artisan partners growth team 01, 2007 · portfolio and market discussion artisan partners growth...

Portfolio and Market Discussion

Artisan Partners Growth TeamJames Hamel, CFA, Portfolio Manager

Matthew Kamm, CFA, Portfolio Manager

Craigh Cepukenas, CFA, Portfolio Manager

Jason White, CFA, Portfolio Manager

For Institutional Investors Only—Not for Onward Distribution

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Artisan Partners Growth Team

Leadership Managing Director

Analysts

Research Associates

Coordinators

Matthew H. Kamm, CFAPortfolio ManagerLead Portfolio Manager—U.S. Mid-Cap Growth17 Years Investment Experience

Craigh A. Cepukenas, CFAPortfolio ManagerLead Portfolio Manager—U.S. Small-Cap Growth 28 Years Investment Experience

Jason L. White, CFAPortfolio ManagerGeneralist17 Years Investment Experience

James D. Hamel, CFAPortfolio ManagerLead Portfolio Manager—Global Opportunities20 Years Investment Experience

Andrew C. Stephens30 Years Investment Experience

Martin JochmannHealth Care16 Years

Jay C. Warner, CFAFinancials15 Years

Pratik S. PatelGeneralist16 Years

Roderick M. BrowerInternet/E-commerce and Consumer18 Years

Richard E. HerbstGeneralist3 Years

Michael A. Schneider, CFAIndustrials and Energy19 Years

Aashish S. RaoTechnology9 Years

Cindy Mu, CFAConsumer11 Years

Fischer Van HandelGeneralist5 Years

Katherine Eurich14 Years

Robin Johnson11 Years

Stan BuncherGeneralist8 Years

Heather Dow17 Years

Client Service Team

Chip Ridley, CFAManaging DirectorBusiness Leader

Floyd Dukes, CFAPortfolio Specialist

Steven ButlerPortfolio Specialist

Cameron Griffin Portfolio Specialist

Traders

Jay B. Peters25 Years

Kyle J. Salmon18 Years

Bryan P. Schultz15 Years

Team approach leverages high degrees of experience and knowledge within a disciplined investment process

Team leadership has been working together for an average of over 17 years


Investment Philosophy—Overview

We seek to compound assets through a disciplined, repeatable process that exposes portfolios to growth while avoiding permanent capital impairment

Broad Knowledge

Security Selection

Capital Allocation

Find growth wherever growth occurs across the global economy

Be right more often than we’re wrong

Be right in a bigger way than when we’re wrong

We believe stocks follow profits, and following profit cycles can lead to significant asset growth

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GardenSM

Positions

CropSM

Positions

HarvestSM

Positions

Investment Process—Capital Allocation

We build position size according to our conviction in order to maximize exposure to companies undergoing profitacceleration

Portfolio holdings develop through three stages

Smaller positions in early profit cycle investments

Growing position sizes

1Limitations apply at the time of purchase. 2With respect to 75% of total assets, the portfolio limits individual position sizes to 5%; as to the other 25%, the portfolio may invest up to 10% in a single issuer.

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Full positions in companies where profit cycles are being realized

Positions increasing to a maximum of:10% in Artisan Global Opportunities Strategy1,2

5% in Artisan U.S. Mid-Cap Growth Strategy1

3% in Artisan U.S. Small-Cap Growth Strategy1

Generally comprises majority of capital in the portfolio

Reducing positions where the profit cycle is approaching completion or where company is approaching full valuation


