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BUSINESS UPDATE AND SECOND QUARTER 2025 EARNINGS PRESENTATION Artisan Partners Asset Management
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ARTISAN PARTNERS ASSET MANAGEMENT 1 BUSINESS PHILOSOPHY & APPROACH Thoughtful Growth Active Strategies Autonomous Franchises Proven Results Designed for Investment Talent to Thrive Managed by Business Professionals Structured to Align Interests Active Talent Identification Entrepreneurial Commitment Focus on Long-Term Global Demand Since its founding, Artisan has built its business based upon a consistent philosophy and business model. Talent Driven Business Model High Value Added Investment Firm
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ARTISAN PARTNERS ASSET MANAGEMENT 2 METHODICAL APPROACH First CEO Andy Ziegler co-founds Artisan (1994) Eric Colson joins Artisan (2005) Eric Colson named CEO (2010) Jason Gottlieb joins Artisan (2016) Jason Gottlieb named CEO (2025) 1995 ▪ 1 Investment Team ▪ 1 Investment Strategy ▪ Revenue $0 U.S. Small-Cap Equity 2012 ▪ 5 Investment Teams ▪ 12 Investment Strategies ▪ Revenue $506M U.S. Equity Global Equity International Equity Emerging Markets Equity 2025 ▪ 11 Investment Teams ▪ 26 Investment Strategies ▪ Run-Rate Revenue $1,129M High Yield Credit Long-Short Global Macro Private Markets Emerging Markets Debt Long-Short Equity U.S. Equity Global Equity International Equity Emerging Markets Equity Leadership Evolution Thoughtful Growth Source: Artisan Partners. Data for 1995, 2012 and 2025 is as of January 1, 1995, December 31, 2012 and June 30, 2025, respectively. 2025 run-rate revenue is revenue for the six months ended June 30, 2025, divided by 181, then multiplied by 365.
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ARTISAN PARTNERS ASSET MANAGEMENT 3 ARTISAN CREDIT TEAM Source: Artisan Partners/ICE BofA/S&P/eVestment. As of June 30, 2025. Inception date for each strategy: Artisan High Income Strategy, April 1, 2014; Artisan Credit Opportunities Strategy, July 1, 2017; Artisan Floating Rate Strategy, January 1, 2022. The eVestment universe used for High Income is the US High Yield Fixed Income universe, while the eVestment universe used for Floating Rate is the US Floating-Rate Bank Loan Fixed Income. The universes include separate/segregated account monthly, net-of-fees observations. Percentile ranking is based on a scale of one through one hundred with one being the highest ranking. Rankings are preliminary based on data as of 28 Jul 2025. eVestment® is a manager-reported database of institutional investment managers and does not independently verify the data. Bryan Krug Wins 2025 U.S. Morningstar Award for Investing Excellence: Outstanding Fixed Income Portfolio Manager Net Performance As of June 30, 2025 1 Year 3 Year 5 Year 10 Year Since Incept. (ann.) Since Incept. (cumulative) High Income Strategy 11.10% 10.25% 7.71% 6.77% 6.57% 104.77% eVestment Rank (%) 7 11 7 4 1 1 ICE BofA US High Yield Index 10.24% 9.84% 6.00% 5.29% 4.87% 70.81% Credit Opportunities Strategy 12.24% 12.16% 13.23% – 10.23% 118.09% ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 4.93% 4.66% 2.83% – 2.55% 22.32% ICE BofA US High Yield Index 10.24% 9.84% 6.00% – 4.84% 46.03% Floating Rate Strategy 7.80% 9.61% – – 6.68% 25.38% eVestment Rank (%) 16 26 – – 21 21 S&P UBS Leveraged Loan Index 7.50% 9.53% – – 6.73% 25.58% Top 1% Performance High Income Since Inception 10%+ Net Ann. Returns Credit Opportunities Since Inception Top Quartile Performance Floating Rate Since Inception
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ARTISAN PARTNERS ASSET MANAGEMENT 4 ARTISAN INTERNATIONAL VALUE GROUP David Samra Named Top-3 Finalist for 2025 U.S. Morningstar Award for Investing Excellence: Outstanding Equity Portfolio Manager Net Performance (Strategy) As of June 30, 2025 Composite Inception Date 1 Year 3 Year 5 Year 10 Year Since Incept. (ann.) Average Annual Value Added Since Inception International Value 7/1/2002 12.29% 16.32% 15.39% 8.52% 10.78% 418 bps MSCI EAFE Index (Net) 17.73% 15.95% 11.15% 6.50% 6.60% MSCI ACWI Ex USA (Net) 17.72% 13.98% 10.12% 6.12% 6.81% International Explorer 11/1/2020 18.61% 14.98% – – 14.47% 465 bps MSCI ACWI EX USA Small (Net) 18.34% 13.45% – – 9.82% Global Special Situations 4/1/2025 – – – – 1.90% 86 bps ICE BofA 3-month Treasury Bill – – – – 1.04% Top 1% Performance International Value Fund Since Inception Top 9% Performance International Explorer Fund Since Inception Global Special Situations March 2025 Launch $ Billions Excess Return Market Returns Net Flows 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 YTD 25 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 International Value Group Wealth Creation Over Time (Gross of Fees) $9.6B $22.7B $18.6B Source: Artisan Partners/MSCI/Lipper. As of 30 Jun 2025. This Wealth Creation chart is for illustrative purposes only and not indicative of the total return of any specific investment in the portfolio. The chart is not intended to imply future performance expectations, nor does it account for taxation, fees or expenses. Net capital figures include seed capital and investments made by Artisan associates. The Funds are managed as accounts within each respective Artisan strategy composite. Differences between the strategy and the fund include varying account restrictions, fees and expenses and other factors and portfolio characteristics and performance will vary. See Notes and Disclosures for further information.
