2018 Annual Report

Data as of and through December 31, 2018. Sources: Artisan Partners/MSCI/Russell/ICE BoAML/S&P. Calculation is based on investing $1 million, with monthly net-of-fees returns, in each Artisan composite historically marketed to investors and its broad-based market index for the period since the composite's inception or at which time the strategy's marketed composite was terminated. Performance includes the returns for the following strategies and their broad-based market indexes for the periods since each composite's inception through the last full month of performance: the U.S. Small-Cap Value strategy from June 1, 1997 through April 30, 2016; the Global Small-Cap Growth strategy from July 1, 2013 through December 31, 2016; and the Non-U.S. Small-Cap Growth strategy from January 1, 2002 through November 30, 2018. An investment cannot be made directly in an Artisan composite or a market index and the aggregated results are hypothetical. Past performance is not indicative of future results. See Disclosures for more information about our investment performance and the benchmarks used.

Delivering high value-added results for our clients.

Data as of and through December 31, 2018. Sources: Artisan Partners/MSCI/Russell. The dark blue line indicates the percent of periods each Artisan composite outperformed its broad-based market index, and the lighter blue line indicates the periods that the U.S. Mid-Cap Growth, U.S. Small-Cap Growth, Value Equity and U.S. Mid-Cap Value strategies outperformed their style indexes. Percent of periods outperformed is the percentage of total 5-year periods in which the Artisan composite, net of fees, outperformed its broad-based market or style index. The performance over rolling periods is based on monthly returns each Artisan composite has completed a 5-year return period. The U.S. Small-Cap Value strategy, which reorganized into the U.S. Mid-Cap Value strategy in May 2016, outperformed its broad-based benchmark index in 77% of the 168 rolling 5-year periods during its existence. The Global Small-Cap Growth strategy, which was shut down in January 2017, was managed for less than five years. The Non-U.S. Small-Cap Growth composite outperformed its broad-based benchmark index in 77% of the 144 rolling 5-year periods during its existence through its termination on November 30, 2018 as the strategy evolved into the Non-U.S. Small-Mid Growth strategy, which began its new composite performance track record on January 1, 2019. The following strategies do not yet have 5-year track records and have not been accounted for: Artisan Credit Opportunities, Developing World, Global Discovery, High Income, Thematic and Thematic Long/Short Strategies. Past performance is not indicative of future results. See Disclosures for more information about our investment performance and the benchmarks used.