artisan partners sustainable emerging markets team— q3 2019 … · 2020. 7. 26. · q3 2019....

Q3 2019 Artisan Partners Sustainable Emerging Markets Team—Q3 2019 Quarter-End Review

Featured Speakers Client Contact

Maria Negrete-Gruson, CFA Sean McCoyPortfolio Manager Director, Institutional Client ServicesGurpreet Pal 646.823.2806Analyst [email protected]

This is an offering of shares of an Artisan Partners Fund and does not create a relationship between the investor and Artisan Partners. The Notes and Disclosures section of this presentation contains important information. Readers are encouraged to review it carefully.

Investment Results—Average Annual Total Returns

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance. Performance may reflect agreements to limit a Fund’sexpenses, which would reduce performance if not in effect.Source: Artisan Partners/MSCI. Returns less than one year are not annualized. Institutional Share Class Inception: 26 Jun 2006. Investor Share Class Inception: 2 Jun 2008.

Expense Ratios (Gross / Net)1 APHEX ARTZX

Semi-Annual Report 31 Mar 20192 2.39% / 1.20% 1.87% / 1.35%

Prospectus 30 Sep 2018 2.00% / 1.20% 1.78% / 1.35%

1See prospectus for further details. 2Unaudited, annualized for the six-month period. Net expenses reflect a contractual expense limitation agreement in effect through 31 Jan 2020.

ARTISAN PARTNERS

(%) as of 30 Sep 2019 QTD YTD 1 Yr 3 Yr 5 Yr 7 Yr 10 YrInception

(Inst'l Class)Inception

(Investor Class) Institutional Class: APHEX -3.11 8.54 2.04 7.07 4.68 3.42 2.47 4.40 ---

Investor Class: ARTZX -3.18 8.40 1.91 6.98 4.64 3.29 2.30 --- -0.42

MSCI Emerging Markets Index -4.25 5.89 -2.02 5.97 2.33 2.41 3.37 5.22 0.78

-5%

0%

5%

10%

1

Artisan Sustainable Emerging Markets Fund

Top

Health Care Sino Biopharmaceutical

Materials Polyus

Consumer Discretionary Grupo SBF

Information Technology MediaTek TSMC

Financials TSKB

Consumer Staples Indofood

Bottom

Utilities Pampa Energia (sold)

Financials Noah Holdings AIA Group

Industrials Zhuzhou

Health Care Medy-Tox

Consumer Discretionary Ctrip.com The Foschini Group

Relative Contribution to Return—Q3 2019

Source: Artisan Partners/FactSet/GICS. As of 30 Sep 2019. Past performance does not guarantee and is not a reliable indicator of future results. These securities made the greatest relative contribution to, or detracted most on a relative basis from, performance during the periodcompared to the MSCI Emerging Markets Index. This is not a complete listing of portfolio activity. Upon request, Artisan will provide: (i) the calculation methodology and/or (ii) a list showing the contribution of each holding to overall performance during the measurement period.Securities of the same issuer are aggregated to determine the weight in the portfolio. Refer to Portfolio Holdings for security weights. The holdings mentioned above comprised the following average weights in the portfolio during the time period indicated: Sino Biopharmaceutical Ltd2.8%, Polyus PJSC 2.3%, Grupo SBF SA 1.0%, Media Tek Inc 1.9%, Taiwan Semiconductor Manufacturing Co Ltd 5.1%, Turkiye Sinai Kalkinma Bankasi AS 0.8%, Indofood CBP Sukses Makmur Tbk PT 1.1%, The Foschini Group Ltd 1.2%, Ctrip.com International Ltd 1.1%, AIA Group Ltd1.9%, Medy-Tox Inc 0.9%, Zhuzhou CRRC Times Electric Co Ltd 1.5%, Noah Holdings Ltd 1.3%, Pampa Energia SA 0.5%.


