Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 12/06/2024 $35.17 +$0.01 (+0.03%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 04/23/1987 to 11/30/2024 = $569,832.36 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 or visit our website at amgfunds.com. 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 capital appreciation. Why Consider Provides investors with exposure to a portfolio of undervalued small cap companies that demonstrate positive business momentum 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 through portfolio diversification and a strong sell discipline Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K Small Cap Value Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective GW&K Small Cap Value Fund is categorized as Small-Value. It invests in small-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 11/30/2024 Overall Rating (of 593) 3 Years (of 593) 5 Years (of 566) 10 Years (of 404) 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 O. Whitney, CFA PARTNER, PORTFOLIO MANAGER Jeff is a portfolio manager for the GW&K Small Cap Value Strategy and provides research coverage for our other domestic equity strategies. He is a seasoned analyst with extensive experience analyzing companies and identifying investment opportunities in the Financial and Real Estate sectors. Jeff is a member of the firm’s Investment Committee. Through his 20+ years working in investment research, Jeff has gained a broad market perspective covering a wide variety of sectors including Health Care, Technology, Financials, and Real Estate. Prior to joining GW&K, Jeff was an assistant portfolio manager at ING Investment Management and a vice president and equity analyst at J.P. Morgan Fleming Asset Management. He started his investment career working for Dean Witter Intercapital as an investment management associate. Jeff earned a BS in Finance from Central Connecticut State University and an MBA from Vanderbilt University. He is a CFA® charterholder 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 or visit our website at amgfunds.com. 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. Expense Ratios Gross Expense Ratio: 1.19% Net Expense Ratio: 1.15% Expense Cap Expiration Date: 05/01/2025 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 $0.450000 $0.195100 — $0.254900 Dec 15, 2022 $0.433300 $0.150800 $0.127800 $0.154700 Dec 15, 2021 $0.633800 $0.031900 $0.526100 $0.075800 Aug 05, 2021 $3.672300 $0.043300 $2.370800 $1.258200 Dec 09, 2020 $11.525300 $0.079700 $0.579700 $10.865900 Dec 16, 2019 $2.630100 $0.091500 — $2.538600 Dec 27, 2018 $4.635700 — $0.384900 $4.250800 Dec 27, 2017 $2.968000 — $0.756200 $2.211800 Dec 27, 2016 $0.009900 — $0.009900 — Dec 28, 2015 $1.776200 $0.004400 $0.471400 $1.300400 Dec 26, 2014 $1.481400 — $0.735600 $0.745800 Dec 26, 2013 $0.011200 $0.007400 — $0.003800 Dec 26, 2008 $0.041900 — $0.036100 $0.005800 Dec 28, 2007 $3.879790 — $0.964210 $2.915580 Dec 14, 2006 $4.210000 — $0.760000 $3.450000 Dec 16, 2005 $6.420000 — $0.910000 $5.510000 Dec 16, 2004 $3.690000 — $1.190000 $2.500000 Dec 19, 2003 $1.560000 — $0.470000 $1.090000 Dec 08, 1999 $1.230000 $0.180000 — $1.050000 Dec 08, 1998 $0.320000 $0.110000 — $0.210000 Dec 16, 1997 $2.890000 $1.840000 — $1.050000 Dec 18, 1996 $3.610000 $1.730000 — $1.880000 Dec 27, 1995 $1.010000 $0.100000 — $0.910000 Dec 22, 1994 $1.930000 $0.740000 — $1.190000 Dec 29, 1993 $3.150000 $1.980000 — $1.170000 Dec 29, 1992 $0.910000 $0.710000 — $0.200000 Dec 26, 1991 $2.400000 $1.710000 — $0.690000 Sep 16, 1991 $0.010000 $0.010000 — — Dec 11, 1990 $0.090000 $0.090000 — — Sep 17, 1990 $0.010000 $0.010000 — — Dec 28, 1989 $1.300000 $0.940000 — $0.360000 Dec 30, 1988 $0.050000 $0.050000 — — From: To: Risk & Return Statistics As of: 11/30/2024 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. 1.32 1.07 -0.38 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. 22.47 25.58 22.05 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. 0.16 0.32 0.28 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 95.08 94.86 97.51 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. 95.61 97.53 100.19 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. 0.96 0.99 1.02 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. 95.29 94.60 93.95 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. 4.98 5.95 5.44 View All Characteristics & Statistics All Characteristics & Statistics GW&K Small Cap Value Fund (SKSEX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Value Index Fund Assets (Mil.$) $244 Number of Holdings 84 1,437 Weighted Avg. Market Cap (Mil.$) $3,700 $2,884 Median Market Cap (Mil.$) $2,884 $798 Weighted Avg. P/E (1-yr Forward EPS) 16.35 13.89 Weighted Avg. P/E (Trailing EPS) 18.21 14.20 PEG Ratio 1.35 1.10 Weighted Avg. P/B 1.77 1.31 EPS Growth (Trailing 3-yr %) -1.69% 0.67% EPS Growth (Trailing 5-yr %) 7.59% 7.30% Forward EPS Growth (1-yr %) 3.04% -7.98% Forward EPS Growth (Long Term %) 10.58% 8.93% Revenue Growth (Trailing 5-yr %) 11.91% 8.35% Return on Equity 10.93% 6.08% Weighted Avg. Dividend Yield 1.79% 2.15% Debt to Equity 77.76 79.45 Trailing 12-Months Portfolio Turnover 20.40% As of: 09/30/2024 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. 1.32 1.07 -0.38 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. 22.47 25.58 22.05 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. 0.16 0.32 0.28 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 95.08 94.86 97.51 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. 95.61 97.53 100.19 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. 0.96 0.99 1.02 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. 95.29 94.60 93.95 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. 4.98 5.95 5.44 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. 0.22 0.14 -0.09 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. 3.70 8.36 6.03 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. -21.78 -39.07 -40.06 As of: 11/30/2024 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 4.59% 18.41% Market Cap ($mm) 1,000 - 1,500 8.14% 10.82% Market Cap ($mm) 1,500 - 2,500 25.54% 20.95% Market Cap ($mm) 2,500 - 5,000 34.61% 36.77% Market Cap ($mm) 5,000 - 10,000 27.12% 12.89% Market Cap ($mm) 10,000 - 25,000 0.00% 0.01% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.15% As of: 09/30/2024 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 8.91% 16.11% P/E 10-15 16.65% 19.68% P/E 15-20 17.34% 13.65% P/E 20-25 5.62% 6.38% P/E 25-Above 40.74% 24.12% P/E – NA 10.75% 20.06% As of: 09/30/2024 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 44.41% 35.14% EPS Growth (Trailing 3-yr %) 0 - 5 9.81% 7.57% EPS Growth (Trailing 3-yr %) 5 - 10 7.31% 6.30% EPS Growth (Trailing 3-yr %) 10 - 15 12.65% 5.76% EPS Growth (Trailing 3-yr %) 15 - 20 3.83% 2.58% EPS Growth (Trailing 3-yr %) Above 20 9.59% 16.62% EPS Growth (Trailing 3-yr %) - NA 12.39% 26.02% As of: 09/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2024 Piper Sandler Cos 2.58% Boot Barn Holdings Inc 2.43% Primoris Services Corp 2.35% Group 1 Automotive Inc 2.34% PJT Partners Inc, Class A 2.30% Integer Holdings Corp 