International Value team portfolio manager David Samra recently joined Evermore Global portfolio manager David Marcus and Columbia Business school’s Prof. Tano Santos for a virtual conversation about international value investing.

    This material represents the views of the speakers as of 11 Jun 2020, 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.

    Current and future portfolio holdings are subject to risk. 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 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. Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in strategies denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal. These risks, among others, are further described in Artisan Partners Form ADV, which is available upon request.

    For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the portfolio. The discussion of portfolio holdings does not constitute a recommendation of any individual security. The holdings mentioned above comprise the following percentages of a representative account within the Composite’s total net assets as of 31 Mar 2020: ABB Ltd 5.1%; Alibaba Group Holdings Ltd 2.5%, Cie Financiere Richemont SA 3.3%; Sony Corp 1.3%; Vivendi SA 1.6%; UBS Group AG 4.0%. Securities mentioned that are not listed here are no longer held in the portfolio as of the period end. The portfolio managers views and portfolio holdings are subject to change and Artisan Partners disclaims any obligation to advise investors of such changes.

    The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings.

    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.

    Artisan Partners is not affiliated with Evermore Global Advisors or Colombia Business School and this is not an offer or solicitation of any investment vehicle mentioned apart from Artisan Partners investment advisory services.