The document provides an analysis of Artisan Partners (APAM) recommending a SELL with a price target of $29. The analysis cites three key business drivers negatively impacting APAM: 1) Limited growth opportunities due to passive investing trends and closed funds, 2) Declining fund performance impacting flows, and 3) High fees that require consistent outperformance. A DCF valuation estimates APAM's intrinsic value at $33, while relative valuations estimate $23-23.40. Weighting the methods gives a target price of $29, implying the stock is overvalued.

1. 04/13/2016

2.  Recommendation: SELL
 Price Target: $29.00
 Current Price: $29.98
2
SELL
Driver 1:
Driver 2:
Driver 3:
Valuation
Risks
Fund Status Current AUM (Mil.)
Global Equity Team
Non-U.S. Growth Closed 30187
Non-U.S. SmallCap Growth Closed 1323
GlobalEquity Team Open 786
GlobalSmallCap Open 138
U.S. Value Team
U.S. Mid-Cap Value* Closed 7959
Growth Team
U.S. Mid- Cap Growth Closed 15103
U.S. SmallCap Growth Closed 2270
GlobalOpportunities Strategy Open 7556
Global Value
Non-U.S. Value Closed 16257
GlobalValue Open 13925
Emerging Markets
Emerging Markets Open 571
Credit Team
High Income Open 989
Developing World
Developing World Open 374
Total 99848
*Closed to new investors as of February 1st, 2016
Artisan Partners Product Summary
2014 2015 2016 E 2017 E
Revenue 107,915$ 108,700$ 102,055$ 100,014$
EBIT 248 223 214 205
EPS -0.39 1.71 1.80 1.72
Income Statement Summary
Bear Base Bull P/E P/S
$25.10 $33.10 $43.20 $23.00 $23.40
Valuation Results
DCF Results Summary Relative Summary
Artisan Partners (APAM)
Limited growth
opportunities
Declining fund
performance
High fees require superior
returns
Three risk types: market,
operational, and regulatory
Overvalued on relative basis
and fairly valued with DCF
3 Year
Current High Low Avg
P/E (LTM) 15.6 136.8 14.8 56.3
P/E (NTM) 16.7 21.4 11.3 16.1
PEG (NTM) 1.7 2.1 0.8 1.2
P/Bk 18.5 528.7 16.8 97.4
P/CF 3.0 29.0 2.8 8.5
P/Sales 1.7 6.6 1.0 1.8
Div Yld 7.8% 8.4% 0.0% 2.8%
Valuation Multiples

3. Global Equity
Team
31%
Growth Team
24%
Global Value
Team
31%
U.S. Value
Team
12%
Emerging
Markets Team
1%
Credit Team
1% Developing
World Team
0%
Figure 1: APAM Investment Teams by AUM
 Autonomous Structure
 15 strategies managed by 7
independent teams
Business Overview
3
Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary
 Concentration of Holdings
 99% of AUM in long-equity holdings Figure 2: Performance & Alpha Generation Trends
80%
48% 45%
135%
-15%
-28%-50%
0%
50%
100%
150%
5 Year 3 Year 1 Year
% of APAM Mutual Funds in the Top 50%
of Performance
Weighted Average Alpha Generation
 Declining Performance
 Relative to peers on a five, three, and
one year basis

4. Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary
Driver 1: Lack of Growth Opportunities
4
 Passive Management Trend
 Fund Status
 75% of APAM’s AUM resides in closed
funds
 Alternative Investments
 Artisan has no alternative exposure
 From 2005-2013, alternative investments
have grown at a compounded annual
rate of 9.4% 3.2 4.1 5.0 5.0 5.3 5.9 6.3 6.8 7.2
37.1
42.8
46
37.9
42.8 45.7 45.7
50.2
56.7
0
10
20
30
40
50
60
70
2005 2006 2007 2008 2009 2010 2011 2012 2013
Alternative Traditional
Figure 4: Global AUM 2005-2013
Source: McKinsey Analysis: Hedge Fund Research
 Investor preferences have shifted to low
fee products
 Long-term AUM:
 Passive CAGR: 36%
 Active CAGR: 12%
Figure 3: Active and Passive AUM
0
2
4
6
8
10
12
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Active Passive
Source: Bank of America Merrill Lynch