2ARTISAN PARTNERS

Top

Health Care Sino Biopharmaceutical

Materials Polyus

Information Technology Linx MediaTek

Consumer Discretionary Arco Platform

Utilities Cemig

Financials ICICI Bank

Bottom

Health Care Samsung Biologics Medy-Tox Sinopharm Group China Traditional Medicine

Industrials Global Ports

Energy Sinopec

Utilities Pampa Energia (sold)

Relative Contribution to Return—1 Yr

Source: Artisan Partners/FactSet/GICS. As of 30 Sep 2019. Past performance does not guarantee and is not a reliable indicator of future results. These securities made the greatest relative contribution to, or detracted most on a relative basis from, performance during the periodcompared to the MSCI Emerging Markets Index. This is not a complete listing of portfolio activity. Upon request, Artisan will provide: (i) the calculation methodology and/or (ii) a list showing the contribution of each holding to overall performance during the measurement period.Securities of the same issuer are aggregated to determine the weight in the portfolio. Refer to Portfolio Holdings for security weights. The holdings mentioned above comprised the following average weights in the portfolio during the time period indicated: Sino Biopharmaceutical Ltd2.4%, Polyus PJSC 1.7%, Linx SA 1.0%, Arco Platform Ltd 0.6%, Cia Energetica de Minas Gerais SA 1.1%, ICICI Bank Ltd 2.2%, MediaTek Inc 1.6%, China Traditional Chinese Medicine Holdings Co Ltd 1.6%, Pampa Energia SA 0.7%, China Petroleum & Chemical Corp 1.6%, SinopharmGroup Co Ltd 1.6%, Medy-Tox Inc 1.1%, Global Ports Holding PLC 1.2%, Samsung Biologics Co Ltd 1.1%.

3ARTISAN PARTNERS


Representative Transactions—Q3 2019

Source: Artisan Partners/FactSet/GICS. As of 30 Sep 2019. Securities of the same issuer are aggregated to determine the weight in the portfolio. This presentation is not a complete listing of portfolio activity. Portfolio country classifications are defined by the investment team.

New Positions Sector Description % of total portfolio

Globaltrans Investment (Russia)

Industrials Russia-based freight rail operator. 0.8

BGF Retail(South Korea)

Consumer Staples Korea-based convenience store operator. 0.5

Despegar.com (Argentina)

Consumer Discretionary Argentina-based travel agency. 0.5

LSR Group(Russia)

Real Estate Russia-based development, construction and building materials company. 0.5

Sold Positions Sector Reason(s) for Sale % of total portfolio

Pampa Energia(Argentina)

Utilities Change in regulatory outlook and earnings power. 0.0

Vietnam Technological & Commercial Joint Stock Bank (Vietnam)

Financials Sold in favor of other opportunities. 0.0

4ARTISAN PARTNERS


An Emerging Markets View of Sustainability

Core beliefs:

Emerging markets will provide growth in excess of developed markets over the long term

Boom-bust cycles are an inherent aspect of emerging markets investing

Seek companies possessing:

Unique access to sustainable growth

Sustainable competitive advantage

An ability to endure boom-bust cycles while acting responsibly towards their stakeholders

A differentiated approach to sustainability:

Identify companies with business models committed to profits and progress that can generate sustainable earnings

Go beyond environmental, social and governance (ESG) by assessing a company’s ability and commitment to bring continuity to shareholders, employees, customers and communities

Acknowledge the realities of emerging markets and reward improvement in corporate practices

Reject negative screens and exclusion lists, which overlook positive change and forward-looking management

5


ARTISAN PARTNERS

Artisan Partners Sustainable Emerging Markets Team

Investment Process—Overview

Determine a Sustainable Return on Equity

Financial analysis

Strategic and sustainability analysis

Assess Country-Appropriate Macroeconomic

Risk Factors to Which a Company Is Exposed

SustainableEarnings

ValuationAnalysis

SustainableInvestment

Opportunity

Risk Analysis

Determine a Target Price

Relative to history

Relative to peers

Relative to country

Build a diversified portfolio of companies priced at a discount to their sustainable earnings

ARTISAN PARTNERS 6

Quantitative ESG components are company specific, independently scored

and measured by third-party vendor RepRisk.

