Artisan International Fund Advisor Shares · NASDAQ:APDIX
Artisan International Fund Advisor Shares — Artisan Partners — Q4 2025 Earnings Presentation
32 slides from Artisan International Fund Advisor Shares's earnings presentation, January 2026
Slide 1: Artisan Partners Credit Team Investor Update
Q4 2025 Artisan Partners Credit Team Investor Update This material does not constitute an offer or solicitation where such actions are not authorized or lawful. Further limitations on the availability of products or services described herein may be imposed. This material is only intended for investo
Slide 2: Important Disclosures
Artisan Partners Important Disclosures These materials are provided solely for informational and discussion purposes only. Investment is subject to further documentation. This document is not a prospectus. Unless expressly stated, it has not otherwise been registered with, or approved by, any regula
Slide 3: Market Environment & Outlook
Market Environment & Outlook
Slide 4: Credit Performance—Q4 2025
Artisan Partners Credit Team Credit Performance—Q4 2025 Index Averages Total Returns (%) Price ($) Yield (%) Spread/DM (bps) Duration (yrs) QTD 1 Yr ICE BofA US High Yield Index 98.1 6.6 281 2.9 1.3 8.5 BB Index 100.1 5.5 169 3.1 1.6 8.9 B Index 100.4 6.8 301 2.6 1.6 8.4 CCC Index 81.4 12.6 885 2.6
Slide 5: Default activity remains benign across markets
Artisan Partners Credit Team Default activity remains benign across markets Payment defaults are well below long term averages, while liability management exercise (LME) volume declined materially in 2025 18% 18% 16% 16% 14% 14% TTM Par-Weighted Default Rate TTM Par-Weighted Default Rate 12% 12% 1
Slide 6: Robust Primary Market Expected in 2026
Artisan Partners Credit Team Robust Primary Market Expected in 2026 Increased M&A activity is expected to drive growth of net new issuance across credit markets The new issue calendar remains skewed towards loan financing over bonds, particularly for the largest deals Issuance by Year – High Yie
Slide 7: Risk and Reward Across Corporate Credit Today
Artisan Partners Credit Team Risk and Reward Across Corporate Credit Today A wide spectrum of opportunities, but no free lunch Private Credit High Yield Bonds Bank Loans (Direct Lending) Investment Coupon Type Fixed Typically floating Typically floating Base Rate Treasuries SOFR SOFR Typical Coupon
Slide 8: Loans Can Be an Alpha Opportunity
Artisan Partners Credit Team Loans Can Be an Alpha Opportunity The loan market overall offers greater dispersion than the bond market We have positioned our portfolios to take advantage of selective mispricings in loans Credit Market Dispersion 70% Yield to Average Average As of 31 Dec 2025 Matu
Slide 9: Artisan High Income Strategy
Artisan High Income Strategy For Financial Advisor Use Only. Not for Distribution to the Public. 8
Slide 10: Investment Results—Average Annual Total Returns (USD)
Artisan High Income Strategy Investment Results—Average Annual Total Returns (USD) Calendar Year Returns (%) Source: Artisan Partners/ICE BofA. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Current p
Slide 11: High Income—2025 Attribution
Artisan High Income Strategy High Income—2025 Attribution Attribution by Asset Type Attribution by Rating Total Return Average Weight Total Return Artisan ICE BofA S&P UBS Artisan High ICE BofA US Artisan High ICE BofA US Avg. Rating Asset Type High US High Leveraged Income High Yield Income High Yi
Slide 12: Our Opportunistic Trading in 2025
Artisan High Income Strategy Our Opportunistic Trading in 2025 We actively deployed capital at attractive levels during pockets of volatility Spring 2025: Liberation Day / “Tariff Tantrum” Fall 2025: First Brands / Govt. Shutdown / “AI Bubble” fears HY Index Loan Index High Income Buys HY Index Lo
Slide 13: Portfolio Positioning (USD)
Artisan High Income Strategy Portfolio Positioning (USD) Portfolio Composition Region/Country Allocation2,6 (% of total portfolio) (% of portfolio securities) Corporate Bonds 62.8 Americas 86.0 Bank Loans 28.7 United States 82.9 Equities 0.5 Canada 2.7 Cash and Cash Equivalents 8.0 Cayman Islands 0.