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ARTISAN PARTNERS ASSET MANAGEMENT 5 REPEATABLE SUCCESS Data as of June 30, 2025. Sources: Artisan Partners/MSCI/Russell/ICE BofA. Tenure refers to years employed by Artisan Partners. Value added is the percentage by which the average annual net composite return of each strategy has outperformed or underperformed its respective benchmark since inception. See Notes and Disclosures for more information about how we calculate our investment performance and the benchmarks used. 9.21% 9.12% 13.20% 10.53% 10.78% 9.00% 5.15% 10.22% 8.68% 12.23% 6.57% 11.59% 7.63% 5.42% 10.16% 9.46% 6.60% 8.11% 5.11% 7.12% 6.79% 9.51% 4.87% 4.81% 1.58% 3.70% 3.04% 1.07% 4.18% 0.89% 0.04% 3.10% 1.89% 2.72% 1.70% 6.78% U.S. Small- Cap Growth Non-U.S. Growth U.S. Mid- Cap Growth U.S. Mid- Cap Value International Value Value Equity Sustainable EM Global Opportunities Global Value Global Equity High Income Developing World Value-Added Net of Fees Index Years Since Inception 30 Years 29 Years 28 Years 26 Years 23 Years 20 Years 19 Years 18 Years 18 Years 15 Years 11 Years 10 Years Longest Tenured PM 28 Years 29 Years 28 Years 17 Years 23 Years 17 Years 19 Years 28 Years 23 Years 29 Years 11 Years 10 Years Artisan Strategies with Greater than 10 Year Track Records Average Annual Returns Since Inception Net of Fees
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ARTISAN PARTNERS ASSET MANAGEMENT 6 PROVEN PILLARS FOR REPEATABLE SUCCESS Same Principles for 30 Years Evolving Application Today's Opportunity Set
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ARTISAN PARTNERS ASSET MANAGEMENT 7 TRANSPARENT PREDICTABLE FINANCIAL MODEL Long-Term Approach to Growth Invest in the business with a focus on sustainable long-term growth Fee Discipline Commitment to maintain fee levels supported by value-added strategies High Variable Costs and Stable Margins Variable cost structure enhances stability through market volatility Strong Cash Flow and Conservative Balance Sheet Modest leverage and strong cash generation provide financial stability Aligned Interests Employee incentives aligned with growing and preserving shareholder value Our financial model has served us well over time and through periods of market volatility.
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ARTISAN PARTNERS ASSET MANAGEMENT 8 Net Client Cash Flows ASSETS UNDER MANAGEMENT ($ in billions) 1 Net Client Cash Flows excludes the amount of Artisan Funds' income and capital gain distributions that are not reinvested in the funds. 1 $(2.1) $(4.7) YTD 2Q24 YTD 2Q25 $158.9 $175.5 $156.3 $166.8 YTD 2Q24 YTD 2Q25 Assets Under Management (AUM) AUM Average AUM Year $158.9 $167.8 $161.2 $162.4 $175.5 $158.6 $162.8 $165.4 $166.7 $166.8 2Q24 3Q24 4Q24 1Q25 2Q25 $(1.6) $(0.7) $(0.8) $(2.8) $(1.9) 2Q24 3Q24 4Q24 1Q25 2Q25 +8% AUM; 0% Avg AUM +10% AUM; +7% Avg AUM +10% AUM; +5% Avg AUM Year Quarter Quarter
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ARTISAN PARTNERS ASSET MANAGEMENT 9 ASSETS UNDER MANAGEMENT BY ASSET CLASS ($ in billions) For the Three Months Ended For the Six Months Ended June 30, 2025 June 30, 2025 Asset Class Equity Fixed Income Alternative Firm Total Equity Fixed Income Alternative Firm Total Beginning AUM $144.4 $14.6 $3.4 $162.4 $143.9 $13.9 $3.4 $161.2 Gross client cash inflows $4.7 $1.2 $0.3 $6.2 $10.2 $2.4 $0.6 $13.2 Gross client cash outflows -$7.1 -$0.7 -$0.3 -$8.1 -$16.0 -$1.4 -$0.5 -$17.9 Net client cash flows -$2.4 $0.5 $0.0 -$1.9 -$5.8 $1.0 $0.1 -$4.7 Artisan Funds' distributions not reinvested -$0.1 -$0.1 $0.0 -$0.2 -$0.1 -$0.2 $0.0 -$0.3 Investment returns and other $14.2 $0.6 $0.4 $15.2 $18.1 $0.9 $0.3 $19.3 Ending AUM $156.1 $15.6 $3.8 $175.5 $156.1 $15.6 $3.8 $175.5 Annualized organic growth rate -6 % +13 % 0 % -5 % -8 % +15% +4% -6 % Ending AUM growth rate +8 % +7 % +13 % +8 % +8% +12% +14% +9% Weighted average management fee 0.69 % 0.56 % 0.79 % 0.68 % 0.69 % 0.56 % 0.78 % 0.68 % AUM mix (as of June 30, 2025) Client location: U.S. 73 % 87 % 69 % 74 % Non-U.S. 27 % 13 % 31 % 26 % Vehicle: Artisan Funds & Global Funds 47 % 64 % 49 % 49 % Separate accounts and other vehicles 53 % 36 % 51 % 51 % Distribution channel: Intermediated Wealth 59 % 69 % 80 % 60 % Institutional 41 % 31 % 20 % 40 % Equity includes: Mid-Cap Growth, Small-Cap Growth, Mid-Cap Value, Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity, Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, Value Income and Franchise strategies. Fixed Income includes: High Income, Floating Rate, Emerging Markets Debt Opportunities and Emerging Markets Local Opportunities strategies. Alternative includes: Antero Peak, Antero Peak Hedge, China Post-Venture, Credit Opportunities, Global Unconstrained and Global Special Situations strategies. The China Post-Venture strategy was wound down effective June 30, 2025. Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by the average assets under management for the applicable period. Separate accounts and other vehicles includes traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as assets under advisement related to investment models for which we provide consulting advice but do not have investment discretion. The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment.
