Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 05/03/2024 $30.67 +$0.32 (+1.05%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 584 Small Blend funds as of 03/31/2024 View Morningstar Details Morningstar Medalist Rating as of 02/29/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 04/30/2024 = $16,738.80 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks to provide long-term capital appreciation by primarily investing in U.S. small cap stocks. Why Consider Provides investors with exposure to a portfolio of small cap companies which may offer a greater universe of opportunities Employs a fundamental, research-oriented investment process that is built on the belief that a company’s ability to generate consistent, long-term sustainable earnings growth will drive enhanced stock price performance over time Manages risk with a sell discipline and exposure limits for each company and diversification of sector and growth profiles embedded in the portfolio construction process Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K Small Cap Core Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective GW&K Small Cap Core Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 03/31/2024 Overall Rating (of 584) 3 Years (of 584) 5 Years (of 552) 10 Years — Category Small Blend Read Important Investment Disclosures Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Dan is a partner of the firm and brings over four decades of investment management experience to GW&K. As director of our equity department, he is responsible for overseeing all aspects of our equity investment teams including portfolio management, research, and trading. He is a member of the firm’s Management, Investment, and ESG Committees. Dan has worked with various companies in the Boston area as an investment and financial consultant. Prior to joining GW&K, he spent 21 years at Putnam Investments in Boston, where he was chief investment officer for the specialty growth group and oversaw a team of twenty and up to $100 billion in assets under management. He was also a portfolio management team member of several small and mid cap growth funds, the lead manager for the Putnam New Opportunities Fund, and a member of Putnam’s management committee and partners group. He began his career as an analyst at Morgan Stanley. Dan graduated from the University of California, Berkeley, with highest honors, and received his MBA from Stanford University Graduate School of Business. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Dan serves on the board of trustees for The Rashi School in Dedham, Massachusetts. Jeffrey W. Thibault, CFA PARTNER AND PORTFOLIO MANAGER Jeff is a partner as well as a portfolio manager and analyst on our domestic small cap team. He manages our small and small/mid cap core strategies, directs our domestic equity research effort, and provides research coverage for the Materials, Energy, Utilities, and Industrials sectors. Jeff is a member of the firm’s Investment Committee. Jeff joined GW&K in 2004 to work on a nascent small cap core strategy and build out the firm’s research efforts. Since that time, the team has launched several other small/mid products and built a reputation for low turnover, risk controlled portfolio construction, and high quality stock selection. Previously he spent several years at BNY Asset Management. He worked with researchers in the firm’s centralized equity research department before joining its small cap growth team covering several sectors. Earlier, he worked at State Street Bank and Bay Bank. Jeff earned a BS from the University of Vermont and an MBA from the University of North Carolina, Chapel Hill. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Jeff serves on the board of directors and as a coach for Brookline Youth Hockey. He and his family have been active with programs associated with All Saints Parish in Brookline where he has served on the board; St. Stephen’s Youth Programs in Boston; and My Life My Choice in Boston. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.91% Net Expense Ratio: 0.90% Expense Cap Expiration Date: 05/01/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 14, 2023 $0.320600 $0.149500 — $0.171100 Dec 15, 2022 $0.259300 $0.052600 — $0.206700 Dec 15, 2021 $3.033700 — $0.574900 $2.458800 Dec 16, 2020 $0.781400 $0.052200 $0.181400 $0.547800 Dec 16, 2019 $1.446400 $0.076100 — $1.370300 Dec 27, 2018 $3.096100 $0.072600 $0.097400 $2.926100 Dec 27, 2017 $1.603100 $0.073200 $0.045300 $1.484600 From: To: Risk & Return Statistics As of: 04/30/2024 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.50 1.79 - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.23 22.31 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.26 0.23 - Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 90.67 90.71 - Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 94.89 95.46 - Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.92 0.91 - R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 94.70 94.66 - Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.98 5.61 - View All Characteristics & Statistics All Characteristics & Statistics GW&K Small Cap Core Fund (GWEZX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Index Fund Assets (Mil.$) $659 Number of Holdings 91 1,944 Weighted Avg. Market Cap (Mil.$) $4,771 $4,869 Median Market Cap (Mil.$) $3,121 $968 Weighted Avg. P/E (1-yr Forward EPS) 18.90 16.02 Weighted Avg. P/E (Trailing EPS) 22.46 16.78 PEG Ratio 1.48 1.20 Weighted Avg. P/B 2.42 2.02 EPS Growth (Trailing 3-yr %) 7.36% 12.54% EPS Growth (Trailing 5-yr %) 9.44% 14.95% Forward EPS Growth (1-yr %) 2.48% 2.12% Forward EPS Growth (Long Term %) 14.18% 13.42% Revenue Growth (Trailing 5-yr %) 12.96% 10.75% Return on Equity 10.30% 7.57% Weighted Avg. Dividend Yield 1.09% 1.33% Debt to Equity 52.68 72.09 Trailing 12-Months Portfolio Turnover 14.60% As of: 03/31/2024 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.50 1.79 - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.23 22.31 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.26 0.23 - Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 90.67 90.71 - Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 94.89 95.46 - Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.92 0.91 - R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 94.70 94.66 - Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.98 5.61 - Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. 0.16 0.26 - Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -5.68 5.68 - Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -25.44 -27.93 - As of: 04/30/2024 Market Cap Fund Russell 2000® Index Market Cap ($mm) 0 - 1,000 4.98% 13.28% Market Cap ($mm) 1,000 - 1,500 3.86% 8.09% Market Cap ($mm) 1,500 - 2,500 16.85% 17.94% Market Cap ($mm) 2,500 - 5,000 34.96% 35.94% Market Cap ($mm) 5,000 - 10,000 33.30% 20.28% Market Cap ($mm) 10,000 - 25,000 6.04% 1.47% Market Cap ($mm) 25,000 - 50,000 0.00% 0.95% Market Cap ($mm) 50,000 - 100,000 0.00% 1.93% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.12% As of: 03/31/2024 Valuation Characteristics Fund Russell 2000® Index P/E 0-10 7.48% 12.15% P/E 10-15 5.53% 13.58% P/E 15-20 16.58% 9.08% P/E 20-25 10.24% 9.08% P/E 25-Above 47.35% 33.29% P/E – NA 12.83% 22.82% As of: 03/31/2024 Growth Characteristics Fund Russell 2000® Index EPS Growth (Trailing 3-yr %) - Negative 29.00% 17.74% EPS Growth (Trailing 3-yr %) 0 - 5 8.84% 5.58% EPS Growth (Trailing 3-yr %) 5 - 10 4.06% 4.72% EPS Growth (Trailing 3-yr %) 10 - 15 4.57% 3.63% EPS Growth (Trailing 3-yr %) 15 - 20 5.73% 3.98% EPS Growth (Trailing 3-yr %) Above 20 31.69% 29.55% EPS Growth (Trailing 3-yr %) - NA 16.12% 34.79% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2024 Texas Roadhouse Inc, Class A 2.51% SPX Technologies Inc 2.19% Appfolio Inc, Class A 1.99% Matador Resources Co, Class A 1.90% Medpace Holdings Inc 1.82% Novanta Inc 