This material represents the views of the speakers as of 31 Jan 2020, which are their own, and do not necessarily represent those of Artisan Partners. The views and opinions expressed are based on current market conditions, which will fluctuate, and those views 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. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

The discussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentages of the Artisan International Value Fund’s total net assets as of 31 Dec 2019: UBS Group AG 3.8%; Royal Bank of Scotland Group PLC 1.4%; Bankia SA 1.1%; Compass Group PLC 4.1%. For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Securities named but not listed here are not held in the Fund 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.

Normalized earnings are adjusted to remove the effects of seasonality, revenue and expenses that are unusual or one-time influences. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Price-to-book (P/B) is calculated by dividing a company's stock price by its book value per share, which is defined as its total assets minus any liabilities. Dividend yield is the dividend per share, divided by the price per share. A multiple measures some aspect of a company's financial well-being, determined by dividing one metric by another metric. Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity. Return on invested capital (ROIC) is a ratio used in finance, valuation and accounting, as a measure of the profitability and value-creating potential of companies relative to the amount of capital invested by shareholders and other debtholders. Free cash flow (FCF) is the cash a company produces through its operations, less the cost of expenditures on assets. A carry trade is a trading strategy that involves borrowing at a low-interest rate and investing in an asset that provides a higher rate of return. Collateralized debt obligations (CDOs) are financial tools that banks use to repackage individual loans into a product sold to investors on the secondary market. A yield curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity. A savings and loan association (S&L) is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. Spanish cajas (a savings bank) is a financial institution that specializes in accepting savings deposits and granting loans. A bund is a debt security issued by Germany's federal government to finance outgoing expenditures.

Morningstar: 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. 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.