Incidents—number of incidents relative to the EM universe, and the trend in occurrences within a multi-year horizon

Severity—incidents are assigned intensity levels

RRI—a comprehensive risk score with industry and country-level factors

4

Score Breakdown

BOARD COMPOSITION

ALIGNMENT OF INTERESTS

MINORITY VOTING RIGHTS

HISTORICAL BEHAVIOR TOWARDS MINORITYSHAREHOLDERS

CONSISTENCY OF DIVIDEND POLICY

5

3

3

2

3

Score Breakdown

MANAGEMENT QUALITY & TURNOVER

QUALITY OF DISCLOSURE

QUALITY OF COMMUNICATION

5

5

ExampleOverall is 50% TEAM ASMT + 50% EXTERNAL ASMT

3.7 Team Assessment

Board & Ownership Integrity

Management Effectiveness

Experiential Environmental Assessment

Experiential Social Assessment

3.4

4.3

3.0

4.0

OVERALL

2.8

Artisan Partners Sustainable Emerging Markets Team

Investment Process—Sustainability Analysis

Sustainability scores impact company target prices

Overall Assessment Score:Multiplier:

1x 0.6

2x 0.8

3x 1

4x 1.1

5x 1.2

NeutralDiscount Premium

Qualitative Analyst evaluated and scored

Hands-on due diligence, including extensive travel, interviews and site visits

2.0 External Assessment (RepRisk)

Environment

Social

Governance

RRI

1.5

1.5

3.0

2.0

OVERALL

2.8

Sustainability example is for illustrative purposes only and is subject to change without notice. Refer to Notes and Disclosures for additional information.

ARTISAN PARTNERS 7

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

Consumer Discretionary

Health Care

Financials

Communication Services

Artisan Sustainable Emerging Markets Fund MSCI Emerging Markets Index

Current PositioningLargest Relative Sector WeightsOverweight Smaller Stocks

Significant Non-Benchmark CompaniesLargest Relative Country Weights

Source: Artisan Partners/FactSet/GICS/MSCI. As of 30 Sep 2019. All weights shown as a percentage of portfolio equities. Cash represented 1.9% of the total portfolio. Securities of the same issuer are displayed at the parent level. Portfolio country classifications are defined by theinvestment team and may differ substantially from MSCI classifications; Index country classifications reflect MSCI methodology. For the portfolio’s country breakdown according to MSCI methodology, refer to the Fund’s most recent portfolio holdings at www.sec.gov.

0%

10%

20%

30%

40%

50%

60%

70%

80%

< $2 billion $2-10 billion > $10 billion


0%

5%

10%

15%

20%

25%

30%

35%

Russia Indonesia India Mexico Thailand China


4969%

2231%

In-Benchmark Companies

Non-Benchmark Companies

ARTISAN PARTNERS 8


Artisan Sustainable Emerging Markets Fund MSCI Emerging Markets Index Artisan Sustainable Emerging Markets Fund MSCI Emerging Markets Index


In-Benchmark Companies Non-Benchmark Companies

Chart2

MSCI Emerging Markets IndexConsumer DiscretionaryHealth CareFinancialsCommunication Services0.1305446994366212.6004088649169602E-20.2469310601245310.115669981712723Artisan Sustainable Emerging Markets FundConsumer DiscretionaryHealth CareFinancialsCommunication Services0.216482434249130027.3670597443836194E-20.197889681034716994.1314459199908497E-2

