Inflationary pressure is being felt around the world. What are some of the driving forces and the implications for equity investors? Portfolio Manager Dan O’Keefe shares his perspective on the current investment landscape, ESG considerations, and where he is finding opportunities at the Artisan Partners Investment Forum 2022 in New York City.

This presentation represents the views and opinions of Global Value Team Portfolio Manager Dan O’Keefe as of 4 May 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.

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. 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. A non-diversified portfolio may invest a larger portion of assets in securities of a smaller number of issuers and performance of a single issuer may affect overall portfolio performance greater than in a diversified portfolio. 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 or growth 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 2022: Artisan Global Value Fund—Anthem Inc 6.3%, Alphabet Inc 4.2%, Danone SA 4.2%, The Bank of New York Mellon Corp 3.6%, Koninklijke Philips NV 3.0%, HeidelbergCement AG 2.9%, March & McLennan Cos Inc 2.6%, Shell PLC 1.8%. Artisan Select Equity Fund—Anthem Inc 6.7%, Alphabet Inc 4.9%, Harley-Davidson Inc 4.7%, The Bank of New York Mellon Corp 4.4%, Danone SA 4.2%, HeidelbergCement AG 4.0%, Marsh & McLennan Cos Inc 2.7%. 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.

(COP26) 2021 United Nations Climate Change Conference; Liquefied Natural Gas (LNG); (JGB) Japanese Government Bonds; (MSRP) Manufacturer Suggested Retail Price.

Non-OPEC oil producers are crude oil-producing nations outside of the OPEC group and shale oil producers. The Organization of the Petroleum Exporting Countries (OPEC) is a cartel consisting of 13 of the world's major oil-exporting nations. CapEx is the money an organization or corporate entity spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land. Earnings Before Interest and Taxes (EBIT) is one of the last subtotals in the income statement before net income. Dividing EBIT by sales revenue shows you the operating margin, expressed as a percentage. 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. MedTech, or medical technology, is every product, service, or solution using medical technology to improve people's health by preventing, diagnosing, monitoring, and treating disease. Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. The International Plant Protection Convention (IPPC) is a multilateral treaty overseen by the United Nations Food and Agriculture Organization that aims to secure coordinated, effective action to prevent and to control the introduction and spread of pests of plants and plant products. The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organization established in the framework of the Organization for Economic Co-operation and Development in 1974 in the wake of the 1973 oil crisis. The IEA Stated Policies Scenario (STEPS) provides a benchmark and sector-by-sector analysis for particular energy-related objectives. US Consumer Price Index is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. ICE vehicles are conventional vehicle powered solely by an Internal Combustion Engine. The price-earnings (P/E) ratio, or PER, is the ratio of a company's share price to the company's earnings per share. Electric Vehicles (EVs) are vehicles that are either partially or fully powered on electric power. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a measure of a company’s overall financial performance and is used as an alternative to net income in some circumstances. Price to free cash flow (P/FCF) is a measure that value investors find useful to analyze a company's finances in relation to its current stock price. The P/E ratio, or the ratio of a stock's price to its earnings per share (EPS), is a metric that can help investors decide the value of a stock.

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.