Artisan Partners Funds Inc.

11/13/2026 | Press release | Distributed by Public on 11/13/2026 16:10

Summary Prospectus by Investment Company (Form 497K)

 
Summary Prospectus
13 November 2026
Artisan Select Equity Fund
ETF Shares: APNX
Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders and other information about the Fund, including the statement of additional information, online at www.artisanpartners.com/prospectus. You can also get this information at no cost by calling 866.632.1770 or by sending an e-mail request to [email protected]. The Fund's current prospectus and statement of additional information, both dated 13 November 2026, each as supplemented from time to time, are incorporated by reference into this summary prospectus.
Investment Objective
The Fund seeks long-term capital growth.
Fees and Expenses of the Fund
This table describes the fees and expenses that you pay if you buy, hold and sell ETF Shares of the Fund. The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder's financial intermediary when buying or selling ETF Shares.
Annual Fund Operating Expenses1 (expenses that you pay each year as a percentage of the value of your investment) 
ETF Shares
Management Fees
0.55%
Distribution (12b-1) Fees
None
Total Other Expenses2
1.54
Acquired Fund Fees and Expenses3
0.01
Total Annual Fund Operating Expenses
2.10
Fee Waiver and Expense Reimbursement4
1.50
Total Annual Fund Operating Expenses After Fee Waiver and
Expense Reimbursement
0.60
1 The Fund's operating expenses have been restated to reflect a reduction in the management fee that was effective as of 1 September 2026.
2 ETF Shares of the Fund are new so "Total Other Expenses" shown are based on anticipated fees and expenses for the first full fiscal year.
3 "Acquired Fund Fees and Expenses" shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund's investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the "Financial Highlights" in the Fund's prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.
4 Artisan Partners Limited Partnership, the Fund's investment adviser ("Artisan Partners"), contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 0.59% of the average daily net assets of ETF Shares. This contract continues through 31 January 2028.
Expense Example
The example is intended to help you compare the cost of investing in the Fund's ETF Shares with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund's ETF Shares for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes a 5% return each year and that the Fund's operating expenses with respect to ETF Shares remain the same. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of ETF Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements in the first year), your costs would be: 
1 Year
3 Years
5 Years
10 Years
ETF Shares
$61
$513
$990
$2,312
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26.15% of the average value of its portfolio.
Principal Investment Strategies
The Fund's investment team employs a fundamental investment process to construct a focused portfolio of securities of undervalued US companies across a broad capitalization range. The team seeks to invest in what the team considers to be high quality, undervalued companies with strong balance sheets and shareholder-oriented management teams.
The team's investment process focuses on four key characteristics:
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Undervaluation-Determining the intrinsic value of a business is the heart of the team's research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a company's future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business.
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Business Quality-The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.
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Financial Strength-The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.
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Shareholder-Oriented Management-The team's research process attempts to identify management teams with a history of building value for shareholders.
Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to the team's estimate of the company's intrinsic value. The team manages the portfolio by generally taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for investment-related concerns, including diversification, risk management and liquidity). As part of the investment process, the team considers financially material environmental, social and governance factors alongside other fundamental research.
Under normal market conditions, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in equity securities or instruments that have similar economic characteristics. The Fund will invest primarily in US companies but may invest up to 20% of its total assets at market value at the time of purchase in non-US companies, including those in emerging and less developed markets. The Fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. The Fund will typically hold 20-30 securities. As a result, a high percentage of the Fund's total assets may be invested in a particular company, sector or industry. The Fund will generally not invest more than 10% of its total assets, at the time of purchase, in the securities of a single issuer. There are no restrictions on the market capitalizations of the companies in which the Fund may invest.
The Fund may invest up to 10% of its assets, measured at the time of purchase, in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called "participation certificates" in the Fund's prospectus, but may be called different names by issuers).
From time to time, the team may conclude that a security other than an equity security presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent (in any event, no more than 20% of its net assets plus any borrowings for investment purposes at market value at the time of purchase) in debt securities (including lower-rated securities, which include securities rated below investment grade (below BBB- by Standard & Poor's Financial Services LLC ("S&P") or Fitch Ratings Inc. ("Fitch") or below Baa3 by Moody's Investors Service, Inc. ("Moody's"), or comparably rated by another nationally recognized statistical rating organization ("NRSRO"), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as "junk bonds," and convertible debt securities of US or non-US issuers that meet the Fund's investment criteria. The Fund may invest in debt securities of any maturity.
The Fund's ETF Shares operate as an actively managed exchange-traded fund ("ETF").
Principal Risks
Like all funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. The value and trading price of the Fund's ETF Shares varies from day to day and over time, and when you sell your shares they may be worth less than what you paid for them. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund's principal risks include:
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Market Risks-Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company's securities may rise or fall in response to company, market, economic, political, regulatory or other news.
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Active Management Risks-The success of the Fund is dependent on the team's investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.
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Non-Diversification Risks-As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer's performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.
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Value Investing Risks-Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company's stock may never reach the level that the team considers its intrinsic value.
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Growth Investing Risks-Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.
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Small and Medium-Sized Company Risks-Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms - meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line - making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.
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Risks of Emphasizing a Region, Country, Sector or Industry-If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund's overall portfolio.
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Foreign Investing Risks-Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.
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Emerging and Developing Markets Risks-Investment risks typically are greater in emerging and less developed markets, including "frontier markets", which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.
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ETF Structure Risks-The Fund's ETF Shares operate as an ETF and are subject to risks related to exchange trading, including:
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The Fund's ETF Shares are listed for trading on the NYSE Arca, Inc. (the "Exchange") and are bought and sold on the secondary market at market prices. Although it is expected that the market price of the Fund's ETF Shares will typically approximate the Fund's NAV, there may be times when the market price reflects a significant premium or discount to NAV.
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Although the Fund's ETF Shares are listed on the Exchange, it is possible that an active trading market in the Fund's ETF Shares may not be maintained. In stressed market conditions, the market for the Fund's ETF Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which could lead to wider bid/ask spreads and differences in the market price of the Fund's ETF Shares and the underlying value of those shares.
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The Fund's ETF Shares could potentially face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund ETF Share level and at the Fund holdings level.
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Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund with respect to ETF Shares, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). In addition, to the extent that securities held by the Fund are traded outside a collateralized settlement system, Authorized Participants may be required to post collateral on certain trades on an agency basis (on behalf of other market participants), which only a limited number of Authorized Participants may be able to do. To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the ETF Shares of the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, the Fund's ETF Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.
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Currency Risks-Foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in US dollars. The exchange rates between foreign currencies and the US dollar fluctuate continuously. As a result, the Fund's performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund's direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may mitigate the risk of loss from changes in currency exchange rates, but also may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.
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Participation Certificate Risks-Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.
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Debt Securities Risks-The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund's debt investments unfavorably.
Debt securities in which the Fund invests may be rated below investment grade or unrated securities that are determined by Artisan Partners to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as "junk bonds."  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk, may be less liquid and may be subject to greater price volatility than higher-rated bonds.
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Convertible Securities Risks-Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.
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Operational and Cybersecurity Risks-Operational failures, cyber-attacks or other disruptions that affect the Fund's service providers, the Fund's counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.
Performance
This section provides some indication of the risks of investing in the Fund. The ETF Shares of the Fund are a new class of shares for which performance information is not available and, therefore, the bar chart and table show performance information for the Institutional Shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus. The Institutional Shares would have substantially similar annual returns to ETF Shares because the shares are invested in the same portfolio of securities and the annual returns at NAV (assuming ETF Shares are bought and sold without any premium or discount) would differ only to the extent that the Institutional Shares do not have the same expenses as the ETF Shares. Performance information for ETF Shares will be provided after such shares have one full calendar year of performance. The following bar chart shows how the performance of the Fund's Institutional Shares has varied over time.
Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.
Calendar Year by Year Total Returns (%)
 
