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Name

As of 04/25/2024

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 Floating Rate Fund

ARTUX | Fund

$9.65

$60.6 M

8.68%

$0.84

2.76%

Vitals

YTD Return

3.1%

1 yr return

11.5%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$60.6 M

Holdings in Top 10

44.6%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/25/2024

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 Floating Rate Fund

ARTUX | Fund

$9.65

$60.6 M

8.68%

$0.84

2.76%

ARTUX - Profile

Distributions

  • YTD Total Return 3.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 8.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Artisan Floating Rate Fund
  • Fund Family Name
    Artisan Partners Limited Partnership
  • Inception Date
    Dec 01, 2021
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • 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 comprised primarily of floating rate debt instruments that are attractively valued, including, without limitation, floating rate leveraged loans, which could include, among other types of loans, senior secured loans, unsecured loans, second lien loans, bridge loans and junior loans.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 no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in floating rate debt instruments and other investments that are the economic equivalent of floating rate debt instruments or enable the Fund to achieve a floating rate of income. Floating rate debt instruments for this purpose are those debt obligations of companies or other entities that have (a) interest at rates that adjust periodically, often, though not necessarily, based on a benchmark rate plus a premium or spread over the benchmark rate, or (b) maturities of six months or less even if the interest rates do not adjust periodically. The benchmark rate usually is the Prime Rate, London Interbank Offered Rate (“LIBOR”), Secured Overnight Funding Rate (“SOFR”), the Federal Reserve federal funds rate, or other base lending rates used by commercial lenders. In addition, fixed-rate investments with respect to which the Fund has entered into derivative instruments, such as, for example, interest rate swaps, to effectively convert the fixed-rate interest payments into floating or adjustable rate interest payments; exchange-traded funds (“ETFs”) or notes that provide exposure to floating or adjustable rate loans or obligations; and cash and cash equivalents (for example, money market funds) are examples of other investments considered by the Fund to be eligible for the purpose of satisfying the 80% policy.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.”  Although the Fund expects to primarily invest in instruments that are rated below investment grade (or unrated but determined by Artisan Partners to be of comparable quality) at the time of purchase, the Fund may invest without limit in instruments of any credit quality, including investment grade instruments and securities of stressed or distressed issuers. 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.In addition to floating rate debt instruments, the Fund also may invest in other corporate fixed income instruments of varying maturities, including fixed-rate instruments, 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 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). The Fund also may invest in ETFs.The Fund may use derivatives for investment, duration management or hedging purposes, or with the purpose or effect of creating investment leverage. The Fund may also use derivatives to manage liquidity risk. The Fund’s investments in derivative instruments may include investments in, among other instruments, futures contracts, swap contracts and certain currency instruments such as currency forward contracts and currency swap contracts.
Read More

ARTUX - Performance

Return Ranking - Trailing

Period ARTUX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -1.2% 4.8% 17.94%
1 Yr 11.5% -4.4% 24.1% 20.61%
3 Yr N/A* -5.6% 8.0% N/A
5 Yr N/A* -7.1% 37.2% N/A
10 Yr N/A* -2.0% 19.3% N/A

* Annualized

Return Ranking - Calendar

Period ARTUX Return Category Return Low Category Return High Rank in Category (%)
2023 3.9% -12.0% 17.3% 20.23%
2022 N/A -22.9% 5.1% N/A
2021 N/A -12.2% 12.0% N/A
2020 N/A -14.1% 289.8% N/A
2019 N/A -8.1% 14.6% N/A

Total Return Ranking - Trailing

Period ARTUX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -1.2% 4.8% 17.94%
1 Yr 11.5% -4.4% 24.1% 20.61%
3 Yr N/A* -5.6% 8.0% N/A
5 Yr N/A* -7.1% 37.2% N/A
10 Yr N/A* -2.0% 19.3% N/A

* Annualized

Total Return Ranking - Calendar

Period ARTUX Return Category Return Low Category Return High Rank in Category (%)
2023 14.3% -12.0% 30.3% 16.03%
2022 N/A -22.9% 5.1% N/A
2021 N/A -10.2% 19.4% N/A
2020 N/A -14.1% 306.9% N/A
2019 N/A -3.6% 23.8% N/A

NAV & Total Return History

ARTUX - Holdings

Concentration Analysis

ARTUX Category Low Category High ARTUX % Rank
Net Assets 60.6 M 29.9 M 13.5 B 96.63%
Number of Holdings 82 2 1605 92.99%
Net Assets in Top 10 27 M -191 M 2.48 B 77.86%
Weighting of Top 10 44.58% 5.2% 100.8% 7.78%

Top 10 Holdings

  1. BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class 18.85%
  2. Delta Topco, Inc. First Lien Term Loan 4.96%
  3. CDR Hydra Buyer, Inc. Term Loan 3.62%
  4. UKG, Inc. First Lien Term Loan 2.89%
  5. Surgery Center Holdings, Inc. Term Loan 2.59%
  6. Nexus Buyer LLC First Lien Term Loan 2.55%
  7. BCPE Grill Parent, Inc. Term Loan 2.53%
  8. Amynta Agency Borrower, Inc. Term Loan 2.47%
  9. Edelman Financial Engines Center LLC Second Lien Term Loan 2.06%
  10. Medline Borrower LP Term Loan 2.06%

Asset Allocation

Weighting Return Low Return High ARTUX % Rank
Bonds 		86.39% 0.00% 161.82% 88.93%
Cash 		18.85% -61.90% 18.85% 0.37%
Stocks 		0.00% 0.00% 100.78% 93.73%
Preferred Stocks 		0.00% -3.99% 6.42% 66.79%
Other 		0.00% -52.39% 26.58% 67.90%
Convertible Bonds 		0.00% 0.00% 5.51% 71.00%

Bond Sector Breakdown

Weighting Return Low Return High ARTUX % Rank
Corporate 		84.37% 0.00% 141.23% 79.93%
Cash & Equivalents 		18.85% 0.00% 25.03% 0.74%
Derivative 		0.00% -8.79% 1.12% 62.73%
Securitized 		0.00% 0.00% 91.68% 74.72%
Municipal 		0.00% 0.00% 0.47% 52.79%
Government 		0.00% 0.00% 3.18% 60.97%

Bond Geographic Breakdown

Weighting Return Low Return High ARTUX % Rank
US 		86.39% 0.00% 144.71% 64.94%
Non US 		0.00% 0.00% 63.23% 75.65%

ARTUX - Expenses

Operational Fees

ARTUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.76% 0.03% 12.26% 9.16%
Management Fee 0.68% 0.00% 1.89% 74.10%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

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

Trading Fees

ARTUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 7.69%

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.

ARTUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 4.00% 180.00% N/A

ARTUX - Distributions

Dividend Yield Analysis

ARTUX Category Low Category High ARTUX % Rank
Dividend Yield 8.68% 0.00% 11.02% 25.45%

Dividend Distribution Analysis

ARTUX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

ARTUX Category Low Category High ARTUX % Rank
Net Income Ratio N/A 1.77% 9.82% N/A

Capital Gain Distribution Analysis

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

Distributions History

View More +

ARTUX - Fund Manager Analysis

Managers

Bryan Krug

Start Date

Tenure

Tenure Rank

Dec 01, 2021

0.5

0.5%

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.

Seth Yeager

Start Date

Tenure

Tenure Rank

Dec 01, 2021

0.5

0.5%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.01 3.25

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