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

Daniel J. O'Keefe is a managing director of Artisan Partners and founding partner of the Artisan Partners Global Value Team. He is lead portfolio manager of the Artisan Global Value and Artisan Select Equity Funds. The views and opinions expressed are those of the speakers as of 13 Oct 2023, and do not necessarily represent those of Artisan Partners and 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. This material is being provided for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

Investment Risks: Current and future portfolio holdings are subject to risk. 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 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.

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 above comprised the following percentages of the Fund’s total net assets as of 30 Sept 2023: Artisan Global Value Fund — Elevance Health Inc 4.6%, Compass Group PLC 4.1%, Shell PLC 3.3%, The Progressive Corp 3.3%, American Express Co 3.1%, Marsh & McLennan Cos Inc 3.1%, TotalEnergies SE 1.9%. Artisan Select Equity Fund— Elevance Health Inc 6.3%, The Progressive Corp 5.9%, American Express Co 5.3%, Marsh & McLennan Cos Inc 3.5%. Portfolio holdings are subject to change and Artisan Partners disclaims any obligation to advise investors of such changes.

MSCI All Country World Index measures the performance of developed and emerging markets. 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.

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use.  Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Margin of safety is the difference between the market price and the estimated intrinsic value of a business. Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock.​ Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations.

Clarification: The Progressive Corp. was purchased Artisan Global Value Fund in 2012.

Clarification: As of 30 Sep 2023 Artisan Global Value Fund held 3 stocks with positions over 5% in the portfolio and Artisan Select Equity Fund held 9 stocks with positions over 5% in the 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.

In no event shall Artisan Partners have any liability for direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material.

Morningstar: Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers’ funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders’. Beginning in 2012, nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst Rating™ of Gold, Silver or Bronze. The Fund Manager of the Year award winners are chosen based on Morningstar’s proprietary research and in-depth qualitative evaluation by its manager research analysts.

Morningstar Inc.’s awards are based on qualitative evaluation and research, thus subjective in nature and should not be used as the sole basis for investment decisions. Morningstar’s awards are not guarantees of a fund’s future investment performance. Morningstar, Inc. does not sponsor, issue, sell or promote any open-end mutual funds including the Artisan Partners Funds.

The Artisan Global Value Fund was named a recipient of the 2023 Investor’s Business Daily (IBD) award for Best International Stock Funds. Each winning fund has beat its benchmark for the past one, three, five and ten years. For 2023, IBD compared the returns of 635 international stock funds that have been around for at least 10 years and found that 66 beat the benchmark— the MSCI EAFE Index — in those four periods. In determining award winners, IBD’s analysis uses Morningstar data for each fund’s historical risk-adjusted return compared to the MSCI EAFE index as of 31 December 2022. The index is unmanaged; includes net reinvested dividends; does not reflect fees or expenses; and is not available for direct investment. Past performance does not guarantee and is not a reliable indicator of future results.