CHARTS

Artisan Sustainable Emerging Markets FundMSCI Emerging Markets Index

Russia9.3%4.0%

Indonesia4.6%2.1%

India11.1%8.9%

Mexico0.8%2.5%

Thailand0.8%2.9%

China20.1%31.9%


Consumer Discretionary21.6%13.1%

Health Care7.4%2.6%

Financials19.8%24.7%

Communication Services4.1%11.6%


< $2 billion19%1%

$2-10 billion16%27%

> $10 billion65%72%


In-Benchmark Companies49

Non-Benchmark Companies22

Artisan Sustainable Emerging Markets FundRussiaIndonesiaIndiaMexicoThailandChina9.3102928740621704E-24.6029939844400902E-20.1107174406756137.6238418151925698E-37.6920619586837305E-30.20085892906111302MSCI Emerging Markets IndexRussiaIndonesiaIndiaMexicoThailandChina3.9633212444351397E-22.0706895840146799E-28.8560359123717805E-22.5112194149339802E-22.9057727008829998E-20.31892177267383398

Artisan Sustainable Emerging Markets Fund< $2 billion$2-10 billion> $10 billion0.188611214558481480.162753282025854980.64863550341566423MSCI Emerging Markets Index< $2 billion$2-10 billion> $10 billion1.4466374157688599E-20.269388056045423980.71613403086760496

In-Benchmark CompaniesNon-Benchmark Companies4922


Non-Index

Artisan Sustainable Emerging Markets Fund vs. MSCI Emerging MarketsCLIENT:ARTEX_SSB.ACCTMSCI_EM:EMFBenchmark49

USDNon-Bench22

Weights

Parent Mapping Excluded:

9/30/2019

Portfolio WeightBench. Ending WeightVariation in Ending Weight

Alibaba Group Holding Ltd6.284.441.84

Samsung Electronics Co Ltd6.734.172.57

Taiwan Semiconductor Manufacturing Co Ltd5.734.031.69

Naspers Ltd2.011.240.77

Reliance Industries Ltd3.131.002.13

Petroleo Brasileiro SA1.460.920.54

Itau Unibanco Holding SA1.870.761.11

Sberbank of Russia PJSC1.740.711.03

Vale SA1.190.680.51

LUKOIL PJSC2.100.611.49

Baidu Inc0.950.530.42

China Life Insurance Co Ltd1.260.370.89

MediaTek Inc2.230.341.90

MMC Norilsk Nickel PJSC1.470.301.17

Bank Rakyat Indonesia Persero Tbk PT1.380.301.08

China Petroleum & Chemical Corp1.350.301.05

Shinhan Financial Group Co Ltd1.300.291.00

Telekomunikasi Indonesia Persero Tbk PT1.180.280.90

ICICI Bank Ltd2.540.272.27

Credicorp Ltd1.180.260.92

FirstRand Ltd0.940.260.68

LG Chem Ltd1.040.230.81

Ctrip.com International Ltd0.990.230.76

Kia Motors Corp0.680.190.50

Astra International Tbk PT0.980.180.80

Sino Biopharmaceutical Ltd2.150.161.98

Cemex SAB de CV0.760.110.65

Samsung Biologics Co Ltd0.900.080.82

SACI Falabella0.950.080.87

Sinopharm Group Co Ltd1.270.071.20

Cia Energetica de Minas Gerais1.120.061.06

Polyus PJSC2.530.062.47

Bangkok Bank PCL0.770.050.72

Alpha Bank AE0.840.050.79

The Foschini Group Ltd1.240.051.19

Havells India Ltd1.030.050.98

Zhuzhou CRRC Times Electric Co Ltd1.440.041.40

JUMBO SA1.230.041.19

iQIYI Inc0.620.040.58

Indofood CBP Sukses Makmur Tbk PT1.060.041.03

Moneta Money Bank AS0.900.030.87

Empresa Nacional de Telecomunicaciones SA0.650.020.62

Medy-Tox Inc0.890.020.86

BGF Retail Co Ltd0.540.020.52

Tencent Music Entertainment Group0.530.020.51

China Traditional Chinese Medicine Holdings Co Ltd1.370.021.35

Noah Holdings Ltd1.210.021.19

AirAsia Group Bhd0.400.010.38

Haier Smart Home Co Ltd0.670.010.66

AIA Group Ltd1.77--1.77

Arco Platform Ltd0.81--0.81

Banco Davivienda SA1.15--1.15

China High Precision Automation Group Ltd------REMOVE FROM CALCULATION--NO WEIGHT

