Artisan Partners Global Value Team portfolio manager Dan O'Keefe discusses portfolio positioning and the current market environment.

This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains 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 26 Jan 2021, 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.

Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. ​Capitalization Rate is a discount rate used to determine the value of a real estate property based on the property's operating income.

This discussion is not intended to be a recommendation of any individual security. 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.