Artisan High Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Artisan High Income Fund held 282 positions with $11.38B in net assets. Its ten largest holdings made up 23.4% of the fund. The ARTFX share class costs 0.95% a year. Over the 12 months to May 2026, ARTFX returned 5.3%, with dividends reinvested. In 2026 Q2 it added 28 new positions and exited 18.
The Fund seeks to provide total return through a combination of current income and capital appreciation.
The fund invests in below-investment-grade corporate bonds and loans selected through fundamental analysis of business quality, financial strength, downside risk, and relative value, with a focus on issuers with resilient business models and attractive risk-adjusted returns. The fund may invest significantly in lower-rated securities (CCC+ or below) and may hold private placements, restricted securities, and foreign or emerging-market debt without limit. Because credit instruments have asymmetric risk profiles where loss potential often exceeds gain potential, particularly in below-investment-grade securities, the fund's returns depend on the credit quality and performance of its selected issuers.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TSTXXBlackRock Liquidity Funds Treasury Trust Fund | 6.53% | $742.66M | — |
Ardonagh Group Finance Ltd. 8.88% · due 2032-02-15 | 3.17% | $360.22M | — |
VistaJet Malta Finance plc 6.38% · due 2030-02-01 | 2.26% | $257.70M | — |
Iris Holdings, Inc. 0.10% floating · due 2028-06-28 | 1.94% | $220.44M | — |
Arches Buyer, Inc. 4.25% · due 2028-06-01 | 1.74% | $198.22M | — |
GSM Holdings, Inc. 8.73% floating · due 2031-09-29 | 1.71% | $194.10M | — |
MajorDrive Holdings IV LLC 7.96% floating · due 2028-06-01 | 1.63% | $185.86M | — |
UKG, Inc. 6.88% · due 2031-02-01 | 1.58% | $180.07M | — |
Medline Borrower LP 3.88% · due 2029-04-01 | 1.50% | $170.89M | — |
Carnival Corp. Ltd. 5.75% · due 2032-08-01 | 1.38% | $157.51M | — |
The 200 largest of 282 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 66.49% |
| Loans | 26.78% |
| Cash & short-term | 6.54% |
| Stocks | 0.46% |
| Derivatives | -0.02% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 61.0%
- International
- 17.8%
- Cash
- 6.5%
- Consumer Discretionary
- 4.8%
- 8 other sectors
- 9.9%
- Other
- 61.0%
- International
- 17.8%
- Cash
- 6.5%
- Consumer Discretionary
- 4.8%
- Information Technology
- 2.7%
- Communication Services
- 2.3%
- Industrials
- 2.3%
- Financials
- 1.1%
- Consumer Staples
- 0.8%
- Materials
- 0.4%
- Real Estate
- 0.3%
- Energy
- 0.1%
How it has done
ARTFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.36%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.95% | +5.27% | +30.79% | +25.91% | -1.82% | |
| 0.80% | +5.54% | +31.56% | +27.02% | -1.80% | |
| 0.70% | +5.65% | +31.95% | +27.63% | -1.90% |
These classes hold the same portfolio, so the 1.72pp spread over 5 years is the cost difference between them — roughly 0.34pp a year — not a difference in what they own.
Fees & fund details
Artisan High Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.70% – 0.95%· ARTFX 0.95%
- Portfolio turnover
- 29.82% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
28 new· the largest 5
18 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 71.3% |
| Floating rate | 28.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.3% |
| 1-3y | 22.5% |
| 3-5y | 38.3% |
| 5-10y | 35.3% |
| 10y+ | 3.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 56% |
| Interest rates | 44% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.22 yr |
| Investment grade | +0.50 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.51 yr | 24% |
| 5 yr | 1.25 yr | 57% |
| 10 yr | 0.35 yr | 16% |
| 30 yr | 0.06 yr | 3% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.60 yr | 22% |
| 5 yr | 1.66 yr | 61% |
| 10 yr | 0.40 yr | 15% |
| 30 yr | 0.06 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.01 | $0 | $6.5k |
| 1 yr | +0.51 | +0.09 | +0.51 | $104.0k | $584.4k |
| 5 yr | +1.25 | +0.19 | +1.47 | $216.3k | $1.67m |
| 10 yr | +0.35 | +0.18 | +0.22 | $202.3k | $248.4k |
| 30 yr | +0.06 | +0.05 | +0.02 | $51.3k | $20.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.19 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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