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ARTISAN PARTNERS ASSET MANAGEMENT 10 Weighted Average Management Fee (in bps) QUARTERLY FINANCIAL RESULTS ($ in millions, unless otherwise noted) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by average assets under management for the applicable period. Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our June 2025 earnings release: GAAP operating expense was $203.0M, $190.6M and $184.2M; GAAP operating income was $79.8M, $86.5M and $86.6M; GAAP operating margin was 28.2%, 31.2% and 32.0%; GAAP net income was $67.6M, $61.1M and $57.6M; and GAAP EPS was $0.94, $0.82 and $0.80 for the June 2025, March 2025 and June 2024 quarters, respectively. $270.8$277.1$282.8 69 68 68 2Q24 1Q25 2Q25 $183.5 $188.1 $193.2 2Q24 1Q25 2Q25 Adjusted Operating Expenses Adjusted Operating Income $87.3 $89.0 $89.6 2Q24 1Q25 2Q25 32.2% 32.1% 31.7% 2Q24 1Q25 2Q25 $66.0 $67.0 $67.5 2Q24 1Q25 2Q25 Adjusted Net Income $0.82 $0.83 $0.83 2Q24 1Q25 2Q25 +4% +2% +5% +3% +3% +1% -50 bps -40 bps +2% +1% +1% 0% $270.8 $277.1 $282.8 69 68 68 2Q24 1Q25 2Q25 Performance Fees
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ARTISAN PARTNERS ASSET MANAGEMENT 11 Weighted Average Management Fee (in bps) YTD FINANCIAL RESULTS ($ in millions unless otherwise noted) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by average assets under management for the applicable period. Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our June 2025 earnings release: GAAP operating expense was $393.6M and $370.9M; GAAP operating income was $166.3M and $164.3M; GAAP operating margin was 29.7% and 30.7%; GAAP net income was $128.7M and $117.1M; and GAAP EPS was $1.78 and $1.66 for the June 2025 and June 2024 YTD periods, respectively. $535.2 $559.9 69 68 YTD 2Q24 YTD 2Q25 $366.3 $381.3 YTD 2Q24 YTD 2Q25 Adjusted Operating Expenses Adjusted Operating Income $168.9 $178.6 YTD 2Q24 YTD 2Q25 31.6% 31.9% YTD 2Q24 YTD 2Q25 $127.6 $134.5 YTD 2Q24 YTD 2Q25 Adjusted Net Income $1.58 $1.66 YTD 2Q24 YTD 2Q25 +5% +5% +5% +30 bps +4% +6%
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ARTISAN PARTNERS ASSET MANAGEMENT 12 BALANCE SHEET AS OF JUNE 30, 2025 ($ in millions) ¹ Calculated in accordance with debt agreements. $201.2 $244.9 4Q24 2Q25 $422.0 $419.1 4Q24 2Q25 Cash and Cash Equivalents Borrowings & Leverage Ratio1 Equity $200.0 $200.0 0.5x 0.5x 4Q24 2Q25 Seed Capital $154.9 $139.0 4Q24 2Q25
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ARTISAN PARTNERS ASSET MANAGEMENT 13 DIVIDENDS The dividend amounts shown represent the dividends paid or declared with respect to the indicated periods and therefore include dividends paid or declared in periods after the indicated periods. Dividends - Last Five QuartersTotal Dividends - Last Five Years $3.39 $4.70 $2.82 $2.78 $3.48 2020 2021 2022 2023 2024 $0.71 $0.82 $0.84 $0.68 $0.73 $0.50 Quarterly Special 2Q24 3Q24 4Q24 1Q25 2Q25
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APPENDIX
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ARTISAN PARTNERS ASSET MANAGEMENT 15 ASSETS UNDER MANAGEMENT BY DISTRIBUTION CHANNEL ($ in billions) For the Five Years Ended June 30, 2025 Distribution Channel1 Intermediated Wealth2 Institutional Firm Total Beginning AUM $58.6 $62.0 $120.6 Net client cash flows $9.4 -$25.8 -$16.4 Artisan Funds' distributions not reinvested -$5.6 $0.0 -$5.6 Investment returns and other $43.3 $33.6 $76.9 Ending AUM $105.7 $69.8 $175.5 AUM growth rate +80 % +13 % +46 % AUM CAGR +13 % +2 % +8 % Annualized organic growth rate +3 % -8 % -3 % % of AUM 60 % 40 % 100 % AUM mix (as of June 30, 2025) Client location: U.S. 71 % 79 % 74 % Non-U.S. 29 % 21 % 26 % Vehicle: Artisan Funds & Global Funds 62 % 28 % 49 % Separate accounts and other vehicles 38 % 72 % 51 % Asset class: Equity 87 % 92 % 89 % Fixed Income 10 % 7 % 9 % Alternative 3 % 1 % 2 % 1 The allocation of AUM by distribution channel involves the use of estimates and the exercise of judgment. 2 In the first quarter of 2025, we combined our intermediary and retail distribution channels, renamed the intermediated wealth channel, and recategorized certain client AUM to better reflect how management considers and utilizes this information in the management of the business. For this presentation, channel information for prior periods was reclassified for comparability purposes.
