Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 04/23/2025 $7.66 +$0.23 (+3.10%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 535 Small Growth funds as of 03/31/2025 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/01/2010 to 03/31/2025 = $49,750.62 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 Seeks long-term capital appreciation by investing in a portfolio of small cap stocks. Why Consider May be appropriate for investors looking to gain exposure to small cap stocks Manager brings a long history of disciplined investing in small and mid cap stocks, emphasizing fundamental research and bottom-up stock selection Targets companies with solid business models with strong earnings power while selling at reasonable valuations Documents Fact Sheet Commentary Summary Prospectus Prospectus 2024 Distributions View All Documents Investment Style AMG Frontier Small Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective AMG Frontier Small Cap Growth Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 03/31/2025 Overall Rating (of 535) 3 Years (of 535) 5 Years (of 520) 10 Years (of 395) Category Small Growth Read Important Investment Disclosures James A. Colgan PARTNER, PORTFOLIO MANAGER Jim is a Portfolio Manager for the Frontier Small Cap strategy and an equity partner in the firm. He also holds a leadership position as a member of Frontier’s Management Advisory Committee. Prior to joining Frontier in 1998, he served as Manager, Workstation Business Planning and Strategy for Digital Equipment Corporation. Prior to that, he was with United Technologies Corporation – Pratt and Whitney, as a Program Manager, during which time he was an MIT fellow. He received a B.S. from the University of Connecticut, an M.S. from the University of Massachusetts, and an M.B.A. and M.S. from Massachusetts Institute of Technology. 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: 1.14% Net Expense Ratio: 0.90% Expense Cap Expiration Date: 03/01/2026 The Fund’s Investment Manager has contractually agreed, through 03/01/2026, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. 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 16, 2024 $0.820000 $0.444000 — $0.376000 Dec 14, 2023 $0.102200 $0.102200 — — Dec 15, 2021 $3.912500 — $1.888300 $2.024200 Dec 16, 2020 $0.392200 — $0.015600 $0.376600 Dec 16, 2019 $0.723300 — — $0.723300 Dec 27, 2018 $4.050300 — $1.955200 $2.095100 Dec 27, 2017 $2.996200 — $0.709000 $2.287200 Dec 27, 2016 $0.049100 — — $0.049100 Dec 28, 2015 $3.087000 — $0.057300 $3.029700 Dec 26, 2014 $11.896300 — $2.477200 $9.419100 Dec 26, 2013 $3.039400 — $1.225900 $1.813500 From: To: Risk & Return Statistics As of: 03/31/2025 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. -0.27 5.66 2.29 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. 24.53 24.79 23.22 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. -0.17 0.57 0.28 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. 105.95 124.27 124.14 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. 103.01 97.22 99.92 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. 1.00 1.01 1.04 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. 91.85 90.25 91.44 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. 7.00 7.75 6.86 View All Characteristics & Statistics All Characteristics & Statistics AMG Frontier Small Cap Growth Fund (MSSYX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Growth Index Fund Assets (Mil.$) $79 Number of Holdings 115 1,116 Weighted Avg. Market Cap (Mil.$) $7,036 $4,164 Median Market Cap (Mil.