Fund Evaluator:
Artisan International Small-Mid Investor (ARTJX)
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Best Performing in Foreign Small/Mid Growth Over the Last Year
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Fund Details
Artisan International Small-Mid Investor Overview
Artisan International Small-Mid Investor (ARTJX) is an actively managed International Equity Foreign Small/Mid Growth fund. Artisan Partners Funds launched the fund in 2001.
The investment seeks long-term capital growth. Under normal circumstances, the fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in common stocks and other securities of small- and mid-cap companies. Under normal market conditions, it will invest at least 65% of its total assets at market value at the time of purchase in securities of non-U.S. companies. The fund invests in developed markets and emerging and less developed markets.
About Artisan International Small-Mid Investor (ARTJX)
There are 1 members of the management team with an average tenure of 7.88 years: Rezo Kanovich (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI EAFE Small Growth NR USD index with a weighting of 100%. Artisan International Small-Mid Investor has 122 securities in its portfolio. The top 10 holdings constitute 27.1% 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 International Small-Mid Investor is part of the Equity global asset class and is within the International Equity fund group. Artisan International Small-Mid Investor has 74.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 25.0%. There is 74.4% 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 International Small-Mid Investor has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $105 million in total assets, which is below the $325 million average for the Foreign Small/Mid 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.
ARTJX 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 International Small-Mid Investor expense ratio is high compared to funds in the Foreign Small/Mid Growth category. Artisan International Small-Mid Investor has an expense ratio of 1.33%, which is 9% 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 International Small-Mid Investor. By way of comparison, the average portfolio turnover is 65% for the Foreign Small/Mid Growth category.
Recently, in the month of August 2026, Artisan International Small-Mid Investor returned 4.0%, which earned it a grade of B, as the Foreign Small/Mid Growth category had an average return of 4.3%. 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 International Small-Mid Investor has a trailing yield of 0.34%, which is below the 1.38% 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 International Small-Mid Investor Grades
Year to date, the fund has returned 11.9%, 0.6 percentage points better than the category, which translates into a grade of B. The fund has returned 15.1% over the past year (grade of B), 11.2% over the past three years (grade of C) and 1.2% per year over the past five years (grade of C) and 7.9% per year over the past 10 years (grade of B).
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ARTJX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ARTJX Return (NAV) | 4.0% | 5.0% | 15.1% | 11.2% | 1.2% | 7.9% |
| ARTJX Grade | B | A | B | C | C | B |
| +/- Category | -0.2% | 5.1% | 3.3% | -1.7% | 0.7% | 0.7% |
| Foreign Small/Mid Growth Avg | 4.3% | -0.1% | 11.8% | 12.9% | 0.5% | 7.2% |
| ARTJX Tax Cost Ratio | na | na | 1.4% | 0.6% | 0.5% | 1.9% |
ARTJX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ARTJX Return (NAV) | 11.9% | 18.2% | -0.5% | 11.0% | -23.8% | 3.7% | 33.0% | 36.3% | -16.8% | 33.4% | -12.9% |
| ARTJX Grade | B | C | D | D | A | F | B | A | C | D | F |
| +/- Category | 0.6% | -2.6% | -1.4% | -2.4% | 4.8% | -6.2% | 7.6% | 8.5% | -0.6% | -1.9% | -12.2% |
| Foreign Small/Mid Growth Avg | 11.3% | 20.8% | 0.9% | 13.4% | -28.6% | 9.9% | 25.4% | 27.8% | -16.2% | 35.3% | -0.7% |
| Risk Measures | |
| Standard Deviation: | 15.2% |
| Total Risk Index: | 1.25 - Above Average |
| Category Risk Index: | 0.91 - Average |
| Category Risk Grade: | C (40% Rank) |
| Beta: | 0.94 |
| R-Squared: | 68% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2576 Mil |
| Fund Total Assets: | $ 105 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 7.9 years | |||
| Average Tenure: 7.9 years | |||
| Managers (Year): Kanovich Rezo (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 122 |
| % in Top 10 Holdings: | 27.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 74.4% |
Portfolio Allocation |
|
| Domestic Stock: | 25.0% |
| Foreign Stock: | 74.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Artisan Partners Funds |
| Phone Number: | 800-344-1770 |
| Website: | www.artisanfunds.com |
| Status: | Closed |
| Inception Date: | December 21, 2001 |
| 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 (%): | 1.33% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Artisan International Small-Mid Investor |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
