APDTX Fees and Costs — Artisan Focus Fund, Advisor Shares
Data updated: 2026-08-28
The net expense ratio is 1.15%: a 1.00% management fee plus 0.15% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.8M in broker commissions, 0.4213% of average net assets, and portfolio turnover was 246%.
APDTX Fees and Expenses
Annual operating expenses and sales charges of APDTX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.15% |
| Gross expense ratio | 1.15% |
| Fee waiver | — |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
APDTX Costs Over Time
On $10,000 invested in APDTX, assuming 5% a year before costs, total costs come to $972 over 5 years, cutting the return by 1.65% 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 1.15%) | $121 | $375 | $646 |
| Trading costs (broker commissions) | $44 | $137 | $237 |
| Lost growth on money paid in costs | $0 | $25 | $90 |
| Total costs | $165 | $537 | $972 |
| Value after costs | $10,335 | $11,039 | $11,791 |
| Impact on return, per year | 1.65% | 1.65% | 1.65% |
APDTX 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): 0.4213%
- Total broker commissions: $4.8M
- Bought from dealers (principal trades, not a cost): $3.3B
- Portfolio turnover (prospectus): 246%
- Securities lending: none during the year
APDTX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $1.3M | 36.68% |
| Citadel Securities LLC | $593K | 16.55% |
| Jefferies LLC | $411K | 11.46% |
| Goldman Sachs & Co. LLC | $361K | 10.07% |
| UBS Securities LLC | $312K | 8.70% |
| J.P. Morgan Securities LLC | $149K | 4.14% |
| JonesTrading Institutional Services LLC | $141K | 3.92% |
| BofA Securities, Inc. | $130K | 3.62% |
| Evercore Group L.L.C. | $97K | 2.70% |
| Piper Sandler & Co. | $77K | 2.14% |
APDTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $2.9B | 90.01% |
| Citadel Securities LLC | $166.2M | 5.09% |
| BofA Securities, Inc. | $84.2M | 2.58% |
| UBS Securities LLC | $50.6M | 1.55% |
| Maxim Group LLC | $9.4M | 0.29% |
| Morgan Stanley & Co. LLC | $8.9M | 0.27% |
| Citigroup Global Markets Inc. | $4.2M | 0.13% |
| Jefferies LLC | $1.5M | 0.05% |
| Goldman Sachs & Co. LLC | $889K | 0.03% |
Artisan Focus Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| APHTX | Institutional Shares | 1.07% | none |
| APDTX | Advisor Shares | 1.15% | none |
| ARTTX | Investor Shares | 1.36% | 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.