Fund Notice Effective December 8, 2025, the subadviser of AMG GW&K Small Cap Growth Fund (formerly AMG Montrusco Bolton Large Cap Growth Fund) (the “Fund”) changed from Montrusco Bolton Investments, Inc. to GW&K Investment Management, LLC. Also effective December 8, 2025, the Fund changed its name to AMG GW&K Small Cap Growth Fund, changed its principal investment strategies and principal risks, reduced its management fee and expense cap, and changed the maximum authorized shareholder servicing fee rate payable by Class I shares. For more information regarding these and other changes to the Fund, please see the Fund’s Prospectus. Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 02/27/2026 $10.39 -$0.12 (-1.14%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 11/02/1994 to 01/31/2026 = $221,237.57 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 investing in small cap stocks exhibiting consistent, sustainable earnings growth. Why Consider Provides investors with exposure to a portfolio of small cap growth companies 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 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 can drive enhanced stock price performance over time Documents Summary Prospectus Prospectus SAI Annual Report - Class N Semi-Annual Report - Class N Annual Report - Class I Semi-Annual Report - Class I Annual Financial Statements and other information Semi-Annual Financial Statements and other information Q1 Holdings Q3 Holdings Distributions All Holdings View All Documents Investment Style AMG GW&K 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 GW&K 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 01/31/2026 Overall Rating (of 1,002) 3 Years (of 1,002) 5 Years (of 935) 10 Years (of 757) Category Large Growth Read Important Investment Disclosures Daniel L. Miller, CFA PARTNER, 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. Joseph C. Craigen, CFA PARTNER, PORTFOLIO MANAGER Joe serves as a portfolio manager for GW&K’s Small Cap Growth Strategy and is a member of the firm’s Investment Committee. He is also a research analyst focused on our Small Cap Core and Small/Mid Cap Core Strategies. Joe is a seasoned investor with expertise in a number of industries including extensive experience in Information Technology. Prior to joining GW&K in 2008, Joe held research analyst positions at Citizens Funds and Needham & Company, and was a research associate at Tucker Anthony. Joe received an AB in Economics from Harvard College. He has earned the CFA® designation and is a member of the CFA Institute and the CFA Society 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: 0.96% Net Expense Ratio: 0.90% Expense Cap Expiration Date: 03/01/2027 The Fund’s Investment Manager has contractually agreed, through 03/01/2027, 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, 2025 $4.322000 — $0.479100 $3.842900 Dec 16, 2024 $1.257500 — $0.268800 $0.988700 Dec 14, 2023 $0.430400 $0.032800 $0.113600 $0.284000 Dec 15, 2022 $0.997500 $0.004200 — $0.993300 Dec 15, 2021 $3.785300 — $1.731200 $2.054100 Mar 24, 2021 $7.003900 — $0.063200 $6.940700 Dec 16, 2020 $3.541600 — — $3.541600 Dec 16, 2019 $1.695900 — — $1.695900 Dec 27, 2018 $3.895200 — $0.450300 $3.444900 Dec 27, 2017 $1.939700 — — $1.939700 Dec 27, 2016 $1.981000 $0.040500 — $1.940500 Dec 30, 2015 $6.834000 $0.080800 — $6.753200 Dec 30, 2014 $5.051200 $0.048500 $0.203300 $4.799400 Dec 30, 2013 $2.127700 $0.164500 $0.050000 $1.913200 Dec 28, 2012 $1.926600 $0.220100 $0.063700 $1.642800 Dec 29, 2011 $2.011300 $0.130200 — $1.881100 Dec 29, 2010 $0.168700 $0.128000 — $0.040700 Dec 29, 2009 $0.076800 $0.076800 — — Dec 29, 2008 $0.654000 $0.056900 — $0.597100 Dec 14, 2007 $4.074600 $0.048700 $0.556300 $3.469600 Sep 14, 2007 $0.005000 $0.005000 — — Mar 16, 2007 $0.020800 $0.020800 — — Dec 15, 2006 $0.204700 $0.029700 — $0.175000 Sep 15, 2006 $0.010000 $0.010000 — — Mar 10, 2006 $0.016700 $0.016700 — — Dec 16, 2005 $0.041900 $0.041900 — — Sep 16, 2005 $0.002700 $0.002700 — — Jun 10, 2005 $0.010000 $0.010000 — — Mar 11, 2005 $0.010000 $0.010000 — — Dec 17, 2004 $0.032400 $0.032400 — — Dec 19, 2003 $0.017100 $0.017100 — — Dec 15, 2000 $4.079900 — — $4.079900 Dec 10, 1999 $1.651300 — — $1.651300 Dec 11, 1998 $0.935900 — — $0.935900 Dec 12, 1997 $0.211800 — — $0.211800 Dec 13, 1996 $0.136800 — — $0.136800 Mar 15, 1996 $0.004800 — $0.004800 — Dec 15, 1995 $0.008400 $0.008400 — — Sep 15, 1995 $0.006000 $0.006000 — — Jun 16, 1995 $0.009000 $0.009000 — — Mar 10, 1995 $0.003000 $0.003000 — — Dec 16, 1994 $0.005000 $0.005000 — — From: To: Risk & Return Statistics As of: 01/31/2026 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. -4.35 -2.18 -2.28 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. 13.08 16.88 15.76 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. 1.05 0.46 0.71 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. 80.86 85.93 87.26 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. 98.68 92.73 96.15 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. 0.90 0.90 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. 87.27 91.88 93.37 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. 4.92 5.15 4.30 View All Characteristics & Statistics All Characteristics & Statistics AMG GW&K Small Cap Growth Fund (MCGFX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Growth Index Fund Assets (Mil.$) $195 Number of Holdings 80 Weighted Avg. Market Cap (Mil.$) $7,352 $5,548 Median Market Cap (Mil.$) $4,651 $1,305 Weighted Avg. P/E (1-yr Forward EPS) 24.73 21.28 Weighted Avg. P/E (Trailing EPS) 30.66 25.69 PEG Ratio 1.52 1.44 Weighted Avg. P/B 3.66 4.25 EPS Growth (Trailing 3-yr %) 9.35% 12.40% EPS Growth (Trailing 5-yr %) 13.63% 18.36% Forward EPS Growth (1-yr %) 13.13% 9.11% Forward EPS Growth (Long Term %) 12.79% 12.66% Revenue Growth (Trailing 5-yr %) 15.52% 17.34% Return on Equity 8.73% 1.92% Weighted Avg. Dividend Yield 0.42% 0.50% Debt to Equity 80.76 72.15 SEC 30-Day Yield (%) -0.5% SEC 30-Day Yield (%) w/o fee -0.6% Trailing 12-Months Portfolio Turnover 203.63% As of: 12/31/2025 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. -4.35 -2.18 -2.28 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. 13.08 16.88 15.76 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. 1.05 0.46 0.71 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. 80.86 85.93 87.26 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. 98.68 92.73 96.15 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. 0.90 0.90 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. 87.27 91.88 93.37 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. 4.92 5.15 4.30 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. -1.22 -0.61 -0.77 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. 15.44 8.78 12.19 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. -7.54 -30.07 -30.07 As of: 01/31/2026 Market Cap Fund Russell 2000® Growth Index Market Cap ($mm) 0 - 1,000 1.38% 7.19% Market Cap ($mm) 1,000 - 1,500 4.80% 5.35% Market Cap ($mm) 1,500 - 2,500 17.72% 12.04% Market Cap ($mm) 2,500 - 5,000 25.37% 36.66% Market Cap ($mm) 5,000 - 10,000 31.00% 27.25% Market Cap ($mm) 10,000 - 25,000 15.17% 10.05% Market Cap ($mm) 25,000 - 50,000 4.57% 1.46% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2025 Valuation Characteristics Fund Russell 2000® Growth Index P/E 0-10 