2.21% Independence Realty Trust Inc 2.18% Federal Agricultural Mortgage Corp 2.11% Walker & Dunlop Inc 2.03% Selective Insurance Group Inc 2.01% % in Top 10 Holdings 22.53% View Holding Details Holding Details GW&K Small Cap Value Fund (SKSEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2024 Piper Sandler Cos 2.58% Boot Barn Holdings Inc 2.43% Primoris Services Corp 2.35% Group 1 Automotive Inc 2.34% PJT Partners Inc, Class A 2.30% Integer Holdings Corp 2.21% Independence Realty Trust Inc 2.18% Federal Agricultural Mortgage Corp 2.11% Walker & Dunlop Inc 2.03% Selective Insurance Group Inc 2.01% % in Top 10 Holdings 22.53% As of: 09/30/2024 Download All Holdings (PDF) As of: 10/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund PRIM Primoris Services Corp Industrials S US USD 93,270 62.62 $5,840,567 2.59% GPI Group 1 Automotive Inc Consumer Discretionary S US USD 14,077 364.32 $5,128,533 2.28% SF Stifel Financial Corp Financials S US USD 46,909 103.62 $4,860,711 2.16% ITGR Integer Holdings Corp Health Care S US USD 39,091 124.25 $4,857,057 2.16% IRT Independence Realty Trust Inc Real Estate S US USD 244,997 19.62 $4,806,841 2.14% AGM Federal Agricultural Mortgage Corp Financials S US USD 25,994 183.27 $4,763,920 2.12% WD Walker & Dunlop Inc Financials S US USD 41,238 109.37 $4,510,200 2.00% SIGI Selective Insurance Group Inc Financials S US USD 49,475 90.82 $4,493,320 2.00% PJT PJT Partners Inc, Class A Financials S US USD 32,322 138.96 $4,491,465 2.00% PIPR Piper Sandler Cos Financials S US USD 15,792 283.64 $4,479,243 1.99% ABCB Ameris Bancorp Financials S US USD 67,713 61.99 $4,197,529 1.86% CBZ CBIZ Inc Industrials S US USD 57,796 68.93 $3,983,878 1.77% IBOC International Bancshares Corp Financials S US USD 63,395 61.26 $3,883,578 1.73% UFPI UFP Industries Inc Industrials S US USD 31,450 122.34 $3,847,593 1.71% AUB Atlantic Union Bankshares Corp Financials S US USD 98,419 37.80 $3,720,238 1.65% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 28,508 124.55 $3,550,671 1.58% IMAX IMAX Corp Communication Services S CA USD 143,160 24.30 $3,478,788 1.55% LGND Ligand Pharmaceuticals Inc Health Care S US USD 32,272 105.70 $3,411,150 1.52% CHCO City Holding Co Financials S US USD 28,224 116.60 $3,290,918 1.46% FCPT Four Corners Property Trust Inc Real Estate S US USD 114,418 27.56 $3,153,360 1.40% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 87,151 34.07 $2,969,235 1.32% GTY Getty Realty Corp Real Estate S US USD 94,442 31.39 $2,964,534 1.32% CENT Central Garden & Pet Co Consumer Staples S US USD 85,815 34.30 $2,943,455 1.31% IDA IDACORP Inc Utilities S US USD 28,429 103.48 $2,941,833 1.31% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 57,679 50.99 $2,941,052 1.31% CATY Cathay General Bancorp Financials S US USD 63,542 45.98 $2,921,661 1.30% NEO NeoGenomics Inc Health Care S US USD 213,858 13.59 $2,906,330 1.29% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 114,210 25.28 $2,887,229 1.28% CBU Community Financial System Inc Financials S US USD 45,969 61.14 $2,810,545 1.25% ADC Agree Realty Corp Real Estate S US USD 37,494 74.25 $2,783,930 1.24% STAG STAG Industrial Inc Real Estate S US USD 71,850 37.28 $2,678,568 1.19% WS Worthington Steel Inc Materials S US USD 69,068 38.24 $2,641,160 1.17% FFBC First Financial Bancorp Financials S US USD 102,964 25.58 $2,633,819 1.17% TPH Tri Pointe Homes Inc Consumer Discretionary S US USD 65,045 40.43 $2,629,769 1.17% ASO Academy Sports & Outdoors Inc Consumer Discretionary S US USD 50,455 50.86 $2,566,141 1.14% PATK Patrick Industries Inc Consumer