Bryan Krug and Seth Yeager, co-portfolio managers of the Artisan High Income Fund and Artisan Floating Rate Fund, discuss their outlook for leveraged finance markets and how price dispersion is creating attractive opportunities for credit selection.

This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the managers as of 19 Jul 2022, which are based on current market conditions, will fluctuate, 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.

Clarification: At the end of 2021, 60% of the Artisan High Income Fund’s portfolio composition was allocated to corporate bonds.

This discussion is not intended to be a recommendation of any individual security. Securities mentioned, but not listed here or in the investor update presentation are not held in the Funds as of the date of this report.

Loan-to-Value (LTV) Ratio is an often used ratio in mortgage lending to determine the amount necessary to put in a down payment and whether a lender will extend credit to a borrower. Collateralized Loan Obligation (CLO) is a single security backed by a pool of debt. Internal Rate of Return (IRR) is the annual rate of growth that an investment is expected to generate. Leveraged Buyout (LBO) is the acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition. Original Issue Discount (OID) is the difference between the original face value amount and the discounted price paid for a bond. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an indicator of a company’s financial performance which is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation and amortization. London Interbank Offered Rate (LIBOR) is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans.

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk.