Fund Evaluator:

Artisan Mid Cap Institutional Overview

Artisan Mid Cap Institutional (APHMX) is an actively managed U.S. Equity Mid-Cap Growth fund. Artisan Partners Funds launched the fund in 2000.

The investment seeks long-term capital growth. The fund normally invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of medium-sized companies. The advisor defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallest company in the Russell Midcap® Index and less than three times the weighted average market capitalization of companies in the index.

About Artisan Mid Cap Institutional (APHMX)

There are 5 members of the management team with an average tenure of 12.40 years: Matthew Kamm (2010), Jay Warner (2022), Jason White (2011), Angela Wu (2026), James Hamel (2001). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Mid Cap TR USD index with a weighting of 100%. Artisan Mid Cap Institutional has 66 securities in its portfolio. The top 10 holdings constitute 34.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Artisan Mid Cap Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. Artisan Mid Cap Institutional has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.8%. There is 1.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Artisan Mid Cap Institutional has 3.8% of the portfolio in cash.

Assets Under Management

The fund has $2 billion in total assets, which is above the $658 million average for the Mid-Cap Growth 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.

APHMX 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 Mid Cap Institutional expense ratio is high compared to funds in the Mid-Cap Growth category. Artisan Mid Cap Institutional has an expense ratio of 0.98%, which is 10% lower than its category average, making the fund expense ratio grade a C. 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 Mid Cap Institutional. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.

Recently, in the month of July 2026, Artisan Mid Cap Institutional returned -8.8%, which earned it a grade of F, as the Mid-Cap Growth category had an average return of -5.5%. 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 Mid Cap Institutional has a trailing yield of 0.00%, which is below the 0.03% category average. The fund normally distributes its income annually 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 Mid Cap Institutional Grades

Year to date, the fund has returned 1.3%, 4.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.2% over the past year (grade of C), 10.1% over the past three years (grade of C) and 0.3% per year over the past five years (grade of D) and 10.9% per year over the past 10 years (grade of C).

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