Copa Holdings SA1.23--1.23

CVC Brasil Operadora e Agencia de Viagens SA0.99--0.99

Despegar.com Corp0.52--0.52

E Ink Holdings Inc1.34--1.34

Georgia Healthcare Group PLC0.69--0.69

Global Ports Holding PLC1.06--1.06

Globaltrans Investment PLC0.78--0.78

Grupo SBF SA1.01--1.01

Kajaria Ceramics Ltd1.57--1.57

Linx SA1.08--1.08

LSR Group PJSC0.49--0.49

MercadoLibre Inc1.63--1.63

Metropolis Healthcare Ltd0.80--0.80

Prosus NV0.98--0.98

Sunny Friend Environmental Technology Co Ltd2.19--2.19

The Phoenix Mills Ltd1.32--1.32

Turkiye Sinai Kalkinma Bankasi AS0.95--0.95

Westlife Development Ltd0.68--0.68

Yandex NV0.20--0.20

Total100.00100.00--

Portfolio Holdings As Of Date:Artisan Sustainable Emerging Markets Fund 9/30/2019

Benchmark Holdings As Of Date:MSCI Emerging Markets 9/30/2019

Country

Artisan Sustainable Emerging Markets Fund vs. MSCI Emerging MarketsCLIENT:ARTEX_SSB.ACCTMSCI_EM:EMFRussia9.3%4.0%

USDIndonesia4.6%2.1%

India11.1%8.9%

WeightsMexico0.8%2.5%

EM Country Excluded: Thailand0.8%2.9%

9/30/2019China20.1%31.9%


Russia9.313.965.35

Indonesia4.602.072.53

India11.078.862.22

Brazil9.547.551.98

Argentina2.150.191.95

Hong Kong1.77--1.77

Greece2.070.311.76

Turkey2.010.581.42

Panama1.23--1.23

Netherlands0.98--0.98

Peru1.180.380.80

Czech Republic0.900.140.75

Colombia1.150.410.75

Georgia0.69--0.69

Chile1.600.950.64

Taiwan11.4911.480.01

Korea12.0812.15-0.07

South Africa4.194.72-0.53

Malaysia0.402.05-1.65

Mexico0.762.51-1.75

Thailand0.772.91-2.14

China20.0931.89-11.81

Total100.00100.00--



Sectors

Artisan Sustainable Emerging Markets Fund vs. MSCI Emerging MarketsCLIENT:ARTEX_SSB.ACCTMSCI_EM:EMFPortBench

