Lewis Kaufman, portfolio manager of Artisan Developing World Fund, discusses his team’s investment process, portfolio positioning, where he is finding the most attractive opportunities and the current market environment.

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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 15 Apr 2021, 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.

Country Classification Source: Artisan Partners. Portfolio country classifications are defined by the investment team and may differ substantially from MSCI classifications. For the portfolio’s country and region breakdown according to MSCI methodology, refer to the Fund’s most recent portfolio holdings on the SEC website.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of the Fund’s total net assets as of 31 Mar 2021: Sea Ltd 6.5%, Visa Inc 5.3%, Alibaba Group Holding Ltd 5.3%, NVIDIA Corp 4.4%, Unity Software Inc 4.4%, Meituan 4.4%, Uber Technologies Inc 4.3%, Tencent Holdings Ltd 4.2%, Veeva Systems Inc 4.1%, Bilibili Inc 3.3%, Airbnb Inc 3.3%, TAL Education Group 3.1%, ASML Holding NV 2.9%, Farfetch Ltd 2.7%, StoneCo Ltd 2.3%, Shenzhen Mindray Bio-Medical Electronics Co Ltd 2.3%, Aier Eye Hospital Group Co Ltd 2.3%, JD Health International Inc 1.1%. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures.

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