2.02% 2.18% P/E 10-15 5.76% 6.45% P/E 15-20 2.74% 8.32% P/E 20-25 12.29% 8.78% P/E 25-Above 55.13% 42.62% P/E – NA 22.06% 31.64% As of: 12/31/2025 Growth Characteristics Fund Russell 2000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 23.51% 13.23% EPS Growth (Trailing 3-yr %) 0 - 5 4.47% 3.29% EPS Growth (Trailing 3-yr %) 5 - 10 5.73% 2.94% EPS Growth (Trailing 3-yr %) 10 - 15 7.50% 5.92% EPS Growth (Trailing 3-yr %) 15 - 20 4.04% 4.59% EPS Growth (Trailing 3-yr %) Above 20 21.55% 18.68% EPS Growth (Trailing 3-yr %) - NA 33.20% 51.36% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2025 MACOM Technology Solutions Holdings Inc 3.12% SPX Technologies Inc 2.90% Lumentum Holdings Inc 2.86% Grand Canyon Education Inc 2.45% RBC Bearings Inc 2.12% PJT Partners Inc, Class A 1.99% FTAI Aviation Ltd 1.94% Intapp Inc 1.90% Interface Inc, Class A 1.80% Advanced Energy Industries Inc 1.77% % in Top 10 Holdings 22.85% View Holding Details Holding Details AMG GW&K Small Cap Growth Fund (MCGFX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2025 MACOM Technology Solutions Holdings Inc 3.12% SPX Technologies Inc 2.90% Lumentum Holdings Inc 2.86% Grand Canyon Education Inc 2.45% RBC Bearings Inc 2.12% PJT Partners Inc, Class A 1.99% FTAI Aviation Ltd 1.94% Intapp Inc 1.90% Interface Inc, Class A 1.80% Advanced Energy Industries Inc 1.77% % in Top 10 Holdings 22.85% As of: 12/31/2025 As of: 01/31/2026 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SPXC SPX Technologies Inc Industrials S US USD 27,985 208.41 $5,832,354 2.93% AEIS Advanced Energy Industries Inc Information Technology S US USD 20,988 255.36 $5,359,496 2.69% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 28,424 173.84 $4,941,228 2.48% RBC RBC Bearings Inc Industrials S US USD 9,128 499.67 $4,560,988 2.29% LITE Lumentum Holdings Inc Information Technology S US USD 11,328 391.84 $4,438,764 2.23% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 18,277 219.06 $4,003,760 2.01% PJT PJT Partners Inc, Class A Financials S US USD 23,001 173.03 $3,979,863 2.00% TILE Interface Inc, Class A Industrials S US USD 124,249 31.47 $3,910,116 1.96% VIAV Viavi Solutions Inc Information Technology S US USD 156,442 24.46 $3,826,571 1.92% MOG/A Moog Inc, Class A Industrials S US USD 12,493 305.35 $3,814,738 1.91% POWL Powell Industries Inc Industrials S US USD 8,135 443.59 $3,608,605 1.81% STRL Sterling Infrastructure Inc Industrials S US USD 10,021 357.91 $3,586,616 1.80% SMTC Semtech Corp Information Technology S US USD 41,859 79.75 $3,338,255 1.67% NOVT Novanta Inc Information Technology S US USD 24,447 134.54 $3,289,099 1.65% HLI Houlihan Lokey Inc, Class A Financials S US USD 19,432 168.32 $3,270,794 1.64% GTES Gates Industrial Corp PLC Industrials S US USD 139,719 23.02 $3,216,331 1.61% IONS Ionis Pharmaceuticals Inc Health Care S US USD 37,943 82.67 $3,136,748 1.57% BLD TopBuild Corp Consumer Discretionary S US USD 6,658 468.05 $3,116,277 1.56% AIT Applied Industrial Technologies Inc Industrials S US USD 11,865 260.41 $3,089,765 1.55% EPAC Enerpac Tool Group Corp, Class A Industrials S US USD 75,342 40.36 $3,040,803 1.53% CRDO Credo Technology Group Holding Ltd Information Technology S US USD 23,066 125.28 $2,889,708 1.45% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 58,417 48.16 $2,813,363 1.41% KRYS Krystal Biotech Inc Health Care S US USD 10,073 279.24 $2,812,785 1.41% AVAV Aerovironment Inc Industrials S US USD 9,894 278.39 $2,754,391 1.38% CRNX Crinetics Pharmaceuticals Inc Health Care S US USD 54,744 49.94 $2,733,915 1.37% NEO NeoGenomics Inc Health Care S US USD 226,617 12.06 $2,733,001 1.37% INTA Intapp Inc Information Technology S US USD 79,889 