5.  Approximately $4B in net outflows in 2015
Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary
 Market Appreciation
 Market performance has a positive correlation with fund flows
Driver 2: Performance and Flows
5
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
1Q
2013
2Q
2013
3Q
2013
4Q
2013
1Q
2014
2Q
2014
3Q
2014
4Q
2014
1Q
2015
2Q
2015
3Q
2015
APAM Peer Group Composite
Figure 7: Fund Flows
-60%
-40%
-20%
0%
20%
40%
60%
-80,000
-60,000
-40,000
-20,000
0
20,000
40,000
60,000
80,000
01/97 02/99 03/01 04/03 05/05 06/07 07/09 08/11 09/13 10/15
Trailing 12-Mo S&P 500 Price Return - R
Flow Mutual Funds - Equities (Mil)
Figure 5: Mutual Fund Flows vs. Market Returns
Source: Factset
 Performance
0%
20%
40%
60%
80%
100%
1 Year3 Year5 Year10 Year
2013 2014 2Q 2015 3Q 2015
Figure 6: Percent of AUM in
Outperforming Strategies
Source: Company Reports
Source: Company Reports
 Declining performance has had a negative impact on flows
 Net Organic Flows

6. Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary
46
47
47
48
48
49
49
50
50
51
51
2012 2013 2014
BasisPoints
Driver 3: Fees
6
 Fee Structure
 2014 APAM average: 77 bps vs. industry
average approximately 48 bps
 Clients expect continuous outperformance
when paying a premium fee
Source: Investment Company Institute and Lipper
Figure 9: Average Expense Ratios
 Passive Management
 Investors are choosing indexed products
over active funds
 Last ten years: Lowest quintile has
experienced $3T in flows, compared to
only $160B in the other four quintiles
-200
-100
0
100
200
300
400
500
600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Lowest-Cost Quintile Quintiles 2 Through 5
Figure 8: Annual Flows by Quintile (Billions)
Source: Morningstar
 Fee Compression
 Average active management fees have
been on a decline since 2000

7. $-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$(5,000)
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
AUM From Market Appreciation AUM From Organic Flows Revenue (R)
Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary
Source: Industry Data
51%
41%
33%
41%
31%
12%
0%
10%
20%
30%
40%
50%
60%
Figure 11: Peer Compensation Expense
Financials
7
 Compensation expense higher than peers
 Investment teams are paid 25% of
revenue
 Much higher than peers as a percent of
revenue
5.4%
25%
11%
13%
17%
6%
0%
5%
10%
15%
20%
25%
30%
Figure 12: Peer Marketing and Distribution
Source: FactSet
 Marketing and Distribution below peers
 Targets institutional clients
 Institutional clients are stickier with assets
 Miss out on faster growing retail market
Revenue = Fees X Assets Under Management
AUM = Client Flows + Market Appreciation
Figure 10: Revenue Composition
Source: Industry Data

8. Source: Company Financials
0
1
2
3
4
5
6
7
8
9
10
APAM GBL WDR CLMS CNS MN
Debt Analysis
8
Source: Company Financials
 Used IPO in 2013 to “Fix” Balance Sheet
 Shift from negative to positive equity
 Raised $350 million through IPO
 $200 million in borrowings
 Secondary offering March 2015 of $3.8 million
Figure 13: Firm Capital Structure
$(400)
$(200)
$-
$200
$400
$600
$800
$1,000
2010 2011 2012 2013 2014 2015 2016 2017
Total Equity Class B Liability Awards LT Debt
Source: Company Financials
Figure 14: Equity Multiplier Vs. Industry
Figure 15: Use of IPO Proceeds
 Overleveraged compared to competitors
 Operational risk significantly higher relative to peers
 Current Debt to Assets of 23% vs. industry average of
10%
Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary

9. APAM
WDR
GBL
CHS
MN
CLMS
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0.0% 10.0% 20.0% 30.0%
P/S
NPM
Comps
9
 APAM is more expensive relative to the industry
Figure 16: Comp Sheet
Source: FactSet and Internal Estimates
Figure 17: Peer P/S vs. Net Profit Margin
 Relative Valuation Analysis
 P/E Target Price: $23.40
 2016 Earnings ($1.80) X P/E of 13.0x
 P/S Target Price: $23.00
 2016 Sales/Share (17.5 Mil) X P/S of 1.3x
P/E P/E FY 16 P/S P/S FY 16 16E EPS G NPM
Artisan Partners (APAM) 15.6x 16.7x 1.8x 1.7x 12.7% 9.6%
Peer Average 12.6x 13.0x 1.9x 0.9x 20.8% 1.43x
Peer Average Ex. Outlier 11.0x 11.9x 1.4x 1.3x 17.1% 1.35x
GAMCO Investors (GBL) 7.8x 8.0x 1.8x 1.7x 11.4% 21.9%
Manning & Napier (MN) 5.6x 7.5x 1.8x N/A 27.3% 5.2%
Cohen & Steers (CNS) 17.9x 18.6x 4.1x 0.4x 39.4% 22.9%
Wadell & Reed (WDR) 7.7x 8.4x 1.2x 3.9x 21.1% 17.0%
Calamos Asset Man. (CLMS) 23.8x 23.7x 0.7x 1.5x 13.3% 3.1%
Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary

10. CAPM Assumptions
Market Return 9.50%
Risk Free Rate 2.00%
Market Risk Premium 7.50%
Beta 1.50
Stock Risk Premium 11.25%
Req. Rate of Return 13.25%
Bear Base Bull
1st Stage Fee Reduction 0.5 bps 0.5 bps 0.5 bps
2nd Stage Fee Reduction 0.5 bps 0.5 bps 0.5 bps
1st Stage Organic Growth Rate -5.0% -2.0% 2.0%
2nd Stage Organic Growth Rate 1.0% 1.0% 1.0%
1st Stage Market Appreciation -7.0% 0.0% 7.0%
2nd Stage Market Appreciation 7.0% 7.0% 7.0%
Terminal P/E 13.5x 13.5x 13.5x
Expected Return (Discount Rate) 13.25% 13.25% 13.25%
Weights 33.3% 33.3% 33.3%
Intrinsic Value $24.49 $33.28 $42.52
Average of 3 Scenarios $33.00
 CAPM Assumptions
 Market Risk Premium- 7.5%
 Beta- 1.50
 Required Rate of Return- 13.25%
 Terminal P/E value of 13.5x derived from
historical data and industry averages
Valuation- DCF Assumptions
10
Figure 18: DCF Assumptions
Source: Team Analysis
Figure 19: Required Rate of Return
Source: Company Financials
 Average DCF Price target of
$33.00
 Three-Stage DCF:
 Stage One: Two-year detailed forecast
 Variable organic growth and market
appreciation
 Stage Two: Five-year forecast
 Constant organic growth and market
appreciation
Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary

11. Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary
$23.00 $23.40 $33.43
$-
$5
$10
$15
$20
$25
$30
$35
$40
P/S P/E DCF
Valuation- Blended Average
11
 Price target of $29
 Blended Valuation
 Three-stage DCF- 13.5x
 Relative Price to Earnings- 13.0x
 Relative Price to Sales- 1.3x
$29 Target Price
Source: Team Analysis
Source: Team Analysis
Figure 20: DCF’s Price Targets
Figure 21: Weighted Average Component
Weights Method of Valuation Intrinsic Value Weighted Average Component
3-Stage Discounted Cash Flow: $33.43
Bear Case: $24.49
Base Case: $33.28
Bull Case: $42.52
20% Relative Price to Earnings: $23.40 $4.68
20% Relative Price to Sales: $23.00 $4.60
100% $29.00
60% $20.06
Complete Valuation:

12. Risks
12
Market Risks Operational
Risks
Regulatory and Economic Risks
Regulatory
Compliance
International
Exposure
Performance
Expectations
Long Equity
Positioning
Revenue
Diversification
Concentration
of Funds
Instability of
Contracts
Figure 22: Risks Venn Diagram
Key personnel risk
Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary

13. Summary
Driver Summary:
 Limited growth due to trends
toward passive management and
alternatives
 High proportion of closed funds
and declining performance
decreases asset inflow potential
 Fee compression is possible if
performance does not justify fees
13
Financial:
 AUM is expected to decline which
will decrease revenue and
earnings
Valuation:
 APAM is neutral on a DCF basis
and overvalued on a relative
basis
Recommendation:
 SELL rating with price target of
$29
Business Driver 1 Driver 2 Driver 3 Financials Debt Comps DCF
Valuation
Blended
Valuation Risks Summary

14. Appendices
14
Global Equity Strategies:
International Fund… 15
Global Equity Fund… 16
Small Cap International Fund… 17
Global Small Cap Fund… 18
Value Strategies:
Mid-Cap Value Fund… 19
Value Fund… 20
Small-Cap Value Fund… 21
Growth Strategies:
Mid-Cap Growth Fund… 22
Small-Cap Growth Fund… 23
Global Value Strategies:
Global Value Opportunities Fund.. 24
International Fund… 25
Global Value Fund… 26
Emerging Markets Strategies:
High Income Fund… 27
Developing World Fund… 28
Emerging Markets Fund… 29
Fund Profiles: Corporate Structure and Firm Details
Corporate Structure… 30
Fund Performance… 31
International Funds… 32
SWOT Analysis… 33
Net Client Flows by Fund Team … 34
Net Client Flows and Firm AUM… 35
Monthly AUM by Fund… 36
Monthly AUM by Fund Continued… 37

15. Team: Global Equity
15
Fund: International
Total AUM: $18,203M
Net Asset Value: $26.84 (as of January 29, 2016)
Availability: Open
Inception: 28-Dec-95
Expense Ratio: 1.17% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating 
1 Yr Lipper Percentile 91st 3 Yr Lipper Percentile 6th
5 Yr Lipper Percentile 4th 10 Yr Lipper Percentile 13th
Inception Lipper Percentile 7th
Ratings & Rankings
95%
217%
122%
-50%
0%
50%
100%
150%
200%
250%
Relative Artisan International Fund - Investor Shares (Net of Fees) MSCI ACWI Ex USA (Net)/MSCI ACWI Ex USA (Gross) Linked Index
Back