Contribution to Return—1 Yr

1 YrTop

IHS Markit Industrials

Genmab Health Care

Tencent Holdings Information Technology

Nintendo Information Technology

Boston Scientific Health Care

Bottom

Associated British Foods (sold) Consumer Staples

Direct Line Insurance Group (sold) Financials

Amorepacific (sold) Consumer Staples

LKQ Consumer Discretionary

Auto Trader Group Information Technology

Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2017. Past performance does not guarantee and is not a reliable indicator of future results. The representative portfolio information is supplemental to the Artisan Global Opportunities Composite presentation provided and individual accountswithin the Composite may vary. These securities made the greatest contribution to, or detracted most from, performance during the period. 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 holdingto 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 one-year time period: IHSMarkit Ltd 7.3%, Genmab A/S 3.2%, Tencent Holdings Ltd 3.4%, Nintendo Co Ltd 1.9%, Boston Scientific Corp 3.5%, Associated British Foods PLC 0.6%, Direct Line Insurance Group PLC 1.9%, Amorepacific Corp 1.1%, LKQ Corp 3.0%, Auto Trader Group PLC 1.3%. Bottom contributors for the one-year period excludeIHS Inc, which became IHS Markit Ltd as of 12 Jul 2016.

Artisan Global Opportunities Strategy

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Investment Results—Average Annual Total Returns

Source: Artisan Partners/MSCI. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios withinthe composite. Current performance may be lower or higher than performance shown. Returns greater than one year are annualized unless otherwise noted. Composite inception: 1 Feb 2007.

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Sector Weights

Source: FactSet/GICS/MSCI. Based on a representative portfolio. Cash represented 8.0% of the total representative portfolio at 31 Mar 2016, 4.1% at 31 Dec 2016 and 4.1% at 31 Mar 2017. The representative portfolio information is supplemental to the Artisan Global Opportunities Compositepresentation provided and individual accounts within the Composite may vary.

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Top 10 Holdings

Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2017. Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan Global Opportunities Composite presentation provided and individual accounts withinthe Composite may vary.

Company Initial Purchase % of total portfolio

IHS Markit Inc(Industrials)

A global provider of financial information, processing and technology services with deep expertise in bank loans, fixed income and derivatives, and the energy and automotive sectors.

2 Jul 2010 9.4

Alphabet Inc(Information Technology)

Owner of Google, the world’s most popular Internet search engine. 28 Oct 2008 6.4

Visa Inc(Information Technology)

Operator of the world's largest retail electronic payments network. 8 Apr 2014 5.3

Boston Scientific Corp(Health Care)

Develops, manufactures and markets minimally invasive medical devices. 20 Oct 2015 3.7

Facebook Inc(Information Technology)

The world’s largest social network. 17 May 2012 3.3

Genmab A/S(Health Care)

A creator and developer of human antibody products for the treatment of life-threatening and debilitating diseases.

18 Nov 2014 3.3

S&P Global Inc(Financials)

A financial information and analytics company with strong franchises in bond ratings and energy price data.

6 Mar 2015 3.3

Regeneron Pharmaceuticals Inc (Health Care)

A biopharmaceutical company with a leading vision loss treatment (Eylea®) and a strong antibody discovery platform.

14 Feb 2011 3.0

Treasury Wine Estates Ltd(Consumer Staples)

A global wine company with a leading international portfolio of New-World wines including iconic brands.

27 Oct 2015 2.8

LKQ Corp(Consumer Discretionary)

A value-added distributor of vehicle parts and accessories. 24 Aug 2015 2.6

Total 43.1%

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Portfolio Holdings (% of total portfolio)

Source: FactSet/GICS. As of 31 Mar 2017. Cash represented 4.1% of the total representative portfolio at 31 Mar 2017. Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan Global OpportunitiesComposite presentation provided and individual accounts within the Composite may vary.

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1 YrTop

NVIDIA Information Technology

Boston Scientific Corp Health Care

S&P Global Financials

SVB Financial Group Financials

Global Payments Information Technology

Bottom

Signet Jewelers (sold) Consumer Discretionary

Tractor Supply (sold) Consumer Discretionary

Palo Alto Networks (sold) Information Technology

LKQ Consumer Discretionary

Norwegian Cruise Line Holdings (sold) Consumer Discretionary

Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2017. Past performance does not guarantee and is not a reliable indicator of future results. The representative portfolio information is supplemental to the Artisan U.S. Mid-Cap Growth Composite presentation provided and individual accountswithin the Composite may vary. These securities made the greatest contribution to, or detracted most from, performance during the period. 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 holdingto 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 one-year time period: NVIDIACorp 1.5%, Boston Scientific Corp 4.4%, S&P Global Inc 3.9%, SVB Financial Group 1.2%, Global Payments Inc 3.6%, Signet Jewelers Ltd 0.2%, Tractor Supply Co 1.5%, Palo Alto Networks Inc 0.9%, LKQ Corp 4.5%, Norwegian Cruise Line Holdings Ltd 0.3%.

