Daniel J. O'Keefe is a managing director of Artisan Partners and founding partner of the Artisan Partners Global Value Team. He is lead portfolio manager of the Artisan Global Value and Artisan Select Equity Funds. The views and opinions expressed are those of the speakers as of 26 Apr 2023, and do not necessarily represent those of Artisan Partners 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 being provided 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.

Investment Risks: Current and future portfolio holdings are subject to risk. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Value securities may underperform other asset types during a given period.

The discussion of portfolio holdings does not constitute a recommendation of any individual security. For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. The holdings mentioned above comprised the following percentages of the Fund’s total net assets as of 31 Mar 2023: Artisan Global Value Fund—Samsung Electronics Co Ltd 4.9%, Alibaba Group Holding Ltd 3.0%, Shell PLC 3.0%, TotalEnergies SE 1.8%. Artisan Select Equity Fund— Samsung Electronics Co Ltd 4.9%, Alibaba Group Holding Ltd 3.0%. For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the fund. The discussion of portfolio holdings does not constitute a recommendation of any individual security. Portfolio holdings are subject to change and Artisan Partners disclaims any obligation to advise investors of such changes.

Enterprise Value to Earnings Before Interest and Taxes (EV/EBIT) is a valuation multiple defined as an enterprise value (EV) divided by earnings before interest and tax (EBIT). Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings.

This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed as investment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment product discussed herein. We expressly confirm that neither Artisan Partners nor its affiliates have made or are making an investment recommendation, or have provided or are providing investment advice of any kind whatsoever (whether impartial or otherwise), in connection with any decision to hire Artisan Partners as an investment adviser, invest in or remain invested in any portfolios to which we serve as investment adviser or otherwise engage with Artisan Partners in a business relationship. In no event shall Artisan Partners have any liability for direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material.