Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 09/10/2024 $50.94 +$0.28 (+0.55%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 116 Foreign Small/Mid Growth funds as of 08/31/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 05/31/2017 to 08/31/2024 = $11,952.95 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. Why Consider International small cap securities broaden the global investment opportunity set and provide diversification benefits Bottom-up research seeks to identify companies trading at attractive prices, that are often under-researched or under-owned by other institutional investors Portfolio of well-managed companies with potential to generate consistent and sustainable earnings growth Documents Fact Sheet Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K International Small Cap Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective GW&K International Small Cap Fund is categorized as Small-Blend. It invests in small-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 08/31/2024 Overall Rating (of 116) 3 Years (of 116) 5 Years — 10 Years — Category Foreign Small/Mid Growth 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. Karl M. Kyriss, CFA PARTNER AND PORTFOLIO MANAGER Karl is a partner of the firm as well as a portfolio manager on GW&K’s International and Global Small Cap Strategies. He is a sector generalist primarily covering companies across Europe, Canada, and North America. He is a member of the firm's Investment Committee. Prior to joining GW&K, Karl spent six years as an equity research analyst at GTP LLC and Deutsche Asset Management. There he performed company research across several industries to identify investment ideas for global equity funds. As a senior member of the team he held substantial responsibility for management, research, and client service. Karl began his career in financial services at Morgan Stanley, followed by Merrill Lynch, and held various roles in fixed income sales and trading. Karl received an MBA from the University of Michigan and a BS in Neuroscience from the University of Scranton. He is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. Reid T. Galas, CFA PARTNER AND PORTFOLIO MANAGER Reid is a partner of the firm and joined GW&K in 2014 to lead the development of our international small cap investment capability, building upon GW&K’s established track record in domestic small cap equity management. Reid is a member of our global equity investment team and manages our International Small Cap and Global Small Cap Strategies. He is also a member of our Investment Committee. Prior to joining GW&K, Reid was a portfolio manager for the small cap sleeve of the Deutsche Global Growth Fund and also served as a senior analyst for Deutsche Global Small Cap Fund. Before transitioning to the investment industry, Reid managed consulting projects at Deloitte that included developing and implementing business solutions for forecasting, new product introductions, manufacturing and distribution processes for domestic and international companies across industries. Reid spent his early career working as a supply chain consultant for two different technology companies. Reid received a BS in Engineering from Cornell University and an MBA from the University of Michigan. He is a CFA® charterholder and a member of the CFA Institute. 