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Name

As of 11/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Artisan High Income Fund

APDFX | Fund

$9.13

$8.6 B

7.03%

$0.64

0.80%

Vitals

YTD Return

7.6%

1 yr return

12.8%

3 Yr Avg Return

3.8%

5 Yr Avg Return

6.2%

Net Assets

$8.6 B

Holdings in Top 10

25.4%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.80%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 58.10%

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$250,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Artisan High Income Fund

APDFX | Fund

$9.13

$8.6 B

7.03%

$0.64

0.80%

APDFX - Profile

Distributions

  • YTD Total Return 7.6%
  • 3 Yr Annualized Total Return 3.8%
  • 5 Yr Annualized Total Return 6.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.56%
DIVIDENDS
  • Dividend Yield 7.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Artisan High Income Fund
  • Fund Family Name
    Artisan Partners Limited Partnership
  • Inception Date
    Mar 19, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bryan Krug

Fund Description

The Fund seeks to invest in issuers with high quality business models that have compelling risk-adjusted return characteristics. The Fund employs a fundamental investment process to construct a diversified portfolio of attractively valued high yield corporate bonds (often referred to as “junk bonds”) and secured and unsecured loans, including, without limitation, bridge financing, senior and subordinated loans, delayed funding loans and revolving credit facilities, and loan participations and assignments.The Fund’s investment team’s research process has four primary pillars:■Business Quality—The team uses a variety of sources to understand the resiliency of an issuer’s business model. The team analyzes the general health of the industry in which an issuer operates, the issuer’s competitive position, barriers to entry, the dynamics of industry participants, and the decision-making history of the issuer’s management and, when applicable, financial equity sponsor. As part of the team’s analysis of a company’s business quality, among other factors, the team considers certain environmental, social and governance (“ESG”) factors relating to the company. These ESG factors may include the impact of environmental regulatory change, the use of human, natural and physical resources and corporate governance structures and practices. When the team deems a factor material to the value of a company, the team incorporates it into its decision-making process.■Financial Strength and Flexibility—The team believes that analyzing the history and trend of free cash flow generation is critical to understanding an issuer’s financial health. The team’s financial analysis also considers an issuer’s capital structure, refinancing options, asset or collateral coverage, financial covenants, amortization schedules and overall financial transparency.■Downside Analysis—The team believes that credit instruments by their nature have an asymmetric risk profile. The risk of loss is often greater than the potential for gain, particularly when looking at below investment grade issuers. The team seeks to manage this risk with what it believes to be conservative financial projections that account for industry position, competitive dynamics and positioning within the capital structure.■Value Identification—The team uses multiple metrics to determine the value of an investment opportunity. The team looks for credit improvement potential, relative value within an issuer’s capital structure and against industry peers, catalysts for business improvement and potential value stemming from market or industry dislocations and/or mergers and acquisitions (“M&A”).Under normal circumstances, the Fund will invest primarily in instruments that are rated, at the time of purchase, below investment grade (below BBB- by Standard & Poor’s Rating Services (“S&P”) or Fitch, Inc. (“Fitch”) or below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”)), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds.”  The Fund may invest a significant portion of its assets in high-yield securities that are rated in the lower rating categories by one or more NRSRO (for example, CCC+ or lower by S&P or Fitch or Caa1 or lower by Moody’s) or, if unrated, are determined by Artisan Partners to be of comparable quality. The Fund may invest in debt securities of any maturity.The Fund may invest without limit in securities and other instruments of US and non-US issuers, including issuers economically tied to “emerging market” countries, securities traded principally outside of the United States, and securities denominated in currencies other than the US dollar. The Fund usually seeks (but is not required) to hedge against the risk of loss resulting from currency fluctuation. The Fund may invest in private placements and other restricted securities (i.e., securities that are purchased in private placements and, accordingly, are subject to restrictions on resale as a matter of contract or under federal securities laws).In addition to high yield corporate bonds and loans, the Fund also may invest in other corporate fixed income instruments of varying maturities, including fixed-, variable- and floating-rate bonds, debentures, notes, commercial paper and other types of corporate debt instruments across the credit quality spectrum, such as stressed and distressed debt securities.The Fund may use derivatives for investment, duration management or hedging purposes, or with the purpose or effect of creating investment leverage. The Fund also may invest in debt obligations issued by governments (including, without limitation, obligations issued or guaranteed by the US government) and/or their agencies and instrumentalities.
Read More

APDFX - Performance

Return Ranking - Trailing

Period APDFX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.6% -7.2% 14.7% 27.60%
1 Yr 12.8% -1.4% 17.3% 36.69%
3 Yr 3.8%* -14.6% 20.8% 10.13%
5 Yr 6.2%* -12.2% 36.9% 4.57%
10 Yr 6.0%* -5.2% 19.9% 3.29%

* Annualized

Return Ranking - Calendar

Period APDFX Return Category Return Low Category Return High Rank in Category (%)
2023 7.4% -4.7% 14.3% 5.21%
2022 -15.7% -33.4% 3.6% 53.78%
2021 -1.4% -8.4% 8.2% 87.37%
2020 3.4% -13.2% 302.7% 7.56%
2019 7.0% -4.4% 13.3% 63.29%

