Rezo Kanovich, portfolio manager of Artisan International Small-Mid Fund, discusses portfolio performance and positioning and where the team is finding the most attractive long-term opportunities.

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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 26 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.

Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. The Discount Rate refers to the interest rate used in discounted cash flow (DCF) analysis to determine the present value of future cash flows. Capitalization Rate (Cap Rate) is the measure through which real estate investments are assessed for their profitability and return potential. The cap rate represents the yield of a property over a one-year time horizon assuming the property is purchased on cash and not on loan. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings.

This discussion is not intended to be a recommendation of any individual security. 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.

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