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ARTISAN PARTNERS ASSET MANAGEMENT 16 RECONCILIATION OF GAAP TO NON-GAAP (“ADJUSTED”) MEASURES ($ in millions) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 67.6 $ 61.1 $ 57.6 $ 128.7 $ 117.1 Add back: Net income attributable to noncontrolling interests - APH 13.4 11.9 11.5 25.3 24.4 Add back: Provision for income taxes 24.9 20.0 18.7 44.9 40.7 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 9.8 2.5 0.7 12.3 4.6 Add back: Net investment (gain) loss of investment products attributable to APAM (26.1) (6.5) (0.8) (32.6) (17.3) Less: Adjusted provision for income taxes 22.1 22.0 21.7 44.1 41.9 Adjusted net income (Non-GAAP) $ 67.5 $ 67.0 $ 66.0 $ 134.5 $ 127.6 Average shares outstanding Class A common shares 65.6 65.4 65.0 65.5 64.6 Assumed vesting or exchange of: Unvested restricted share-based awards 5.4 5.4 5.6 5.4 5.6 Artisan Partners Holdings LP units outstanding (non-controlling interest) 10.2 10.3 10.4 10.3 10.7 Adjusted shares 81.2 81.1 81.0 81.2 80.9 Basic and diluted earnings per share (GAAP) $ 0.94 $ 0.82 $ 0.80 $ 1.78 $ 1.66 Adjusted net income per adjusted share (Non-GAAP) $ 0.83 $ 0.83 $ 0.82 $ 1.66 $ 1.58 Operating income (GAAP) $ 79.8 $ 86.5 $ 86.6 $ 166.3 $ 164.3 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 9.8 2.5 0.7 12.3 4.6 Adjusted operating income (Non-GAAP) $ 89.6 $ 89.0 $ 87.3 $ 178.6 $ 168.9 Operating expense (GAAP) $ 203.0 $ 190.6 $ 184.2 $ 393.6 $ 370.9 Add back (less): Compensation reversal (expense) related to market valuation changes in compensation plans (9.8) (2.5) (0.7) (12.3) (4.6) Adjusted operating expense (Non-GAAP) $ 193.2 $ 188.1 $ 183.5 $ 381.3 $ 366.3 Operating margin (GAAP) 28.2% 31.2% 32.0% 29.7% 30.7% Adjusted operating margin (Non-GAAP) 31.7% 32.1% 32.2% 31.9% 31.6%
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ARTISAN PARTNERS ASSET MANAGEMENT 17 DETAILS OF COMPENSATION & BENEFITS EXPENSE ($ in millions) For the Three Months Ended For the Six Months Ended June 30, 2025 % of Rev. March 31, 2025 % of Rev. June 30, 2024 % of Rev. June 30, 2025 % of Rev. June 30, 2024 % of Rev. Salary $ 25.4 9.0 % $ 25.5 9.2 % $ 24.7 9.1 % $ 50.9 9.1 % $ 49.1 9.2 % Incentive compensation 96.5 34.1 % 93.4 33.7 % 92.9 34.3 % 189.9 33.9 % 182.8 34.1 % Benefits & payroll taxes 14.6 5.1 % 15.1 5.4 % 11.8 4.4 % 29.7 5.3 % 26.6 5.0 % Long-term incentive compensation1 29.3 10.4 % 21.2 7.7 % 17.4 6.4 % 50.5 9.0 % 38.2 7.1 % Compensation and benefits $ 165.8 58.6 % $ 155.2 56.0 % $ 146.8 54.2 % $ 321.0 57.3 % $ 296.7 55.4 % Add (Less): Compensation reversal (expense) related to market valuation changes in compensation plans (9.8) (3.4) % (2.5) (0.9) % (0.7) (0.2) % (12.3) (2.2) % (4.6) (0.8) % Adjusted compensation and benefits2 $ 156.0 55.2 % $ 152.7 55.1 % $ 146.1 54.0 % $ 308.7 55.1 % $ 292.1 54.6 % 1 Long-term incentive compensation includes equity-based compensation and franchise capital awards. 2 Adjusted measures are non-GAAP measures. The adjustments to GAAP are explained in Exhibit 2 of our June 2025 earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 18 LONG-TERM INVESTMENT RESULTS (GROSS OF FEES)1 Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of June 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 10.02 % 16.36 % 9.67 % 11.45 % 11.97 % 11.13 % 401 MSCI All Country World Index 16.17 % 17.33 % 13.64 % 10.77 % 9.99 % 7.12 % Global Discovery Strategy 19.14 % 16.08 % 10.10 % 12.83 % --- 13.66 % 603 MSCI All Country World Small Mid Cap Index 16.17 % 13.09 % 11.29 % 7.20 % --- 7.63 % U.S. Mid-Cap Growth Strategy 15.38 % 13.67 % 7.29 % 11.71 % 10.84 % 14.26 % 410 Russell® Midcap Index 15.21 % 14.32 % 13.10 % 10.02 % 9.88 % 10.30 % Russell® Midcap Growth Index 26.49 % 21.44 % 12.65 % 12.72 % 12.11 % 10.16 % U.S. Small-Cap Growth Strategy 7.02 % 11.32 % 2.71 % 7.81 % 9.51 % 10.29 % 266 Russell® 2000 Index 7.68 % 9.99 % 10.03 % 5.51 % 7.12 % 8.71 % Russell® 2000 Growth Index 9.73 % 12.37 % 7.41 % 5.68 % 7.13 % 7.63 % Franchise Strategy --- --- --- --- --- 12.30 % 334 MSCI All Country World Index --- --- --- --- --- 8.96 % Global Equity Team Global Equity Strategy 38.69 % 25.30 % 13.65 % 13.46 % 12.37 % 13.30 % 379 MSCI All Country World Index 16.17 % 17.33 % 13.64 % 10.77 % 9.99 % 9.51 % Non-U.S. Growth Strategy 31.55 % 21.06 % 11.72 % 9.85 % 7.95 % 10.13 % 471 MSCI EAFE Index 17.73 % 15.95 % 11.15 % 7.20 % 6.50 % 5.42 % U.S. Value Team Value Equity Strategy 15.19 % 17.90 % 18.07 % 12.01 % 11.78 % 9.81 % 170 Russell® 1000 Index 15.66 % 19.57 % 16.29 % 14.08 % 13.34 % 10.70 % Russell® 1000 Value Index 13.70 % 12.75 % 13.92 % 9.58 % 9.18 % 8.11 % U.S. Mid-Cap Value Strategy 4.64 % 9.00 % 12.87 % 7.10 % 7.68 % 11.58 % 212 