Past performance does not guarantee and is not a reliable indicator of future results.

Daniel Kane is a portfolio manager for the Artisan U.S. Value team. This podcast represents the views of Gaining Perspective host Robert Huebscher and Daniel Kane as of 21 Oct 2022, which are their own, 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. Portfolio security yields are subject to market conditions and are not guaranteed.

Current and future portfolio holdings are subject to risk. The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. A portfolio’s environmental, social and governance (“ESG”) considerations may limit the investment opportunities available and, as a result, the portfolio may forgo certain investment opportunities and underperform portfolios that do not consider ESG factors. 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.

Discounted cash flow (DCF) is a valuation method used to estimate the value of an investment based on its expected future cash flows. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Return on Invested Capital (ROIC) is a measure of how well a company generates cash flow relative to capital invested in the business. ​Sharpe Ratio is a measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment. A larger value generally indicates a more attractive risk-adjusted return. Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. Current Yield is the annual income (interest or dividends) divided by the current price of a security. Margin of Safety, a concept developed by Benjamin Graham, is the difference between the market price and the estimated intrinsic value of a business. A large margin of safety may help guard against permanent capital loss and improve the probability of capital appreciation. Margin of safety does not prevent market loss—all investments contain risk and may lose value.

The S&P 500® (“Index”) is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. Russell 1000® Value Index measures the performance of US large-cap companies with lower price/book ratios and forecasted growth values.  Russell 1000® Growth Index measures the performance of US large-cap companies with higher price/book ratios and forecasted growth values. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

This material is provided for informational purposes without regard to your particular investment needs. This material shall 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.