Discretionary S US USD 20,296 125.98 $2,556,890 1.14% MTDR Matador Resources Co, Class A Energy S US USD 48,841 52.11 $2,545,105 1.13% AKR Acadia Realty Trust Real Estate S US USD 103,110 24.49 $2,525,164 1.12% PDM Piedmont Office Realty Trust Inc, Class A Real Estate S US USD 249,885 9.94 $2,483,857 1.10% MDU MDU Resources Group Inc Utilities S US USD 85,675 28.85 $2,471,724 1.10% MTX Minerals Technologies Inc Materials S US USD 32,776 75.29 $2,467,705 1.10% CMCO Columbus McKinnon Corp Industrials S US USD 77,417 31.81 $2,462,635 1.09% GBCI Glacier Bancorp Inc Financials S US USD 47,150 52.15 $2,458,873 1.09% EPRT Essential Properties Realty Trust Inc Real Estate S US USD 77,440 31.69 $2,454,074 1.09% VBTX Veritex Holdings Inc Financials S US USD 90,580 27.00 $2,445,660 1.09% AGIO Agios Pharmaceuticals Inc Health Care S US USD 54,800 44.43 $2,434,764 1.08% CHRD Chord Energy Corp Energy S US USD 19,460 125.10 $2,434,446 1.08% GTES Gates Industrial Corp PLC Industrials S US USD 123,275 19.35 $2,385,371 1.06% HWC Hancock Whitney Corp Financials S US USD 45,000 52.08 $2,343,600 1.04% EFSC Enterprise Financial Services Corp Financials S US USD 43,630 52.72 $2,300,174 1.02% DVAX Dynavax Technologies Corp, Class A Health Care S US USD 194,075 11.85 $2,299,789 1.02% SWX Southwest Gas Holdings Inc Utilities S US USD 30,895 73.25 $2,263,059 1.01% SLAB Silicon Laboratories Inc Information Technology S US USD 21,775 103.86 $2,261,552 1.00% BOW Bowhead Specialty Holdings Inc Financials S US USD 76,851 29.11 $2,237,133 0.99% SEI Solaris Energy Infrastructure Inc, Class A Energy S US USD 164,790 13.14 $2,165,341 0.96% TILE Interface Inc, Class A Industrials S US USD 123,200 17.47 $2,152,304 0.96% NWE Northwestern Energy Group Inc Utilities S US USD 40,158 53.46 $2,146,847 0.95% NOG Northern Oil & Gas Inc Energy S US USD 58,910 36.25 $2,135,488 0.95% ICFI ICF International Inc Industrials S US USD 12,219 168.59 $2,060,001 0.92% XHR Xenia Hotels & Resorts Inc Real Estate S US USD 143,021 14.17 $2,026,608 0.90% GTLS Chart Industries Inc Industrials S US USD 16,611 120.72 $2,005,280 0.89% OCFC OceanFirst Financial Corp Financials S US USD 108,553 18.20 $1,975,665 0.88% FWRG First Watch Restaurant Group Inc Consumer Discretionary S US USD 110,991 17.00 $1,886,292 0.84% WNS WNS Holdings Ltd Industrials S IN USD 38,485 47.99 $1,846,895 0.82% PLYM Plymouth Industrial REIT Inc Real Estate S US USD 90,670 20.32 $1,842,414 0.82% SLGN Silgan Holdings Inc Materials S US USD 35,165 51.74 $1,819,437 0.81% SBCF Seacoast Banking Corp of Florida Financials S US USD 67,107 26.70 $1,791,757 0.80% ZD Ziff Davis Inc Communication Services S US USD 38,390 46.27 $1,776,305 0.79% CRGY Crescent Energy Co, Class A Energy S US USD 142,745 12.43 $1,774,320 0.79% HLMN Hillman Solutions Corp Industrials S US USD 166,044 10.60 $1,760,066 0.78% PR Permian Resources Corp, Class A Energy S US USD 126,768 13.63 $1,727,848 0.77% CRC California Resources Corp Energy S US USD 32,995 51.97 $1,714,750 0.76% BJRI BJ's Restaurants Inc Consumer Discretionary S US USD 46,120 37.09 $1,710,591 0.76% WSBC WesBanco Inc Financials S US USD 52,853 31.45 $1,662,227 0.74% POWI Power Integrations Inc Information Technology S US USD 26,370 60.43 $1,593,539 0.71% WOR Worthington Enterprises Inc Consumer Discretionary S US USD 41,173 38.30 $1,576,926 0.70% VIAV Viavi Solutions Inc Information Technology S US USD 169,450 9.22 $1,562,329 0.69% FNA Paragon 28 Inc Health Care S US USD 289,144 5.30 $1,532,463 0.68% OEC Orion SA Materials S US USD 91,551 14.99 $1,372,349 0.61% FOXF Fox Factory Holding