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

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 managers as of 12 Jan 2023, 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 2022: Nvidia Corp 6.0%, JD Health International Inc 2.1%, ASML Holding NV 3.0%, Bilibili Inc 2.5%, Visa Inc 4.9%, Crowdstrike Holdings Inc 4.9%, Airbnb Inc 6.5%, Sea Ltd 5.8%, Snowflake Inc 2.4%, MercadoLibre Inc 6.0%, Adyen NV 4.7%, KE Holdings Inc 2.6%, Meituan 4.7%, LVMH Moet Hennessy Louis Vuitton SE 3.1%, The Estee Lauder Cos Inc 2.4%, Hermes International 1.1%, Kweichow Moutai Co Ltd 3.1%, Shenzhen Mindray Bio-Medical Electronics Co Ltd 2.4%, HDFC Bank Ltd 3.1%, Sartorius Stedim Biotech 1.1%, Align Technology Inc 2.0%, NU Holdings Ltd 2.8%, Grab Holdings Ltd 1.1%. As of 3 Mar 2022, Russian holdings are valued at zero. 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.

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