Past performance does not guarantee and is not a reliable indicator of future results.

Rezo Kanovich is a portfolio manager for the Artisan Non-U.S. Small-Mid Growth team. This podcast represents the views of Deconstructing Alpha host Geremy van Arkel and Rezo Kanovich as of 4 Nov 2022, which are their own, 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. Portfolio security yields are subject to market conditions and are not guaranteed.

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. Growth securities may underperform other asset types during a given period.

For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the Strategy. The holdings mentioned above comprised the following percentages of a representative account within the Composite’s total net assets as of 30 Sep 2022: Nice Ltd 4.3%, ConvaTec Group PLC 2.1%, CyberArk Software Ltd 2.2%, Wolfspeed Inc 2.0%, Azbil Corp 1.7%, WNS Holdings Ltd 1.7%, Swedish Orphan Biovitrum AB 1.7%, Kornit Digital Ltd 1.6%, Rohm Co Ltd 1.0%, Ambu A/S 1.0%, Legend Biotech Corp 0.9%, Hapvida Participacoes e Investimentos S/A 0.6%, Carl Zeiss Meditec AG 0.2%. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

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.