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Artisan Partners Global Value Team lead Portfolio Manager Dan O’Keefe joined another lively conversation among legendary value investors to discuss investing opportunities and challenges in the current environment.

Daniel J. O'Keefe is a managing director of Artisan Partners and founding partner of the Artisan Partners Global Value Team. He is lead portfolio manager of the Artisan Global Value and Artisan Select Equity Strategies. The views and opinions expressed are those of the speakers as of 1 Mar 2022, and do not necessarily represent those of Artisan Partners and are subject to change without notice. Neither Artisan Partners nor Artisan Partners Distributors are affiliated with Ariel Investments and each of the participating speaker’s investment firms. 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. The context of this discussion primarily relates to the speaker’s qualifications as managers of U.S. mutual funds; however it is being provided 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.

Investment Risks: 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.

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 Dec 2021: Artisan Global Value Strategy—Meta Platforms Inc 4.3%, Alibaba Group Holding Ltd 2.7%, Alphabet 4.2%.  Artisan Select Equity Strategy—Meta Platforms Inc 5.5%, Alibaba Group Holding Ltd 3.9%, Alphabet 4.9%.  For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the fund. The discussion of portfolio holdings does not constitute a recommendation of any individual security. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individual accounts may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and since-inception time periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client’s investment account information. Portfolio holdings are subject to change and Artisan Partners disclaims any obligation to advise investors of such changes.

Special Purpose Acquisition Company (SPAC); Private Equity (PE); Last In, First Out Accounting (LIFO); First In, First Out Accounting (FIFO); Momentum Trading (MOMO); Algorithmic Trading (ALGO); Quantitative Trading (QUAN).

Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. ​Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an indicator of a company's financial performance which is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation and amortization. Return on investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of a number of different investments. Capital expenditures (CapEx) are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment.

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. Russell 2000® Index measures the performance of roughly 2,000 US small-cap companies. MSCI All Country World Index measures the performance of developed and emerging markets. Dow Jones Industrial Average (DJIA), also known as the Dow 30, is a stock market index that tracks 30 large, publicly owned blue-chip companies trading on the New York Stock Exchange (NYSE) and the Nasdaq. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

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. We expressly confirm that neither Artisan Partners nor its affiliates have made or are making an investment recommendation, or have provided or are providing investment advice of any kind whatsoever (whether impartial or otherwise), in connection with any decision to hire Artisan Partners as an investment adviser, invest in or remain invested in any portfolios to which we serve as investment adviser or otherwise engage with Artisan Partners in a business relationship. In no event shall Artisan Partners have any liability for direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material.