Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 04/21/2025 $28.34 -$0.66 (-2.28%) Morningstar | Style Box V B G L M S Morningstar Medalist Rating as of 04/08/2025 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 03/31/2025 = $17,941.08 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 2024 Distributions View All Documents Investment Style AMG 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 AMG 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 03/31/2025 Overall Rating (of 582) 3 Years (of 582) 5 Years (of 559) 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 The Fund’s Investment Manager has contractually agreed, through 05/01/2025, 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 $1.387100 $0.087200 — $1.299900 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: 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. 1.21 1.55 - 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. 21.87 21.08 - 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. -0.12 0.53 - 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. 93.46 91.11 - 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. 95.24 95.62 - 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 0.92 - 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. 95.72 93.71 - 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. 4.88 5.60 - View All Characteristics & Statistics All Characteristics & Statistics AMG 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.$) $593 Number of Holdings 91 1,952 Weighted Avg. Market Cap (Mil.$) $4,920 $3,526 Median Market Cap (Mil.$) $3,465 $832 Weighted Avg. P/E (1-yr Forward EPS) 18.16 14.70 Weighted Avg. P/E (Trailing EPS) 20.38 16.65 PEG Ratio 1.58 1.17 Weighted Avg. P/B 2.20 1.78 EPS Growth (Trailing 3-yr %) 6.38% 3.29% EPS Growth (Trailing 5-yr %) 10.65% 11.75% Forward EPS Growth (1-yr %) 9.14% 4.82% Forward EPS Growth (Long Term %) 12.42% 11.23% Revenue Growth (Trailing 5-yr %) 14.71% 12.04% Return on Equity 9.53% 6.12% Weighted Avg. Dividend Yield 1.11% 1.47% Debt to Equity 65.33 80.48 Trailing 12-Months Portfolio Turnover 21.63% 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. 1.21 1.55 - 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. 21.87 21.08 - 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. -0.12 0.53 - 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. 93.46 91.11 - 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. 95.24 95.62 - 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 0.92 - 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. 95.72 93.71 - 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. 4.88 5.60 - 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. 0.26 0.11 - 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. -2.85 12.21 - 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. -16.50 -25.44 - As of: 03/31/2025 Market Cap Fund Russell 2000® Index Market Cap ($mm) 0 - 1,000 3.90% 14.57% Market Cap ($mm) 1,000 - 1,500 6.56% 9.69% Market Cap ($mm) 1,500 - 2,500 18.97% 16.69% Market Cap ($mm) 2,500 - 5,000 31.38% 38.16% Market Cap ($mm) 5,000 - 10,000 30.74% 18.48% Market Cap ($mm) 10,000 - 25,000 8.43% 2.41% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 03/31/2025 Valuation Characteristics Fund Russell 2000® Index P/E 0-10 4.81% 10.37% P/E 10-15 11.90% 15.06% P/E 15-20 14.10% 10.52% P/E 20-25 12.28% 9.52% P/E 25-Above 39.65% 30.11% P/E – NA 17.26% 24.42% As of: 03/31/2025 Growth Characteristics Fund Russell 2000® Index EPS Growth (Trailing 3-yr %) - Negative 41.13% 26.61% EPS Growth (Trailing 3-yr %) 0 - 5 7.77% 6.84% EPS Growth (Trailing 3-yr %) 5 - 10 6.53% 5.09% EPS Growth (Trailing 3-yr %) 10 - 15 3.75% 5.70% EPS Growth (Trailing 3-yr %) 15 - 20 3.67% 4.14% EPS Growth (Trailing 3-yr %) Above 20 16.53% 16.93% EPS Growth (Trailing 3-yr %) - NA 20.63% 34.69% As of: 03/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2025 RBC Bearings Inc 2.14% Intapp Inc 2.01% MACOM Technology Solutions Holdings Inc 1.79% CBIZ Inc 1.77% Champion Homes Inc 1.75% SPX Technologies Inc 1.72% STAG Industrial Inc 1.67% Globus Medical Inc, Class A 1.61% Houlihan Lokey Inc, Class A 1.61% Magnolia Oil & Gas Corp, Class A 1.59% % in Top 10 Holdings 17.65% View Holding Details Holding Details AMG GW&K Small Cap Core Fund (GWEZX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2025 RBC Bearings Inc 2.14% Intapp Inc 2.01% MACOM Technology Solutions Holdings Inc 1.79% CBIZ Inc 1.77% Champion Homes Inc 1.75% SPX Technologies Inc 1.72% STAG Industrial Inc 1.67% Globus Medical Inc, Class A 1.61% Houlihan Lokey Inc, Class A 1.61% Magnolia Oil & Gas Corp, Class A 1.59% % in Top 10 Holdings 17.65% As of: 03/31/2025 Download All Holdings (PDF) As of: 03/31/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund RBC RBC Bearings Inc Industrials S US USD 39,423 321.77 $12,685,139 2.14% INTA Intapp Inc Information Technology S US USD 204,227 58.38 $11,922,772 2.01% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 105,638 100.38 $10,603,942 1.79% CBZ CBIZ Inc Industrials S US USD 138,451 75.86 $10,502,893 1.77% SKY Champion Homes Inc Consumer Discretionary S US USD 109,264 94.76 $10,353,857 1.75% SPXC SPX Technologies Inc Industrials S US USD 79,183 128.78 $10,197,187 1.72% STAG STAG Industrial Inc Real Estate S US USD 274,147 36.12 $9,902,190 1.67% GMED Globus Medical Inc, Class A Health Care S US USD 130,463 73.20 $9,549,892 1.61% HLI Houlihan Lokey Inc, Class A Financials S US USD 59,050 161.50 $9,536,575 1.61% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 372,914 25.26 $9,419,808 1.59% DSGX Descartes Systems Group Inc Information Technology S CA USD 93,296 100.83 $9,407,036 1.59% SLGN Silgan Holdings Inc Materials S US USD 183,753 51.12 $9,393,453 1.58% UFPI UFP Industries Inc Industrials S US USD 83,522 107.04 $8,940,195 1.51% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 53,474 166.63 $8,910,373 1.50% ABCB Ameris Bancorp Financials S US USD 151,495 57.57 $8,721,567 1.47% NWE Northwestern Energy Group Inc Utilities S US USD 150,398 57.87 $8,703,532 1.47% CENTA Central Garden & Pet Co, Class A Consumer Staples S US USD 265,730 32.73 $8,697,343 1.47% SF Stifel Financial Corp Financials S US USD 92,213 94.26 $8,691,997 1.47% HMN Horace Mann Educators Corp Financials S US USD 202,653 42.73 $8,659,363 1.46% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 49,549 173.02 $8,572,968 1.45% MTDR Matador Resources Co, Class A Energy S US USD 164,694 51.09 $8,414,216 1.42% BCPC Balchem Corp Materials S US USD 50,434 166.00 $8,372,044 1.41% HQY HealthEquity Inc Health Care S US USD 93,907 88.37 $8,298,562 1.40% INSM Insmed Inc Health Care S US USD 107,633 76.29 $8,211,322 1.38% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 244,968 32.75 $8,022,702 1.35% NOVT Novanta Inc Information Technology S US USD 62,278 127.87 $7,963,488 1.34% APPF Appfolio Inc, Class A Information Technology S US USD 35,451 219.90 $7,795,675 1.31% AVNT Avient Corp Materials S US USD 205,921 37.16 $7,652,024 1.29% PATK Patrick Industries Inc Consumer Discretionary S US USD 87,280 84.56 $7,380,397 1.24% UMBF UMB Financial Corp Financials S US USD 72,415 101.10 $7,321,157 1.23% PRIM Primoris Services Corp Industrials S US USD 125,479 57.41 $7,203,749 1.21% STRL Sterling Infrastructure Inc Industrials S US USD 63,348 113.21 $7,171,627 1.21% MEDP