7 Funds That Are Better Than They Look

Nearly half of Artisan’s funds are closed to new investors, the short-term performance of the overall lineup has been unremarkable, and fees are generally above average. Yet the firm does offer some open, proven options as well as a few younger and intriguing funds.

Since opening in 1994, Artisan’s modus operandi has largely remained unchanged. It hires successful or up-and-coming investors and generally allows them the freedom to set up their teams as they see fit. Each of the now-seven teams builds distinctive portfolios, and the firm is sensitive to capacity: Seven of the 15 funds are closed to new investors, and two others have closed in the past.

Four of the five teams with long histories have generally been successful over the long haul. (The exception is the team that manages Artisan Emerging Markets APHEX, which has turned in mediocre results since its June 2006 inception.) The median category rank of the eight Artisan funds with 10-year records through May 4, 2016, is 23 (just inside the top quartile).

Here are the firm’s most-promising open funds, all of which have less than $2 billion in assets.

Artisan Global Value

ARTGX

This fund, with a Morningstar Analyst Rating of Silver, reopened to new investors in October 2015 after closing two years earlier. It is managed by Dan O’Keefe and David Samra, who also run Gold-rated

Artisan Global Opportunities

ARTRX

This fund also earns a Silver. It was launched as a large-growth fund in 2008, but non-U.S. stocks were gradually added to the portfolio, and it moved to the world-stock Morningstar Category in 2012. It is managed by the same team behind

Artisan Value

ARTLX

This large-value fund hasn’t fully delivered on its potential. It is managed by the team that has steered Silver-rated

Artisan Global Equity

ARTHX

This fund hasn’t been rated yet, but it is managed by the same Mark Yockey-led team behind Gold-rated

Artisan Global Small Cap

ARTWX

The youngest of Yockey’s charges launched in June 2013, so its record, while poor, is quite short. This small fund’s 1.5% expense ratio represents a significant hurdle, but the team has done quite well with small caps over the long haul at the similarly priced Artisan International Small Cap.

Artisan High Income

ARTFX

For its first fixed-income fund, launched in early 2014, the firm hired Bryan Krug, manager of

Artisan Developing World

ARTYX

Hired by Artisan last year, manager Lewis Kaufman plies a similar approach here to the one he used at