This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized composite performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the manager as of 17 Apr 2025, which are based on current market conditions, will fluctuate, 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 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.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of a representative account in the strategy Composite’s total net assets as of 31 Mar 2025: Sea Ltd 5.7%, MercadoLibre Inc 5.3%, Visa Inc 4.7%, MakeMyTrip Ltd 4.4%, Adyen NV 4.4%, Tencent Holdings Ltd 4.3%, NU Holdings Ltd 4%, Crowdstrike Holdings Inc 3.9%, Grab Holdings Ltd 3.8%, The Coca-Cola Co 3.2%, Cadence Design Systems Inc 3.0%, NVIDIA Corp 2.8%, Netflix Inc 2.8%, Kanzhun Ltd 2.5%, Zomato Ltd 2.3%, Veeva Systems Inc 2.3%, Apollo Hospitals Enterprise Ltd 2.2%, WiseTech Global Ltd 1.6%, Ferrari NV 1.1%, Tradeweb Markets Inc 1.1%, PB Fintech Ltd 1.1%, One 97 Communications Ltd 1.1%, Mastercard Inc 0.7%. Securities mentioned, but not listed here or in the investor update presentation are not held in the portfolio as of the date of this report.

MSCI ACWI information is used for illustrative purposes only and is not a benchmark of the portfolio.

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.

The S&P 500® Index and S&P UBS Leveraged Loan Indices are products of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2025 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.

Passport Companies refer to companies based in developed markets that have economic ties to emerging markets and/or consumers or users in the emerging markets. Value Capture: We define as a model for trimming securities that experience market appreciation while retaining a residual position. Flexion: The concept of flexion recognizes that individual stocks move up and down more than the rest of the portfolio and individual buys and sells are incremental in nature. Adding with a progression to a lower weight refers to a stock that is declining more than the rest of the portfolio and our purchases make up less weight than the decline in portfolio weight from stock depreciation. Selling with progression to a higher weight refers to stocks that are rising more than the rest of the portfolio and sales are less than the increase in portfolio weight from stock appreciation.

Clarifications: Companies mentioned by alternative names: Paytm (One 97 Communications), PolicyBazaar (PB Fintech), BOSS (Kanzhun).

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk.

Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Artisan Partners UK LLP (APUK) is authorized and regulated by the Financial Conduct Authority and is a registered investment adviser with the SEC. APEL Financial Distribution Services Limited (AP Europe) is regulated by the Central Bank of Ireland. APLP, APUK and AP Europe are collectively, with their parent company and affiliates, referred to as Artisan Partners herein.

Artisan Partners is not registered, authorized or eligible for an exemption from registration in all jurisdictions. Therefore, services described herein may not be available in certain jurisdictions. This material does not constitute an offer or solicitation where such actions are not authorized or lawful, and in some cases may only be provided at the initiative of the prospect. Further limitations on the availability of products or services described herein may be imposed.

This material is only intended for investors which meet qualifications as institutional investors as defined in the applicable jurisdiction where this material is received, which includes only Professional Clients or Eligible Counterparties as defined by the Markets in Financial Instruments Directive (MiFID) where this material is issued by APUK or AP Europe. This material is not for use by retail investors and may not be reproduced or distributed without Artisan Partners’ permission.

In the United Kingdom, issued by Artisan Partners UK LLP, 25 St. James’s St., Floor 10, London SW1A 1HA, registered in England and Wales (LLP No. OC351201). Registered office: Phoenix House, Floor 4, Station Hill, Reading Berkshire RG1 1NB. In Ireland, issued by Artisan Partners Europe, Fitzwilliam Hall, Fitzwilliam Pl, Ste. 202, Dublin 2, D02 T292. Registered office: 70 Sir John Rogerson's Quay, Dublin 2, D02 R296 (Company No. 637966).

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