Fund Evaluator:
Artisan Value Income Institutional (APHWX)
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Best Performing in Large Value Over the Last Year
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Fund Details
Artisan Value Income Institutional Overview
Artisan Value Income Institutional (APHWX) is an actively managed U.S. Equity Large Value fund. Artisan Partners Funds launched the fund in 2022.
The investment seeks to provide total return through a combination of income and capital appreciation. The fund’s investment team employs a fundamental investment process to construct a diversified portfolio of equity securities across a broad capitalization range. The team seeks to invest in companies that are undervalued, in solid financial condition and have attractive business economics. The fund may invest up to 30% of its total assets at market value at the time of purchase in securities of non-U.S. issuers (including depositary receipts).
About Artisan Value Income Institutional (APHWX)
There are 2 members of the management team with an average tenure of 4.34 years: Daniel Kane (2022), Thomas Reynolds (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and DJ US Select Dividend TR USD index with a weighting of 100%. Artisan Value Income Institutional has 77 securities in its portfolio. The top 10 holdings constitute 24.4% 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 Value Income Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. Artisan Value Income Institutional has 13.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 80.8%. There is 13.3% allocated to foreign stock, and 3.6% 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 Value Income Institutional has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $1 billion average for the Large Value 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.
APHWX 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 Value Income Institutional expense ratio is high compared to funds in the Large Value category. Artisan Value Income Institutional has an expense ratio of 1.05%, which is 13% 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 Value Income Institutional. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of June 2026, Artisan Value Income Institutional returned 1.5%, which earned it a grade of C, as the Large Value category had an average return of 1.6%. 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 Value Income Institutional has a trailing yield of 2.21%, which is above the 1.25% category average. The fund normally distributes its income quarterly 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 Value Income Institutional Grades
Year to date, the fund has returned 7.7%, 3.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.2% over the past year (grade of F) and 11.6% over the past three years (grade of F).
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APHWX 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 |
|
| APHWX Return (NAV) | 1.5% | 5.8% | 13.2% | 11.6% | na | na |
| APHWX Grade | C | F | F | F | na | na |
| +/- Category | -0.1% | -4.0% | -7.8% | -4.3% | na | na |
| Large Value Avg | 1.6% | 9.8% | 21.0% | 15.9% | 10.4% | 11.3% |
| APHWX Tax Cost Ratio | na | na | 0.9% | 1.0% | na | na |
APHWX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| APHWX Return (NAV) | 7.7% | 10.3% | 9.8% | 11.1% | na | na | na | na | na | na | na |
| APHWX Grade | D | F | F | C | na | na | na | na | na | na | na |
| +/- Category | -3.4% | -4.9% | -4.3% | -0.8% | na | na | na | na | na | na | na |
| Large Value Avg | 11.1% | 15.2% | 14.1% | 11.8% | -6.1% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 11.5% |
| Total Risk Index: | 0.94 - Average |
| Category Risk Index: | 0.95 - Below Average |
| Category Risk Grade: | B (30% Rank) |
| Beta: | 0.59 |
| R-Squared: | 45% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $8 Mil |
| Fund Total Assets: | $ 6 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.3 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Kane Daniel (2022), Reynolds Thomas (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 77 |
| % in Top 10 Holdings: | 24.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 13.3% |
Portfolio Allocation |
|
| Domestic Stock: | 80.8% |
| Foreign Stock: | 13.3% |
| Preferred Stock: | 3.6% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | Artisan Partners Funds |
| Phone Number: | 800-344-1770 |
| Website: | www.artisanfunds.com |
| Status: | Open |
| Inception Date: | February 28, 2022 |
| Min. Initial Purchase: | $1,000,000 |
| 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 (%): | 1.05% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Artisan Value Income Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