Medpace Holdings Inc Health Care S US USD 23,461 304.69 $7,148,332 1.21% VIAV Viavi Solutions Inc Information Technology S US USD 636,809 11.19 $7,125,893 1.20% ADC Agree Realty Corp Real Estate S US USD 89,417 77.19 $6,902,098 1.16% HALO Halozyme Therapeutics Inc Health Care S US USD 107,572 63.81 $6,864,169 1.16% IDA IDACORP Inc Utilities S US USD 57,244 116.22 $6,652,898 1.12% BWIN Baldwin Insurance Group Inc, Class A Financials S US USD 148,632 44.69 $6,642,364 1.12% ITT ITT Inc Industrials S US USD 51,065 129.16 $6,595,555 1.11% PHR Phreesia Inc Health Care S US USD 257,586 25.56 $6,583,898 1.11% IRT Independence Realty Trust Inc Real Estate S US USD 305,419 21.23 $6,484,045 1.09% EPAC Enerpac Tool Group Corp, Class A Industrials S US USD 143,901 44.86 $6,455,399 1.09% FWRG First Watch Restaurant Group Inc Consumer Discretionary S US USD 378,402 16.65 $6,300,393 1.06% RHP Ryman Hospitality Properties Inc Real Estate S US USD 68,877 91.44 $6,298,113 1.06% CATY Cathay General Bancorp Financials S US USD 145,786 43.03 $6,273,172 1.06% CHRD Chord Energy Corp Energy S US USD 54,907 112.72 $6,189,117 1.04% TPH Tri Pointe Homes Inc Consumer Discretionary S US USD 193,668 31.92 $6,181,883 1.04% SBCF Seacoast Banking Corp of Florida Financials S US USD 236,972 25.73 $6,097,290 1.03% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 27,067 220.84 $5,977,476 1.01% ATRC AtriCure Inc Health Care S US USD 182,291 32.26 $5,880,708 0.99% CNS Cohen & Steers Inc Financials S US USD 73,009 80.25 $5,858,972 0.99% VCYT Veracyte Inc Health Care S US USD 197,281 29.65 $5,849,382 0.99% HLMN Hillman Solutions Corp Industrials S US USD 659,731 8.79 $5,799,035 0.98% SWTX SpringWorks Therapeutics Inc Health Care S US USD 128,125 44.13 $5,654,156 0.95% GTLS Chart Industries Inc Industrials S US USD 38,864 144.36 $5,610,407 0.95% NHI National Health Investors Inc Real Estate S US USD 75,848 73.86 $5,602,133 0.94% MTX Minerals Technologies Inc Materials S US USD 87,820 63.57 $5,582,717 0.94% COCO Vita Coco Co Inc Consumer Staples S US USD 179,853 30.65 $5,512,494 0.93% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 50,416 107.43 $5,416,191 0.91% OCFC OceanFirst Financial Corp Financials S US USD 310,670 17.01 $5,284,497 0.89% AEIS Advanced Energy Industries Inc Information Technology S US USD 55,354 95.31 $5,275,790 0.89% PPBI Pacific Premier Bancorp Inc Financials S US USD 244,083 21.32 $5,203,850 0.88% UTZ Utz Brands Inc, Class A Consumer Staples S US USD 365,729 14.08 $5,149,464 0.87% INDB Independent Bank Corp [MA] Financials S US USD 81,812 62.65 $5,125,522 0.86% SLAB Silicon Laboratories Inc Information Technology S US USD 45,289 112.57 $5,098,183 0.86% AORT Artivion Inc Health Care S US USD 206,093 24.58 $5,065,766 0.85% TNDM Tandem Diabetes Care Inc Health Care S US USD 260,050 19.16 $4,982,558 0.84% ALGM Allegro MicroSystems Inc Information Technology S US USD 189,038 25.13 $4,750,525 0.80% USPH US Physical Therapy Inc Health Care S US USD 64,731 72.36 $4,683,935 0.79% TCBI Texas Capital Bancshares Inc Financials S US USD 61,250 74.70 $4,575,375 0.77% PAR Par Technology Corp Information Technology S US USD 74,465 61.34 $4,567,683 0.77% CDRE Cadre Holdings Inc Industrials S US USD 152,187 29.61 $4,506,257 0.76% DCO Ducommun Inc Industrials S US USD 77,359 58.03 $4,489,143 0.76% ARQT Arcutis Biotherapeutics Inc Health Care S US USD 286,706 15.64 $4,484,082 0.76% GTES Gates Industrial Corp PLC Industrials S US USD 243,375 18.41 $4,480,534 0.76% CHX ChampionX Corp Energy S US USD 146,048 29.80 $4,352,230 0.73% LZB La-Z-Boy Inc Consumer Discretionary S US USD 102,395 39.09 $4,002,621 0.67% PWP Perella Weinberg Partners, Class A Financials S US USD 217,199 18.40 $3,996,462 0.67% BCRX BioCryst Pharmaceuticals Inc Health Care S US USD 532,242 7.50 $3,991,815 0.67% OXM Oxford Industries Inc Consumer Discretionary S US USD 67,762 58.67 $3,975,597 0.67% FLYW Flywire Corp Financials S US USD 414,258 9.50 $3,935,451 0.66% THR Thermon Group Holdings Inc Industrials S US USD 140,719 27.85 $3,919,024 0.66% GBCI Glacier Bancorp Inc Financials S US USD 85,604 44.22 $3,785,409 0.64% ITCI Intra-Cellular Therapies Inc Health Care S US USD 28,083 131.92 $3,704,709 0.62% CRNX Crinetics Pharmaceuticals Inc Health Care S US USD 107,125 33.54 $3,592,973 0.61% AGIO Agios Pharmaceuticals Inc Health Care S US USD 121,163 29.30 $3,550,076 0.60% DAVA Endava PLC ADR, Class A Information Technology S GB USD 152,598 19.51 $2,977,187 0.50% SNDR Schneider National Inc, Class B Industrials S US USD 126,495 22.85 $2,890,411 0.49% AZTA Azenta Inc Health Care S US USD 79,934 34.64 $2,768,914 0.47% ICUI ICU Medical Inc Health Care S US USD 18,635 138.86 $2,587,656 0.44% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 109,206 21.49 $2,346,837 0.40% Cash & Equivalents Cash C US USD - - $4,219,485 0.71% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Intra-Cellular Therapies, Inc. 1 1.15% 57.95% Halozyme Therapeutics Inc 2 1.12% 33.47% Baldwin Insurance Group Inc, Class A 3 0.93% 15.30% Magnolia Oil & Gas Corp, Class A 4 1.40% 8.52% Paragon 28, Inc. 5 0.41% 26.23% Northwestern Energy Group Inc 6 1.26% 9.14% Horace Mann Educators Corp 7 1.26% 9.56% Insmed Inc 8 1.27% 10.50% Agree Realty Corp 9 1.01% 10.35% STAG Industrial Inc 10 1.48% 7.59% 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 Flywire Corp 20 1.03% -53.93% Tandem Diabetes Care Inc 19 0.94% -46.81% MACOM Technology Solutions Holdings Inc 18 2.00% -22.73% Sterling Infrastructure Inc 17 1.19% -32.79% Primoris Services Corp 16 1.41% -24.78% Boot Barn Holdings Inc 15 1.05% -29.24% Veracyte Inc 14 1.17% -25.13% Chart Industries Inc 13 1.11% -24.36% Endava PLC ADR, Class A 12 0.66% -36.86% Novanta Inc 11 1.39% -16.30% 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 GW&K Small Cap Core Fund (GWEZX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Index Health Care 18.80% 16.74% Industrials 17.11% 17.65% Financials 16.81% 19.79% Information Technology 13.07% 12.32% Consumer Discretionary 11.71% 9.12% Real Estate 5.93% 6.45% Materials 5.23% 3.88% Energy 4.78% 5.11% Consumer Staples 3.26% 3.18% Utilities 2.59% 3.17% Cash & Other 0.71% 0.00% Communication Services 0.00% 2.61% As of: 03/31/2025 Investment Allocation 03/31/2025 Stocks 99.29% Bonds 0.00% Cash and Other 0.71% As of: 03/31/2025 Industry Fund Russell 2000® Index Banks 8.83% 10.77% Machinery 8.74% 3.99% Biotechnology 7.12% 8.16% Software 4.91% 5.94% Capital Markets 4.74% 1.84% Health Care Equipment & Supplies 4.73% 2.84% Oil, Gas & Consumable Fuels 4.05% 3.03% Chemicals 3.64% 1.60% Household Durables 3.46% 1.98% Semiconductors & Semiconductor Equipment 3.45% 2.07% % in Top 10 Industries 53.67% 42.22% As of: 03/31/2025 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 AMG 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 AMG GW&K Core Bond ESG Fund View Fund Details MGFIX AMG GW&K ESG Bond Fund View Fund Details MECAX AMG GW&K International Small Cap Fund View Fund Details GWMTX AMG GW&K Municipal Bond Fund View Fund Details MESHX AMG GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX AMG GW&K Municipal Enhanced Yield Fund View Fund Details SKSEX AMG GW&K Small Cap Value Fund View Fund Details GWGVX AMG GW&K Small/Mid Cap Core Fund View Fund Details ACWDX AMG 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