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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: 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. 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 holdings mentioned comprised the following percentages of the Artisan Global Value Fund’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 Artisan Select Equity Fund’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 in the Artisan Global Value Portfolio 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.

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.

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S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. 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. Multiple is a ratio that is calculated by dividing the market or estimated value of an asset by a specific item on financial statements. ​Price-to-Intrinsic Value is the ratio of a company's stock price to an estimate of the company's intrinsic value, the perceived value of a company including all tangible and intangible assets. 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). Dividend yield is a ratio that shows how much income is earned in dividend payouts per year for every dollar invested in a stock, a mutual fund or an ETF.