Artisan U.S. Mid-Cap Growth Strategy

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Source: Artisan Partners/Russell. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolioswithin the composite. Current performance may be lower or higher than performance shown. Returns greater than one year are annualized unless otherwise noted. Composite inception: 1 Apr 1997.

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Sector Weights

Source: FactSet/GICS/Russell. Based on a representative portfolio. Cash represented 4.8% of the total representative portfolio at 31 Mar 2016, 5.0% at 31 Dec 2016 and 2.3% at 31 Mar 2017. The representative portfolio information is supplemental to the Artisan U.S. Mid-Cap Growth Compositepresentation provided and individual accounts within the Composite may vary.

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Top 10 Holdings

Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2017. Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan U.S. Mid-Cap Growth Composite presentation provided and individual accounts withinthe Composite may vary.


IHS Markit Ltd(Industrials)

A global provider of financial information, processing and technology services with deep expertise in bank loans, fixed income and derivatives, and the energy and automotive sectors.

18 Sep 2009 5.3

Boston Scientific Corp(Health Care)

Worldwide developer, manufacturer and marketer of minimally invasive medical devices. 24 Jun 2015 4.5

Global Payments Inc(Information Technology)

A fast-growing provider of payments technology solutions for merchants. 30 Mar 2015 4.0

S&P Global Inc(Financials)

A financial information and analytics company with strong franchises in bond ratings, equity indices and energy price data.

14 Jul 2014 3.9

LKQ Corp(Consumer Discretionary)

A value-added distributor of vehicle parts and accessories. 19 Sep 2007 3.8

Regeneron Pharmaceuticals Inc(Health Care)

A biopharmaceutical company with a leading vision loss treatment (Eylea®) and a strong antibody discovery platform.

22 Nov 2010 2.9

Waste Connections Inc(Industrials)

A leading US waste-services provider. 9 Apr 2013 2.8

Cigna Corp(Health Care)

One of the largest health service companies in the US. 13 Jan 2012 2.6

Fortune Brands Home & Security Inc(Industrials)

A leading provider of home and security products. 15 Apr 2013 2.3

DexCom Inc(Health Care)

The market-share leader in continuous glucose-monitoring systems. 30 Mar 2015 2.2

Total 34.4%

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Source: FactSet/GICS. As of 31 Mar 2017. Cash represented 2.3% of the total representative portfolio at 31 Mar 2017. Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan U.S. Mid-Cap GrowthComposite presentation provided and individual accounts within the Composite may vary.

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1 YrTop

Cognex Information Technology

John Bean Technologies Industrials

Demandware Information Technology

Veeva Systems Health Care

Teledyne Technologies Industrials

Bottom

Cavium (sold) Information Technology

athenahealth Health Care

Proto Labs (sold) Industrials

Gentherm (sold) Consumer Discretionary

Benefitfocus Information Technology

Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2017. Past performance does not guarantee and is not a reliable indicator of future results. The representative portfolio information is supplemental to the Artisan U.S. Small-Cap Growth Composite presentation provided and individual accountswithin the Composite may vary. These securities made the greatest contribution to, or detracted most from, performance during the period. 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 holdingto 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 one-year time period:Cognex Corp 3.3%, John Bean Technologies Corp 2.8%, Demandware LLC 0.5%, Veeva Systems Inc 2.0%, Teledyne Technologies Inc 2.9%, Cavium Inc 0.2%, athenahealth Inc 2.1%, Proto Labs Inc 0.8%, Gentherm Inc 1.0%, Benefitfocus Inc 1.6%.

Artisan U.S. Small-Cap Growth Strategy

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Source: Artisan Partners/Russell. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolioswithin the composite. Current performance may be lower or higher than performance shown. Returns greater than one year are annualized unless otherwise noted. Composite inception: 1 Apr 1995.

