LS Electric

• AP Artisan Partners Artisan Global Equity Fund Quarterly Commentary ↗ Artisan Global Equity Fund exited LS Electric and Hanwha Aerospace, reduced LIG Defense and Aerospace, and added Sumitomo Electric Industries, Techtronic Industries and Ryanair as valuations and risk-reward shifted. The fund retained conviction in AI infrastructure, electrification, European banks and aerospace and defense despite volatility in semiconductor and defense holdings. Q2 2026 010120 $20B012450 $32BBSX $61B +7
• AP Artisan Partners Artisan Global Equity Fund Quarterly Commentary ↗ Artisan Global Equity Fund added CSG, Fujikura and Sun Hung Kai Properties while closing BFF Bank and cutting its insurance exposure after reassessing risk-reward. The portfolio favors electrification and defense companies, citing grid investment, AI-related power demand, rising defense procurement and constrained industrial supply. Q1 2026 010120 $20B012450 $32B079550 $9.4B +7
• AP Artisan Partners Artisan Global Equity Fund Quarterly Commentary ↗ Artisan Global Equity Fund reduced defense exposure after strong gains and redeployed capital toward electrification, while building consumer-staples holdings led by Tesco. The portfolio added Samsung Electronics, MNC Solutions and CATL on AI infrastructure, defense modernization and battery-demand theses, and exited Air Liquide, BAE Systems, RTX, Amazon and MercadoLibre on valuation grounds. Q4 2025 010120 $20B012450 $32BCYATY $1.6T +3

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