Russell® Midcap Index 15.21 % 14.32 % 13.10 % 10.02 % 9.88 % 9.64 % Russell® Midcap Value Index 11.53 % 11.33 % 13.70 % 8.21 % 8.39 % 9.46 % Value Income Strategy 12.76 % 10.50 % --- --- --- 5.85 % (691) S&P 500 Index 15.16 % 19.69 % --- --- --- 12.76 % International Value Group International Value Strategy 13.32 % 17.39 % 16.46 % 10.89 % 9.52 % 11.82 % 522 MSCI EAFE Index 17.73 % 15.95 % 11.15 % 7.20 % 6.50 % 6.60 % International Explorer Strategy 19.58 % 16.25 % --- --- --- 16.50 % 668 MSCI All Country World Index Ex USA Small Cap 18.34 % 13.45 % --- --- --- 9.82 % Global Special Situations Strategy --- --- --- --- --- 2.62 % 158 ICE BofA 3-month Treasury Bill Index --- --- --- --- --- 1.04 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 19 LONG-TERM INVESTMENT RESULTS (GROSS OF FEES),1 Continued Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of June 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Global Value Team Global Value Strategy 21.45 % 20.50 % 17.94 % 11.32 % 10.65 % 9.72 % 293 MSCI All Country World Index 16.17 % 17.33 % 13.64 % 10.77 % 9.99 % 6.79 % Select Equity Strategy 19.81 % 20.12 % 16.73 % --- --- 14.39 % (232) S&P 500 Index 15.16 % 19.69 % 16.63 % --- --- 16.71 % Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 22.57 % 15.19 % 8.99 % 6.58 % 7.77 % 6.21 % 110 MSCI Emerging Markets Index 15.29 % 9.69 % 6.80 % 4.48 % 4.81 % 5.11 % Credit Team High Income Strategy 11.83 % 10.98 % 8.43 % 7.22 % 7.50 % 7.31 % 244 ICE BofA US High Yield Index 10.24 % 9.84 % 6.00 % 5.18 % 5.29 % 4.87 % Credit Opportunities Strategy 16.11 % 15.83 % 17.28 % 13.64 % --- 13.70 % 1,115 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 4.93 % 4.66 % 2.83 % 2.69 % --- 2.55 % Floating Rate Strategy 8.53 % 10.35 % --- --- --- 7.40 % 67 S&P UBS Leveraged Loan Index 7.50 % 9.53 % --- --- --- 6.73 % Developing World Team Developing World Strategy 30.19 % 24.66 % 9.22 % 14.61 % 12.75 % 12.75 % 794 MSCI Emerging Markets Index 15.29 % 9.69 % 6.80 % 4.48 % 4.81 % 4.81 % Antero Peak Group Antero Peak Strategy 30.00 % 22.12 % 16.87 % 16.88 % --- 19.83 % 548 S&P 500 Index 15.16 % 19.69 % 16.63 % 14.38 % --- 14.35 % Antero Peak Hedge Strategy 26.42 % 18.88 % 13.87 % 13.85 % --- 14.59 % 54 S&P 500 Index 15.16 % 19.69 % 16.63 % 14.38 % --- 14.05 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 15.05 % 11.33 % 7.20 % --- --- 11.02 % 214 MSCI All Country World Index Ex USA Small Mid Cap 20.65 % 13.93 % 10.22 % --- --- 8.88 % EMsights Capital Group Global Unconstrained Strategy 10.42 % 11.78 % --- --- --- 10.67 % 644 ICE BofA 3-month Treasury Bill Index 4.68 % 4.56 % --- --- --- 4.23 % Emerging Markets Debt Opportunities Strategy 14.26 % 14.76 % --- --- --- 13.08 % 647 J.P. Morgan EMB Hard Currency/Local Currency 50-50 11.38 % 8.39 % --- --- --- 6.61 % Emerging Markets Local Opportunities Strategy 18.66 % --- --- --- --- 12.06 % 345 J.P. Morgan GBI-EM Global Diversified Index 13.81 % --- --- --- --- 8.61 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 20 LONG-TERM INVESTMENT RESULTS (NET OF FEES)1 Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of June 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 9.11 % 15.40 % 8.77 % 10.53 % 11.03 % 10.22 % 310 MSCI All Country World Index 16.17 % 17.33 % 13.64 % 10.77 % 9.99 % 7.12 % Global Discovery Strategy 18.01 % 14.98 % 9.05 % 11.75 % --- 12.58 % 495 MSCI All Country World Small Mid Cap Index 16.17 % 13.09 % 11.29 % 7.20 % --- 7.63 % U.S. Mid-Cap Growth Strategy 14.33 % 12.62 % 6.30 % 10.68 % 9.83 % 13.20 % 304 Russell® Midcap Index 15.21 % 14.32 % 13.10 % 10.02 % 9.88 % 10.30 % Russell® Midcap Growth Index 26.49 % 21.44 % 12.65 % 12.72 % 12.11 % 10.16 % U.S. Small-Cap Growth Strategy 6.02 % 10.27 % 1.71 % 6.76 % 8.44 % 9.21 % 158 Russell® 2000 Index 7.68 % 9.99 % 10.03 % 5.51 % 7.12 % 8.71 % Russell® 2000 Growth Index 9.73 % 12.37 % 7.41 % 5.68 % 7.13 % 7.63 % Franchise Strategy --- --- --- --- --- 11.60 % 264 MSCI All Country World Index --- --- --- --- --- 8.96 % Global Equity Team Global Equity Strategy 37.48 % 24.20 % 12.65 % 12.44 % 11.33 % 12.23 % 272 MSCI All Country World Index 16.17 % 17.33 % 13.64 % 10.77 % 9.99 % 9.51 % Non-U.S. Growth Strategy 30.36 % 19.96 % 10.70 % 8.85 % 6.97 % 9.12 % 370 MSCI EAFE Index 17.73 % 15.95 % 11.15 % 7.20 % 6.50 % 5.42 % U.S. Value Team Value Equity Strategy 14.41 % 17.10 % 17.27 % 11.25 % 11.02 % 9.00 % 89 Russell® 1000 Index 15.66 % 19.57 % 16.29 % 14.08 % 13.34 % 10.70 % Russell® 1000 Value Index 13.70 % 12.75 % 13.92 % 9.58 % 9.18 % 8.11 % U.S. Mid-Cap Value Strategy 3.74 % 8.01 % 11.84 % 6.11 % 6.69 % 10.53 % 107 Russell® Midcap Index 15.21 % 14.32 % 13.10 % 10.02 % 9.88 % 9.64 % Russell® Midcap Value Index 11.53 % 11.33 % 13.70 % 8.21 % 8.39 % 9.46 % Value Income Strategy 11.98 % 9.74 % --- --- --- 5.12 % (764) S&P 500 Index 15.16 % 19.69 % --- --- --- 12.76 % International Value Group International Value Strategy 12.29 % 16.32 % 15.39 % 9.88 % 8.52 % 10.78 % 418 MSCI EAFE Index 17.73 % 15.95 % 11.15 % 7.20 % 6.50 % 6.60 % International Explorer Strategy 18.61 % 14.98 % --- --- --- 14.47 % 465 MSCI All Country World Index Ex USA Small Cap 18.34 % 13.45 % --- --- --- 9.82 % Global Special Situations Strategy --- --- --- --- --- 1.90 % 86 ICE BofA 3-month Treasury Bill Index --- --- --- --- --- 1.04 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 21 LONG-TERM INVESTMENT RESULTS (NET OF FEES),1 continued Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of June 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Global Value Team Global Value Strategy 20.32 % 19.38 % 16.84 % 10.28 % 9.60 % 8.68 % 189 MSCI All Country World Index 16.17 % 17.33 % 13.64 % 10.77 % 9.99 % 6.79 % Select Equity Strategy 18.92 % 19.23 % 15.87 % --- --- 13.54 % (317) S&P 500 Index 15.16 % 19.69 % 16.63 % --- --- 16.71 % Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 21.56 % 14.23 % 8.02 % 5.60 % 6.74 % 5.15 % 4 MSCI Emerging Markets Index 15.29 % 9.69 % 6.80 % 4.48 % 4.81 % 5.11 % Credit Team High Income Strategy 11.10 % 10.25 % 7.71 % 6.50 % 6.77 % 6.57 % 170 ICE BofA US High Yield Index 10.24 % 9.84 % 6.00 % 5.18 % 5.29 % 4.87 % Credit Opportunities Strategy 12.24 % 12.16 % 13.23 % 10.20 % --- 10.23 % 768 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 4.93 % 4.66 % 2.83 % 2.69 % --- 2.55 % Floating Rate Strategy 7.80 % 9.61 % --- --- --- 6.68 % (5) S&P UBS Leveraged Loan Index 7.50 % 9.53 % --- --- --- 6.73 % Developing World Team Developing World Strategy 28.85 % 23.38 % 8.08 % 13.43 % 11.59 % 11.59 % 678 MSCI Emerging Markets Index 15.29 % 9.69 % 6.80 % 4.48 % 4.81 % 4.81 % Antero Peak Group Antero Peak Strategy 28.74 % 20.92 % 15.72 % 15.73 % --- 18.66 % 431 S&P 500 Index 15.16 % 19.69 % 16.63 % 14.38 % --- 14.35 % Antero Peak Hedge Strategy 25.16 % 17.70 % 12.75 % 12.61 % --- 12.97 % (108) S&P 500 Index 15.16 % 19.69 % 16.63 % 14.38 % --- 14.05 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 13.90 % 10.22 % 6.13 % --- --- 9.90 % 102 MSCI All Country World Index Ex USA Small Mid Cap 20.65 % 13.93 % 10.22 % --- --- 8.88 % EMsights Capital Group Global Unconstrained Strategy 9.38 % 10.73 % --- --- --- 9.63 % 540 ICE BofA 3-month Treasury Bill Index 4.68 % 4.56 % --- --- --- 4.23 % Emerging Markets Debt Opportunities Strategy 13.41 % 13.91 % --- --- --- 12.24 % 563 J.P. Morgan EMB Hard Currency/Local Currency 50-50 11.38 % 8.39 % --- --- --- 6.61 % Emerging Markets Local Opportunities Strategy 17.85 % --- --- --- --- 11.29 % 268 J.P. Morgan GBI-EM Global Diversified Index 13.81 % --- --- --- --- 8.61 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 22 NOTES & DISCLOSURES Forward-Looking Statements Certain statements in this release, and other written or oral statements made by or on behalf of the Company, are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and our future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are only predictions based on current expectations and projections about future events. Forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions, poor performance of our investment strategies, change in the legislative and regulatory environment in which we operate, operational or technical errors or other damage to our reputation and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC's website at www.sec.gov. The Company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as may be required by law. Assets Under Management (AUM) Assets Under Management (AUM) refers to the assets of pooled vehicles and separate accounts to which Artisan Partners provides services. Artisan Partners’ AUM as reported here includes assets for certain strategies for which Artisan Partners provides non-discretionary model portfolios to managed account sponsors for which we earn only investment-related service fees. Non-discretionary assets are reported on a lag not exceeding one quarter. Artisan’s definition of AUM is not based on any definition of Assets Under Management contained in Form ADV or in any of Artisan’s investment management agreements. Investment Performance Performance data are sourced from Artisan Partners/MSCI/Russell/ICE BofA/S&P/JPM. We measure the results of our "composites", which represent the aggregate performance of all discretionary client accounts, including pooled funds, invested in the same strategy except those accounts with respect to which we believe client-imposed restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars (the results of these accounts, which represented approximately 16% of our assets under management at June 30, 2025, are maintained in separate composites, which are not presented in these materials). Certain composites may only reflect data of a single account managed by Artisan. Unless otherwise noted, composite returns have been presented net of investment advisory fees applied to client accounts, and include applicable trade commissions and transaction costs. Net-of-fees composite returns presented in these materials were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles, and the composite may include accounts with performance-based fees. Index returns do not reflect the payment of fees and expenses. Results for any investment strategy described herein, and for different investment products within a strategy, are affected by numerous factors, including different material market or economic conditions; different investment management fee rates, brokerage commissions and other expenses; and the reinvestment of dividends or other earnings. The returns for any strategy may be positive or negative, and past performance does not guarantee future results. In these materials, we present Value Added, which is the difference between an Artisan strategy's average annual return and the return of its respective benchmark. We may also present Excess Returns, which are an estimate of the amount in dollars by which Artisan's investment strategies have outperformed or underperformed their respective benchmark. Excess Returns are calculated by (i) multiplying a strategy's beginning-of-year AUM by the difference between the returns (in basis points) of the strategy (net of fees, unless otherwise noted) and the benchmark for the ensuing year and (ii) summing all strategies' Excess Returns for each year calculated. Market Returns include all changes in AUM not included in Excess Returns, client cash flows and Artisan Funds' distributions not reinvested. The benchmark used for purposes of presenting a strategy’s performance and calculating Value Added and Excess Returns is generally the market index most commonly used by our clients to compare the performance of the relevant strategy. For certain strategies that are managed for absolute return, the benchmark used for purposes of presenting a strategy's performance and calculating Value Added and Excess Returns is the index used by the Company’s management to evaluate the performance of the strategy. Composites / Indexes used for the comparison calculations described are: Non-U.S. Growth Strategy / International Value Strategy-MSCI EAFE Index; Global Discovery Strategy-MSCI All Country World Small Mid Cap Index; Global Equity Strategy / Global Opportunities Strategy / Global Value Strategy / Franchise Strategy-MSCI ACWI Index; Non-U.S. Small-Mid Growth Strategy-MSCI ACWI ex-USA Small Mid Index; U.S. Mid- Cap Growth Strategy-Russell Midcap Growth® Index; U.S. Mid-Cap Value Strategy-Russell Midcap Value® Index; U.S. Small-Cap Growth Strategy-Russell 2000 Growth® Index; Value Equity Strategy-Russell 1000 Value® Index; Developing World Strategy / Sustainable Emerging Markets Strategy-MSCI Emerging Markets Index; High Income Strategy-ICE BofA US High Yield Index; Credit Opportunities Strategy-ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index; Antero Peak Strategy / Antero Peak Hedge Strategy / Select Equity Strategy / Value Income Strategy-S&P 500® Index; International Explorer Strategy- MSCI All Country World Ex USA Small Cap Index; Floating Rate Strategy-S&P UBS Leveraged Loan Index; Global Unconstrained Strategy / Global Special Situations Strategy-ICE BofA 3-Month Treasury Bill Index; Emerging Markets Debt Opportunities Strategy-J.P. Morgan EMB Hard Currency/Local Currency 50-50 Index; Emerging Markets Local Opportunities Strategy-J.P. Morgan GBI-EM Global Diversified Index. When applicable, composite returns have been included for the following discontinued strategies and their indexes: Global Small-Cap Growth Strategy (Jul 1, 2013-Dec 31, 2016)-MSCI ACWI Small Cap Index; U.S. Small- Cap Value Strategy (Jun 1, 1997-Apr 30, 2016)-Russell 2000® Index; Non-U.S. Small-Cap Growth Strategy (Jan 1, 2002-Nov 30, 2018)-MSCI EAFE Small Cap Index; China Post-Venture Strategy (Apr 1, 2021-Jun 30, 2025)-MSCI China SMID Cap Index . Artisan High Income holds loans and other security types that are not included in the ICE BofA US High Yield Index. At times, this causes material differences in relative performance. Index returns do not reflect the payment of fees and expenses. An investment cannot be made directly in an Artisan composite or a market index and the aggregated results are hypothetical.
