UW-Milwaukee CFA Competition

04/13/2016

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. Small Cap Growth Closed 1323

Global Equity Team Open 786

Global Small Cap Open 138

U.S. Value Team

U.S. Mid-Cap Value* Closed 7959

Growth Team

U.S. Mid- Cap Growth Closed 15103

U.S. Small Cap Growth Closed 2270

Global Opportunities Strategy Open 7556

Global Value

Non-U.S. Value Closed 16257

Global Value 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

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



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 PassiveSource: Bank of America Merrill Lynch

Approximately $4B in net outflows in 2015



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


Declining performance has had a negative impact on flows

Net Organic Flows



Risks Summary

46

47

47

48

48

49

49

50

50

51

51

2012 2013 2014

Basi

s Poin

ts

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

$-

$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)



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

Source: Company Financials

0

1

2

3

4

5

6

7

8

9

10

APAM GBL WDR CLMS CNS MN

Debt Analysis 8


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


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%



Risks Summary

APAM

WDR

GBL

CHS

MN CLMS

0.00.51.01.52.02.53.03.54.04.5

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%



Risks Summary

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


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



Risks Summary



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



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:

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



Risks Summary

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



Risks Summary

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

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

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


Availability: Open

Inception: 29-Mar-10




5 Yr Morningstar Rating 10 Yr Morningstar Rating NA


5 Yr Lipper Percentile 4th 10 Yr Lipper Percentile NA


Ratings & Rankings

Team: Global Equity Fund: Global Equity

Back

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


Availability: Closed to most new investors







5 Yr Lipper Percentile 21st 10 Yr Lipper Percentile 14th


Ratings & Rankings

Team: Global Equity Fund: Int. Small-Cap

Back

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


Availability: Open

Inception: 25-Jun-13








Ratings & Rankings

Team: Global Equity Fund: Global Small-Cap

Back

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











Ratings & Rankings

Team: Value Fund: Mid-Cap Value

Back

-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


Availability: Open






1 Yr Lipper Percentile 82nd 3 Yr Lipper Percentile 95th


Inception Lipper Percentile 61st

Ratings & Rankings

Team: Value Fund: Value

20

Back

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



Inception: 29-Sep-97








Ratings & Rankings

Team: Value Fund: Small-Cap Value

Back

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











Ratings & Rankings

Team: Growth Fund: Mid-Cap

Back

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




5 Yr Lipper Percentile 11th 10 Yr Lipper Percentile 62nd


Ratings & Rankings

Total AUM: $1,255M






Team: Growth Fund: Small-Cap

Back

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)






Ratings & Rankings

Total AUM: $1,529M


Availability: Open




Team: Global Value Fund: Global Opportunities

Back

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)



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






Team: Global Value Fund: International

Back

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


Availability: Open









Ratings & Rankings

Team: Global Value Fund: Global Value

Back

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


Availability: Open




< 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

Back

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


Availability: Open




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

-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


Availability: Open

Inception: 2-Jun-08








Ratings & Rankings

Team: Emerging Markets Fund: Emerging Markets

Back

30

APAM Corporate Structure Back

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%

Back

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

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

Net Client Flows by Fund Team


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

Back

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%



Back

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 Team AUM 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


Back

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


Back

UW-Milwaukee CFA Competition

Documents

Transcript of UW-Milwaukee CFA Competition