APHWX Fees and Costs — Artisan Value Income Fund, Institutional Shares
Data updated: 2026-08-28
The net expense ratio is 1.05%: a 0.70% management fee plus 1.43% other expenses, less a 1.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $8K in broker commissions, 0.0479% of average net assets, and portfolio turnover was 32%.
APHWX Fees and Expenses
Annual operating expenses and sales charges of APHWX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.43% |
| Gross expense ratio | 2.13% |
| Fee waiver | −1.08% |
| Net expense ratio | 1.05% |
| 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 |
APHWX Costs Over Time
On $10,000 invested in APHWX, assuming 5% a year before costs, total costs come to $685 over 5 years, cutting the return by 1.15% 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 1.05%) | $110 | $344 | $595 |
| Trading costs (broker commissions) | $5 | $16 | $27 |
| Lost growth on money paid in costs | $0 | $18 | $63 |
| Total costs | $115 | $377 | $685 |
| Value after costs | $10,385 | $11,199 | $12,077 |
| Impact on return, per year | 1.15% | 1.15% | 1.15% |
APHWX 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): 0.0479%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $8.1M
- Portfolio turnover (prospectus): 32%
- Securities on loan, average value: $82K
- Net income from securities lending: $2K (0.015% of average net assets)
APHWX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| HSBC Securities (USA) Inc. | $2K | 27.19% |
| Morgan Stanley & Co. LLC | $1K | 16.50% |
| Jefferies LLC | $807 | 11.63% |
| Goldman Sachs & Co. LLC | $753 | 10.86% |
| ROBERT W. BAIRD & CO. INCORPORATED | $611 | 8.81% |
| J.P. Morgan Securities LLC | $505 | 7.28% |
| Sanford C. Bernstein & Co., LLC | $407 | 5.88% |
| RBC Capital Markets, LLC | $369 | 5.32% |
| Barclays Capital, Inc. | $309 | 4.46% |
| BofA Securities, Inc. | $143 | 2.07% |
APHWX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $6.2M | 77.08% |
| HSBC Securities (USA) Inc. | $778K | 9.64% |
| Morgan Stanley & Co. LLC | $404K | 5.00% |
| Barclays Capital, Inc. | $325K | 4.03% |
| B. Riley FBR, Inc. | $211K | 2.61% |
| Jefferies LLC | $82K | 1.02% |
| Goldman Sachs & Co. LLC | $50K | 0.62% |
Artisan Value Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| APHWX | Institutional Shares | 1.05% | none |
| APDWX | Advisor Shares | 1.10% | none |
| APFWX | Investor Shares | 1.20% | 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.