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: 1.29% Net Expense Ratio: 0.89% Expense Cap Expiration Date: 10/01/2024 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 $0.749500 $0.749500 — — Dec 15, 2022 $0.649300 $0.649300 — — Dec 15, 2021 $0.485200 $0.485200 — — Dec 16, 2019 $0.005900 — — $0.005900 Dec 27, 2018 $4.530900 — $0.448200 $4.082700 From: To: Risk & Return Statistics As of: 08/31/2024 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. -1.63 -4.88 - 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. 17.91 19.90 - 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. -0.39 -0.07 - 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. 88.73 69.01 - 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. 98.76 100.00 - 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. 0.93 0.93 - 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. 91.36 88.29 - 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. 5.41 6.95 - View All Characteristics & Statistics All Characteristics & Statistics GW&K International Small Cap Fund (MECZX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI World ex USA Small Cap Index Fund Assets (Mil.$) $39 Number of Holdings 73 2,323 Weighted Avg. Market Cap (Mil.$) $2,121 $2,962 Median Market Cap (Mil.$) $1,030 $1,294 Weighted Avg. P/E (1-yr Forward EPS) 12.07 13.53 Weighted Avg. P/E (Trailing EPS) 13.44 14.52 PEG Ratio 0.92 1.00 Weighted Avg. P/B 1.55 1.35 EPS Growth (Trailing 3-yr %) 12.12% 6.42% EPS Growth (Trailing 5-yr %) 10.48% 6.39% Forward EPS Growth (1-yr %) 10.10% 5.29% Forward EPS Growth (Long Term %) 12.98% 11.24% Revenue Growth (Trailing 5-yr %) 7.70% 5.80% Return on Equity 15.45% 10.87% Weighted Avg. Dividend Yield 2.77% 2.88% Debt to Equity 61.96 69.01 Trailing 12-Months Portfolio Turnover 24.79% As of: 06/30/2024 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. -1.63 -4.88 - 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. 17.91 19.90 - 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. -0.39 -0.07 - 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. 88.73 69.01 - 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. 98.76 100.00 - 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. 0.93 0.93 - 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. 91.36 88.29 - 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. 5.41 6.95 - 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. -0.28 -0.84 - 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. -7.45 -1.42 - 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. -35.35 -35.35 - As of: 08/31/2024 Market Cap Fund MSCI World ex USA Small Cap Index Market Cap ($mm) 0 - 1,000 44.87% 13.67% Market Cap ($mm) 1,000 - 1,500 16.04% 12.35% Market Cap ($mm) 1,500 - 2,500 16.11% 21.68% Market Cap ($mm) 2,500 - 5,000 13.76% 38.63% Market Cap ($mm) 5,000 - 10,000 7.25% 13.67% Market Cap ($mm) 10,000 - 25,000 1.97% 0.00% Market Cap ($mm) 25,000 - 50,000 0.00% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund MSCI World ex USA Small Cap Index P/E 0-10 16.51% 16.97% P/E 10-15 25.05% 19.96% P/E 15-20 22.97% 15.77% P/E 20-25 12.52% 11.67% P/E 25-Above 18.50% 28.45% P/E – NA 4.46% 7.17% As of: 06/30/2024 Growth Characteristics Fund MSCI World ex USA Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 25.15% 34.87% EPS Growth (Trailing 3-yr %) 0 - 5 11.83% 6.51% EPS Growth (Trailing 3-yr %) 5 - 10 8.28% 4.94% EPS Growth (Trailing 3-yr %) 10 - 15 8.70% 6.90% EPS Growth (Trailing 3-yr %) 15 - 20 1.12% 4.74% EPS