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Sector Weights

Source: FactSet/GICS/Russell. Based on a representative portfolio. Cash represented 5.0% of the total representative portfolio at 31 Mar 2016, 4.0% at 31 Dec 2016 and 6.6% at 31 Mar 2017. The representative portfolio information is supplemental to the Artisan U.S. Small-Cap Growth Compositepresentation provided and individual accounts within the Composite may vary.

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Top 10 Holdings

Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2017. Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan U.S. Small-Cap Growth Composite presentation provided and individual accountswithin the Composite may vary.


Acuity Brands Inc(Industrials)

The dominant supplier of lighting fixtures with rapidly growing LED sales. 27 Jul 2010 4.4

DexCom Inc(Health Care)

The market-share leader in continuous glucose-monitoring systems. 21 May 2010 4.4

Cognex Corp(Information Technology)

An innovative manufacturer of machine vision systems that enable computers to identify, measure, locate and/or ensure quality in a production process.

12 Apr 2011 4.2

Veeva Systems Inc(Health Care)

A leading provider of cloud-based SaaS solutions for the pharmaceutical and life sciences industries.

20 Apr 2016 3.2

Teledyne Technologies Inc(Industrials)

A provider of sophisticated electronic components used in marine, environmental and industrial applications.

21 Jun 2012 3.2

John Bean Technologies Corp(Industrials)

A leading provider of technology solutions for the food-processing and air-transportation industries.

3 Feb 2015 3.1

BWX Technologies Inc(Industrials)

A leading nuclear design, equipment component, fuel and services supplier. 5 Aug 2016 3.0

Proofpoint Inc(Information Technology)

A SaaS-based provider of email security and data protection services. 24 Aug 2015 3.0

The Ultimate Software Group Inc(Information Technology)

A cloud-based provider of enterprise human capital management software solutions. 8 Nov 2012 2.9

Guidewire Software Inc(Information Technology)

A market leader in next-generation software for the property and casualty (P&C) insurance industry.

19 Apr 2012 2.8

Total 34.3%

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Source: FactSet/GICS. As of 31 Mar 2017. Cash represented 6.6% of the total representative portfolio at 31 Mar 2017. Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan U.S. Small-Cap GrowthComposite presentation provided and individual accounts within the Composite may vary.

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Where We Are Finding Growth

Artisan Global Opportunities Artisan U.S. Mid-Cap Growth Artisan U.S. Small-Cap Growth

Health Care InnovationNew drugs, devices, diagnostics and delivery models that make health care more effective and efficient

DexComRegeneron

GenmabBoston Scientific

DexComRegeneron

Seattle Genetics

DexComathenahealth

Nevro

Next-Gen Data AnalyticsProliferating sensors and mobile connectivity is boosting the profit potential of data analytics

IHS MarkitAuto Trader

IHS MarkitNVIDIA

Guidewire Software

CoStar GroupGuidewire Software

Industrial Process InnovationPrecision technologies and systems that increase quality, synchronize information streams and speed throughput to lower production costs

KeyenceAcuity Brands

Middleby

CognexAcuity Brands

Teledyne Technologies

Emerging Markets ConsumerA rising middle class is driving demand for products, experiences and services

Treasury Wine EstatesHDFC Bank

Kroton Educacional

Ctrip.comAO Smith

Becton DickinsonPriceSmart

Internal ChangeNew management teams, new products, strategic acquisitions and other changes that can unlock growth and margin opportunities

ShiseidoNintendoLion CorpIntertek

Electronic ArtsBoston Scientific

Newell BrandsAramark

Veeva SystemsEllie Mae

John Bean Technologies

Financials Are Investible AgainThe combination of less onerous regulation, continued operational restructurings and recapitalized balance sheets leads to profits—with an added boost from widening spreads

State StreetBank of America

Temenos

Northern TrustTD AmeritradeSVB Financial

Webster FinancialSVB Financial

Shale RevolutionLow-cost, high-quality producers are poised to expand production, even at lower oil prices

Pioneer Natural ResourcesNoble Energy

Helmerich & Payne

Concho ResourcesHelmerich & Payne

No direct exposure

Source: Artisan Partners. As of 31 Mar 2017. Portfolio holdings are subject to change without notice. The themes and stock examples listed are for illustrative purposes only and are not representative of the entire portfolios. Refer to Portfolio Holdings for security weights. The representative portfolio information issupplemental to the Artisan Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth Composite presentation provided and individual accounts within the Composite may vary.