USDConsumer Discretionary21.6%13.1%

Health Care7.4%2.6%

WeightsFinancials19.8%24.7%

Artisan GICS Sector Excluded: Communication Services4.1%11.6%

9/30/2019


Consumer Discretionary21.6513.058.59

Health Care7.372.604.77

Industrials9.695.404.29

Information Technology17.1115.092.02

Energy8.047.670.37

Materials6.997.34-0.34

Real Estate1.812.86-1.05

Utilities1.122.82-1.70

Consumer Staples2.296.90-4.61

Financials19.7924.69-4.90

Communication Services4.1311.57-7.44

Total100.00100.00--



MKT Cap


USD

Market Capitalization Bin 3: 0.0 - 2000.018.9%1.4%

WeightsMarket Capitalization Bin 2: 2000.0 - 10000.016.3%26.9%

Market Capitalization Excluded: Market Capitalization Bin 1: > 10000.064.9%71.6%

9/30/2019


Market Capitalization Bin 1: > 10000.060.6071.61-11.01

Market Capitalization Bin 2: 2000.0 - 10000.016.2826.94-10.66

Market Capitalization Bin 3: 0.0 - 2000.017.591.4516.14

[N/A]5.540.005.54

China High Precision Automation Group Ltd.------market caps from FactSet

Globaltrans Investment Plc Sponsored GDR RegS0.78--0.78Tier 31,537,000,000

LSR Group PJSC0.49--0.49Tier 31,147,000,000

Polyus PJSC2.53--2.53Tier 115,489,000,000

Sberbank Russia OJSC1.74--1.74Tier 178,547,000,000

Total100.00100.00--



Cash

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

Chart1


CHARTS


Russia9.3%4.0%

Indonesia4.6%2.1%

India11.1%8.9%

Mexico0.8%2.5%

Thailand0.8%2.9%

China20.1%31.9%



Health Care7.4%2.6%




< $2 billion19%1%

$2-10 billion16%27%

> $10 billion65%72%








Non-Index


USDNon-Bench22

Weights


9/30/2019










Vale SA1.190.680.51


Baidu Inc0.950.530.42











LG Chem Ltd1.040.230.81
















JUMBO SA1.230.041.19

iQIYI Inc0.620.040.58
























Linx SA1.08--1.08




Prosus NV0.98--0.98





Yandex NV0.20--0.20

Total100.00100.00--



Country



India11.1%8.9%



9/30/2019China20.1%31.9%


Russia9.313.965.35


India11.078.862.22

Brazil9.547.551.98


Hong Kong1.77--1.77

Greece2.070.311.76

Turkey2.010.581.42

Panama1.23--1.23


Peru1.180.380.80



Georgia0.69--0.69

Chile1.600.950.64

Taiwan11.4911.480.01

Korea12.0812.15-0.07


Malaysia0.402.05-1.65

Mexico0.762.51-1.75

Thailand0.772.91-2.14

China20.0931.89-11.81

Total100.00100.00--



Sectors



Health Care7.4%2.6%



9/30/2019






Energy8.047.670.37







Total100.00100.00--



MKT Cap


USD




9/30/2019





[N/A]5.540.005.54




Polyus PJSC2.53--2.53Tier 115,489,000,000


Total100.00100.00--



Cash

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

Chart3


CHARTS


Russia9.3%4.0%

Indonesia4.6%2.1%

India11.1%8.9%

Mexico0.8%2.5%

Thailand0.8%2.9%

China20.1%31.9%



Health Care7.4%2.6%




< $2 billion19%1%

$2-10 billion16%27%

> $10 billion65%72%








Non-Index


USDNon-Bench22

Weights


9/30/2019










Vale SA1.190.680.51


Baidu Inc0.950.530.42











LG Chem Ltd1.040.230.81
















JUMBO SA1.230.041.19

iQIYI Inc0.620.040.58
























Linx SA1.08--1.08




Prosus NV0.98--0.98





Yandex NV0.20--0.20

Total100.00100.00--



Country



India11.1%8.9%



9/30/2019China20.1%31.9%


Russia9.313.965.35


India11.078.862.22

Brazil9.547.551.98


Hong Kong1.77--1.77

Greece2.070.311.76

Turkey2.010.581.42

Panama1.23--1.23


Peru1.180.380.80



Georgia0.69--0.69

Chile1.600.950.64

Taiwan11.4911.480.01

Korea12.0812.15-0.07


Malaysia0.402.05-1.65

Mexico0.762.51-1.75

Thailand0.772.91-2.14

China20.0931.89-11.81

Total100.00100.00--



Sectors



Health Care7.4%2.6%



9/30/2019






Energy8.047.670.37







Total100.00100.00--



MKT Cap


USD




9/30/2019





[N/A]5.540.005.54




Polyus PJSC2.53--2.53Tier 115,489,000,000


Total100.00100.00--



Cash

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

Chart4


CHARTS


Russia9.3%4.0%

Indonesia4.6%2.1%

India11.1%8.9%

Mexico0.8%2.5%

Thailand0.8%2.9%

China20.1%31.9%



Health Care7.4%2.6%




< $2 billion19%1%

$2-10 billion16%27%

> $10 billion65%72%








Non-Index


USDNon-Bench22

Weights


9/30/2019










Vale SA1.190.680.51


Baidu Inc0.950.530.42











LG Chem Ltd1.040.230.81
















JUMBO SA1.230.041.19

iQIYI Inc0.620.040.58
























Linx SA1.08--1.08




Prosus NV0.98--0.98





Yandex NV0.20--0.20

Total100.00100.00--



Country



India11.1%8.9%



9/30/2019China20.1%31.9%


Russia9.313.965.35


India11.078.862.22

Brazil9.547.551.98


