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This recording represents the views of the Artisan Partners Global Value Team, as of 22 May 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.

Investment Risks: 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. Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in strategies denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal. These risks, among others, are further described in Artisan Partners Form ADV, which is available upon request.

The holdings mentioned comprised the following percentages of a representative account within the Artisan Global Value Composite’s total net assets as of 31 March 2024: Heidelberg Materials AG 4.9%, Samsung Electronics Co Ltd 4.7%, Elevance Health Inc 4.4%, Danone SA 4.1%, Alphabet Inc 4.1%, Meta Platforms Inc 4.0%, Novartis AG 4.2%, Shell PLC 3.3%, UBS Group AG 2.9%, Heineken NV 2.3%, Alibaba Group Holding Ltd 1.9%, TotalEnergies SE 1.6%;  and of a representative account within the Artisan Select Equity Composite’s total net assets as of 31 March 2024: Heidelberg Materials AG 6.2%, Elevance Health Inc 6.1%, Samsung Electronics Co Ltd 5.8%, Meta Platforms Inc 5.5%, Alphabet Inc 5.5%, Danone SA 5.0%, Alibaba Group Holding Ltd 3.2%. For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the fund. Securities mentioned, but not listed here are not held in the portfolio as of the date of this report. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

The Global Value Seven are the top seven holdings of a representative account within the Artisan Global Value Composite as of 31 Dec 2023: Samsung Electronics Co Ltd, UBS Group AG, Danone SA, Novartis AG, Heidelberg Materials AG, Elevance Health Inc, Alphabet Inc. The dividend yield of these holdings is as of 17 Jan 2024.

Correction: US technology makes up 30% of the overall S&P.

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The Magnificent 7 is a group of high-performing and influential companies in the U.S. stock market (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla).