APHLX Fees and Costs — Artisan Value Fund, Institutional Shares
Data updated: 2026-08-28
The net expense ratio is 0.55%: a 0.49% management fee plus 0.10% other expenses, less a 0.04% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $114K in broker commissions, 0.0352% of average net assets, and portfolio turnover was 36%.
APHLX Fees and Expenses
Annual operating expenses and sales charges of APHLX. Prospectus, as of June 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.49% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.10% |
| Gross expense ratio | 0.59% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.55% |
| 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 | Yes |
| Waived fees subject to recoupment | Yes |
APHLX Costs Over Time
On $10,000 invested in APHLX, assuming 5% a year before costs, total costs come to $369 over 5 years, cutting the return by 0.61% 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 0.55%) | $58 | $181 | $315 |
| Trading costs (broker commissions) | $4 | $12 | $20 |
| Lost growth on money paid in costs | $0 | $10 | $34 |
| Total costs | $61 | $202 | $369 |
| Value after costs | $10,439 | $11,374 | $12,394 |
| Impact on return, per year | 0.61% | 0.61% | 0.61% |
APHLX 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): 0.0352%
- Total broker commissions: $114K
- Bought from dealers (principal trades, not a cost): $200.1M
- Portfolio turnover (prospectus): 36%
- Securities on loan, average value: $216
- Net income from securities lending: $30K (0.009% of average net assets)
APHLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $16K | 18.69% |
| Jefferies LLC | $14K | 15.55% |
| ROBERT W. BAIRD & CO. INCORPORATED | $13K | 15.47% |
| J.P. Morgan Securities LLC | $10K | 11.87% |
| UBS Securities LLC | $7K | 8.03% |
| Barclays Capital, Inc. | $6K | 6.59% |
| Citigroup Global Markets Inc. | $5K | 6.12% |
| Sanford C. Bernstein & Co., LLC | $5K | 6.00% |
| The Benchmark Company, LLC | $5K | 5.96% |
| RBC Capital Markets, LLC | $5K | 5.72% |
APHLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $200.1M | 100.00% |
Artisan Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| APHLX | Institutional Shares | 0.55% | none |
| APDLX | Advisor Shares | 0.60% | none |
| ARTLX | Investor Shares | 0.70% | 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.