16. 16
27%
72%
44%
-20%
0%
20%
40%
60%
80%
100%
Relative Artisan Global Equity Fund - Investor Shares (Net of Fees) MSCI All Country World Index (Net)
Total AUM: $331M
Net Asset Value: $14.67 (as of January 29, 2016)
Availability: Open
Inception: 29-Mar-10
Expense Ratio: 1.37% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating NA
1 Yr Lipper Percentile 39th 3 Yr Lipper Percentile 27th
5 Yr Lipper Percentile 4th 10 Yr Lipper Percentile NA
Inception Lipper Percentile 4th
Ratings & Rankings
Team: Global Equity Fund: Global Equity
Back

17. 17
-0.09%
6.70%
6.79%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Inception 10 Yr 5 Yr 3 Yr 1 Yr YTD QTD
Relative Fund: ARTJX Benchmark: MSCI EAFE Small Cap Index
Total AUM: $1,001M
Net Asset Value: $22.45 (as of January 29, 2016)
Availability: Closed to most new investors
Inception: 21-Dec-01
Expense Ratio: 1.52% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating 
1 Yr Lipper Percentile 15th 3 Yr Lipper Percentile 57th
5 Yr Lipper Percentile 21st 10 Yr Lipper Percentile 14th
Inception Lipper Percentile 11th
Ratings & Rankings
Team: Global Equity Fund: Int. Small-Cap
Back

18. 18
-5%
14%
19%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Relative Artisan Global Small Cap Fund (Net of Fees) MSCI All Country World Small Cap Index (Net)
Total AUM: $138M
Net Asset Value: $10.12 (as of January 29, 2016)
Availability: Open
Inception: 25-Jun-13
Expense Ratio: 1.50% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating NA
1 Yr Lipper Percentile 39th 3 Yr Lipper Percentile 27th
5 Yr Lipper Percentile 4th 10 Yr Lipper Percentile NA
Inception Lipper Percentile 4th
Ratings & Rankings
Team: Global Equity Fund: Global Small-Cap
Back

19. 19
4%
160%
156%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
Relative Artisan Mid Cap Value Fund - Investor Shares (Net of Fees) Russell Midcap Value Index With Dividends
Total AUM: $5,387M
Net Asset Value: $17.76 (as of January 29, 2016)
Availability: Closed to most new investors
Inception: 28-Mar-01
Expense Ratio: 1.19% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating 
1 Yr Lipper Percentile 88th 3 Yr Lipper Percentile 95th
5 Yr Lipper Percentile 76th 10 Yr Lipper Percentile 37th
Inception Lipper Percentile 14th
Ratings & Rankings
Team: Value Fund: Mid-Cap Value
Back

20. -15%
-10%
-5%
0%
5%
10%
15%
Inception 5 Yr 3 Yr 1 Yr YTD QTD
Relative Fund: ARTLX Benchmark: Russell 1000 Value Index
Total AUM: $923M
Net Asset Value: $10.25 (as of January 29, 2016)
Availability: Open
Inception: 27-Mar-06
Expense Ratio: 1.00% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating NA
1 Yr Lipper Percentile 82nd 3 Yr Lipper Percentile 95th
5 Yr Lipper Percentile 79th 10 Yr Lipper Percentile NA
Inception Lipper Percentile 61st
Ratings & Rankings
Team: Value Fund: Value
20
Back

21. 21
8%
171%
163%
-50%
0%
50%
100%
150%
200%
250%
Relative Artisan Small Cap Value Fund - Investor Shares (Net of Fees) Russell 2000 Value Index With Dividends
Total AUM: $396M
Net Asset Value: $9.69 (as of January 29, 2016)
Availability: Closed to most new investors
Inception: 29-Sep-97
Expense Ratio: 1.26% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating 
1 Yr Lipper Percentile 88th 3 Yr Lipper Percentile 98th
5 Yr Lipper Percentile 99th 10 Yr Lipper Percentile 89th
Inception Lipper Percentile 38th
Ratings & Rankings
Team: Value Fund: Small-Cap Value
Back

22. 22
90%
276%
186%
-50%
0%
50%
100%
150%
200%
250%
300%
Relative Artisan Mid Cap Fund - Investor Shares (Net of Fees) Russell Midcap Growth Index With Dividends
Total AUM: $8,737M
Net Asset Value: $35.75 (as of January 29, 2016)
Availability: Closed to most new investors
Inception: 27-Jun-97
Expense Ratio: 1.19% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating 
1 Yr Lipper Percentile 58th 3 Yr Lipper Percentile 64th
5 Yr Lipper Percentile 45th 10 Yr Lipper Percentile 6th
Inception Lipper Percentile 1st
Ratings & Rankings
Team: Growth Fund: Mid-Cap
Back