1.81% RBC Bearings Inc 1.77% STAG Industrial Inc 1.75% UFP Industries Inc 1.71% Alamo Group Inc 1.70% % in Top 10 Holdings 19.17% View Holding Details Holding Details GW&K Small Cap Core Fund (GWEZX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2024 Texas Roadhouse Inc, Class A 2.51% SPX Technologies Inc 2.19% Appfolio Inc, Class A 1.99% Matador Resources Co, Class A 1.90% Medpace Holdings Inc 1.82% Novanta Inc 1.81% RBC Bearings Inc 1.77% STAG Industrial Inc 1.75% UFP Industries Inc 1.71% Alamo Group Inc 1.70% % in Top 10 Holdings 19.17% As of: 03/31/2024 Download All Holdings (PDF) As of: 03/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 107,148 154.47 $16,551,152 2.51% SPXC SPX Technologies Inc Industrials S US USD 117,210 123.13 $14,432,067 2.19% APPF Appfolio Inc, Class A Information Technology S US USD 53,172 246.74 $13,119,659 1.99% MTDR Matador Resources Co, Class A Energy S US USD 187,834 66.77 $12,541,676 1.90% MEDP Medpace Holdings Inc Health Care S US USD 29,741 404.15 $12,019,825 1.82% NOVT Novanta Inc Information Technology S US USD 68,163 174.77 $11,912,848 1.81% RBC RBC Bearings Inc Industrials S US USD 43,159 270.35 $11,668,036 1.77% STAG STAG Industrial Inc Real Estate S US USD 300,172 38.44 $11,538,612 1.75% UFPI UFP Industries Inc Industrials S US USD 91,441 123.01 $11,248,157 1.71% ALG Alamo Group Inc Industrials S US USD 49,181 228.33 $11,229,498 1.70% PRIM Primoris Services Corp Industrials S US USD 260,391 42.57 $11,084,845 1.68% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 115,623 95.64 $11,058,184 1.68% HQY HealthEquity Inc Health Care S US USD 134,128 81.63 $10,948,869 1.66% RHP Ryman Hospitality Properties Inc Real Estate S US USD 94,427 115.61 $10,916,705 1.66% CENTA Central Garden & Pet Co, Class A Consumer Staples S US USD 290,880 36.92 $10,739,290 1.63% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 408,239 25.95 $10,593,802 1.61% SF Stifel Financial Corp Financials S US USD 133,467 78.17 $10,433,115 1.58% SKY Skyline Champion Corp Consumer Discretionary S US USD 119,635 85.01 $10,170,171 1.54% ITT ITT Inc Industrials S US USD 74,416 136.03 $10,122,808 1.54% DSGX Descartes Systems Group Inc Information Technology S CA USD 110,088 91.53 $10,076,355 1.53% CBZ CBIZ Inc Industrials S US USD 127,761 78.50 $10,029,239 1.52% AVNT Avient Corp Materials S US USD 225,490 43.40 $9,786,266 1.49% SLGN Silgan Holdings Inc Materials S US USD 201,154 48.56 $9,768,038 1.48% ICFI ICF International Inc Industrials S US USD 62,959 150.63 $9,483,514 1.44% CNS Cohen & Steers Inc Financials S US USD 121,774 76.89 $9,363,203 1.42% FLYW Flywire Corp Financials S US USD 373,862 24.81 $9,275,516 1.41% MTX Minerals Technologies Inc Materials S US USD 118,547 75.28 $8,924,218 1.35% ITCI Intra-Cellular Therapies Inc Health Care S US USD 125,129 69.20 $8,658,927 1.31% BCPC Balchem Corp Materials S US USD 55,178 154.95 $8,549,831 1.30% OXM Oxford Industries Inc Consumer Discretionary S US USD 74,201 112.40 $8,340,192 1.27% HLI Houlihan Lokey Inc, Class A Financials S US USD 64,654 128.19 $8,287,996 1.26% HMN Horace Mann Educators Corp Financials S US USD 221,815 36.99 $8,204,937 1.25% HALO Halozyme Therapeutics Inc Health Care S US USD 200,979 40.68 $8,175,826 1.24% ABCB Ameris Bancorp Financials S US USD 165,855 48.38 $8,024,065 1.22% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 228,993 34.11 $7,810,951 1.19% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 81,245 95.15 $7,730,462 1.17% GMED Globus Medical Inc, Class A Health Care S US USD 142,817 53.64 $7,660,704 1.16% PATK Patrick Industries Inc Consumer Discretionary S US USD 63,707 119.47 $7,611,075 1.16% INTA Intapp Inc Information Technology S US USD 220,306 34.30 $7,556,496 1.15% NWE Northwestern Energy Group Inc Utilities S US USD 144,122 50.93 $7,340,133 1.11% CHRD Chord Energy Corp Energy S US USD 40,120 178.24 $7,150,989 1.09% SLAB Silicon Laboratories Inc Information Technology S US USD 49,633 143.72 $7,133,255 1.08% GTLS Chart Industries Inc Industrials S US USD 42,545 164.72 $7,008,012 1.06% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 29,682 235.78 $6,998,422 1.06% TPH Tri Pointe Homes Inc Consumer Discretionary S US USD 179,693 38.66 $6,946,931 1.05% PHR Phreesia Inc Health Care S US USD 281,961 23.93 $6,747,327 1.02% USPH US Physical Therapy Inc Health Care S US USD 59,441 112.87 $6,709,106 1.02% SBCF Seacoast Banking Corp of Florida Financials S US USD 259,447 25.39 $6,587,359 1.00% PPBI Pacific Premier Bancorp Inc Financials S US USD 267,258 24.00 $6,414,192 0.97% VIAV Viavi Solutions Inc Information Technology S US USD 697,184 9.09 $6,337,403 0.96% CATY Cathay General Bancorp Financials S US USD 159,590 37.83 $6,037,290 0.92% PYCR Paycor HCM Inc Industrials S US USD 300,910 19.44 $5,849,690 0.89% IDA IDACORP Inc Utilities S US USD 62,680 92.89 $5,822,345 0.88% CHX ChampionX Corp Energy S US USD 159,748 35.89 $5,733,356 0.87% ADC Agree Realty Corp Real Estate S US USD 97,893 57.12 $5,591,648 0.85% OCFC OceanFirst Financial Corp Financials S US USD 340,070 16.41 $5,580,549 0.85% ALGM Allegro MicroSystems Inc Information Technology S US USD 206,813 26.96 $5,575,678 0.85% PGNY Progyny Inc Health Care S US USD 144,488 38.15 $5,512,217 0.84% AZTA Azenta Inc Health Care S US USD 87,434 60.28 $5,270,522 0.80% NHI National Health Investors Inc Real Estate S US USD 83,016 62.83 $5,215,895 0.79% GBCI Glacier Bancorp Inc Financials S US USD 128,492 40.28 $5,175,658 0.79% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 36,859 136.21 $5,020,564 0.76% TEX Terex Corp Industrials S US USD 77,762 64.40 $5,007,873 0.76% VCYT Veracyte Inc Health Care S US USD 216,006 22.16 $4,786,693 0.73% UMBF UMB Financial Corp Financials S US USD 55,000 86.99 $4,784,450 0.73% AORT Artivion Inc Health Care S US USD 225,493 21.16 $4,771,432 0.72% INDB Independent Bank Corp [MA] Financials S US USD 89,564 52.02 $4,659,119 0.71% ATRC AtriCure Inc Health Care S US USD 151,434 30.42 $4,606,622 0.70% AMSF AMERISAFE Inc, Class A Financials S US USD 90,335 50.17 $4,532,107 0.69% UTZ Utz Brands Inc Consumer Staples S US USD 244,193 18.44 $4,502,919 0.68% HELE Helen of Troy Ltd Consumer Discretionary S US USD 38,444 115.24 $4,430,287 0.67% RPD Rapid7 Inc Information Technology S US USD 88,738 49.04 $4,351,712 0.66% INSM Insmed Inc Health Care S US USD 157,013 27.13 $4,259,763 0.65% IART Integra LifeSciences Holdings Corp Health Care S US USD 115,715 35.45 $4,102,097 0.62% CHUY Chuy's Holdings Inc Consumer Discretionary S US USD 119,674 33.73 $4,036,604 0.61% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 320,817 11.18 $3,586,734 0.54% PWP Perella Weinberg Partners, Class A Financials S US USD 241,699 14.13 $3,415,207 0.52% DAVA Endava PLC ADR, Class A Information Technology S GB USD 87,519 38.04 $3,329,223 0.51% FOXF Fox Factory Holding Corp Consumer Discretionary S US USD 63,566 52.07 $3,309,882 0.50% DCO Ducommun Inc Industrials S US USD 61,117 51.30 $3,135,302 0.48% ICUI ICU Medical Inc Health Care S US USD 29,065 107.32 $3,119,256 0.47% ARQT Arcutis Biotherapeutics Inc Health Care S US USD 310,981 9.91 $3,081,822 0.47% COCO Vita Coco Co Inc Consumer Staples S US USD 118,075 24.43 $2,884,572 0.44% BCRX BioCryst Pharmaceuticals Inc Health Care S US USD 560,342 5.08 $2,846,537 0.43% ALGT Allegiant Travel Co, Class A Industrials S US USD 36,217 75.21 $2,723,881 0.41% AGIO Agios Pharmaceuticals Inc Health Care S US USD 93,104 29.24 $2,722,361 0.41% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 118,056 21.17 $2,499,246 0.38% PTEN Patterson-UTI Energy Inc Energy S US USD 199,044 11.94 $2,376,585 0.36% CYRX CryoPort Inc Health Care S US USD 123,317 17.70 $2,182,711 0.33% FWRG First Watch Restaurant Group Inc Consumer Discretionary S US USD 76,562 24.62 $1,884,956 0.29% HTLD Heartland Express Inc Industrials S US USD 147,439 11.94 $1,760,422 0.27% Cash & Equivalents Cash C US USD - - $17,604,094 