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Biographies—Artisan Partners Growth TeamJames D. Hamel, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is the lead portfolio manager for the Artisan GlobalOpportunities Strategy and a portfolio manager for the Artisan U.S. Mid-Cap Growth and U.S. Small-Cap Growth Strategies. Prior to joining Artisan Partners in May 1997, Mr. Hamelwas a financial associate, cost analyst and operations manager of Kimberly-Clark Corporation from March 1990 through May 1997. He began his career at Carlson, Posten &Associates. Mr. Hamel holds a bachelor’s degree in finance from the University of Minnesota-Minneapolis where he was a three-time Academic All-American.

Craigh A. Cepukenas, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is the lead portfolio manager for the Artisan U.S.Small-Cap Growth Strategy and a portfolio manager for the Artisan Global Opportunities and U.S. Mid-Cap Growth Strategies. Prior to joining Artisan Partners in November 1995 asan analyst, Mr. Cepukenas was an equity research associate at Stein Roe & Farnham, where he began his career in 1989. Mr. Cepukenas holds a bachelor’s degree in economics fromthe University of Wisconsin-Madison and a master’s degree in business administration from the University of Chicago Booth School of Business.

Matthew H. Kamm, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is the lead portfolio manager for the Artisan U.S.Mid-Cap Growth Strategy and a portfolio manager for the Artisan Global Opportunities and U.S. Small-Cap Growth Strategies. Prior to joining Artisan Partners in May 2003, Mr.Kamm was an associate equity research analyst at Banc of America Securities. Earlier in his career, he was a senior operations analyst for NYU Medical Center. Mr. Kamm holds abachelor’s degree in public policy from Duke University and a master’s degree in business administration, with a specialty in finance and operations management, from NewYork University.

Jason L. White, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is a portfolio manager for the Artisan GlobalOpportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth Strategies. Prior to joining Artisan Partners in June 2000, Mr. White was a Lieutenant in the US Navy, serving aboardthe USS Lake Erie as the ship’s fire control officer. Mr. White holds a bachelor’s degree in history from the United States Naval Academy, where he graduated with distinction.

Jay C. Warner, CFA, is an analyst on the Artisan Partners Growth Team. In this role, he conducts fundamental research, primarily focusing on financial companies. Prior to joiningArtisan Partners in May 2003, Mr. Warner attended the Graduate School of Business at the University of Wisconsin-Madison and graduated from the Applied Security AnalysisProgram. From 1997 through 2001, Mr. Warner was a senior accountant specializing in auditing, reviewing and compiling financial statements. Mr. Warner holds a bachelor’s degreein accounting and a master’s degree in finance, investment and banking from the University of Wisconsin-Madison. Mr. Warner is a licensed Certified Public Accountant.

Roderick M. Brower is an analyst on the Artisan Partners Growth Team. In this role, he conducts fundamental research, primarily focusing on Internet/e-commerce and consumercompanies. Prior to joining Artisan Partners in September 2006, Mr. Brower was a vice president and principal at PRIMECAP Management. Earlier in his career, Mr. Brower was ininstitutional research sales in the equity division at Goldman Sachs. Mr. Brower holds a bachelor’s degree in economics from the University of California-Irvine and a master’s degreein business administration from Harvard Business School.

Pratik S. Patel is an analyst on the Artisan Partners Growth Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in August 2008, Mr.Patel attended the University of Chicago Booth School of Business and served as a summer intern for the Artisan Partners Growth Team. Earlier in his career, Mr. Patel was a salesassociate for Backstop Solutions Group, LLC from December 2004 through June 2006, and a financial analyst for Goldman Sachs from June 2001 through August 2004. Mr. Patelholds a bachelor’s degree in economics from Northwestern University and a master’s degree in business administration from the University of Chicago Booth School of Business.