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ARTISAN PARTNERS ASSET MANAGEMENT 23 Investment Ratings, Rankings and Awards In this material we present ratings, rankings and award information from eVestment, Morningstar and Lipper. eVestment rankings are based on net of fees returns. Artisan High Income Strategy is ranked 17 out of 221 observations for the one-year period, 25 out of 211 observations for the three-year period, 16 out of 198 observations for the 5-year period, 7 out of 167 observations for the 10-year period, and 2 out of 154 observations, in the US High Yield Fixed Income universe for the since inception period (April 1, 2014), as of June 30, 2025. Artisan Floating Rate Strategy is ranked 13 out of 73 observations for the one-year period, 19 out of 68 observations for the three-year period, and 15 out of 68 observations, in the US Floating-Rate Bank Loan Fixed Income universe for the since inception period (January 1, 2022), as of June 30, 2025. The eVestment statistics are based on eVestment's proprietary calculations. eVestment® is a manager-reported database of institutional investment managers and does not independently verify the data. Past performance is not indicative of future results. The Morningstar Awards for Investing Excellence recognize portfolio managers and asset-management firms that demonstrate excellent investment skill, the courage to differ from the consensus to benefit investors, and a commitment to aligning their interests with those of their investors. Morningstar’s manager research analysts conduct in-depth qualitative analyses to select nominees and, subsequently, vote to determine the award winner. Find out more at go.morningstar.com/awards. To qualify for the award, one of the manager’s strategies must currently earn a Morningstar Analyst Rating™ of Gold or Silver for at least one vehicle and/or share class. Morningstar Inc.’s awards are based on qualitative evaluation and research, thus subjective in nature and should not be used as the sole basis for investment decisions. Morningstar’s awards are not guarantees of a portfolio’s future investment performance. Lipper performance rankings are based on the relevant investment strategy's mutual fund compared to its peer category as classified by Lipper, Inc. Artisan International Value Fund - Investor Class was ranked as follows by Lipper, Inc. within the International Large-Cap Value category as of June 30, 2025. (Fund/Category): 1yr (98/104); 3yr (55/101); 5yr (12/93); 10yr (3/70) and since inception on 23 September 2002 (1/22). Artisan International Explorer Fund - Advisor Class was ranked as follows by Lipper, Inc. within the International Small/Mid Cap Growth category as of June 30, 2025. (Fund/Category): 1yr (80/140); 3yr (34/134); and since inception on 16 May 2022 (12/135). Artisan Developing World Fund - Investor Class was ranked as follows by Lipper, Inc. within the Emerging Markets category as of June 30, 2025. (Fund/Category): 1yr (5/652); 3yr (6/617); 5yr (162/545), 10yr (3/396) and since inception on 29 June 2015 (3/434). The number of funds in the category may include several share classes of the same mutual fund which may have a material impact on the fund's ranking within the category. Lipper rankings are based on total return of a fund’s stated share class, are historical and do not represent future results. Other Information Throughout these materials, we present historical information about our assets under management, average assets under management and client cash flows for certain periods. We use our information management systems to track this information and we believe the information as set forth in this presentation is accurate in all material respects. We also present information regarding the amount of our assets under management sourced through particular distribution channels, which involves estimates because precise information on the sourcing of assets invested in pooled vehicles through intermediaries is not typically available and involves the exercise of judgment because the same assets, in some cases, might fairly be said to have been sourced from more than one distribution channel. During the first quarter of 2025, we combined our intermediary and retail distribution channels, renamed the intermediated wealth channel, and recategorized certain client AUM in a manner that we believe more closely reflects how management assesses this information in the management of the business. Channel information for prior periods was reclassified as necessary for comparability purposes. Data sourced by distribution channel on our assets under management are not subject to our internal controls over financial reporting. Rounding Any discrepancies included in these materials between totals and the sums of the amounts listed are due to rounding. Trademark Notice The MSCI EAFE Index, the MSCI All Country World Small Mid Cap Index, the MSCI EAFE Growth Index, the MSCI ACWI ex USA SMID Index, MSCI ACWI Ex USA Small Cap Index, the MSCI EAFE Value Index, the MSCI ACWI Index, and the MSCI Emerging Markets Index are trademarks of MSCI Inc. MSCI Inc. is the owner of all copyrights relating to these indices and is the source of the performance statistics of these indices that are referred to in these materials. MSCI makes 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 financial products. This report is not approved or produced by MSCI. The Russell 2000® Index, the Russell 2000® Value Index, the Russell Midcap® Index, the Russell Midcap® Value Index, the Russell 1000® Index, the Russell 1000® Value Index, the Russell Midcap® Growth Index, the Russell 1000® Growth Index and the Russell 2000® Growth Index are trademarks of Russell Investment Group. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners' presentation thereof. The ICE BofA US High Yield Index, ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, and ICE BofA 3-month Treasury Bill Index are owned by ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofA indices and related data on an "as is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Artisan Partners or any of its products or services. NOTES & DISCLOSURES
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ARTISAN PARTNERS ASSET MANAGEMENT 24 Trademark Notice (continued from previous page) The S&P 500 and S&P UBS Leveraged Loan Indices are products of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. The J.P. Morgan EMB Hard Currency/Local currency 50-50 Index and J.P. Morgan GBI-EM Global Diversified Index are trademarks of J.P. Morgan. J.P. Morgan is the owner of all copyrights relating to these indices and is the source of the performance statistics of these indices that are referred to in these materials. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2025, J.P. Morgan Chase & Co. All rights reserved. Presentation None of the information in these materials constitutes either an offer or a solicitation to buy or sell any fund securities, nor is any such information a recommendation for any fund security or investment service. Copyright 2025 Artisan Partners. All rights reserved. This presentation may not be reproduced in whole or in part without Artisan Partners’ permission. NOTES & DISCLOSURES