Artisan Partners Developing World Team Portfolio Manager Lewis Kaufman discusses his team’s investment philosophy, portfolio positioning and the current market environment.

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Minute  
1:00

Risk Management
• “2022 was… a year of utilization of our risk management framework…2023 has been a year of preservation”
29:00

Quarterly Review
• Contributors
• Detractors
42:00

EM Policy Outlook
• “The flip side of that is rates probably will come down, but not by that much, even once the Fed gets in motion.”
48:00

China and India
•“the need for China to rebalance its economy away from investment and towards consumption is…”
• “India sits in a demographic and geopolitical sweet spot…”
58:00

Q&A
1 - Will China's growth slowing down cause the global economy to go into a recession?

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 18 Jan 2024, 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 Dec 2023: Visa Inc 4.8%, LVMH Moet Hennessy Louis Vuitton SE 3.1%, The Estee Lauder Cos Inc 2.4%, Kweichow Moutai Co Ltd 3.0%, Hermes International SCA 1.1%, NU Holdings Ltd 3.3%, Tencent Holdings Ltd 2.1%, Adyen NV 4.2%, Crowdstrike Holdings Inc 3.6%, Snap Inc 2.3%, MercadoLibre Inc 5.6%, Netflix Inc 3.0%, Meituan 3.2%, Wuxi Biologics Inc 1.5%, Sea Ltd 4.8%, Veeva Systems Inc 3.2%, Nvidia Corp 4.8%, MakeMyTrip Ltd 4.7%, Apollo Hospitals Enterprise Ltd 3.0%, The Coca-Cola Co 2.4%, Alibaba Group Holding Ltd 1.1%, Airbnb Inc 4.5%. 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.

Flexion which we define as the ability to deemphasize investments while preserving value pathways, to enhance portfolio outcomes. Passport Companies are based in developed markets economically tied to emerging markets. Value Capture which we define as a model for trimming securities that experience market appreciation while retaining a residual position.

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