23. 23
11%
211%
201%
-50%
0%
50%
100%
150%
200%
250%
Relative Artisan Small Cap Fund - Investor Shares (Net of Fees) Russell 2000 Growth Index With Dividends
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating 
1 Yr Lipper Percentile 25th 3 Yr Lipper Percentile 54th
5 Yr Lipper Percentile 11th 10 Yr Lipper Percentile 62nd
Inception Lipper Percentile 61st
Ratings & Rankings
Total AUM: $1,255M
Net Asset Value: $23.79 (as of January 29, 2016)
Availability: Closed to most new investors
Inception: 28-Mar-95
Expense Ratio: 1.23% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Team: Growth Fund: Small-Cap
Back

24. 24
35%
93%
58%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
Relative Artisan Global Opportunities Fund - Investor Shares (Net of Fees) MSCI All Country World Index (Net)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating NA
1 Yr Lipper Percentile 6th 3 Yr Lipper Percentile 20th
5 Yr Lipper Percentile 5th 10 Yr Lipper Percentile NA
Inception Lipper Percentile 5th
Ratings & Rankings
Total AUM: $1,529M
Net Asset Value: $18.19 (as of January 29, 2016)
Availability: Open
Inception: 22-Sep-08
Expense Ratio: 1.19% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Team: Global Value Fund: Global Opportunities
Back

25. 25
62%
182%
121%
-50%
0%
50%
100%
150%
200%
Relative Artisan International Value Fund - Investor Shares (Net of Fees) MSCI EAFE Value Index (Net)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating 
1 Yr Lipper Percentile 40th 3 Yr Lipper Percentile 1st
5 Yr Lipper Percentile 1st 10 Yr Lipper Percentile 2nd
Inception Lipper Percentile 2nd
Ratings & Rankings
Total AUM: $10,696M
Net Asset Value: $30.11 (as of January 29, 2016)
Availability: Closed to most new investors
Inception: 23-Sep-02
Expense Ratio: 1.17% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Team: Global Value Fund: International
Back

26. 26
36%
70%
34%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Relative Artisan Global Value Fund - Investor Shares (Net of Fees) MSCI All Country World Index (Net)
Total AUM: $1,595M
Net Asset Value: $13.39 (as of January 29, 2016)
Availability: Open
Inception: 10-Dec-07
Expense Ratio: 1.28% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating NA
1 Yr Lipper Percentile 77th 3 Yr Lipper Percentile 27th
5 Yr Lipper Percentile 5th 10 Yr Lipper Percentile NA
Inception Lipper Percentile 4th
Ratings & Rankings
Team: Global Value Fund: Global Value
Back

27. 27
8%
3%
-5%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
Relative
Artisan High Income Fund - Investor Shares (Net of Fees)
BofA Merrill Lynch U.S. High Yield Master II Total Return Index
Total AUM: $989
Net Asset Value: $9.01 (as of January 29, 2016)
Availability: Open
Inception: 19-Mar-14
Expense Ratio: 0.93% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
< 1 year 0.0%
1 - <3 years 0.07%
3 - <5 years 13.4%
5 - <7 years 54.3%
7 - <10 years 27.7%
10+ years 3.9%
Maturity Distribution
Team: Emerging Markets Fund: High Income
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28. 28
4.5%
-12.1%
-16.6%
-20%
-15%
-10%
-5%
0%
5%
10%
Relative Artisan Developing World Fund - Investor Shares (Net of Fees) MSCI Emerging Markets Index (Net)
Total AUM: $372M
Net Asset Value: $8.30 (as of January 29, 2016)
Availability: Open
Inception: 29-Jun-15
Expense Ratio: 1.50% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating NA 3 Yr Morningstar Rating NA
5 Yr Morningstar Rating NA 10 Yr Morningstar Rating NA
1 Yr Lipper Percentile NA 3 Yr Lipper Percentile NA
5 Yr Lipper Percentile NA 10 Yr Lipper Percentile NA
Inception Lipper Percentile NA
Ratings & Rankings
Team: Emerging Markets Fund: Developing World
Back

29. 29
-17%
39%
56%
-40%
-20%
0%
20%
40%
60%
80%
100%
Relative Artisan Emerging Markets Fund - Investor Shares Linked (Net of Fees) MSCI Emerging Markets Index (Net)
Total AUM: $56M
Net Asset Value: $9.87 (as of January 29, 2016)
Availability: Open
Inception: 2-Jun-08
Expense Ratio: 1.50% (As of September 30, 2015)
Key Statistics (as of December 31, 2015)
Morningstar Overall Rating  3 Yr Morningstar Rating 
5 Yr Morningstar Rating  10 Yr Morningstar Rating NA
1 Yr Lipper Percentile 36th 3 Yr Lipper Percentile 60th
5 Yr Lipper Percentile 89th 10 Yr Lipper Percentile NA
Inception Lipper Percentile 91st
Ratings & Rankings
Team: Emerging Markets Fund: Emerging Markets
Back

