Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 01/16/2025 $30.77 +$0.01 (+0.03%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 12/31/2024 = $17,165.09 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 12/31/2024 Overall Rating (of 596) 3 Years (of 596) 5 Years (of 571) 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 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: 0.99% Net Expense Ratio: 0.95% 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 16, 2024 $2.688400 $0.315300 $0.339400 $2.033700 Dec 14, 2023 $0.508100 $0.253200 — $0.254900 Dec 15, 2022 $0.491200 $0.208700 $0.127800 $0.154700 Dec 15, 2021 $0.775100 $0.173200 $0.526100 $0.075800 Aug 05, 2021 $3.720200 $0.091200 $2.370800 $1.258200 Dec 09, 2020 $11.590800 $0.145200 $0.579700 $10.865900 Dec 16, 2019 $2.782600 $0.244000 — $2.538600 Dec 27, 2018 $4.635700 — $0.384900 $4.250800 Dec 27, 2017 $2.968000 — $0.756200 $2.211800 From: To: Risk & Return Statistics As of: 12/31/2024 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 1.52 1.68 - 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. 22.86 25.86 - 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. -0.03 0.24 - 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. 94.93 96.84 - 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. 95.43 97.41 - 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. 0.95 0.99 - 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. 95.49 94.77 - 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 5.92 - View All Characteristics & Statistics All Characteristics & Statistics GW&K Small Cap Value Fund (SKSIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Value Index Fund Assets (Mil.$) $232 Number of Holdings 86 1,433 Weighted Avg. Market Cap (Mil.$) $3,679 $2,877 Median Market Cap (Mil.$) $3,260 $804 Weighted Avg. P/E (1-yr Forward EPS) 16.34 13.97 Weighted Avg. P/E (Trailing EPS) 17.66 14.66 PEG Ratio 1.66 1.28 Weighted Avg. P/B 1.77 1.27 EPS Growth (Trailing 3-yr %) -2.31% -1.77% EPS Growth (Trailing 5-yr %) 7.30% 6.77% Forward EPS Growth (1-yr %) 2.04% -8.29% Forward EPS Growth (Long Term %) 7.66% 7.34% Revenue Growth (Trailing 5-yr %) 11.65% 8.73% Return on Equity 10.05% 5.78% Weighted Avg. Dividend Yield 1.70% 2.14% Debt to Equity 77.03 77.63 Trailing 12-Months Portfolio Turnover 23.64% As of: 12/31/2024 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. 1.52 1.68 - 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. 22.86 25.86 - 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. -0.03 0.24 - 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. 94.93 96.84 - 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. 95.43 97.41 - 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. 0.95 0.99 - 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. 95.49 94.77 - 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 5.92 - 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. 0.30 0.25 - 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. -0.67 6.32 - 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. -21.67 -39.05 - As of: 12/31/2024 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 4.25% 18.43% Market Cap ($mm) 1,000 - 1,500 12.31% 11.28% Market Cap ($mm) 1,500 - 2,500 21.70% 18.50% Market Cap ($mm) 2,500 - 5,000 39.69% 38.39% Market Cap ($mm) 5,000 - 10,000 19.76% 13.39% Market Cap ($mm) 10,000 - 25,000 2.29% 0.01% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2024 