$) $5,656 $1,027 Weighted Avg. P/E (1-yr Forward EPS) 17.83 18.54 Weighted Avg. P/E (Trailing EPS) 20.25 20.69 PEG Ratio 0.96 1.25 Weighted Avg. P/B 2.51 3.57 EPS Growth (Trailing 3-yr %) 5.06% 12.41% EPS Growth (Trailing 5-yr %) 16.83% 18.96% Forward EPS Growth (1-yr %) 12.68% 6.64% Forward EPS Growth (Long Term %) 17.06% 12.49% Revenue Growth (Trailing 5-yr %) 17.21% 15.12% Return on Equity 3.78% 6.95% Weighted Avg. Dividend Yield 0.62% 0.62% Debt to Equity 86.72 80.98 Trailing 12-Months Portfolio Turnover 280.41% As of: 03/31/2025 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. -0.27 5.66 2.29 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. 24.53 24.79 23.22 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. -0.17 0.57 0.28 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. 105.95 124.27 124.14 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. 103.01 97.22 99.92 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. 1.00 1.01 1.04 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. 91.85 90.25 91.44 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. 7.00 7.75 6.86 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. -0.08 0.78 0.34 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. -4.19 13.92 6.30 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. -22.15 -28.25 -31.77 As of: 03/31/2025 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 8.76% 9.34% Market Cap ($mm) 1,000 - 1,500 3.02% 7.68% Market Cap ($mm) 1,500 - 2,500 5.76% 14.79% Market Cap ($mm) 2,500 - 5,000 21.58% 38.51% Market Cap ($mm) 5,000 - 10,000 41.03% 25.43% Market Cap ($mm) 10,000 - 25,000 19.13% 4.25% Market Cap ($mm) 25,000 - 50,000 0.73% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 03/31/2025 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 3.42% 4.56% P/E 10-15 10.08% 8.20% P/E 15-20 11.53% 9.58% P/E 20-25 6.78% 12.46% P/E 25-Above 36.43% 35.87% P/E – NA 31.76% 29.33% As of: 03/31/2025 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 23.08% 16.80% EPS Growth (Trailing 3-yr %) 0 - 5 6.50% 3.31% EPS Growth (Trailing 3-yr %) 5 - 10 3.70% 5.09% EPS Growth (Trailing 3-yr %) 10 - 15 4.53% 5.70% EPS Growth (Trailing 3-yr %) 15 - 20 1.37% 5.22% EPS Growth (Trailing 3-yr %) Above 20 14.82% 22.29% EPS Growth (Trailing 3-yr %) - NA 46.01% 41.59% As of: 03/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2025 United Therapeutics Corp 2.94% Beacon Roofing Supply Inc 2.93% Carlyle Group Inc 2.90% Life Time Group Holdings Inc 2.76% Dolby Laboratories Inc, Class A 2.71% Caesars Entertainment Inc 2.57% FTAI Aviation Ltd 2.54% Mattel Inc 2.52% MongoDB Inc, Class A 2.42% Pagaya Technologies Ltd, Class A 2.39% % in Top 10 Holdings 26.68% View Holding Details Holding Details AMG Frontier Small Cap Growth Fund (MSSYX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2025 United Therapeutics Corp 2.94% Beacon Roofing Supply Inc 2.93% Carlyle Group Inc 2.90% Life Time Group Holdings Inc 2.76% Dolby Laboratories Inc, Class A 2.71% Caesars Entertainment Inc 2.57% FTAI Aviation Ltd 2.54% Mattel Inc 2.52% MongoDB Inc, Class A 2.42% Pagaya Technologies Ltd, Class A 2.39% % in Top 10 Holdings 26.68% As of: 03/31/2025 Download All Holdings (PDF) As of: 03/31/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund UTHR United Therapeutics Corp Health Care S US USD 7,580 308.27 $2,336,687 2.94% BECN Beacon Roofing Supply Inc Industrials S US USD 18,857 123.70 $2,332,611 2.93% CG Carlyle Group Inc Financials S US USD 52,847 43.59 $2,303,601 2.90% LTH Life Time Group Holdings Inc Consumer Discretionary S US USD 72,574 30.20 $2,191,735 2.76% DLB Dolby Laboratories Inc, Class A Information Technology S US USD 26,827 80.31 $2,154,476 2.71% CZR Caesars Entertainment Inc Consumer Discretionary S US USD 81,686 25.00 $2,042,150 2.57% FTAI FTAI Aviation Ltd Industrials S KY USD 18,178 111.03 $2,018,303 2.54% MAT Mattel Inc Consumer Discretionary S US USD 102,897 19.43 $1,999,289 2.52% MDB MongoDB Inc, Class A Information Technology S US USD 10,956 175.40 $1,921,682 2.42% PGY Pagaya Technologies Ltd, Class A Information Technology S US USD 181,336 10.48 $1,900,401 2.39% ATI ATI Inc Materials S US USD 30,365 52.03 $1,579,891 1.99% INSM Insmed Inc Health Care S US USD 18,898 76.29 $1,441,728 1.81% CRS Carpenter Technology Corp Materials S US USD 7,927 181.18 $1,436,214 1.81% TEM Tempus AI Inc, Class A Health Care S US USD 29,481 48.24 $1,422,163 1.79% ZETA Zeta Global Holdings Corp, Class A Information Technology S US USD 98,421 13.56 $1,334,589 1.68% GTLB Gitlab Inc, Class A Information Technology S US USD 28,129 47.00 $1,322,063 1.66% GVA Granite Construction Inc Industrials S US USD 16,959 75.40 $1,278,709 1.61% ALGM Allegro MicroSystems Inc Information Technology S US USD 48,502 25.13 $1,218,855 1.53% SIMO Silicon Motion Technology Corp ADR Information Technology S TW USD 22,770 50.56 $1,151,251 1.45% SANM Sanmina Corp Information Technology S US USD 14,636 76.18 $1,114,970 1.40% EPRT Essential Properties Realty Trust Inc Real Estate S US USD 33,058 32.64 $1,079,013 1.36% AMTM Amentum Holdings Inc Industrials S US USD 57,428 18.20 $1,045,190 1.32% SNCY Sun Country Airlines Holdings Inc Industrials S US USD 83,456 12.32 $1,028,178 1.29% BPOP Popular Inc Financials S PR USD 11,047 92.37 $1,020,411 1.28% RRX Regal Rexnord Corp Industrials S US USD 8,922 113.85 $1,015,770 1.28% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 3,372 293.54 $989,817 1.25% PSTG Pure Storage Inc, Class A Information Technology S US USD 22,124 44.27 $979,429 1.23% EXP Eagle Materials Inc Materials S US USD 4,385 221.93 $973,163 1.22% HL Hecla Mining Co Materials S US USD 169,704 5.56 $943,554 1.19% ADC Agree Realty Corp Real Estate S US USD 12,203 77.19 $941,950 1.19% BBIO Bridgebio Pharma Inc Health Care S US USD 26,463 34.57 $914,826 1.15% INDI indie Semiconductor Inc, Class A Information Technology S US USD 447,160 2.04 $909,971 1.14% HXL Hexcel Corp Industrials S US USD 16,255 54.76 $890,124 1.12% ENTG Entegris Inc Information Technology S US USD 10,112 87.48 $884,598 1.11% LSCC Lattice Semiconductor Corp Information Technology S US USD 16,025 52.45 $840,511 1.06% CACI CACI International Inc, Class A Industrials S US USD 2,195 366.92 $805,389 1.01% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 6,213 127.04 $789,300 0.99% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 18,115 43.49 $787,821 0.99% DAR Darling Ingredients Inc Consumer Staples S US USD 25,085 31.24 $783,655 0.99% PLNT Planet Fitness Inc, Class A Consumer Discretionary S US USD 7,693 96.61 $743,221 0.94% SILA Sila Realty Trust Inc, Class A Real Estate S US USD 27,098 26.71 $723,788 0.91% ALK Alaska Air Group Inc Industrials S US USD 14,151 49.22 $696,512 0.88% BLDR Builders FirstSource Inc Industrials S US USD 5,543 124.94 $692,542 0.87% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 6,047 114.10 $689,963 0.87% INSP Inspire Medical Systems Inc Health Care S US USD 4,183 159.28 $666,268 0.84% EOLS Evolus Inc Health Care S US USD 53,922 12.03 $648,682 0.82% FLR Fluor Corp Industrials S US USD 17,995 35.82 $644,581 0.81% PCOR Procore Technologies Inc Information Technology S US USD 9,592 66.02 $633,264 0.80% RYI Ryerson Holding Corp Materials S US USD 26,647 22.96 $611,815 0.77% DBRG DigitalBridge Group Inc, Class A Financials S US USD 68,552 8.82 $604,629 0.76% ERO ERO Copper Corp Materials S CA USD 49,774 12.12 $603,261 0.76% DOCN Digitalocean Holdings Inc Information Technology S US USD 17,933 33.39 $598,783 0.75% CFLT Confluent Inc, Class A Information Technology S US USD 24,782 23.44 $580,890 0.73% PRCT PROCEPT BioRobotics Corp Health Care S US USD 9,597 58.26 $559,121 0.70% LRN Stride Inc Consumer Discretionary S US USD 4,113 126.50 $520,295 0.65% RXO RXO Inc Industrials S US USD 26,778 19.10 $511,460 0.64% ZS Zscaler Inc Information Technology S US USD 2,509 198.42 $497,836 0.63% LNTH Lantheus Holdings Inc Health Care S US USD 4,911 97.60 $479,314 0.60% FARO FARO