30. 30
APAM Corporate Structure
Back

31. Fund Performance
31
As of 2/28/2015 $ Millions
Global Equity Team
Non-U.S. Growth 31,213
Non-U.S. Small-Cap Growth 1,293
Global Equity Team 723
Global Small-Cap Growth 126
U.S. Value Team
U.S. Mid-Cap Value 13,389
U.S. Small-Cap Value 2,018
Value Equity 1,920
Growth Team
U.S. Mid-Cap Growth 16,986
U.S. Small-Cap Growth 2,726
Global Opportunities 5,447
Global Value Team
Non-U.S. Value 17,491
Global Value 15,648
Emerging Markets Team
Emerging Markets 773
Credit Team
High Income 629
Developing World Team
Developing World N/A
Firm Total: $ 110,382
 AUM decreased by 17.33% from 2/28/2015 to 2/29/2016
As of 2/29/2016 $ Millions % Change
Global Equity Team
Non-U.S. Growth 27,297 -12.55%
Non-U.S. Small-Cap Growth 1,741 34.65%
Global Equity Team 686 -5.12%
Global Small-Cap Growth 119 -5.56%
U.S. Value Team
U.S. Mid-Cap Value 7,062 -47.26%
U.S. Small-Cap Value 697 -65.46%
Value Equity 1,488 -22.50%
Growth Team
U.S. Mid-Cap Growth 13,159 -22.53%
U.S. Small-Cap Growth 1,955 -28.28%
Global Opportunities 6,936 27.34%
Global Value Team
Non-U.S. Value 15,420 -11.84%
Global Value 13,179 -15.78%
Emerging Markets Team
Emerging Markets 513 -33.64%
Credit Team
High Income 1,144 81.88%
Developing World Team
Developing World 420 -
Firm Total: $ 91,249 -17.33%
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32. International Funds
32
 As of December 31, 2014:
 45% of AUM was invested in strategies that primarily
invest in securities of non-U.S. companies
 42% of AUM was invested in securities denominated in
currencies other than USD
 The weighted average international fee (based on
numbers given in the prospectus) is 1.12%
Back

33. SWOT Analysis
33
Strengths
 Autonomous Structure
 Expense Flexibility
 Strong Fund Ratings
Weaknesses
 Closed Funds
 Lack of Diversification
 Heavily Weighted in Institutional
Distribution
Opportunities
 Product Mix
 Alternative Investments
 Asia-Pacific Region
Threats
 Passive Investing
 Unforeseen Withdrawals
Positive Negative
Internal
Factors
External
Factors
Back

