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 19 Jan 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: For the quarter ended December 31, 2021, the MSCI Emerging Markets Index returned -1.31% in USD.

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 Dec 2021: Unity Software Inc 3.5%, NVIDIA Corp 4.5%, Airbnb Inc 5.9%, Adyen NV 4.5%, Crowdstrike Holdings Inc 4.5%, Veeva Systems Inc 4.3%, MercadoLibre Inc 5.9%, Sea Ltd 6.4%, Visa Inc 6.6%, Meituan 4.7%, Tencent Holdings Ltd 4.9%, Alibaba Group Holding Ltd 1.2%, Farfetch Ltd 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.

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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. China’s Loan Prime Rate (LPR) is the rate at which commercial banks lend to their best customers, and it serves as the benchmark rate for other loans. Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. ​Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings.

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