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This material represents the views and opinions of the Artisan Partners U.S. Value Team, as of 22 May 2024, and do not necessarily represent those of Artisan Partners. The views and opinions expressed are based on current market conditions, which will fluctuate, and those views are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

This material should not be construed as investment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment product discussed herein.

International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging and less developed markets, including frontier markets.  Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Value securities may underperform other asset types during a given period. Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in strategies denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal. These risks, among others, are further described in Artisan Partners Form ADV, which is available upon request.

For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the Strategy. These holdings comprise the following percentages of a representative account within the Composite’s total net assets as of 22 May 2024: Value Income Strategy: Heineken 2.4%, Diageo 2.1%, Kerry Group 1.5%; Value Equity Strategy: Heineken 2.7%, Diageo 2.9%, Kerry Group 2.7%. Securities named in the Commentary, but not listed here are not held in the Fund as of 30 June 2024. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

For Institutional Investors Only—Not for Onward Distribution