This article represents the views of Bloomberg FICC Focus host Damian Sassower and Michael Cirami, EMsights Capital Group Portfolio Manager, as of March 4, 2025, and does 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.

Diversification does not ensure a profit or protect against a loss. 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. Non-diversified portfolios may invest larger portions of assets in securities of a smaller number of issuers and performance of a single issuer may have a greater impact to the portfolio’s returns. 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, and include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. Fixed income securities carry interest rate risk and credit risk for both the issuer and counterparty and investors may lose principal value. In general, when interest rates rise, fixed income values fall. High yield securities (junk bonds) are speculative, experience greater price volatility and have a higher degree of credit and liquidity risk than bonds with a higher credit rating. Use of derivatives may create investment leverage and increase the likelihood of volatility and risk of loss in excess of the amount invested.

Emerging Markets (EM), Foreign Exchange (FX), US Dollar Index (DXY), Variable Interest Equity (VIE), Chinese Yuan Renminbi Offshore (CNH). Spread is the difference in yield between two bonds of similar maturity but different credit quality. Investment Grade indicates above-average credit quality and lower default risk and is defined as a rating of BBB or higher by Standard and Poor’s and Fitch rating services and Baa or higher by Moody’s ratings service. A Carry trade is a strategy that involves borrowing at a low interest rate and reinvesting in a currency or financial product with a higher rate of return. Magnificent Seven (MAG-7): a term used to describe the following large US companies: Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA and Tesla.

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