Global Value team portfolio manager Dan O’Keefe recently joined a stellar panel of legendary value investors to discuss and debate the current challenges facing portfolio managers.

    Past performance does not guarantee future results. 

    The views and opinions expressed are those of the speakers as of 12 May 2020, 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.

    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, including the Artisan Global Value Fund and Artisan Select Equity Fund (U.S. mutual funds). Mr. O'Keefe also was co-portfolio manager for the International Value Strategy, including Artisan International Value Fund, from October 2006 through September 2018. Each Artisan Partners Fund is managed as an account to the respective Artisan investment strategy utilizing a substantially similar investment methodology and investment in a fund’s shares are limited primarily to US citizens and legal residents only.

    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 holdings mentioned by Mr. O’Keefe comprise the following percentages of the Fund's total net assets (including all classes of shares): Artisan Global Value Fund (as of 31 Mar 2020)—Alphabet Inc 5.1%, Facebook Inc 5.6%, Southwest Airlines Co 2.8%, Cie Financiere Richemont SA 3.7%, UBS Group AG 3.8%, Compass Group PLC 2.0%, DENTSPLY SIRONA Inc 2.9%, Anthem Inc 2.3%, Artisan Global Value Fund (as of 30 Apr 2020) Novartis AG 1.0%; and Artisan Select Equity Fund (as of 31 Mar 2020)—Alphabet Inc 5.6%, Facebook Inc 5.6%, Southwest Airlines Co 4.1%, Cie Financiere Richemont SA 3.3%, DENTSPLY SIRONA Inc 5.8%, Anthem Inc 5.0%. 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.

    Morningstar Clarification: This material references Mr. O’Keefe as a five-star manager is historical, has since changed as noted below, and relates to the Morningstar RatingTM, or "star rating", applicable to U.S. mutual funds, specifically Mr. O’Keefe’s management of Artisan Global Value Fund. Morningstar ratings are based on risk-adjusted return as of 31 March, 2020 of the U.S. mutual fund and not the Artisan Global Value Strategy. The Overall Morningstar Rating for a U.S. mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10- year Morningstar Rating metrics. (Overall: 2 stars out of 751 funds; 3-years: 1 star out of 751 funds; 5-years: 2 stars out of 619 funds; 10-years: 3 stars out of 371 funds in the World Large Stock category). Ratings are for the Global Value Fund’s Investor Shares. Past performance is not indicative of future results.

    The Morningstar ratings categorize a fund’s 3-, 5-, and 10-year risk-adjusted return and provide an overall rating based on the weighted average of these return periods with 5 stars being the highest percentile and 1 star being the lowest. Star ratings are subject to change based on the fund’s return in relation to peer funds within the same Morningstar category and past performance is not indicative of future results. Star Ratings are not applicable to the Artisan Global Value Strategy’s composite performance.

    This material references Mr. O’Keefe as a recipient of Morningstar’s Manager of the Year designation. Mr. O’Keefe, in conjunction with his prior co-manager, was nominated six times (in 2008, consecutively from 2011-2014, and again in 2016) for Morningstar, Inc.'s International-Stock Fund Manager of the Year award in the US and won the award in 2008 for management of Artisan International Value and in 2013 for Artisan Global Value and Artisan International Value Funds. Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers’ funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders’. Beginning in 2012, nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst Rating™ of Gold, Silver or Bronze. The Fund Manager of the Year award winners are chosen based on Morningstar’s proprietary research and in-depth qualitative evaluation by its manager research analysts. Nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst Rating™ of Gold, Silver, or Bronze. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar’s Manager Research Group. Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar Inc.’s awards are based on qualitative evaluation and research, thus subjective in nature and should not be used as the sole basis for investment decisions. Morningstar’s awards are not guarantees of a fund’s future investment performance. Morningstar, Inc. does not sponsor, issue, sell or promote any open-end mutual funds including the Artisan Partners Funds.

    Cash flow yield is a financial ratio that measures how well a company generates cash from its current operations. Tracking error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. 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.

    Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Artisan Partners UK LLP (APUK) is authorized and regulated by the Financial Conduct Authority and is a registered investment adviser with the SEC. APEL Financial Distribution Services Limited (AP Europe) is authorized and regulated by the Central Bank of Ireland. APLP, APUK and AP Europe are collectively, with their parent company and affiliates, referred to as Artisan Partners herein.

    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.