Technologies Inc Information Technology S US USD 17,551 27.30 $479,142 0.60% MOD Modine Manufacturing Co Consumer Discretionary S US USD 5,954 76.75 $456,970 0.57% BILL BILL Holdings Inc Information Technology S US USD 9,928 45.89 $455,596 0.57% ATMU Atmus Filtration Technologies Inc Industrials S US USD 11,244 36.73 $412,992 0.52% IRTC iRhythm Technologies Inc Health Care S US USD 3,819 104.68 $399,773 0.50% STVN Stevanato Group SpA Health Care S IT USD 19,566 20.42 $399,538 0.50% IRT Independence Realty Trust Inc Real Estate S US USD 18,241 21.23 $387,256 0.49% GTX Garrett Motion Inc Consumer Discretionary S CH USD 44,693 8.37 $374,080 0.47% XPO XPO Inc Industrials S US USD 3,440 107.58 $370,075 0.47% ESTC Elastic NV Information Technology S US USD 4,129 89.10 $367,894 0.46% TKR Timken Co Industrials S US USD 5,077 71.87 $364,884 0.46% COHR Coherent Corp Information Technology S US USD 5,383 64.94 $349,572 0.44% ACVA ACV Auctions Inc, Class A Industrials S US USD 24,613 14.09 $346,797 0.44% SG Sweetgreen Inc, Class A Consumer Discretionary S US USD 13,709 25.02 $342,999 0.43% NVCR Novocure Ltd Health Care S JE USD 19,015 17.82 $338,847 0.43% UCTT Ultra Clean Holdings Inc Information Technology S US USD 14,981 21.41 $320,743 0.40% MXL MaxLinear Inc, Class A Information Technology S US USD 29,190 10.86 $317,003 0.40% VKTX Viking Therapeutics Inc Health Care S US USD 13,107 24.15 $316,534 0.40% LCII LCI Industries Consumer Discretionary S US USD 3,385 87.43 $295,951 0.37% CRDO Credo Technology Group Holding Ltd Information Technology S US USD 6,669 40.16 $267,827 0.34% KTOS Kratos Defense & Security Solutions Inc Industrials S US USD 8,887 29.69 $263,855 0.33% ALAB Astera Labs Inc Information Technology S US USD 4,025 59.67 $240,172 0.30% RSI Rush Street Interactive Inc, Class A Consumer Discretionary S US USD 21,761 10.72 $233,278 0.29% AXSM Axsome Therapeutics Inc Health Care S US USD 1,932 116.63 $225,329 0.28% OKTA Okta Inc, Class A Information Technology S US USD 2,131 105.22 $224,224 0.28% TMDX TransMedics Group Inc Health Care S US USD 3,190 67.28 $214,623 0.27% GTLS Chart Industries Inc Industrials S US USD 1,472 144.36 $212,498 0.27% SHLS Shoals Technologies Group Inc, Class A Industrials S US USD 62,758 3.32 $208,357 0.26% PSN Parsons Corp Industrials S US USD 3,409 59.21 $201,847 0.25% INSW International Seaways Inc Energy S US USD 5,885 33.20 $195,382 0.25% TTI TETRA Technologies Inc Energy S US USD 56,143 3.36 $188,640 0.24% APGE Apogee Therapeutics Inc Health Care S US USD 4,856 37.36 $181,420 0.23% BPMC Blueprint Medicines Corp Health Care S US USD 1,920 88.51 $169,939 0.21% TDW Tidewater Inc Energy S US USD 3,969 42.27 $167,770 0.21% KYMR Kymera Therapeutics Inc Health Care S US USD 5,892 27.37 $161,264 0.20% DOCU DocuSign Inc, Class A Information Technology S US USD 1,944 81.40 $158,242 0.20% SYM Symbotic Inc, Class A Industrials S US USD 7,589 20.21 $153,374 0.19% HLIO Helios Technologies Inc Industrials S US USD 4,513 32.09 $144,822 0.18% DYN Dyne Therapeutics Inc Health Care S US USD 12,935 10.46 $135,300 0.17% VCEL Vericel Corp Health Care S US USD 1,826 44.62 $81,476 0.10% GBX Greenbrier Cos Inc Industrials S US USD 1,558 51.22 $79,801 0.10% MKSI MKS Instruments Inc Information Technology S US USD 981 80.15 $78,627 0.10% PATH UiPath Inc, Class A Information Technology S US USD 7,595 10.30 $78,229 0.10% NMIH NMI Holdings Inc, Class A Financials S US USD 1,635 36.05 $58,942 0.07% PR Permian Resources Corp, Class A Energy S US USD 3,570 13.85 $49,445 0.06% NTRA Natera Inc Health Care S US USD 248 141.41 $35,070 0.04% ENVX Enovix Corp Industrials S US USD 4,263 7.34 $31,290 0.04% MP MP Materials Corp Materials S US USD 956 24.41 $23,336 0.03% PWR Quanta Services Inc Industrials S US USD 89 254.18 $22,622 0.03% NET Cloudflare Inc, Class A Information Technology S US USD 