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 9.99% 14.99% P/E 10-15 15.95% 19.06% P/E 15-20 14.35% 12.76% P/E 20-25 7.35% 7.69% P/E 25-Above 44.05% 25.06% P/E – NA 8.32% 20.44% As of: 12/31/2024 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 43.22% 35.92% EPS Growth (Trailing 3-yr %) 0 - 5 8.05% 6.98% EPS Growth (Trailing 3-yr %) 5 - 10 11.79% 7.08% EPS Growth (Trailing 3-yr %) 10 - 15 2.05% 3.11% EPS Growth (Trailing 3-yr %) 15 - 20 6.80% 1.88% EPS Growth (Trailing 3-yr %) Above 20 5.40% 10.80% EPS Growth (Trailing 3-yr %) - NA 22.68% 34.23% As of: 12/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2024 Group 1 Automotive Inc 2.49% Integer Holdings Corp 2.18% Federal Agricultural Mortgage Corp 2.15% Independence Realty Trust Inc 2.04% Solaris Energy Infrastructure Inc, Class A 1.99% CBIZ Inc 1.99% Primoris Services Corp 1.98% Selective Insurance Group Inc 1.95% Boot Barn Holdings Inc 1.82% Ameris Bancorp 1.78% % in Top 10 Holdings 20.38% View Holding Details Holding Details GW&K Small Cap Value Fund (SKSIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2024 Group 1 Automotive Inc 2.49% Integer Holdings Corp 2.18% Federal Agricultural Mortgage Corp 2.15% Independence Realty Trust Inc 2.04% Solaris Energy Infrastructure Inc, Class A 1.99% CBIZ Inc 1.99% Primoris Services Corp 1.98% Selective Insurance Group Inc 1.95% Boot Barn Holdings Inc 1.82% Ameris Bancorp 1.78% % in Top 10 Holdings 20.38% As of: 12/31/2024 Download All Holdings (PDF) As of: 12/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund GPI Group 1 Automotive Inc Consumer Discretionary S US USD 13,707 421.48 $5,777,226 2.49% ITGR Integer Holdings Corp Health Care S US USD 38,096 132.52 $5,048,482 2.18% AGM Federal Agricultural Mortgage Corp Financials S US USD 25,329 196.95 $4,988,547 2.15% IRT Independence Realty Trust Inc Real Estate S US USD 238,602 19.84 $4,733,864 2.04% SEI Solaris Energy Infrastructure Inc, Class A Energy S US USD 160,540 28.78 $4,620,341 1.99% CBZ CBIZ Inc Industrials S US USD 56,316 81.83 $4,608,338 1.99% PRIM Primoris Services Corp Industrials S US USD 60,065 76.40 $4,588,966 1.98% SIGI Selective Insurance Group Inc Financials S US USD 48,210 93.52 $4,508,599 1.95% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 27,828 151.82 $4,224,847 1.82% ABCB Ameris Bancorp Financials S US USD 65,978 62.57 $4,128,243 1.78% WD Walker & Dunlop Inc Financials S US USD 40,203 97.21 $3,908,134 1.69% IBOC International Bancshares Corp Financials S US USD 61,700 63.16 $3,896,972 1.68% AUB Atlantic Union Bankshares Corp Financials S US USD 95,829 37.88 $3,630,003 1.57% IMAX IMAX Corp Communication Services S CA USD 139,420 25.60 $3,569,152 1.54% UFPI UFP Industries Inc Industrials S US USD 30,670 112.65 $3,454,976 1.49% SF Stifel Financial Corp Financials S US USD 32,569 106.08 $3,454,920 1.49% NEO NeoGenomics Inc Health Care S US USD 208,568 16.48 $3,437,201 1.48% LGND Ligand Pharmaceuticals Inc Health Care S US USD 31,417 107.15 $3,366,332 1.45% PIPR Piper Sandler Cos Financials S US USD 10,962 299.95 $3,288,052 1.42% CHCO City Holding Co Financials S US USD 27,484 118.48 $3,256,304 1.41% CENT Central Garden & Pet Co Consumer Staples S US USD 83,595 38.80 $3,243,486 1.40% ADC Agree Realty Corp Real Estate S US USD 45,074 70.45 $3,175,463 1.37% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 85,731 36.16 $3,100,033 1.34% GTLS Chart Industries Inc Industrials S US USD 16,186 190.84 $3,088,936 1.33% FCPT Four Corners Property Trust Inc Real Estate S US USD 112,618 27.14 $3,056,453 1.32% IDA IDACORP Inc Utilities S US USD 27,689 109.28 $3,025,854 1.31% PJT PJT Partners Inc, Class A Financials S US USD 19,102 157.81 $3,014,487 1.30% AKR Acadia Realty Trust Real Estate S US USD 123,530 24.16 $2,984,485 1.29% CATY Cathay General Bancorp Financials S US USD 62,522 47.61 $2,976,672 1.28% PDM Piedmont Office Realty Trust Inc, Class A Real Estate S US USD 323,725 9.15 $2,962,084 1.28% TILE Interface Inc, Class A Industrials S US USD 119,960 24.35 $2,921,026 1.26% EPRT Essential Properties Realty Trust Inc Real Estate S US USD 93,200 31.28 $2,915,296 1.26% FNA Paragon 28 Inc Health Care S US USD 281,404 10.33 $2,906,903 1.25% ASO Academy Sports & Outdoors Inc Consumer Discretionary S US USD 49,220 57.53 $2,831,627 1.22% CMCO Columbus McKinnon Corp Industrials S US USD 75,487 37.24 $2,811,136 1.21% CBU Community Financial System Inc Financials S US USD 45,269 61.68 $2,792,192 1.21% GTY Getty Realty Corp Real Estate S US USD 92,087 30.13 $2,774,581 1.20% BOW Bowhead Specialty Holdings Inc Financials S US USD 76,291 35.52 $2,709,856 1.17% FFBC First Financial Bancorp Financials S US USD 100,454 26.88 $2,700,204 1.17% MTDR Matador Resources Co, Class A Energy S US USD 47,606 56.26 $2,678,314 1.16% SLAB Silicon Laboratories Inc Information Technology S US USD 21,235 124.22 $2,637,812 1.14% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 111,355 23.38 $2,603,480 1.12% GTES Gates Industrial Corp PLC Industrials S US USD 120,185 20.57 $2,472,205 1.07% PATK Patrick Industries Inc Consumer Discretionary S US USD 29,749 83.08 $2,471,547 1.07% MTX Minerals Technologies Inc Materials S US USD 32,196 76.21 $2,453,657 1.06% DVAX Dynavax Technologies Corp, Class A Health Care S US USD 191,875 12.77 $2,450,244 1.06% AVT Avnet Inc Information Technology S US USD 46,180 52.32 $2,416,138 1.04% STAG STAG Industrial Inc Real Estate S US USD 71,010 33.82 $2,401,558 1.04% EFSC Enterprise Financial Services Corp Financials S US USD 42,550 56.40 $2,399,820 1.04% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 57,039 42.07 $2,399,631 1.04% HWC Hancock Whitney Corp Financials S US USD 43,800 54.72 $2,396,736 1.03% VBTX Veritex Holdings Inc Financials S US USD 88,120 27.16 $2,393,339 1.03% GBCI Glacier Bancorp Inc Financials S US USD 46,630 50.22 $2,341,759 1.01% TPH Tri Pointe Homes Inc Consumer Discretionary S US USD 64,325 36.26 $2,332,425 1.01% CHRD Chord Energy Corp Energy S US USD 19,260 116.92 $2,251,879 0.97% NOG Northern Oil & Gas Inc Energy S US USD 58,230 37.16 $2,163,827 0.93% SWX Southwest Gas Holdings Inc Utilities S US USD 30,535 70.71 $2,159,130 0.93% WS Worthington Steel Inc Materials S US USD 67,268 31.82 $2,140,468 0.92% NSA National Storage Affiliates Trust Real Estate S US USD 56,200 37.91 $2,130,542 0.92% NWE Northwestern Energy Group Inc Utilities S US USD 39,678 53.46 $2,121,186 0.92% ZD Ziff Davis Inc Communication Services S US USD 37,950 54.34 $2,062,203 0.89% CRGY Crescent Energy Co, Class A Energy S US USD 141,105 14.61 $2,061,544 0.89% FWRG First Watch Restaurant Group Inc Consumer Discretionary S US USD 109,711 18.61 $2,041,722 0.88% BAND Bandwidth Inc, Class A Communication Services S US USD 119,147 17.02 $2,027,882 0.88% OCFC OceanFirst Financial Corp Financials S US USD 107,313 18.10 $1,942,365 0.84% SBCF Seacoast Banking Corp of Florida Financials S US USD 66,347 