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. 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. This is not an offer for any mutual funds mentioned other than the Artisan Partners Funds. Artisan Partners Distributors is not affiliated with Ariel Investments and each of the participating speaker’s investment firms.

    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 Funds, both of which he has managed since inception. Mr. O'Keefe also was co-portfolio manager for the International Value Fund from October 2006 through September 2018. The Global Value Team 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 Artisan International Value and in 2013 for Artisan Global Value and Artisan International Value Funds..

    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.

    The discussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentages of the Fund’s total net assets as of 31 Mar 2020: Artisan Global Value Fund—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 Select Equity Fund—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%. These holdings comprise the following percentages of the Fund’s total net assets as of 30 Apr 2020: Artisan Global Value Fund—Novartis AG 1.0%. This discussion is not intended to be a recommendation of any individual security. Securities named but not listed here are not held in the Funds as of the date noted. The portfolio holdings mentioned are subject to change and the Fund disclaims any obligation to advise investors of such changes.

    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.

    Clarification: References to Mr. O’Keefe as a five-star manager are historical, have since changed as noted below, and relates to The Morningstar RatingTM, or "star rating", applicable to Artisan Global Value Fund (ARTGX). Morningstar ratings are based on risk-adjusted return as of 31 March, 2020. The Overall Morningstar Rating for a 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 Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings are for the Fund’s Investor Shares; other classes may vary.

    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 funds 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.

    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.