This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund performance, portfolio holdings and other important information. Access “Slides” to view.

This recording represents the views of the Artisan Partners International Small-Mid Team, as of 24 April 2025, 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.

Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow yield is a financial metric that shows how much cash a company generates relative to its market value. Multiple of earnings is a valuation method whereby the value of a company is expressed through the use of a multiple applied to a company's earnings.Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. EV/FCF ratio compares a company’s enterprise value (EV) to its free cash flow (FCF), which provides an overview of a company’s total value, encompassing both equity and debt, in relation to its available cash flow. EV/EBIT: A valuation multiple; defined as enterprise value (EV) divided by earnings before interest and tax (EBIT). Foreign exchange (FX) is the conversion of one currency into another. Tracking error refers to the standard deviation of the difference between a portfolio’s returns and a benchmark index’s returns.

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk. Diversification does not ensure a profit or protect against a loss.