Artisan Focus Fund on The Bank of New York Mellon Corporation

BNY is another holding through which Artisan expresses its Evolving Financials theme. The thesis is that years of heavy regulation, muted capital-markets activity and pressure on growth forced financial companies to become more efficient and disciplined before the cyclical backdrop began to improve. If deregulation and stronger market activity release excess capital and support higher returns on equity, BNY can participate in a sustained improvement in earnings power.