Strategy. The Funds investment team employs a fundamental investment process to construct a focused portfolio of securities of undervalued US companies across a broad capitalization range. The team seeks to invest in what the team considers to be high quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. The teams investment process focuses on four key characteristics: Undervaluation Determining the intrinsic value of a business is the heart of the teams research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a companys future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business. Business Quality The team seeks to … Show more… The Funds investment team employs a fundamental investment process to construct a focused portfolio of securities of undervalued US companies across a broad capitalization range. The team seeks to invest in what the team considers to be high quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. The teams investment process focuses on four key characteristics: Undervaluation Determining the intrinsic value of a business is the heart of the teams research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a companys future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business. Business Quality The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. Financial Strength The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available. Shareholder-Oriented Management The teams research process attempts to identify management teams with a history of building value for shareholders. Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to the teams estimate of the companys intrinsic value. The team manages the portfolio by generally taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for investment-related concerns, including diversification, risk management and liquidity). As part of the investment process, the team considers financially material environmental, social and governance factors alongside other fundamental research. Under normal market conditions, 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 equity securities or instruments that have similar economic characteristics. The Fund will invest primarily in US companies but may invest up to 20% of its total assets at market value at the time of purchase in non-US companies, including those in emerging and less developed markets. The Fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. The Fund will typically hold 20-30 securities. As a result, a high percentage of the Funds total assets may be invested in a particular company, sector or industry. The Fund will generally not invest more than 10% of its total assets, at the time of purchase, in the securities of a single issuer. There are no restrictions on the market capitalizations of the companies in which the Fund may invest. The Fund may invest up to 10% of its assets, measured at the time of purchase, in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called participation certificates in the Funds prospectus, but may be called different names by issuers). There are no restrictions on the market capitalizations of the companies in which the Fund may invest. From time to time, the team may conclude that a security other than an equity security presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent (in any event, no more than 20% of its net assets plus any borrowings for investment purposes at market value at the time of purchase) in debt securities (including lower-rated securities, which include securities rated below investment grade (below BBB- by Standard & Poors Rating Services (S&P) or Fitch, Inc. (Fitch) or below Baa3 by Moodys Investors Service, Inc. (Moodys)), or comparably rated by another nationally recognized statistical rating organization (NRSRO), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as junk bonds), and convertible debt securities of US or non-US issuers that meet the Funds investment criteria. The Fund may invest in debt securities of any maturity. Show less