidu Inc
1.6 Wirecard AG
1.5 Cognizant Technology Solutions Corp
1.1 ASML Holding NV
0.2 Taiwan Semiconductor Manufacturing Co
Ltd
Source: FactSet/GICS. As of 31 Dec 2015. Cash represented 2.9% of the total portfolio at 31 Dec 2015. Securities of the same issuer are aggregated to determine the weight in the portfolio.
ARTISAN PARTNERS
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Artisan Global Small Cap Fund
Portfolio Holdings (% of total portfolio)
Consumer Discretionary
5.5 Tele Columbus AG
3.5 RAI Way SpA
2.7 Cogeco Cable Inc
2.2 Cable One Inc
2.1 The Interpublic Group of Cos Inc
1.6 Melia Hotels International SA
1.5 La Quinta Holdings Inc
1.4 JUMBO SA
1.3 Mitchells & Butlers PLC
0.6 Stroeer SE
0.6 Seria Co Ltd
0.6 Domino's Pizza Group PLC
0.4 Cosmo Lady China Holdings Co Ltd
Consumer Staples
2.7 Sprouts Farmers Market Inc
2.5 Cloetta AB
2.1 Ebro Foods SA
0.1 Big C Supercenter PCL
Financials
2.7 Inmobiliaria Colonial SA
2.4 Intertrust NV
2.0 Rathbone Brothers PLC
1.8 Virgin Money Holdings UK PLC
1.5 Banca Sistema SpA
0.8 Credit Analysis & Research Ltd
Industrials
2.8 Elis SA
2.3 Cera Sanitaryware Ltd
1.6 Allegion PLC
1.4 China Aircraft Leasing Group
Holdings Ltd
0.4 Voltas Ltd
Health Care
4.5 Ginko International Co Ltd
2.7 Nektar Therapeutics
2.2 Portola Pharmaceuticals Inc
1.5 Cambian Group PLC
1.4 PTC Therapeutics Inc
1.0 Otonomy Inc
Information Technology
3.3 Ei Towers SpA
1.5 Equiniti Group PLC
1.0 Wasion Group Holdings Ltd
Telecommunication Services
3.4 Infrastrutture Wireless Italiane SpA
3.0 Cellnex Telecom SAU
2.8 Com Hem Holding AB
2.4 Euskaltel SA
Utilities
2.6 SIIC Environment Holdings Ltd
1.6 Beijing Enterprises Water Group Ltd
1.3 CT Environmental Group Ltd
0.5 China Everbright Water Ltd
Materials
5.0 Huhtamaki OYJ
1.7 Essentra PLC
0.7 Vinati Organics Ltd
Source: FactSet/GICS. As of 31 Dec 2015. Cash represented 5.1% of the total portfolio at 31 Dec 2015. Securities of the same issuer are aggregated to determine the weight in the portfolio.
ARTISAN PARTNERS
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Artisan Partners Global Equity Team
Notes and Disclosures
This section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully.
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 visiting www.artisanfunds.com. Read carefully before investing.
These materials are presented in connection with an offer of the shares of a Fund in the series of Artisan Partners Funds, Inc. These materials are not an offer for any other mutual fund mentioned. A purchase of shares of an Artisan Partners Fund does not create an investment advisory
relationship between the investor and Artisan Partners Limited Partnership, the investment adviser to the Fund. In addition to acting as investment adviser to the Fund, Artisan Partners provides institutional investment management services.
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. Securities of smalland 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. Growth securities may underperform other asset types during a given
period.
MSCI ACWI (All Country World) Index measures the performance of developed and emerging markets. MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI EAFE Small Cap Index measures the performance of small-cap companies in
developed markets, excluding the US and Canada. MSCI All Country World Small Cap Index measures the performance of small-cap companies in developed and emerging markets. The benchmark index(es) presented are unmanaged, market-weighted indices whose 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. An investment cannot be made directly into an index.
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.
Totals may not sum due to rounding.
Country Allocation: Historical 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 Allocation: Sector exposure percentages reflect sector designations as currently classified by GICS. 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.
Portfolio Holdings: For the purpose of determining the portfolio's holdings, securities of the same issuer are aggregated to determine the weight in the portfolio. Holdings information is not intended to represent or predict portfolio investment performance or as a recommendation of any
individual security. A complete list of the securities held by portfolio, other than cash and cash equivalents unless otherwise noted, as of the date indicated is included. Securities named in this material, but not listed within the portfolio holdings page were not held as of the date reported.
This listing is for informational purposes only and may not be identical to the official books and records of the Funds. Security names may not represent the official legal corporate name. Please refer to the Fund's most recent Annual Report for an audited portfolio holdings list.
Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity.
This material may include the views of the portfolio manager and other information relating to the portfolio and portfolio securities. While we believe the data accurately reflects the investment process, this information is presented as of the date indicated and will change over time.
Artisan Partners 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 Partners Funds, is
wholly owned by Artisan Partners Holdings LP.
© 2016 Artisan Partners. All rights reserved.
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