Artisan Focus Fund on The Bank of New York Mellon Corporation

Bank of New York Mellon is another holding in Artisan's Evolving Financials theme and contributed strongly in Q2. The thesis is that financials are entering an inflection where recovering activity and deregulation can combine with years of cost reduction, consolidation and capital discipline. A more favorable regulatory backdrop could unlock excess capital, accelerate buybacks, improve lending and lift returns on equity. Because many institutions enter this phase with strong balance sheets and rationalized cost structures, Artisan sees potential for sustained improvement rather than a purely cyclical rebound.