Fund Evaluator:
Artisan Global Unconstrained Investor (APFPX)
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Best Performing in Nontraditional Bond Over the Last Year
| 11.1% | Artisan Global Unconstrained Investor (APFPX) |
| 7.3% | Goldman Sachs Dynamic Bond Inv (GZIRX) |
| 5.9% | Potomac Managed Volatility - Instl (CRMVX) |
| 5.5% | PGIM Absolute Return Bond Z (PADZX) |
| 5.2% | Shelton Tactical Credit Investor (DEBTX) |
Fund Details
Artisan Global Unconstrained Investor Overview
Artisan Global Unconstrained Investor (APFPX) is an actively managed Taxable Bond Nontraditional Bond fund. Artisan Partners Funds launched the fund in 2022.
The investment seeks to provide total return through a combination of current income and long-term capital appreciation. The fund’s investment team employs a fundamental investment process to construct a differentiated portfolio of securities, derivatives and other instruments that offer long and short exposures around the world. The fund primarily invests in debt securities and instruments with similar economic characteristics. It may have significant investment in a particular geographic region or country and typically a portion will be invested in emerging market countries. The fund is non-diversified.
About Artisan Global Unconstrained Investor (APFPX)
There are 2 members of the management team with an average tenure of 4.25 years: Michael Cirami (2022), Sarah Orvin (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100% and ICE BofA US Treasury Bill TR USD index with a weighting of 100%. Artisan Global Unconstrained Investor has 544 securities in its portfolio. The top 10 holdings constitute 37.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Artisan Global Unconstrained Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Artisan Global Unconstrained Investor has 58.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.7%. There is 5.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 53.2% (0.4% domestic bond, 52.8% foreign bond and 0.2% convertible bond). Artisan Global Unconstrained Investor has 40.7% of the portfolio in cash.
Assets Under Management
The fund has $46 million in total assets, which is below the $663 million average for the Nontraditional Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
APFPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Artisan Global Unconstrained Investor expense ratio is high compared to funds in the Nontraditional Bond category. Artisan Global Unconstrained Investor has an expense ratio of 1.69%, which is 19% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Artisan Global Unconstrained Investor. By way of comparison, the average portfolio turnover is 308% for the Nontraditional Bond category.
Recently, in the month of June 2026, Artisan Global Unconstrained Investor returned -0.1%, which earned it a grade of F, as the Nontraditional Bond category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Artisan Global Unconstrained Investor has a trailing yield of 4.70%, which is below the 4.89% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Artisan Global Unconstrained Investor Grades
Year to date, the fund has returned 3.9%, 2.5 percentage points better than the category, which translates into a grade of A. The fund has returned 11.1% over the past year (grade of A) and 9.5% over the past three years (grade of A).
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APFPX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| APFPX Return (NAV) | -0.1% | -0.0% | 11.1% | 9.5% | na | na |
| APFPX Grade | F | F | A | A | na | na |
| +/- Category | -0.2% | -1.7% | 6.3% | 3.5% | na | na |
| Nontraditional Bond Avg | 0.2% | 1.7% | 4.9% | 6.0% | 2.5% | 3.3% |
| APFPX Tax Cost Ratio | na | na | 2.0% | 2.4% | na | na |
APFPX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| APFPX Return (NAV) | 3.9% | 11.4% | 10.7% | 7.6% | na | na | na | na | na | na | na |
| APFPX Grade | A | A | A | C | na | na | na | na | na | na | na |
| +/- Category | 2.5% | 4.6% | 5.3% | 1.0% | na | na | na | na | na | na | na |
| Nontraditional Bond Avg | 1.5% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 2.4% |
| Total Risk Index: | 0.20 - Low |
| Category Risk Index: | 0.68 - Below Average |
| Category Risk Grade: | B (21% Rank) |
| Beta: | -0.06 |
| R-Squared: | 2% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 4.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1259 Mil |
| Fund Total Assets: | $ 46 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.3 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Cirami Michael (2022), Orvin Sarah (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 544 |
| % in Top 10 Holdings: | 37.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 58.3% |
Portfolio Allocation |
|
| Domestic Stock: | -0.7% |
| Foreign Stock: | 5.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.4% |
| Foreign Bond: | 52.8% |
| Convertible Bond: | 0.2% |
| Other: | 1.2% |
| Cash: | 40.7% |
Purchase Information
| Fund Family: | Artisan Partners Funds |
| Phone Number: | 800-344-1770 |
| Website: | www.artisanfunds.com |
| Status: | Open |
| Inception Date: | March 31, 2022 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.69% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | Artisan Global Unconstrained Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
