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

Rezo Kanovich is a portfolio manager for the Artisan International Small-Mid Fund. This podcast represents the views of Deconstructing Alpha host Geremy van Arkel and Rezo Kanovich as of 4 Nov 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.

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. Growth securities may underperform other asset types during a given period.

For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. The holdings mentioned above comprised the following percentages of the Fund’s total net assets as of 30 Sep 2022: Nice Ltd 4.3%, ConvaTec Group PLC 2.1%, CyberArk Software Ltd 2.2%, Wolfspeed Inc 2.0%, Azbil Corp 1.7%, WNS Holdings Ltd 1.7%, Swedish Orphan Biovitrum AB 1.7%, Kornit Digital Ltd 1.6%, Rohm Co Ltd 1.0%, Ambu A/S 1.0%, Legend Biotech Corp 0.9%, Hapvida Participacoes e Investimentos S/A 0.6%, Carl Zeiss Meditec AG 0.2%. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

MSCI All Country World ex USA Small Cap Index measures the performance of small-cap companies in developed markets and emerging markets excluding the US. MSCI All Country World ex USA SMID Index measures the performance of small- and mid-cap companies in developed and emerging markets excluding the US. MSCI All Country World ex USA Small Cap Index measures the performance of small-cap companies in developed markets and emerging markets excluding the US. S&P 500® Index (SP500) measures the performance of 500 US companies focused on the large-cap sector of the market. MSCI EAFE Index  (MSEAFE) measures the performance of developed markets, excluding the US and Canada. MSCI Emerging Markets Index (MSEM) measures the performance of emerging markets.

Active Share is defined as the percentage of a portfolio that differs from its benchmark index. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. Operating Cash Flow (OCF) is a measure of the amount of cash generated by a company’s normal business operations. Portfolio Turnover is a measure of the trading activity in an investment portfolio—how often securities are bought and sold by a portfolio.

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.