34. Net Client Flows by Fund Team
Source: Company Reports
34
Appendix Y: Net Client Flows by Fund Team
NET FLOWS
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Beginning AUM 20092 22082 22189 24761 27317 28604 31300 30301 31452 33601 36774 32429
Net Client Flows 632 32 343 653 1643 1200 596 839 930 1974 194
Market Appreciation (Depreciation) 1358 75 2229 1903 -356 1496 -1595 313 1219 1199 -4539
Ending AUM 22082 22189 24761 27317 28604 31300 30301 31452 33601 36774 32429 32429
Beginning AUM 16722 19248 19582 21421 23024 22051 21549 22701 21267 19398 16175 13085
Net Client Flows 192 98 390 38 -1313 -1106 839 -1705 -2141 -3268 -1636
Market Appreciation (Depreciation) 2334 236 1449 1565 340 604 313 271 272 45 -1454
Ending AUM 19248 19582 21421 23024 22051 21549 22701 21267 19398 16175 13085 13085
Beginning AUM 14692 16893 17766 21044 22503 23414 23605 22957 23440 24005 25212 23243
Net Client Flows 841 394 559 156 492 156 -101 1929 -402 -509 113
Market Appreciation (Depreciation) 1336 503 2719 1303 419 -12 -547 -1446 967 1716 -2082
Ending AUM 16869 17790 21044 22503 23414 23605 22957 23440 24005 25212 23243 23243
Beginning AUM 19886 23214 24659 27976 30887 31925 34039 31953 32411 32442 32556 29550
Net Client Flows 1651 900 781 663 893 239 -240 -67 -524 -683 -324
Market Appreciation (Depreciation) 1677 545 2536 2248 286 1781 -1809 488 555 797 -2682
Ending AUM 23214 24659 27976 30887 31925 34039 31953 32411 32442 32556 29550 29550
Beginning AUM 2942 1765 1595 1729 1746 1327 1237 984 806 629 446 356
Net Client Flows -1130 -10 24 -29 -378 -160 -211 -148 -182 -192 27
Market Appreciation (Depreciation) -47 -160 110 46 -41 70 -42 -30 5 9 -117
Ending AUM 1765 1595 1729 1746 1327 1237 984 806 629 446 356 356
Emerging Markets
Global Value
Growth Team
U.S. Value Team
Global Equity Team
2013 2014 2015
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35. Net Client Flows and Firm AUM
35
Appendix Z: Net Client Flows for Artisan Funds and Separate Accounts
2013 2014 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Artisan Funds
Beginning AUM 39603 45684 47518 54489 59881 62475 64816 65902 65192 65584 65802
Net Client Flows 2348 1352 1921 1508 2324 303 2014 -1580 -1254 -1852 -2520
Market Appreciation (Depreciation) 3733 533 5061 3884 305 2217 -554 1128 1799 2070 -4108
Ending AUM 45684 47518 54489 59881 62475 64816 65902 65192 65584 65802 58916
Separate Account
Beginning AUM 34731 37494 38273 42431 45585 44911 47214 46897 49276 49692 50733
Net Client Flows -162 62 176 -27 -911 255 -688 1042 -974 -680 -1313
Market Appreciation (Depreciation) 2925 666 3982 3181 343 1728 34 1043 1237 1721 -3006
Ending AUM 37494 38273 42431 45585 44911 47214 46897 49276 49692 50733 46672
Total Client Flows -2510 -1290 -1745 -1535 -3235 -48 -2702 2622 280 1172 1207
Appendix X: Total Firm Assets Under Management and Net Client Flows
2008 2009 2010 2011 2012 2013 2014 2015
Assets Under Management 30577 46788 57459 57104 74334 105477 107915 99848
Growth 53.0% 22.8% -0.6% 30.2% 41.9% 2.3% -7.5%
Net Client Cash Flows -1783 2556 3410 1960 5813 7178 788 -6623
Growth 8% 7% 3% 10% 10% 1% -6.1%
% of AUM -5.8% 5.5% 5.9% 3.4% 7.8% 6.8% 0.7% -6.6%
Source: Company Reports
Source: Company Reports
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36. Monthly AUM by Fund
36
April '14 May'14 June '14 July '14 August '14 Sept '14 Oct. '14 Nov. '14 Dec. '14 Jan. '15 Feb. '15 March '15 April '15 May'15 June '15 July '15 August '15 Sept '15 Oct. '15 Nov. '15 Dec. '15
Non-U.S. Growth Closed 27464 28295 29121 28411 28740 28069 28669 29808 29392 30254 31213 31470 32289 32939 32348 32274 29683 28178 30396 30872 30187
% of Total 25.7% 25.9% 26.0% 26.1% 25.7% 26.4% 26.5% 27.2% 27.2% 28.4% 28.3% 29.2% 29.3% 29.5% 29.6% 29.7% 29.2% 29.1% 29.4% 30.1% 30.2%
Non-U.S. Small Cap Growth Closed 1699 1683 1665 1526 1497 1413 1385 1337 1247 1251 1293 1289 1425 1413 1372 1321 1263 1254 1334 1324 1323
% of Total 1.6% 1.5% 1.5% 1.4% 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% 1.3% 1.3% 1.2% 1.2% 1.3% 1.3% 1.3% 1.3%
Global Equity Team Open 316 322 328 326 674 653 682 695 680 682 723 716 741 763 762 801 750 718 764 782 786
% of Total 0.3% 0.3% 0.3% 0.3% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.8% 0.8%
Global Small Cap Open 164 177 186 177 180 166 169 163 133 129 126 126 141 146 143 142 133 130 136 136 138