173 112.69 $19,495 0.02% BWXT BWX Technologies Inc Industrials S US USD 175 98.65 $17,264 0.02% GWRE Guidewire Software Inc Information Technology S US USD 51 187.36 $9,555 0.01% BURL Burlington Stores Inc Consumer Discretionary S US USD 39 238.33 $9,295 0.01% PODD Insulet Corp Health Care S US USD 35 262.61 $9,191 0.01% MPWR Monolithic Power Systems Inc Information Technology S US USD 15 579.98 $8,700 0.01% TOST Toast Inc, Class A Financials S US USD 250 33.17 $8,293 0.01% GDYN Grid Dynamics Holdings Inc Information Technology S US USD 505 15.65 $7,903 0.01% Cash & Equivalents Cash C US USD - - $3,972,090 5.00% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Tempus AI Inc, Class A 1 1.97% 42.89% Beacon Roofing Supply Inc 2 2.39% 21.78% Life Time Group Holdings Inc 3 2.26% 36.53% Bridgebio Pharma Inc 4 1.08% 25.98% Axsome Therapeutics Inc 5 0.31% 37.84% Chefs' Warehouse Inc 6 0.32% 6.10% Okta Inc, Class A 7 0.43% 33.53% Kratos Defense & Security Solutions Inc 8 0.50% 12.55% iRhythm Technologies Inc 9 0.48% 16.09% Sila Realty Trust Inc, Class A 10 0.74% 11.04% As of: 03/31/2025 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 indie Semiconductor Inc, Class A 20 2.29% -49.75% Caesars Entertainment Inc 19 3.80% -25.19% MongoDB Inc, Class A 18 1.90% -24.66% FTAI Aviation Ltd 17 2.35% -22.70% BILL Holdings Inc 16 1.26% -45.83% Zeta Global Holdings Corp, Class A 15 1.18% -27.91% Pure Storage Inc, Class A 14 1.31% -27.93% Gitlab Inc, Class A 13 1.43% -16.59% MaxLinear Inc, Class A 12 1.42% -45.10% Lithia Motors Inc, Class A 11 1.93% -17.77% As of: 03/31/2025 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: 03/31/2025 View Allocation Details Allocation Details AMG Frontier Small Cap Growth Fund (MSSYX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Growth Index Information Technology 26.96% 18.49% Industrials 20.86% 22.90% Health Care 14.01% 24.83% Consumer Discretionary 13.83% 9.49% Materials 7.76% 3.82% Financials 5.03% 9.12% Cash & Other 5.00% 0.00% Real Estate 3.94% 1.60% Consumer Staples 1.85% 3.81% Energy 0.76% 3.38% Communication Services 0.00% 2.06% Utilities 0.00% 0.51% As of: 03/31/2025 Investment Allocation 03/31/2025 Stocks 95.00% Bonds 0.00% Cash and Other 5.00% As of: 03/31/2025 Industry Fund Russell 2000® Growth Index Software 11.94% 10.48% Semiconductors & Semiconductor Equipment 7.85% 3.17% Biotechnology 7.27% 12.64% Hotels, Restaurants & Leisure 6.99% 2.80% Metals & Mining 6.54% 1.35% Trading Companies & Distributors 5.47% 3.61% Capital Markets 3.66% 2.94% IT Services 3.49% 0.60% Health Care Equipment & Supplies 3.36% 4.13% Professional Services 2.58% 3.71% % in Top 10 Industries 59.15% 45.43% As of: 03/31/2025 Read Important Investment Disclosures About the Affiliate About Frontier Capital Management Frontier Capital Management Company, LLC, specializes in growth and value equity investments on behalf of institutional and individual clients. Learn More About Frontier Capital Management's Approach FOUNDED 1980 AMG AFFILIATE SINCE 2000 HEADQUARTERS Boston Portfolio Manager James A. Colgan PARTNER, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach AMG Frontier Small Cap Growth Fund The Fund invests primarily in common stocks of small U.S. companies whose market capitalization at the time of purchase is within the range of the Russell 2000® Index, the S&P SmallCap 600 Index, or the Dow Jones U.S. Small Cap Total Stock Market Index. Frontier utilizes and draws support from its entire team of investment professionals to identify opportunities and conduct fundamental research. Through fundamental bottom-up research, Frontier seeks long-term capital appreciation by investing in small cap companies that it believes have above-average earnings growth potential and are available at reasonable valuations. 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