Artisan Partners Developing World Fund Portfolio Manager Lewis Kaufman discusses his team’s investment philosophy, portfolio positioning 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 Jul 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.

Clarification: China returned 1.83% in USD between 31 Dec 2020 and 30 Jun 2021.

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 30 June 2021: Alibaba Group Holding Ltd 4.1%, HDFC Bank Ltd 3.1%, MercadoLibre Inc 5.2%, Netflix Inc 2.3%, StoneCo Ltd 2.2%. 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.

MSCI Emerging Markets Currency Index tracks the performance of 25 emerging market currencies relative to the US dollar. Reserve requirements are the amount of cash that banks must have in their vaults or at the closest Federal Reserve bank in line with deposits made by their customers.

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