Growth Team SA

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Michael A. Schneider, CFA, is an analyst on the Artisan Partners Growth Team. In this role, he conducts fundamental research, primarily focusing on companies within theindustrials and energy sectors. Prior to joining Artisan Partners in March 2010, Mr. Schneider was managing director and senior equity analyst at Robert W. Baird & Co., Inc. Earlier inhis career, he was a mergers and acquisitions attorney at Godfrey & Kahn S.C. Mr. Schneider holds a bachelor’s degree in finance from the University of Wisconsin-Madison, and amaster’s degree in business administration and a Juris Doctor (magna cum laude) from the University of Minnesota.

Martin Jochmann is an analyst on the Artisan Partners Growth Team. In this role, he conducts fundamental research, primarily focusing on health care companies. Prior to joiningArtisan Partners in July 2006, Mr. Jochmann was a partner and equity analyst for Monitor Group, where he co-founded a small-cap hedge fund. He also conducted analysis for aMonitor Group buyout fund, venture capital fund and business valuation operation. Mr. Jochmann holds a bachelor’s degree in mechanical engineering from Mauá EngineeringSchool in São Paulo, Brazil, and a master’s degree in business administration from Harvard Business School.

Aashish S. Rao is an analyst on the Artisan Partners Growth Team. In this role, he conducts fundamental research, primarily focusing on technology companies. Prior to joiningArtisan Partners in June 2014, Mr. Rao was a vice president in equity research, covering technology and semiconductors at Bank of America Merrill Lynch. Earlier in his career, Mr.Rao held positions at Credit Suisse and the Intel Corporation. Mr. Rao holds a bachelor’s degree in electrical and electronics engineering from Birla Institute of Technology andScience in India, a master’s degree in electrical engineering from the University of Minnesota-Twin Cities and a master’s degree in business administration from Duke UniversityFuqua School of Business.

Cindy Mu, CFA, is an analyst on the Artisan Partners Growth Team. In this role, she conducts fundamental research, primarily focusing on consumer companies. Prior to joiningArtisan Partners in July 2013, Ms. Mu was an associate director of the public fixed income group at Sun Life Financial. Ms. Mu holds a bachelor’s degree in scientific computing fromSun Yat-Sen University, a master’s degree in mathematical finance from Boston University and a master’s degree in business administration from the University of Chicago BoothSchool of Business.

Richard E. Herbst is a research associate on the Artisan Partners Growth Team. Prior to joining Artisan Partners in June 2014, Mr. Herbst attended Duke University and served as asummer intern for the Artisan Partners Growth Team. Mr. Herbst holds a bachelor’s degree in economics from Duke University.

Fischer Van Handel is a research associate on the Artisan Partners Growth Team. Prior to joining Artisan Partners in June 2016, Mr. Van Handel was an equity research analystcovering energy at Robert W. Baird & Co. Mr. Van Handel holds a bachelor’s degree in finance and a certificate in investment management from the University ofWisconsin-Milwaukee.

Stan Buncher is a research associate on the Artisan Partners Growth Team. Prior to joining Artisan Partners in May 2017, Mr. Buncher was an international equity analyst atGeneva Advisors. Before that, he was a founding member and senior analyst at Xingtai Capital Management in China. Mr. Buncher holds a bachelor’s degree in history fromPrinceton University.

Andrew C. Stephens is a managing director of Artisan Partners and a founding member of the Artisan Partners Growth Team. Prior to joining Artisan Partners in March 1997, Mr.Stephens was co-manager of the Strong Asset Allocation Fund at Strong Capital Management from February 1993 through March 1997. In addition, Mr. Stephens was a seniorresearch analyst for the Strong Common Stock Fund and Strong Opportunity Fund. He began his career at Strong Capital Management in 1986. Mr. Stephens holds a bachelor’sdegree in economics from the University of Wisconsin-Madison.