Total Return Ranking - Trailing

Period APDFX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.6% -7.2% 14.7% 27.60%
1 Yr 12.8% -1.4% 17.3% 36.69%
3 Yr 3.8%* -14.6% 20.8% 10.13%
5 Yr 6.2%* -12.2% 36.9% 4.57%
10 Yr 6.0%* -5.2% 19.9% 3.29%

* Annualized

Total Return Ranking - Calendar

Period APDFX Return Category Return Low Category Return High Rank in Category (%)
2023 16.6% -4.7% 18.7% 1.47%
2022 -9.3% -33.4% 47.8% 28.62%
2021 6.8% -8.4% 12.4% 17.06%
2020 10.8% -9.6% 325.6% 3.16%
2019 14.2% -3.8% 19.4% 44.12%

NAV & Total Return History

APDFX - Holdings

Concentration Analysis

APDFX Category Low Category High APDFX % Rank
Net Assets 8.6 B 3.13 M 23.6 B 8.12%
Number of Holdings 250 2 3879 69.82%
Net Assets in Top 10 2.18 B -492 M 5.25 B 5.22%
Weighting of Top 10 25.44% 4.2% 146.0% 11.58%

Top 10 Holdings

  1. BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class 9.58%
  2. Ardonagh Group Finance Ltd. 2.79%
  3. VistaJet Malta Finance plc 2.09%
  4. Medline Borrower LP 1.89%
  5. Arches Buyer, Inc. 1.81%
  6. Carnival Corp. 1.70%
  7. NCL Finance Ltd. 1.56%
  8. Virgin Media Finance plc 1.42%
  9. Carnival Corp. 1.39%
  10. Amynta Agency Borrower, Inc. First Lien Term Loan 1.24%

Asset Allocation

Weighting Return Low Return High APDFX % Rank
Bonds 		88.71% 0.00% 145.36% 87.01%
Cash 		11.13% -52.00% 48.02% 9.30%
Convertible Bonds 		0.54% 0.00% 17.89% 73.90%
Stocks 		0.16% 0.00% 99.64% 57.63%
Preferred Stocks 		0.00% 0.00% 4.97% 99.02%
Other 		0.00% -39.08% 99.96% 93.31%

Stock Sector Breakdown

Weighting Return Low Return High APDFX % Rank
Utilities 		0.00% 0.00% 100.00% 97.94%
Technology 		0.00% 0.00% 33.17% 98.69%
Real Estate 		0.00% 0.00% 86.71% 98.69%
Industrials 		0.00% 0.00% 93.12% 99.25%
Healthcare 		0.00% 0.00% 22.17% 98.69%
Financial Services 		0.00% 0.00% 100.00% 98.50%
Energy 		0.00% 0.00% 100.00% 14.58%
Communication Services 		0.00% 0.00% 99.99% 99.81%
Consumer Defense 		0.00% 0.00% 100.00% 97.38%
Consumer Cyclical 		0.00% 0.00% 100.00% 98.13%
Basic Materials 		0.00% 0.00% 100.00% 99.07%

Stock Geographic Breakdown

Weighting Return Low Return High APDFX % Rank
US 		0.16% 0.00% 99.64% 57.26%
Non US 		0.00% -0.01% 0.83% 98.53%

Bond Sector Breakdown

Weighting Return Low Return High APDFX % Rank
Corporate 		91.49% 0.00% 100.00% 76.80%
Cash & Equivalents 		9.77% 0.00% 48.02% 10.44%
Securitized 		0.00% 0.00% 97.24% 99.51%
Municipal 		0.00% 0.00% 1.17% 98.86%
Government 		0.00% 0.00% 99.07% 99.35%
Derivative 		0.00% -14.19% 42.26% 91.68%

Bond Geographic Breakdown

Weighting Return Low Return High APDFX % Rank
US 		88.62% 0.00% 126.57% 75.86%
Non US 		0.08% 0.00% 96.91% 42.58%

APDFX - Expenses

Operational Fees

APDFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.80% 0.02% 38.33% 66.45%
Management Fee 0.68% 0.00% 1.75% 80.81%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

APDFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

APDFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 39.29%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

APDFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 58.10% 1.00% 255.00% 41.35%

APDFX - Distributions

Dividend Yield Analysis

APDFX Category Low Category High APDFX % Rank
Dividend Yield 7.03% 0.00% 11.76% 7.46%

Dividend Distribution Analysis

APDFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

APDFX Category Low Category High APDFX % Rank
Net Income Ratio 5.56% -2.39% 9.30% 8.64%

Capital Gain Distribution Analysis

APDFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

APDFX - Fund Manager Analysis

Managers

Bryan Krug

Start Date

Tenure

Tenure Rank

Mar 19, 2014

8.21

8.2%

Bryan C. Krug, CFA, is a managing director of Artisan Partners and a portfolio manager on the Credit team. In this role, he is the portfolio manager for the Artisan High Income Strategy, the Artisan Credit Opportunities Strategy, and the Artisan Floating Rate Strategy, all of which he has managed since each strategy's inception.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.31 8.17

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