2.67% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Appfolio Inc, Class A 1 1.82% 42.43% Texas Roadhouse Inc, Class A 2 2.34% 26.73% Medpace Holdings Inc 3 1.76% 31.85% SPX Technologies Inc 4 2.05% 21.90% Primoris Services Corp 5 1.54% 28.31% CBIZ Inc 6 1.58% 25.42% Arcutis Biotherapeutics Inc 7 0.38% 206.81% HealthEquity Inc 8 1.67% 23.12% Magnolia Oil & Gas Corp, Class A 9 1.44% 22.41% Matador Resources Co, Class A 10 1.88% 17.70% As of: 03/31/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Endava PLC ADR, Class A 20 0.85% -51.14% Pacific Premier Bancorp Inc 19 1.09% -16.76% Shoals Technologies Group Inc, Class A 18 0.72% -28.06% Independent Bank Corp [MA] 17 0.81% -20.35% Veracyte Inc 16 0.86% -19.45% Cathay General Bancorp 15 1.05% -14.61% Fox Factory Holding Corp 14 0.61% -22.84% Lithia Motors Inc, Class A 13 0.45% -5.86% Integra LifeSciences Holdings Corp 12 0.75% -18.60% Seacoast Banking Corp of Florida 11 1.06% -10.31% As of: 03/31/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 03/31/2024 View Allocation Details Allocation Details GW&K Small Cap Core Fund (GWEZX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Index Industrials 17.97% 17.61% Health Care 17.61% 15.32% Financials 15.30% 15.89% Consumer Discretionary 12.98% 10.83% Information Technology 12.21% 14.95% Energy 5.83% 7.33% Materials 5.62% 4.53% Real Estate 5.05% 5.60% Consumer Staples 2.75% 3.31% Cash & Other 2.67% 0.00% Utilities 2.00% 2.50% Communication Services 0.00% 2.13% As of: 03/31/2024 Investment Allocation 03/31/2024 Stocks 97.33% Bonds 0.00% Cash and Other 2.67% As of: 03/31/2024 Industry Fund Russell 2000® Index Machinery 9.03% 3.74% Banks 7.18% 8.40% Software 5.33% 6.30% Capital Markets 4.78% 1.37% Oil, Gas & Consumable Fuels 4.60% 4.77% Chemicals 4.14% 1.92% Biotechnology 3.93% 7.95% Professional Services 3.85% 2.50% Health Care Equipment & Supplies 3.68% 2.61% Semiconductors & Semiconductor Equipment 3.61% 2.95% % in Top 10 Industries 50.13% 42.51% As of: 03/31/2024 Read Important Investment Disclosures About the Affiliate About GW&K Investment Management GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. Learn More About GW&K Investment Management's Approach FOUNDED 1974 AMG AFFILIATE SINCE 2008 HEADQUARTERS Boston, MA Portfolio Managers Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Read full bio Jeffrey W. Thibault, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach GW&K Small Cap Core Fund GW&K believes companies with consistent, long-term, above-average and sustainable earnings growth will drive enhanced stock price performance over time GW&K believes most money managers overlook the sustainability of earnings growth by focusing on short-term fundamentals and stock price movements GW&K believes companies that can generate sustainable earnings growth possess these key attributes: (1) A high-quality management team focused on enhancing long-term value for shareholders and (2) strong products or services in attractive niche markets GW&K believes they add value through their fundamental research process. Their disciplined long-term research focus allows them to develop a deep understanding of their targeted companies Additional Fund Highlight Risk management parameters, including exposure limits for each company and diversification of sector and growth profiles, are embedded in the portfolio construction process. Related products Other Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund View Fund Details MFDAX GW&K Enhanced Core Bond ESG Fund View Fund Details MGFIX GW&K ESG Bond Fund View Fund Details MGGBX GW&K High Income Fund View Fund Details MECAX GW&K International Small Cap Fund View Fund Details GWMTX GW&K Municipal Bond Fund View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund View Fund Details SKSEX GW&K Small Cap Value Fund View Fund Details GWGVX GW&K Small/Mid Cap Core Fund View Fund Details ACWDX GW&K Small/Mid Cap Growth Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS