This material represents the views and opinions of Rosa Vazquez, research analyst on the Artisan Partners U.S. Value team, and is subject to change without notice. This material is provided for informational purposes without regard to your particular investment needs. This material should 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.

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. There is no guarantee that the companies in which the portfolio invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The portfolio’s investments in equity, fixed income, and derivative securities each contain inherent risks, including the risk of loss, like all investments; and capital appreciation and income are not guaranteed. 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.

References to “better, safer, cheaper” are based on views of a security’s Margin of Safety. 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. ​Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations.