Jason White, portfolio manager of the Artisan Global Discovery Fund, discusses investment philosophy and process, highlighting how the team seeks to invest in companies with franchise characteristics that are benefiting from an accelerating profit cycle and are trading at a discount to private market value.

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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 18 Aug 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.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following net exposure weights of the Fund’s total net assets as of 30 June 2021: Atlassian Corp PLC 2.8%, Techtronic Industries Co Ltd 2.9%, Burlington Stores Inc 1.9%, First Republic Bank 2.6%, SVB Financial Group 1.2%. 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.

Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Net interest income is a financial performance measure that reflects the difference between the revenue generated from a bank's interest-bearing assets and the expenses associated with paying on its interest-bearing liabilities. Private Market Value is an estimate of the value of a company if divisions were each independent and established their own market stock prices. Operating margin measures how much profit a company makes on a dollar of sales after paying for variable costs of production, such as wages and raw materials, but before paying interest or tax. Intrinsic value is a measure of what an asset is worth. This measure is arrived at by means of an objective calculation or complex financial model, rather than using the currently trading market price of that asset.

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