Growth (Trailing 3-yr %) Above 20 37.87% 27.85% EPS Growth (Trailing 3-yr %) - NA 7.06% 14.20% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 Senshu Electric Co Ltd 2.93% DMG Mori Co Ltd 2.34% Vidrala SA 2.18% Hill & Smith PLC 2.03% Gift Holdings Inc 2.01% Howden Joinery Group PLC 1.98% Rheinmetall AG 1.88% Kitron ASA 1.86% ADENTRA Inc 1.85% Clarkson PLC 1.80% % in Top 10 Holdings 20.86% View Holding Details Holding Details GW&K International Small Cap Fund (MECZX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 Senshu Electric Co Ltd 2.93% DMG Mori Co Ltd 2.34% Vidrala SA 2.18% Hill & Smith PLC 2.03% Gift Holdings Inc 2.01% Howden Joinery Group PLC 1.98% Rheinmetall AG 1.88% Kitron ASA 1.86% ADENTRA Inc 1.85% Clarkson PLC 1.80% % in Top 10 Holdings 20.86% As of: 06/30/2024 Download All Holdings (PDF) As of: 07/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 9824 Senshu Electric Co Ltd Industrials S JP JPY 34,640 33.85 $1,172,577 2.87% HILS Hill & Smith PLC Materials S GB GBP 32,091 29.56 $948,610 2.32% 6141 DMG Mori Co Ltd Industrials S JP JPY 35,400 25.44 $900,736 2.20% KIT Kitron ASA Information Technology S NO NOK 256,903 3.33 $856,515 2.09% HWDN Howden Joinery Group PLC Industrials S GB GBP 70,070 12.09 $847,160 2.07% ADEN ADENTRA Inc Industrials S CA CAD 26,649 31.63 $842,909 2.06% RHM Rheinmetall AG Industrials S DE EUR 1,456 544.66 $793,020 1.94% 9279 Gift Holdings Inc Consumer Discretionary S JP JPY 47,074 16.83 $792,443 1.94% VID Vidrala SA Materials S ES EUR 7,567 104.07 $787,516 1.93% CKN Clarkson PLC Industrials S GB GBP 13,436 58.30 $783,315 1.92% ELO Elopak ASA Materials S NO NOK 200,451 3.57 $716,513 1.75% SAR Sarantis SA Consumer Staples S GR EUR 60,113 11.88 $714,330 1.75% 3916 Digital Information Technologies Corp Information Technology S JP JPY 56,046 12.74 $714,219 1.75% 2146 UT Group Co Ltd Industrials S JP JPY 32,200 21.66 $697,500 1.71% HUH1V Huhtamaki Oyj Materials S FI EUR 17,116 40.52 $693,531 1.70% 7595 Argo Graphics Inc Information Technology S JP JPY 20,125 34.08 $685,821 1.68% 3221 Yossix Holdings Co Ltd Consumer Discretionary S JP JPY 33,704 20.33 $685,282 1.68% SFZN Siegfried Holding Ag Health Care S CH CHF 577 1,165.55 $672,524 1.64% GTX Garrett Motion Inc Consumer Discretionary S CH USD 76,565 8.76 $670,709 1.64% TASE Tel Aviv Stock Exchange Ltd Financials S IL ILS 83,637 7.94 $664,432 1.62% 8098 Inabata & Co Ltd Industrials S JP JPY 29,400 22.40 $658,420 1.61% 1879 Shinnihon Corp Industrials S JP JPY 58,900 11.14 $655,986 1.60% RSTON Riverstone Holdings Ltd Health Care S SG SGD 917,400 0.71 $655,350 1.60% NFI NFI Group Inc Industrials S CA CAD 51,919 12.42 $644,921 1.58% CRN Cairn Homes PLC Consumer Discretionary S IE GBP 302,693 2.05 $620,523 1.52% 142 First Pacific Co Ltd Consumer Staples S HK HKD 1,370,332 0.45 $609,908 1.49% 2353 Nippon Parking Development Co Ltd Industrials S JP JPY 440,975 1.38 $606,431 1.48% 3076 Ai Holdings Corp Information Technology S JP JPY 34,550 16.72 $577,569 1.41% VTY Vistry Group PLC Consumer Discretionary S GB GBP 32,200 17.81 $573,525 1.40% RCH Richelieu Hardware Ltd Industrials S CA CAD 19,350 29.54 $571,537 1.40% BFF BFF Bank SpA 144A Financials S IT EUR 49,734 11.30 $562,176 1.37% MSLH Marshalls PLC Materials S GB GBP 121,020 4.47 $541,409 1.32% 3549 Kusuri no Aoki Holdings Co Ltd Consumer Staples S JP JPY 25,925 20.83 $540,109 1.32% IPS IPSOS SA Communication Services S FR EUR 8,710 61.72 $537,557 1.31% COR Corticeira Amorim SGPS SA Materials S PT EUR 54,248 9.85 $534,260 1.31% 5842 Integral Corp Financials S JP JPY 19,200 27.25 $523,104 1.28% GVS Gvs Spa 144A Industrials S IT EUR 75,619 6.91 $522,575 1.28% HERDEZ* Grupo Herdez SAB De CV Consumer Staples S MX MXN 179,031 2.91 $521,785 1.28% ALDLT Delta Plus Group Industrials S FR EUR 6,709 77.49 $519,874 1.27% AGI Alliance Global Group Inc Industrials S PH PHP 3,305,816 0.15 $508,539 1.24% HPAR Haw Par Corp Ltd Health Care S SG SGD 65,100 7.81 $508,304 1.24% HFG Hilton Food Group PLC Consumer Staples S GB GBP 41,790 12.01 $501,774 1.23% 6277 Hosokawa Micron Corp Industrials S JP JPY 18,350 27.05 $496,313 1.21% 7261 Mazda Motor Corp Consumer Discretionary S JP JPY 56,955 8.63 $491,261 1.20% 5334 Niterra Co Ltd Consumer Discretionary S JP JPY 16,500 29.62 $488,701 1.20% SAFE Safestore Holdings PLC Real Estate S GB GBP 46,285 10.39 $480,966 1.18% COFA Coface SA Financials S FR EUR 31,750 15.14 $480,681 1.18% 9332 Nisso Holdings Co Ltd Industrials S JP JPY 86,200 5.50 $474,022 1.16% RBREW Royal Unibrew A/S Consumer Staples S DK DKK 5,746 78.51 $451,137 1.10% 3134 Hamee Corp Consumer Discretionary S JP JPY 58,508 7.57 $442,906 1.08% 35 Far East Consortium International Ltd Real Estate S HK HKD 3,087,714 0.14 $442,710 1.08% MAXO Max Stock Ltd Consumer Discretionary S IL ILS 183,667 2.29 $420,786 1.03% 4763 Creek & River Co Ltd Industrials S JP JPY 43,300 9.71 $420,484 1.03% CUERVO* Becle SAB de CV Consumer Staples S MX MXN 251,750 1.64 $413,886 1.01% ICP1V Incap Oyj Information Technology S FI EUR 32,877 12.33 $405,269 0.99% 8154 Kaga Electronics Co Ltd Information Technology S JP JPY 10,800 36.28 $391,840 0.96% RS1 RS GROUP PLC Industrials S GB GBP 37,200 10.51 $390,816 0.96% 1910 Samsonite International SA 144A Consumer Discretionary S US HKD 133,200 2.88 $384,115 0.94% HPS/A Hammond Power Solutions Inc Industrials S CA CAD 4,434 86.44 $383,264 0.94% 3676 Digital Hearts Holdings Co Ltd Information Technology S JP JPY 57,475 6.62 $380,503 0.93% 3723 Nihon Falcom Corp Communication Services S JP JPY 50,225 7.53 $378,184 0.92% 3132 Macnica Holdings Inc Information Technology S JP JPY 9,000 40.36 $363,223 0.89% PDX Paradox Interactive AB Communication Services S SE SEK 24,745 14.33 $354,682 0.87% DEC Diversified Energy Co Plc Energy S US GBP 21,432 16.52 $354,072 0.87% 1979 Ten Pao Group Holdings Ltd Industrials S CN HKD 2,237,700 0.15 $346,559 0.85% MMK Mayr Melnhof Karton AG Materials S AT EUR 2,824 114.22 $322,561 0.79% MIPS Mips Ab Consumer Discretionary S SE SEK 5,515 49.79 $274,607 0.67% OBL Omni Bridgeway Ltd Financials S AU AUD 376,444 0.66 $248,893 0.61% 1475 Nissin Foods Co Ltd Consumer Staples S HK HKD 397,821 0.58 $231,881 0.57% EG7 Enad Global 7 AB Communication Services S SE SEK 134,492 1.40 $188,651 0.46% 9386 Nippon Concept Corp Industrials S JP JPY 12,921 11.56 $149,403 0.37% CGY Calian Group Ltd Industrials S CA CAD 2,482 40.71 $101,031 0.25% PRT Esprinet SpA Information Technology S IT EUR 17,207 5.31 $91,435 0.22% Cash & Equivalents Cash C US USD - - $1,513,356 3.70% Fund Holdings Sort order Avg. Weight Total Return NFI Group Inc 1 1.32% 21.72% Riverstone Holdings Ltd 2 1.48% 18.24% Integral Corp 3 0.37% 21.36% Incap Oyj 4 0.95% 27.79% Royal Unibrew A/S 5 1.11% 19.97% Elopak ASA 6 1.56% 12.44% Vidrala SA 7 2.12% 8.52% Grupo Herdez SAB De CV 8 1.26% 9.52% Senshu Electric Co Ltd 9 3.08% 