Hong Kong1.77--1.77

Greece2.070.311.76

Turkey2.010.581.42

Panama1.23--1.23


Peru1.180.380.80



Georgia0.69--0.69

Chile1.600.950.64

Taiwan11.4911.480.01

Korea12.0812.15-0.07


Malaysia0.402.05-1.65

Mexico0.762.51-1.75

Thailand0.772.91-2.14

China20.0931.89-11.81

Total100.00100.00--



Sectors



Health Care7.4%2.6%



9/30/2019






Energy8.047.670.37







Total100.00100.00--



MKT Cap


USD




9/30/2019





[N/A]5.540.005.54




Polyus PJSC2.53--2.53Tier 115,489,000,000


Total100.00100.00--



Cash

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

ATL 14.00

Appendix

Portfolio Holdings (% of total portfolio)

Source: Artisan Partners/FactSet. As of 30 Sep 2019. Cash represented 1.9% of the total portfolio at 30 Sep 2019. Securities of the same issuer are aggregated to determine the weight in the portfolio. Portfolio country classifications defined by the investment team may differsubstantially from MSCI classifications. For the portfolio’s country breakdown according to MSCI methodology, refer to the Fund’s most recent portfolio holdings at www.sec.gov. *Security is not within the MSCI Emerging Markets Index.

ARTISAN PARTNERS 10


Notes and DisclosuresThis section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully.

Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information is containedin the Fund's prospectus and summary prospectus, which can be obtained by visiting www.artisanfunds.com. Read carefully beforeinvesting.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 aregreater in emerging markets. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels ofinflation, deflation or currency devaluations. 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 oflarge companies during some periods.

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. Investorsshould consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment product discussed herein.

MSCI Emerging Markets Index measures the performance of emerging markets. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. MSCImakes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financialproducts. This report is not approved or produced by MSCI.

All information in this report includes all classes of shares, except performance and expense ratio information and as otherwise indicated, and is as of the date indicated. Totals may not sum due to rounding.

The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third partyproviders (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy,completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified ofsuch damages.

Sustainability Assessment: The Sustainability Assessment score ranks each company on a scale of 1 (lowest) to 5 (highest) based on the investment team’s proprietary assessment of the company’s quality of corporate governancepractices. Each score corresponds with a multiplier that applies a discounted (for scores less than 3), premium (for scores higher than 3) or neutral (score of 3) adjustment to the investment team’s target price within the team’svaluation analysis for each company.

Portfolio Holdings: For the purpose of determining the portfolio's holdings, securities of the same issuer are aggregated to determine the weight in the portfolio. Holdings information is not intended to represent or predict portfolio investment performance or as a recommendation of any individual security. A complete list of the securities held by portfolio, other than cash and cash equivalents unless otherwise noted, as of the date indicated is included. Securities named in this material, but not listed within the portfolio holdings page were not held as of the date reported. This listing is for informational purposes only and may not be identical to the official books and records of the Funds. Security names may not represent the official legal corporate name. Please refer to the Fund's most recent Annual Report for an audited portfolio holdings list.

Sector exposure percentages reflect sector designations as currently classified by GICS.

Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealer subsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, is wholly owned by Artisan Partners Holdings LP.

© 2019 Artisan Partners. All rights reserved.

ARTISAN PARTNERS

Artisan Sustainable Emerging Markets—2019 Q3 Review

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