Corp Consumer Discretionary S US USD 32,660 35.99 $1,175,433 0.52% WNC Wabash National Corp Industrials S US USD 60,735 17.44 $1,059,218 0.47% DAVA Endava PLC ADR, Class A Information Technology S GB USD 42,815 23.65 $1,012,575 0.45% ARHS Arhaus Inc, Class A Consumer Discretionary S US USD 84,265 8.48 $714,567 0.32% CENTA Central Garden & Pet Co, Class A Consumer Staples S US USD 20,371 29.14 $593,611 0.26% Cash & Equivalents Cash C US USD - - $2,147,089 0.95% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Boot Barn Holdings Inc 1 2.04% 29.74% Piper Sandler Cos 2 2.43% 23.51% Group 1 Automotive Inc 3 2.14% 28.96% PJT Partners Inc, Class A 4 2.15% 23.75% Ameris Bancorp 5 1.75% 24.12% Primoris Services Corp 6 2.21% 16.50% Ultragenyx Pharmaceutical Inc 7 1.19% 35.16% Solaris Energy Infrastructure Inc, Class A 8 0.87% 49.74% Patrick Industries Inc 9 1.14% 31.54% Walker & Dunlop Inc 10 1.92% 16.18% As of: 09/30/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Atkore Inc 20 0.60% -29.68% Hillenbrand Inc 19 1.10% -30.13% Helen of Troy Limited 18 0.26% -42.55% Chord Energy Corp 17 1.34% -21.41% Orion SA 16 1.37% -18.76% Matador Resources Co, Class A 15 1.23% -16.88% Permian Resources Corp, Class A 14 1.37% -14.88% Arhaus Inc, Class A 13 0.51% -27.33% CBIZ Inc 12 1.88% -9.19% Chart Industries Inc 11 0.98% -13.99% As of: 09/30/2024 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 Sector Allocation (Equity) As of: 09/30/2024 View Allocation Details Allocation Details GW&K Small Cap Value Fund (SKSEX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Financials 29.38% 28.09% Industrials 13.84% 12.20% Real Estate 12.55% 11.38% Consumer Discretionary 11.81% 10.01% Health Care 10.10% 9.27% Energy 7.38% 7.16% Materials 4.17% 5.13% Utilities 3.27% 5.25% Information Technology 2.98% 5.81% Communication Services 2.12% 3.38% Consumer Staples 1.64% 2.30% Cash & Other 0.77% 0.00% As of: 09/30/2024 Investment Allocation 09/30/2024 Stocks 99.23% Bonds 0.00% Cash and Other 0.77% As of: 09/30/2024 Industry Fund Russell 2000® Value Index Banks 16.44% 18.67% Capital Markets 6.78% 0.64% Specialty Retail 6.51% 2.88% Oil, Gas & Consumable Fuels 6.47% 5.05% Machinery 5.18% 2.55% Financial Services 4.15% 3.54% Retail REITs 3.60% 2.35% Professional Services 3.49% 1.02% Construction & Engineering 3.38% 0.74% Biotechnology 3.09% 4.35% % in Top 10 Industries 59.09% 41.79% As of: 09/30/2024 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 Jeffrey O. Whitney, CFA PARTNER, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach GW&K Small Cap Value Fund The Fund primarily invests in undervalued small cap companies GW&K believes quality small cap companies trading at low valuation levels offer attractive opportunities for stock price appreciation over time. Companies that can generate sustainable earnings growth possess these key attributes: A high quality management team focused on enhancing long-term value for shareholders. Experienced and motivated management Improving business model Catalyst for positive market revaluation GW&K seeks to add value through a fundamental research process and proprietary screening. A disciplined long-term research focus seeks to identify well-managed, undervalued companies with improving fundamental and financial characteristics Related products Other Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund View Fund Details MGFIX GW&K ESG Bond Fund View Fund Details MECAX GW&K International Small Cap 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 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