Highest/Lowest Quarter Returns (%)
During the time period shown in the bar chart. 
Highest Quarter
12.88
December 31, 2023
Lowest Quarter
-14.61
June 30, 2022
Year-to-Date Return. The Fund's total return for the nine months ended 30 September 2026 was 12.11%.
Average Annual Total Returns-(For Periods Ended 31 December 2025)
The following table shows the average annual total returns (before and after taxes) of the Institutional Shares of the Fund and the change in value of a broad-based market index over various periods ended 31 December 2025. The index information is intended to permit you to compare the Fund's performance to market performance. Returns of the ETF Shares of the Fund may vary from the returns of the Institutional Shares due to differences in expenses.
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After-tax returns are shown for Institutional Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.
For Periods Ended 31 December 2025 (%)  
Institutional
1-Year
5-Year
Since Inception
Inception Date
Return before taxes
28.92%
12.60%
14.32%
February 28, 2020
Return after taxes on distributions
27.93%
11.86%
13.65%
Return after taxes on distributions and sale of Fund shares
17.79%
9.88%
11.45%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
17.88%
14.42%
17.24%
Updated performance information may be obtained by visiting www.artisanpartners.com.
Portfolio Management
Investment Adviser: Artisan Partners  
Portfolio Managers
Title
Length of Service
Daniel J. O'Keefe
Managing Director and Lead Portfolio Manager, Artisan Partners
Since February 2020 (inception)
Michael J. McKinnon, CFA
Managing Director and Portfolio Manager, Artisan Partners
Since February 2020 (inception)
Purchase and Sale of Fund Shares
The Fund will issue and redeem ETF Shares at its NAV only in Creation Units. These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only Authorized Participants purchase or redeem Creation Units. Except when aggregated in Creation Units, ETF Shares are not redeemable securities of the Fund.
Investors can only buy and sell ETF Shares in the secondary market (i.e., on a national securities exchange) through a broker or dealer at market prices. Because Fund shares trade at market prices rather than at NAV, Fund shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) (the "bid-ask spread"). When available, recent information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be available at www.artisanpartners.com.
Tax Information
The Fund intends to make distributions with respect to ETF Shares that may be taxed as ordinary income, qualified dividend income, or capital gains, except when you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. If you invest through such tax-advantaged arrangements, you may be subject to tax upon withdrawal from those arrangements.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase ETF Shares through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund, the investment adviser and/or the distributor may pay the financial intermediary for the services provided to the Fund and its shareholders. The investment adviser and/or the distributor may also pay the financial intermediary for the sale of ETF Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.
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Artisan Partners Funds Inc. published this content on November 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 13, 2026 at 22:10 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]