Growth Team SA

Biographies—Artisan Partners Growth Team

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Jay B. Peters is the lead trader for the Artisan Partners Growth Team. Prior to joining Artisan Partners in March 2001, Mr. Peters was the equity trader at JLF Asset Management inNew York. He began his career at Chicago Mercantile Exchange working for SMW Trading Co. in 1992. Mr. Peters holds a bachelor’s degree in finance from the University ofWisconsin-Madison.

Kyle J. Salmon is a trader for the Artisan Partners Growth Team. Prior to joining the team in July 2016, Mr. Salmon was a junior trader on Artisan Partners’ non-US trading desk.Previously, he was a technical support analyst at Strong Capital Management. Mr. Salmon holds a bachelor’s degree in economics and sociology from the University ofWisconsin-Milwaukee.

Bryan P. Schultz is an assistant trader for the Artisan Partners Growth Team. Prior to joining the team in June 2013, Mr. Schultz was an associate on Artisan Partners’ settlementsteam. Previously, he was a business operations specialist at US Bancorp Fund Services and held trading roles at Midtown Capital Group and Crabel Capital Management. Mr. Schultzholds a bachelor’s degree in finance from the University of Wisconsin-Whitewater.

Robin Johnson is a coordinator on the Artisan Partners Growth Team with responsibility for the day-to-day coordination of the research process, systems and information flowamong the members of the investment team. In addition, she acts as the team’s liaison with the firm’s business management team on operational matters. Prior to joining ArtisanPartners in January 2006, Ms. Johnson worked as an urban planning consultant. Ms. Johnson holds a bachelor’s degree in geography from the University of Wisconsin-Madison.

Katherine Eurich is a coordinator on the Artisan Partners Growth Team with responsibility for the day-to-day coordination of the research process, systems and information flowamong the members of the investment team. Prior to joining Artisan Partners in April 2003, Ms. Eurich was vice president account manager at Hoffman York Inc. Ms. Eurich holds abachelor’s degree in advertising from Marquette University.

Heather Dow is a coordinator on the Artisan Partners Growth Team with responsibility for the day-to-day coordination of the research process, systems and information flowamong the members of the investment team. Prior to joining Artisan Partners in April 2000, Ms. Dow worked on the technical support desk at Safeway. Ms. Dow holds a bachelor’sdegree in business administration from the University of Wisconsin-Stevens Point.

Growth Team SA

Biographies—Artisan Partners Growth Team

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Biographies—Client Service TeamChip Ridley, CFA, is a managing director of Artisan Partners and the business leader for the firm’s Growth team. Prior to joining Artisan Partners in June 2006, Mr. Ridley was adirector of business development and consultant relations for Grantham Mayo Van Otterloo & Co. LLC, where he managed the institutional marketing efforts for western NorthAmerica and served as product manager for the Emerging Markets strategy. Before that, he was a corporate vice president and principal at Montgomery Asset Management. Mr.Ridley also spent nine years as an aviator in the United States Navy, where he flew and instructed in various types of fighter aircraft. Mr. Ridley holds a bachelor’s degree ineconomics and history from Duke University and a master’s degree in business administration from Mississippi State University.

Floyd M. Dukes, CFA, is a director on the institutional client services team at Artisan Partners with responsibility for institutional marketing and client service of the strategiesmanaged by the firm’s Growth team. Prior to joining Artisan Partners in January 2001, Mr. Dukes was a senior portfolio analyst and consultant with William Mercer InvestmentConsulting. Mr. Dukes holds a bachelor’s degree in political science from Georgia State University.

Steven G. Butler is a director on the institutional client services team at Artisan Partners with responsibility for institutional marketing and client service of the strategies managedby the firm’s Growth team. Prior to joining Artisan Partners in November 2012, Mr. Butler was a senior vice president and head of institutional sales at Horizon Kinetics. Before that,he held institutional sales roles at Corbin Capital Partners, Evercore Asset Management and AllianceBernstein. Mr. Butler holds a bachelor’s degree in marketing from SantaClara University.

J. Cameron Griffin is a director on the institutional client services team at Artisan Partners with responsibility for institutional marketing and client service of the strategies managedby the firm’s Growth team. Previously, Mr. Griffin was a member of the intermediary services group at Artisan Partners with responsibility for managing relationships with financialadvisors and other third-party providers that offer Artisan Funds. Prior to joining Artisan Partners in December 2010, Mr. Griffin was a sales analyst at Lender Processing Services, Inc.Mr. Griffin holds a bachelor’s degree in economics from Davidson College.

Ting Rattanaphasouk is an associate director on the institutional client services team at Artisan Partners with responsibility for client support for the strategies managed by thefirm’s Growth team. Prior to joining Artisan Partners in June 2010, Ms. Rattanaphasouk worked in institutional equity sales for BMO Capital Markets. Earlier in her career, she workedin marketing for Morgan Stanley. Ms. Rattanaphasouk holds a bachelor’s degree in human development from Cornell University.

Lisa M. Sturm is an associate director on the institutional client services team at Artisan Partners with responsibility for client support for the strategies managed by the firm’sGrowth team. Ms. Sturm also supports business development across all channels in Canada. Prior to joining Artisan Partners in July 2007, Ms. Sturm was a product specialist atRobert W. Baird & Co., Inc. She began her career at Strong Capital Management in 2000. Ms. Sturm holds a bachelor’s degree in marketing and information technology fromMarquette University.

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

Artisan Partners is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the US Securities and Exchange Commission (SEC). Artisan PartnersUK LLP (APUK) is authorized and regulated by the Financial Conduct Authority and is a registered investment adviser with the SEC. APLP and APUK are collectively, with their parent company and affiliates, referred to as Artisan Partners herein.

Form ADV: Additional information about APLP or APUK, the firms, its partners, ownership, investment strategies, fees and expenses and policies is contained in each firm’s respective Form ADV. Each firm will supply a copy of its Form ADV upon request.


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-sizedcompanies 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. Growth securities may underperform other asset types during a given period.





Composite Performance: All performance results are net of commissions and transaction costs, and have been presented gross or net of investment advisory fees. For performance presented net of fees, fees may be higher for certain pooled vehicles and the composite may include accounts with performance-basedfees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the index include reinvested dividends and are presented net offoreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices.

Unless otherwise indicated, the Artisan Strategy characteristics relate to that of an investment composite or a representative account managed within a composite. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individualaccounts may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and since-inception time periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client’s investment accountinformation.

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.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratingsor underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of thiscommunication.

Totals may not sum due to rounding. All data shown is in USD unless otherwise indicated.

Sector Allocation: Sector exposure percentages reflect sector designations as currently classified by GICS. 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 oftheir third party providers (“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. TheGICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

Attribution: Performance attribution quantifies the relationship between a portfolio’s relative returns and the active management decisions differentiating the portfolio from the benchmark. Attribution excludes account fees and expenses and does not represent an investor’s total return. Allocation Effect examines therelative return attributable to group (e.g., asset class, sector, region) allocations. Selection Effect examines the relative return attributable to security selections. For international portfolios, Currency Effect examines the relative return attributable to currency exposures. Attribution is not exact, but should beconsidered an approximation of the relative contribution the factors considered.

This material represents the views and opinions of Artisan Partners as of June 2017, are based on current market conditions, which 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 anystatement 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 orinterpreted as a recommendation.

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. For an index, the largest holdings are calculated at the security level and do not aggregate securities held by an issuer. Holdings information is not intendedto 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 theportfolio holdings page were not held as of the date reported. Portfolio holdings are subject to change without notice. Upon request, Artisan Partners will furnish to any prospective client a complete list of all securities purchased over the last year, including the name of each security, the date(s) it was purchasedand/or sold, the market price of those transactions, and the market price of those securities as of the most recent practicable date.

This material is for informational purposes only and shall not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before making investments in order to determine whether an investment will be suitable for them. In no event shall Artisan Partners have anyliability for direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material.

© 2017 Artisan Partners. All rights reserved. This material is not for use by retail investors and may not be reproduced or distributed without Artisan Partners' permission.

For Institutional Investors Only—Not for Onward Distribution

ARTISAN PARTNERS 26

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