2.71% Hilton Food Group PLC 10 1.19% 9.45% As of: 06/30/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Gift Holdings Inc 20 2.25% -28.47% BFF Bank SpA 144A 19 1.34% -26.60% Becle SAB de CV 18 1.22% -23.50% UT Group Co Ltd 17 1.65% -16.03% Alliance Global Group Inc 16 1.53% -18.25% Mazda Motor Corp 15 1.49% -16.17% Garrett Motion Inc 14 1.77% -13.58% Hamee Corp 13 1.14% -18.26% Paradox Interactive AB 12 0.89% -22.81% Omni Bridgeway Ltd 11 0.67% -24.75% As of: 06/30/2024 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 Regional Allocation As of: 06/30/2024 View Allocation Details Allocation Details GW&K International Small Cap Fund (MECZX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI World ex USA Small Cap Index Industrials 33.27% 22.45% Consumer Discretionary 14.08% 11.63% Materials 10.96% 11.13% Information Technology 10.60% 9.67% Consumer Staples 10.07% 6.01% Financials 6.13% 11.87% Health Care 4.39% 5.47% Cash & Other 4.32% 0.00% Communication Services 3.44% 3.39% Real Estate 2.01% 10.32% Energy 0.73% 5.01% Utilities 0.00% 3.05% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 95.68% Bonds 0.00% Cash and Other 4.32% As of: 06/30/2024 Country Fund MSCI World ex USA Small Cap Index Japan 33.76% 31.19% United Kingdom 11.37% 13.77% Canada 6.27% 9.75% France 3.82% 3.20% Norway 3.52% 2.41% Switzerland 3.21% 3.90% Hong Kong 3.12% 1.44% Italy 2.92% 3.04% Singapore 2.87% 2.02% Finland 2.81% 1.14% Israel 2.61% 2.55% Mexico 2.44% 0.00% Spain 2.18% 1.60% Germany 1.88% 3.64% Sweden 1.78% 5.25% % in Top 15 Countries 84.56% 84.9% As of: 06/30/2024 Region Fund MSCI World ex USA Small Cap Index Developed 89.24% 100.00% Europe & Middle East 40.79% 46.43% North America 8.01% 9.75% Pacific 40.45% 43.83% Emerging 6.43% 0.00% Asia 2.23% 0.00% Latin America 2.44% 0.00% Europe & Middle East 1.77% 0.00% Africa 0.00% 0.00% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 4.32% 0.00% As of: 06/30/2024 Industry Fund MSCI World ex USA Small Cap Index Trading Companies & Distributors 10.71% 2.14% Containers & Packaging 7.79% 1.02% Electronic Equipment, Instruments & Components 6.50% 3.02% Machinery 6.45% 6.58% Food Products 4.78% 2.84% IT Services 4.10% 2.13% Professional Services 4.04% 1.38% Hotels, Restaurants & Leisure 3.58% 2.60% Commercial Services & Supplies 3.22% 1.99% Capital Markets 3.09% 3.34% % in Top 10 Industries 54.26% 27.04% As of: 06/30/2024 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 Karl M. Kyriss, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Reid T. Galas, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach GW&K International Small Cap Fund The Fund seeks to outperform the MSCI World ex USA Small Cap Index over a market cycle by investing in a diversified portfolio of international small cap stocks that are well-managed, and demonstrate consistent, long-term, sustainable earnings growth. GW&K’s Global Equity investment team applies bottom-up research and a strong valuation discipline to identify companies that can grow earnings and recognize value over the long-term. The large universe of international small cap companies allows GW&K the ability to construct a portfolio of undervalued, underappreciated, or misunderstood companies in any market environment. 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 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 GWETX GW&K Small Cap Core 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