Slide 14: Portfolio Positioning
Artisan High Income Strategy Portfolio Positioning Top 15 Industries Strategy Index ICE BofA US High Yield Index Insurance Brokerage # 13.1 2.2 Recreation & Travel # 9.8 2.1 Advertising # 6.3 1.3 Cable & Satellite TV # 5.5 3.9 Support-Services # 4.5 5.7 Packaging # 4.3 1.9 Air Transportation # 4.0
Slide 15: Artisan Floating Rate Strategy
Artisan Floating Rate Strategy For Financial Advisor Use Only. Not for Distribution to the Public. 14
Slide 16: Investment Results—Average Annual Total Returns (USD)
Artisan Floating Rate Strategy Investment Results—Average Annual Total Returns (USD) Source: Artisan Partners/S&P. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Current performance may be lower or hi
Slide 17: Floating Rate—2025 Attribution
Artisan Floating Rate Strategy Floating Rate—2025 Attribution Attribution by Asset Type Attribution by Rating Total Return Average Weight Total Return Artisan ICE BofA S&P UBS S&P UBS S&P UBS Avg. Artisan Artisan Asset Type Floating US High Leveraged Rating Leveraged Leveraged Weight Floating Rate F
Slide 18: Our Opportunistic Trading in 2025
Artisan Floating Rate Strategy Our Opportunistic Trading in 2025 We actively deployed capital at attractive levels during pockets of volatility Spring 2025: Liberation Day / “Tariff Tantrum” Fall 2025: First Brands / Govt. Shutdown / “AI Bubble” fears HY Index Loan Index Floating Rate Buys HY Inde
Slide 19: The Case for Bank Loans—Attractive Yields
Artisan Partners Credit Team The Case for Bank Loans—Attractive Yields Loans offer the potential for attractive returns, with much lower interest rate risk than fixed income alternatives 9 8 Bank Loans 7 HY Bonds Yield (%) Preferreds 6 EMD - Sov EMD - Corp 5 MBS ABS IG Bonds 4 US Treasuries 3 0 1 2
Slide 20: The Case for Bank Loans—Relative Value
Artisan Partners Credit Team The Case for Bank Loans—Relative Value Loan spreads remain near their long-term median, while most other segments of fixed income are trading tight relative to history Fixed Income Historical Spread Percentiles 1996 to 2025 1000 Today 95th / 5th Percentile 900 25th / 75t
Slide 21: The Case for Bank Loans—Potential Diversification Benefits
Artisan Partners Credit Team The Case for Bank Loans—Potential Diversification Benefits Low correlation to other asset classes makes loans a great complement to a traditional asset allocation Low Correlations Can Improve Portfolio Diversification Adding Bank Loans Can Improve Return and Reduce Risk
Slide 22: The Case for Bank Loans—Return Consistency
Artisan Partners Credit Team The Case for Bank Loans—Return Consistency Consistent historical returns support the case for an evergreen allocation in diversified fixed income portfolio Loans have produced more reliably positive returns Loans have exhibited remarkable consistency since index inceptio
Slide 23: Floating Rate Strategy—Differentiators
Artisan Floating Rate Strategy Floating Rate Strategy—Differentiators Focus on Business Quality First An adherence to business quality as a primary driver of value, without compromising for yield Cash Flow Over Assets A preference to act as a cash flow lender at par and asset-backed lender in times
Slide 24: Portfolio Positioning (USD)
Artisan Floating Rate Strategy Portfolio Positioning (USD) Source: Artisan Partners/FactSet/Bloomberg. As of 31 Dec 2025. Based on a representative portfolio. Past performance does not guarantee and is not a reliable indicator of future results. Unless otherwise noted, portfolio statistics generally
Slide 25: Portfolio Positioning
Artisan Floating Rate Strategy Portfolio Positioning Top 15 Industries Strategy Index S&P UBS Leveraged Loan Index Support-Services # 12.4 8.7 Specialty Retail # 11.5 4.1 Insurance Brokerage # 8.9 3.0 Investments & Misc Financial Services # 8.7 6.1 Advertising # 7.3 1.3 Personal & Household Produc
Slide 26: A Differentiated Approach to Portfolio Construction
Artisan Floating Rate Strategy A Differentiated Approach to Portfolio Construction As a high-conviction portfolio driven by “best ideas” investments, the Strategy can look meaningfully different than peers The Strategy takes a more focused, high-conviction approach than peers Broad flexibility to in
Slide 27: Case Study—Forest City Enterprises
Artisan Floating Rate Strategy Case Study—Forest City Enterprises Forest City Enterprises was an idiosyncratic investment which generated attractive excess returns The REIT was downgraded in 2023, initiating a technical driven sell-off by ratings constrained investors (CLOs) The name showcases
Slide 28: Q&A
Q&A For Financial Advisor Use Only. Not for Distribution to the Public. 27
Slide 29: Appendix
Appendix For Financial Advisor Use Only. Not for Distribution to the Public. 28
Slide 30: Contribution to Return—1 Yr
Artisan Floating Rate Strategy Contribution to Return —1 Yr Top 5 Issuers TKC Holdings Inc Nexus Buyer LLC GSM Holdings Inc X Corp Ancestry.com Operations Inc Bottom 5 Issuers Realtruck Group Inc Matrix Parent Inc Maker's Pride Merlin Entertainments Ltd Renaissance Learning Inc Source: Artisan Partn
Slide 31: Notes and Disclosures
Artisan Partners Credit Team Notes and Disclosures This section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully. Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the U.S. Securit
Slide 32: Notes and Disclosures
Artisan Partners Credit Team Notes and Disclosures Portfolio Statistics: Portfolio statistics are intended to provide a general view of the portfolio, or Index, at a certain point in time. Unless otherwise noted, portfolio statistics generally represent the weighted average of the portfolio’s securi