Past performance does not guarantee and is not a reliable indicator of future results. Click here for standardized Fund performance.

David Samra is the lead portfolio manager for Artisan International Value Fund. This recording represents the views of Jim Grant of Grant’s Current Yield Podcast and David Samra as of 10 July 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.

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. Such risks 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. 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.

The discussion of portfolio holdings does not constitute a recommendation of any individual security. 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 comprised the following percentages of the Artisan International Value Fund’s total net assets as of 31 June 2024: Samsung Electronics Co Ltd 6.9%, Arch Capital Group Ltd 5.8%, Alibaba Group Holding Ltd 2.4%. The discussion of portfolio holdings does not constitute a recommendation of any individual security. Portfolio holdings are subject to change and Artisan Partners disclaims any obligation to advise investors of such changes.

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.

​MSCI All Country World ex-US Index measures the performance of developed and emerging markets, excluding the US. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. ​MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

Discounted cash flow (DCF) is a valuation method used to estimate the value of an investment based on its expected future cash flows. Earnings Before Interest & Tax (EBIT) is an indicator of a company's profitability, calculated as revenue minus expenses, excluding tax and interest. Earnings power is a figure that telegraphs a business's ability to generate profits over the long term, assuming all current operational conditions generally remain constant. Enterprise Value (EV) is a measure of a company’s value. Earnings per Share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Price-to-Book Ratio (P/B Ratio) is a valuation measure used to compare a stock's market value to its book value. Risk-Free Rate is the interest rate an investor can expect to earn on an investment that carries zero risk. Spread refers to the difference or gap that exists between two prices, rates, or yields. Operating Profit Margin is a ratio used to measure a company's pricing strategy and is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures.