Sources: FactSet, Preqin, and With Intelligence as of June 30, 2025. Past performance does not guarantee future results. Correlations are represented by the following indices: Private Equity=Preqin Private Equity Index ex. VC; Private Credit=Preqin Private Credit Index; Infrastructure=Preqin Infrastructure Index; Real Estate=Preqin Real Estate Index; Hedge Funds=With Intelligence Hedge Funds Index; 60/40=60% S&P 500^® Index/40% Bloomberg U.S. Aggregate Bond Index. Please refer to the disclosures for index definitions and inception dates. The indices are unmanaged, are not available for investment, and do not incur expenses.

IMPORTANT INFORMATION

Bloomberg U.S. Aggregate Bond Index (representing Investment Grade Bonds): The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds.

The S&P 500^® Index (representing U.S. Large Cap Equity) is a capitalization-weighted index of 500 stocks. The S&P 500^® Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The Preqin Private Equity Index ex. VC captures in an index the return earned by investors on average in their private equity portfolios, based on the actual amount of money invested in private capital partnerships (inception date: December 2000).

The Preqin Private Credit Index captures in an index the return earned by investors on average in their private credit portfolios, based on the actual amount of money invested in private capital partnerships (inception date: December 2000).

The Preqin Real Estate Index captures in an index the return earned by investors on average in their private real estate portfolios, based on the actual amount of money invested in private capital partnerships (inception date: December 2000).

The Preqin Private Infrastructure Index captures in an index the return earned by investors on average in their private infrastructure portfolios, based on the actual amount of money invested in private capital partnerships (inception date: September 2006).

For Preqin Indices, each data point is individually calculated from the pool of closed-end funds for which comprehensive performance data is held, as of both the start and end of the quarter.

The With Intelligence Hedge Fund Index is With Intelligences’s flagship equally weighted index. The index is designed to provide a broad measure of the performance of the entire global hedge fund industry. The index is base weighted at 100, does not contain duplicate funds and is denominated in USD (inception date: January 2000).

The indices are unmanaged, are not available for investment, and do not incur expenses.

Real estate investments are subject to factors such as changing general and local economic, financial, competitive, and environmental conditions.

Private Markets investments are speculative, subject to high return volatility, and involve a high degree of risk including, but not limited to, the risks associated with leverage, derivative instruments such as options and futures, distressed securities, may be illiquid on a long-term basis, and short sales. There can be no assurance that these types of strategies will achieve their objectives or avoid substantial losses. Private Markets Investments may also be subject to significant fees and expenses.

AMG Distributors, Inc., a member of FINRA/SIPC.

Past performance does not guarantee future results. There is no guarantee any of these trends will continue. Investing involves risk. It does not constitute investment advice or an offer or solicitation to purchase or sell any security and is subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of individual holdings or market sectors, but as an illustration of broader themes. All data referenced are from sources deemed to be reliable but cannot be guaranteed as to accuracy or completeness. Information or opinions expressed herein are general and educational in nature and have been provided for information purposes only. Neither the information nor opinions expressed constitute investment advice and are not intended, nor should be considered, as an endorsement of any specific investment strategy. The information and opinions contained herein are current as of the date published and are subject to change without notice. Information has been obtained from sources believed to be reliable, but its accuracy, completeness, and interpretation are not guaranteed. Private Markets investments are often speculative, typically have higher fees than traditional investments, often include a high degree of risk, and are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss. AMG Funds LLC cannot guarantee that the information herein is accurate, complete, or timely. AMG Funds LLC makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any reliance on, such information. See wealth.amg.com for additional disclosures, our privacy policy, and terms of use.