33.95 $2,712,232 1.36% SITE SiteOne Landscape Supply Inc Industrials S US USD 18,723 143.54 $2,687,499 1.35% USPH US Physical Therapy Inc Health Care S US USD 31,900 83.87 $2,675,453 1.34% BBIO Bridgebio Pharma Inc Health Care S US USD 34,374 77.27 $2,656,079 1.33% GMED Globus Medical Inc, Class A Health Care S US USD 28,743 90.68 $2,606,415 1.31% SF Stifel Financial Corp Financials S US USD 20,843 123.30 $2,569,942 1.29% VCEL Vericel Corp Health Care S US USD 71,368 35.98 $2,567,821 1.29% VERA Vera Therapeutics Inc, Class A Health Care S US USD 58,372 43.26 $2,525,173 1.27% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 103,916 24.07 $2,501,258 1.25% PHAT Phathom Pharmaceuticals Inc Health Care S US USD 181,314 13.67 $2,478,562 1.24% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 7,616 323.44 $2,463,319 1.24% BCPC Balchem Corp Materials S US USD 14,332 170.17 $2,438,876 1.22% SEI Solaris Energy Infrastructure Inc, Class A Energy S US USD 43,852 55.19 $2,420,192 1.21% ATRC AtriCure Inc Health Care S US USD 64,564 36.93 $2,384,349 1.20% AORT Artivion Inc Health Care S US USD 57,814 40.77 $2,357,077 1.18% BCRX BioCryst Pharmaceuticals Inc Health Care S US USD 344,494 6.58 $2,266,771 1.14% TVTX Travere Therapeutics Inc Health Care S US USD 72,445 31.09 $2,252,315 1.13% CDRE Cadre Holdings Inc Industrials S US USD 55,632 40.01 $2,225,836 1.12% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 86,465 25.51 $2,205,722 1.11% LGN Legence Corp, Class A Industrials S US USD 45,363 46.91 $2,127,978 1.07% AVNT Avient Corp Materials S US USD 57,638 36.15 $2,083,614 1.05% ABCB Ameris Bancorp Financials S US USD 25,729 80.62 $2,074,272 1.04% CSW CSW Industrials Inc Industrials S US USD 7,553 269.98 $2,039,159 1.02% STAG STAG Industrial Inc Real Estate S US USD 53,287 37.51 $1,998,795 1.00% MEDP Medpace Holdings Inc Health Care S US USD 3,418 582.48 $1,990,917 1.00% HQY HealthEquity Inc Health Care S US USD 23,052 85.67 $1,974,865 0.99% VCYT Veracyte Inc Health Care S US USD 51,029 38.08 $1,943,184 0.97% AZTA Azenta Inc Health Care S US USD 49,354 38.88 $1,918,884 0.96% GBCI Glacier Bancorp Inc Financials S US USD 37,784 50.68 $1,914,893 0.96% ARQT Arcutis Biotherapeutics Inc Health Care S US USD 73,273 25.37 $1,858,936 0.93% RHP Ryman Hospitality Properties Inc Real Estate S US USD 19,405 94.70 $1,837,654 0.92% ALKT Alkami Technology Inc Information Technology S US USD 84,154 21.19 $1,783,223 0.89% CVLT CommVault Systems Inc Information Technology S US USD 20,795 85.70 $1,782,132 0.89% APPF Appfolio Inc, Class A Information Technology S US USD 9,260 189.88 $1,758,289 0.88% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 63,383 27.65 $1,752,540 0.88% HALO Halozyme Therapeutics Inc Health Care S US USD 23,551 71.71 $1,688,842 0.85% KWR Quaker Chemical Corp Materials S US USD 10,947 153.74 $1,682,992 0.84% DSGX Descartes Systems Group Inc Information Technology S CA USD 22,000 74.76 $1,644,720 0.82% CHDN Churchill Downs Inc Consumer Discretionary S US USD 16,645 98.36 $1,637,202 0.82% GPOR Gulfport Energy Corp Energy S US USD 7,971 204.17 $1,627,439 0.82% HLMN Hillman Solutions Corp Industrials S US USD 167,340 9.37 $1,567,976 0.79% FTAI FTAI Aviation Ltd Industrials S KY USD 5,577 272.32 $1,518,729 0.76% DORM Dorman Products Inc Consumer Discretionary S US USD 12,177 124.20 $1,512,383 0.76% MTDR Matador Resources Co, Class A Energy S US USD 32,485 45.24 $1,469,621 0.74% PNFP Pinnacle Financial Partners Inc Financials S US USD 14,802 95.09 $1,407,522 0.71% BOW Bowhead Specialty Holdings Inc Financials S US USD 55,331 24.56 $1,358,929 0.68% SKWD Skyward Specialty Insurance Group Inc Financials S US USD 28,997 44.62 $1,293,846 0.65% SNDR Schneider National Inc, Class B Industrials S US USD 44,649 26.84 $1,198,379 0.60% PAR Par Technology Corp Information Technology S US USD 39,715 26.21 $1,040,930 0.52% BRBR Bellring Brands Inc Consumer Staples S US USD 27,856 24.87 $692,779 0.35% FWRG First Watch Restaurant Group Inc Consumer Discretionary S US USD 41,180 15.99 $658,468 0.33% IONQ Ionq Inc Information Technology S US USD 13,641 39.98 $545,367 0.27% OXM Oxford Industries Inc Consumer Discretionary S US USD 13,665 36.85 $503,555 0.25% ACHC Acadia Healthcare Co Inc Health Care S US USD 29,975 13.44 $402,864 0.20% Cash & Equivalents Cash C US USD - - $3,994,527 2.00% Fund Holdings Sort order Avg. Weight Total Return Alphabet Inc, Class A 1 5.57% 30.49% Apple Inc 2 7.07% 8.93% Eli Lilly & Co 3 2.23% 28.86% Lam Research Corp 4 1.87% 23.97% Monster Beverage Corporation 5 2.44% 9.30% IDEXX Laboratories Inc 6 1.78% 9.42% Amazon.com Inc 7 5.78% 3.80% Phathom Pharmaceuticals Inc 8 0.38% 11.34% Grand Canyon Education Inc 9 0.61% 10.28% Lumentum Holdings Inc 10 0.70% 7.60% As of: 12/31/2025 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Netflix Inc 20 2.78% -19.34% Microsoft Corp 19 7.04% -4.88% Chipotle Mexican Grill, Inc. 18 2.65% -13.93% Meta Platforms Inc, Class A 17 3.63% -10.54% Ultragenyx Pharmaceutical Inc 16 0.28% -36.90% Credo Technology Group Holding Ltd 15 0.45% -19.59% Uber Technologies Inc 14 3.38% -9.08% BlackRock, Inc. 13 2.99% -7.80% MACOM Technology Solutions Holdings Inc 12 0.81% -7.69% Synopsys, Inc. 11 3.32% -5.58% As of: 12/31/2025 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: 12/31/2025 View Allocation Details Allocation Details AMG GW&K Small Cap Growth Fund (MCGFX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Growth Index Health Care 28.08% 25.82% Industrials 24.04% 21.74% Information Technology 21.45% 21.18% Financials 9.25% 9.85% Consumer Discretionary 8.51% 8.03% Energy 3.59% 2.83% Materials 2.85% 3.50% Real Estate 1.96% 2.16% Consumer Staples 0.39% 2.05% Communication Services 0.00% 2.34% Utilities 0.00% 0.51% Cash & Other -0.11% 0.00% As of: 12/31/2025 Investment Allocation 12/31/2025 Stocks 100.11% Bonds 0.00% Cash and Other -0.11% As of: 12/31/2025 Industry Fund Russell 2000® Growth Index Biotechnology 13.88% 12.62% Machinery 8.54% 4.99% Software 7.12% 8.82% Semiconductors & Semiconductor Equipment 6.44% 5.02% Capital Markets 5.10% 2.79% Trading Companies & Distributors 4.73% 0.96% Pharmaceuticals 4.38% 3.26% Communications Equipment 4.30% 0.97% Health Care Equipment & Supplies 3.99% 4.01% Health Care Providers & Services 3.98% 5.12% % in Top 10 Industries 62.46% 48.56% As of: 12/31/2025 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, DIRECTOR OF EQUITIES Read full bio Joseph C. Craigen, CFA PARTNER, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach AMG GW&K Small Cap Growth Fund The Fund primarily invests in small cap growth companies. The Fund identifies new investments based on five attributes: Company Management: The Fund seeks companies with experienced, tenured, high-quality management Growth Profile: The Fund favors companies with business models that have typically delivered consistent long-term growth Market Positioning: The Fund targets leading companies in attractive and defensible niche markets Financial Strength: The Fund invests in companies with strong financial characteristics Valuation: The Fund will seek attractive valuation relative to industry, peers, and own company history 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 GWSBX AMG GW&K Securitized Bond SMA Shares View Fund Details GWETX AMG GW&K Small Cap Core 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