APDSX Fees and Costs — Artisan Small Cap Fund, Advisor Shares
Data updated: 2026-08-28
The net expense ratio is 1.10%: a 0.97% management fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $548K in broker commissions, 0.0452% of average net assets, and portfolio turnover was 65%.
APDSX Fees and Expenses
Annual operating expenses and sales charges of APDSX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.97% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 1.10% |
| Fee waiver | — |
| Net expense ratio | 1.10% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
APDSX Costs Over Time
On $10,000 invested in APDSX, assuming 5% a year before costs, total costs come to $714 over 5 years, cutting the return by 1.20% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.10%) | $116 | $360 | $623 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $120 | $393 | $714 |
| Value after costs | $10,380 | $11,183 | $12,049 |
| Impact on return, per year | 1.20% | 1.20% | 1.20% |
APDSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0452%
- Total broker commissions: $548K
- Bought from dealers (principal trades, not a cost): $899.4M
- Portfolio turnover (prospectus): 65%
- Securities on loan, average value: $3.4M
- Net income from securities lending: $73K (0.006% of average net assets)
APDSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $222K | 46.50% |
| Liquidnet, Inc. | $56K | 11.73% |
| William Blair & Company, L.L.C. | $53K | 11.12% |
| Jefferies LLC | $52K | 10.96% |
| ROBERT W. BAIRD & CO. INCORPORATED | $28K | 5.79% |
| Raymond James & Associates, Inc. | $20K | 4.16% |
| RBC Capital Markets, LLC | $17K | 3.52% |
| Goldman Sachs & Co. LLC | $14K | 2.83% |
| Oppenheimer & Co. Inc. | $8K | 1.77% |
| Maxim Group LLC | $8K | 1.61% |
APDSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $891.1M | 99.07% |
| Goldman Sachs & Co. LLC | $4.7M | 0.52% |
| Jefferies LLC | $3.6M | 0.40% |
| Morgan Stanley & Co. LLC | $131K | 0.01% |
Artisan Small Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| APHSX | Institutional Shares | 1.02% | none |
| APDSX | Advisor Shares | 1.10% | none |
| ARTSX | Investor Shares | 1.25% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.