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Artisan Fund Wins With GARP Tactics; It Seeks Hidden Gems; Small-cap portfolio aims for fast-growing stocks at a discount valuation.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: PAUL KATZEFF
Artisan Small Cap Fund likes gems.
Managers of the $1.01 billion portfolio define those as small-cap stocks with solid and improving fundamentals. Their yearly earnings growth is above 15%. They have experienced, talented management.
And the fund prefers if these gems are hidden. That way, it can buy them at a discount.
To find such bargains, Artisan's managers -- Carlene Ziegler, Marina Carlson and Craigh Cepukenas -- seek stocks whose values haven't been recognized. That can be due to the complexity of the firm's business. It can also be due to lack of attention from industry analysts.
With this emphasis on attractive valuation, the fund characterizes itself as using a GARP strategy -- growth at a reasonable price.
It's been a winning way for the fund. In 2005 the fund advanced 6.97%, according to preliminary data. Its small growth rivals tracked by Morningstar averaged a 5.78% gain. The S&P 500 was up 4.91%.
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