Artisan International Fund Advisor Shares · NASDAQ:APDIX
Artisan International Fund Advisor Shares — Artisan Partners — Q4 2025 Earnings Presentation
31 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 must be preceded or accompanied by a current Artisan Partners Funds prospectus. View a prospectus or summary prospectus.
Slide 2: Market Environment & Outlook
Market Environment & Outlook
Slide 3: 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 4: 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 5: 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 6: 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 7: Loans Can Be an Alpha Opportunity
Artisan Partners Credit Team Loans Can Be an Alpha Opportunity As of 31 Dec 2025 Yield to Average Average Maturity Price OAS The loan market overall offers greater dispersion High Income Fund: Loan 10.5% 94.7 653 than the bond market Segment We have positioned our portfolios to take Floating Rat
Slide 8: Artisan High Income Fund
Artisan High Income Fund For Financial Advisor Use Only. Not for Distribution to the Public. 7
Slide 9: Investment Results—Average Annual Total Returns
Artisan High Income Fund Investment Results—Average Annual Total Returns 15% 10% 5% 0% (%) as of 31 Dec 2025 QTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Investor Class: ARTFX 0.93 7.98 10.63 5.31 7.13 6.28 Advisor Class: APDFX 1.09 8.28 10.80 5.48 7.30 6.45 Institutional Class: APHFX 1.12 8.38 10.91 5.
Slide 10: High Income Fund—2025 Attribution
Artisan High Income Fund High Income Fund —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. High Rating Asset Type US High Leveraged Income Fund High Yield Income
Slide 11: Our Opportunistic Trading in 2025
Artisan High Income Fund 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 Fund Buys HY Index L
Slide 12: Portfolio Positioning
Artisan High Income Fund Portfolio Positioning Source: Artisan Partners/FactSet/Bloomberg. As of 31 Dec 2025. Past performance does not guarantee and is not a reliable indicator of future results. Unless otherwise noted, portfolio statistics generally represent the weighted average of the portfolio’
Slide 13: Portfolio Positioning
Artisan High Income Fund Portfolio Positioning Top 15 Industries Fund 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 0.8 Spe
Slide 14: Artisan Floating Rate Fund
Artisan Floating Rate Fund For Financial Advisor Use Only. Not for Distribution to the Public. 13
Slide 15: Investment Results—Average Annual Total Returns
Artisan Floating Rate Fund Investment Results—Average Annual Total Returns 10% 5% 0% (%) as of 31 Dec 2025 QTD 1 Yr 3 Yr Inception Investor Class: ARTUX 0.98 6.30 9.07 5.98 Advisor Class: APDUX 1.01 6.30 9.15 6.06 Institutional Class: APHUX 1.02 6.46 9.21 6.11 S&P UBS Leveraged Loan Index 1.
Slide 16: Floating Rate Fund—2025 Attribution
Artisan Floating Rate Fund Floating Rate Fund—2025 Attribution Attribution by Asset Type Attribution by Rating Total Return Average Weight Total Return Artisan ICE BofA S&P UBS Artisan S&P UBS Artisan S&P UBS Avg. Rating Floating Rate Leveraged Floating Rate Leveraged Asset Type Floating US High Lev
Slide 17: Our Opportunistic Trading in 2025
Artisan Floating Rate Fund 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 Fund Buys HY Ind
Slide 18: 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 19: 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 20: 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 21: 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 22: Floating Rate Fund—Differentiators
Artisan Floating Rate Fund Floating Rate Fund—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 of marke
Slide 23: Portfolio Positioning
Artisan Floating Rate Fund Portfolio Positioning Source: Artisan Partners/FactSet/Bloomberg. As of 31 Dec 2025. Past performance does not guarantee and is not a reliable indicator of future results. Unless otherwise noted, portfolio statistics generally represent the weighted average of the portfoli
Slide 24: Portfolio Positioning
Artisan Floating Rate Fund Portfolio Positioning Top 15 Industries Fund 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 Products # 4.9
Slide 25: A Differentiated Approach to Portfolio Construction
Artisan Floating Rate Fund A Differentiated Approach to Portfolio Construction As a high-conviction portfolio driven by “best ideas” investments, the Fund can look meaningfully different than peers The Fund takes a more focused, high-conviction approach than peers Broad flexibility to invest across
Slide 26: Case Study—Forest City Enterprises
Artisan Floating Rate Fund 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 our
Slide 27: Q&A
Q&A For Financial Advisor Use Only. Not for Distribution to the Public. 26
Slide 28: Appendix
Appendix For Financial Advisor Use Only. Not for Distribution to the Public. 27
Slide 29: Contribution to Return—1 Yr
Artisan Floating Rate Fund 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 Partners/
Slide 30: Notes and Disclosures
Artisan Partners Notes and Disclosures This section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully. Carefully consider the Fund's investment objective, risks and charges and expenses. This and other important info
Slide 31: Notes and Disclosures
Artisan Partners 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 securities, exclud