Artisan Partners Global Value Team Lead Portfolio Manager Dan O’Keefe discusses how the narrow, mega-cap tech focus in US markets and relative underperformance of non-US equities has engendered divergence in valuations and opportunities.

This video represents the views and opinions of Daniel O’Keefe, Artisan Global Value Fund portfolio manager, as of 30 June 2023, that are based on current market conditions, and are subject to change without notice. While the information contained herein is believed to be reliable, there 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 is a marketing communication. Further fund details, including risks, fees and expenses, and other information, such as ESG practices, are set out in the current Prospectus, Supplements, Key Information Documents (KIDs) and other documentation (collectively, the Fund Documents), which can be obtained by calling +44 (0) 207 766 7130 or visiting www.apgfunds-docs.com. Please refer to the Fund Documents and consider all of a fund’s characteristics before making any final investment decisions.

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. 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. The costs associated with this fund will impact your return over time. 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 described in the Fund Documents.

Portfolio holdings are displayed in the context of marketing the fund shares and not the marketing of underlying portfolio securities. Securities of the same issuer are aggregated to determine a holding’s weight in the portfolio. For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. The holdings mentioned above comprised the following percentages of a representative account within the Artisan Global Value Fund’s total net assets as of 30 June 2023: Artisan Global Value Fund— Samsung Electronics Co Ltd 5.4%, Novartis AG 5.2%, Danone SA 4.9%, Meta Platforms Inc 4.7%, Alphabet Inc 4.5%, UBS Group AG 4.3%, Citigroup Inc 2.9%, Shell PLC 2.9%, Lloyds Banking Group PLC 1.7%. Securities named, but not listed here are not held in the portfolio as of the date of this report. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

Charts Source: CNBC, as of (30 June 2023). Past performance does not guarantee and is not a reliable indicator of future results.

The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.