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Past performance does not guarantee and is not a reliable indicator of future results.

David Samra is the lead portfolio manager for Artisan International Value Fund. This article represents the views of Matt Reustle of the Business Breakdowns Podcast and David Samra as of 31 January 2024 and those views and opinions presented are their own. 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.

Current and future portfolio holdings are subject to risk. The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. A portfolio’s environmental, social and governance (“ESG”) considerations may limit the investment opportunities available and, as a result, the portfolio may forgo certain investment opportunities and underperform portfolios that do not consider ESG factors. 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. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. 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. Diversification does not ensure a profit or protect against a loss.

The discussion of portfolio holdings does not constitute a recommendation of any individual security. For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. The holdings mentioned comprised the following percentages of the Artisan International Value Fund’s total net assets as of 31 Dec 2023: Samsung Electronics Co Ltd 7.2%, UBS Group AG 5.5%, Ryanair Holdings PLC 2.3%. The discussion of portfolio holdings does not constitute a recommendation of any individual security. Portfolio holdings are subject to change and Artisan Partners disclaims any obligation to advise investors of such changes.

This material is provided for informational purposes without regard to your particular investment needs and 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.

Discounted cash flow (DCF) is a valuation method used to estimate the value of an investment based on its expected future cash flows. Earnings Before Interest & Tax (EBIT) is an indicator of a company's profitability, calculated as revenue minus expenses, excluding tax and interest. Earnings power is a figure that telegraphs a business's ability to generate profits over the long term, assuming all current operational conditions generally remain constant. Enterprise Value (EV) is a measure of a company’s value. Earnings per Share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. Fair Market Value is a subjective estimate of what a willing buyer would pay a willing seller for a given asset assuming both have a reasonable knowledge of the asset’s worth. Normalized Earnings are earnings that are adjusted for the cyclical ups and downs over a business cycle. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings.