Artisan High Income Fund
Artisan Partners Funds Inc. · Series S000044335 · 3 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Expense ratio |
|---|---|
| ARTFX | 0.95% |
| APDFX | 0.80% |
| APHFX | 0.70% |
Portfolio turnover 29.82% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: MajorDrive Holdings IV LLC, Big Sky Funding LLC, Sword Purchaser LLC ×2, Photo Holdings LLC, Realtruck Group, Inc. ×3
Largest exited: MajorDrive Holdings IV LLC, RealTruck Group, Inc. ×2, Alliant Holdings Intermediate LLC, VistaJet Malta Finance plc, Mp Topco Holdings LLC, National Mentor Holdings, Inc., MJH Healthcare Holdings LLC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.87% | +28.14% | +25.98% | 2.84% | -1.82% | |
| +7.15% | +28.90% | +26.98% | 2.89% | -1.80% | |
| +7.26% | +29.27% | +27.71% | 2.89% | -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.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| TSTXX | BlackRock Liquidity Funds Treasury Trust FundTSTXX | 6.53% | $742.66M | — |
| — | Ardonagh Group Finance Ltd.8.88% · due 2032-02-15 | 3.17% | $360.22M | — |
| — | VistaJet Malta Finance plc6.38% · 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 LLC7.96% floating · due 2028-06-01 | 1.63% | $185.86M | — |
| — | UKG, Inc.6.88% · due 2031-02-01 | 1.58% | $180.07M | — |
| — | Medline Borrower LP3.88% · due 2029-04-01 | 1.50% | $170.89M | — |
| — | Carnival Corp. Ltd.5.75% · due 2032-08-01 | 1.38% | $157.51M | — |
Top 10 positions are 23.44% of net assets, top 25 39.07%, across 160 issuers.
See more of this fund's book
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