% of Total 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
U.S. Mid-Cap Value Closed 15467 15563 15802 15191 15548 14627 14403 14155 13740 13076 13389 12881 12476 12213 11532 10774 9903 9211 9429 8774 7959
% of Total 14.5% 14.2% 14.1% 14.0% 13.9% 13.8% 13.3% 12.9% 12.7% 12.3% 12.1% 12.0% 11.3% 10.9% 10.6% 9.9% 9.8% 9.5% 9.1% 8.6% 8.0%
U.S. Small-Cap Value Closed 3780 3696 3593 3570 3266 2852 2834 2634 2414 2077 2018 1533 1525 1502 1297 1092 1059 1002 968 937 854
% of Total 3.5% 3.4% 3.2% 3.3% 2.9% 2.7% 2.6% 2.4% 2.2% 2.0% 1.8% 1.4% 1.4% 1.3% 1.2% 1.0% 1.0% 1.0% 0.9% 0.9% 0.9%
Value Equity Open 2046 2199 2154 2106 2176 2067 2040 2024 1958 1863 1920 1829 1803 2233 2060 1971 1884 1586 1728 1677 1556
% of Total 1.9% 2.0% 1.9% 1.9% 1.9% 1.9% 1.9% 1.8% 1.8% 1.8% 1.7% 1.7% 1.6% 2.0% 1.9% 1.8% 1.9% 1.6% 1.7% 1.6% 1.6%
Total TeamAUM 21293 21458 21549 20867 20990 19546 19277 18813 18112 17016 17327 16243 15804 15948 14889 13837 12846 11799 12125 11388 10369
Team% 19.9% 19.6% 19.2% 19.2% 18.7% 18.4% 17.8% 17.2% 16.8% 16.0% 15.7% 15.1% 14.3% 14.3% 13.6% 12.7% 12.7% 12.2% 11.7% 11.1% 10.4%
U.S. Mid- Cap Growth Closed 15936 16193 16713 15999 16775 16094 16826 16953 16634 16320 16986 16898 16691 16607 16552 16925 15820 15019 15615 15628 15103
% of Total 14.9% 14.8% 14.9% 14.7% 15.0% 15.2% 15.6% 15.5% 15.4% 15.3% 15.4% 15.7% 15.2% 14.9% 15.2% 15.6% 15.6% 15.5% 15.1% 15.3% 15.1%
U.S. Small Cap Growth Closed 2669 2694 2894 2644 2762 2624 2734 2731 2744 2629 2726 1651 2551 2508 2493 2492 2365 2259 2333 2353 2270
% of Total 2.5% 2.5% 2.6% 2.4% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 1.5% 2.3% 2.2% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
Global Opportunities Strategy Open 3002 3203 3885 3995 4225 4127 4737 4832 5121 5146 5447 5515 6041 6600 6661 6800 6442 6459 7127 7396 7556
% of Total 2.8% 2.9% 3.5% 3.7% 3.8% 3.9% 4.4% 4.4% 4.7% 4.8% 4.9% 5.1% 5.5% 5.9% 6.1% 6.3% 6.3% 6.7% 6.9% 7.2% 7.6%
Non-U.S. Value Closed 17450 17938 18298 17800 17898 17046 17158 17268 16872 16713 17491 17326 17713 17886 17588 17608 16640 16016 17210 16508 16257
% of Total 16.3% 16.4% 16.3% 16.4% 16.0% 16.1% 15.9% 15.8% 15.6% 15.7% 15.8% 16.1% 16.1% 16.0% 16.1% 16.2% 16.4% 16.5% 16.6% 16.1% 16.3%
Global Value Open 15230 15638 15811 15510 16639 14977 15146 15508 15609 14893 15648 15186 15366 15389 15007 15050 14099 13573 14559 14221 13925
% of Total 14.3% 14.3% 14.1% 14.2% 14.9% 14.1% 14.0% 14.2% 14.5% 14.0% 14.2% 14.1% 14.0% 13.8% 13.7% 13.8% 13.9% 14.0% 14.1% 13.9% 13.9%
Emerging Markets Open 1310 1321 1237 1223 1147 984 858 859 806 798 773 629 683 653 623 597 547 533 600 589 571
% of Total 1.2% 1.2% 1.1% 1.1% 1.0% 0.9% 0.8% 0.8% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6%
High Income Open 203 293 311 387 461 505 537 542 565 590 629 674 691 706 726 783 829 912 964 999 989
% of Total 0.2% 0.3% 0.3% 0.4% 0.4% 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.8% 0.9% 0.9% 1.0% 1.0%
Developing World Open 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10 44 69 118 203 278 374
% of total 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.2% 0.3% 0.4%
Total Team 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10 44 69 118 203 278 374
Total AUM 106736 109215 111998 108865 111988 106204 108178 109509 107915 106421 110382 107723 110136 111558 109174 108674 101486 96968 103366 102474 99848
Global Value
Open/Closed Monthly Assets Under Management
Growth Team
U.S. Value Team
Emerging Markets
Credit Team
Developing World
Global Equity Team
Appendix V: Monthly Assets under Management by Fund
Source: Company Reports
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37. Open and Closed Funds
37
Appendix W: Fund Status
Global Equity Team Status US Value Team Status
Non-U.S. Growth Closed U.S. Mid-Cap Value Closed
Non-U.S. Small Cap Growth Closed U.S. Small-Cap Value Closed
Global Equity Team Open Value Equity Open
Global Small Cap Open
Growth Team Status Global Value Status
U.S. Mid- Cap Growth Closed Non-U.S. Value Closed
U.S. Small Cap Growth Closed Global Value Open
Global Opportunities Strategy Open Value Equity Strategy Open
Emerging Markets Status Credit Team Status
Emerging Markets Open High Income Open
Developing World Status
Developing World Open
Source: Company Reports
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