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By Greg Carlson | 09-29-2009 10:17 AM

How Artisan Beat the Pack in Down and Up Markets

Scott Satterwhite and Jim Kieffer on how Small Cap Value and Mid Cap Value held up significantly better than their rivals in the downturn and also managed to outperform in this year's rally.

Greg Carlson: Hi, I'm Greg Carlson. I'm a fund analyst with Morningstar. I'm here today with two of the managers of the three value funds from the Artisan Funds. There's Artisan Mid Cap Value, Artisan Small Cap Value, and Artisan Opportunistic Value.

Here today we have Scott Satterwhite and Jim Kieffer. Welcome. Thanks for joining me today.

Scott Satterwhite: Thanks, Greg.

Carlson: Now, you tend to be long-term-oriented investors, but I think one interesting thing is that the funds, particularly Small Cap Value and Mid Cap Value, did something fairly unusual in that they held up significantly better than their category rivals and their benchmarks in the downturn, particularly 2008. Yet they've also managed to outperform in the rally of 2009 when things significantly turned around.

I wonder if you could talk about how that has happened, and also why Opportunistic Value, which focuses on large and mid-cap companies, didn't do quite as well in the downturn but has bounced back strongly in the rally.

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