Jay Warner, CFA, serves as the Lead Portfolio Manager of the Artisan Small Cap Fund as of January 1, 2025, after Craigh Cepukenas stepped down from day-to-day portfolio management duties effective December 31, 2024. Warner joined Artisan Partners' Growth team as an Analyst in 2003 and has over 24 years of investment experience. He became Portfolio Manager in January 2022 and was named Co-Lead Portfolio Manager in July 2023. Warner specializes in financial companies and has demonstrated expertise in identifying undervalued growth opportunities in the small-cap space. He holds a bachelor's degree in accounting and a master's degree in finance, investments, and banking from the University of Wisconsin-Madison. Warner is a CFA charterholder and was formerly a licensed certified public accountant, bringing both analytical rigor and operational understanding to his investment approach.

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The investment team seeks to invest in companies with franchise characteristics that are benefiting from an accelerating profit cycle and are trading at a discount to private market value. The fund employs a proprietary 'Garden, Crop, Harvest® Investing' approach which builds position size according to conviction and profit cycle stages. Garden involves smaller position sizes in companies that are early in the profit cycle. Crop involves larger position sizes in companies where the profit cycle is being realized. Harvest involves reduced or sold positions as stock approaches full valuation or profit cycle begins to decelerate. The team focuses on companies with sustainable competitive advantages and strong management teams. They seek businesses with accelerating fundamentals that are undervalued by the market. The approach emphasizes long-term wealth creation through concentrated investing in high-conviction opportunities.

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