27.53 $1,826,533 0.79% SLGN Silgan Holdings Inc Materials S US USD 34,765 52.05 $1,809,518 0.78% WNS WNS Holdings Ltd Industrials S IN USD 38,045 47.39 $1,802,953 0.78% PR Permian Resources Corp, Class A Energy S US USD 125,328 14.38 $1,802,217 0.78% AGIO Agios Pharmaceuticals Inc Health Care S US USD 53,360 32.86 $1,753,410 0.76% WSBC WesBanco Inc Financials S US USD 52,253 32.54 $1,700,313 0.73% CRC California Resources Corp Energy S US USD 32,635 51.89 $1,693,430 0.73% VIAV Viavi Solutions Inc Information Technology S US USD 167,530 10.10 $1,692,053 0.73% WOR Worthington Enterprises Inc Consumer Discretionary S US USD 40,693 40.11 $1,632,196 0.70% POWI Power Integrations Inc Information Technology S US USD 26,090 61.70 $1,609,753 0.69% BJRI BJ's Restaurants Inc Consumer Discretionary S US USD 45,600 35.14 $1,602,156 0.69% HLMN Hillman Solutions Corp Industrials S US USD 164,164 9.74 $1,598,957 0.69% MDU MDU Resources Group Inc Utilities S US USD 84,675 18.02 $1,525,844 0.66% ICFI ICF International Inc Industrials S US USD 12,099 119.21 $1,442,322 0.62% OEC Orion SA Materials S US USD 89,151 15.79 $1,407,694 0.61% ECG Everus Construction Group Inc Industrials S US USD 21,298 65.75 $1,400,344 0.60% DAVA Endava PLC ADR, Class A Information Technology S GB USD 42,135 30.90 $1,301,972 0.56% WNC Wabash National Corp Industrials S US USD 59,775 17.13 $1,023,946 0.44% FOXF Fox Factory Holding Corp Consumer Discretionary S US USD 32,140 30.27 $972,878 0.42% ARHS Arhaus Inc, Class A Consumer Discretionary S US USD 82,945 9.40 $779,683 0.34% CENTA Central Garden & Pet Co, Class A Consumer Staples S US USD 20,051 33.05 $662,686 0.29% Cash & Equivalents Cash C US USD - - $2,236,996 0.97% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Solaris Energy Infrastructure Inc, Class A 1 1.35% 126.26% Primoris Services Corp 2 2.48% 31.64% Chart Industries Inc 3 1.11% 53.73% PJT Partners Inc, Class A 4 1.90% 18.48% Paragon 28 Inc 5 0.96% 54.64% CBIZ Inc 6 1.80% 21.61% IMAX Corp 7 1.40% 24.82% Stifel Financial Corp 8 1.89% 13.26% Interface Inc, Class A 9 1.02% 28.26% Crescent Energy Co, Class A 10 0.81% 34.22% As of: 12/31/2024 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 Boot Barn Holdings Inc 20 1.88% -9.24% Ultragenyx Pharmaceutical Inc 19 1.21% -24.27% Walker & Dunlop Inc 18 1.87% -14.06% Tri Pointe Homes Inc 17 1.14% -19.97% UFP Industries Inc 16 1.69% -14.00% ICF International Inc 15 0.77% -28.47% Bandwidth Inc, Class A 14 0.30% -19.07% Patrick Industries Inc 13 1.14% -12.21% Agios Pharmaceuticals Inc 12 0.91% -22.95% Fox Factory Holding Corp 11 0.47% -27.06% As of: 12/31/2024 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: 12/31/2024 View Allocation Details Allocation Details GW&K Small Cap Value Fund (SKSIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Financials 27.73% 29.22% Industrials 13.47% 12.70% Real Estate 11.71% 11.04% Consumer Discretionary 10.65% 9.11% Health Care 10.56% 8.84% Energy 8.58% 7.07% Information Technology 4.17% 6.49% Utilities 3.81% 5.09% Materials 3.37% 4.91% Communication Services 3.31% 3.26% Consumer Staples 1.69% 2.27% Cash & Other 0.97% 0.00% As of: 12/31/2024 Investment Allocation 12/31/2024 Stocks 99.03% Bonds 0.00% Cash and Other 0.97% As of: 12/31/2024 Industry Fund Russell 2000® Value Index Banks 16.56% 19.90% Oil, Gas & Consumable Fuels 6.58% 4.94% Specialty Retail 5.88% 2.83% Machinery 4.75% 2.78% Capital Markets 4.21% 0.66% Retail REITs 3.86% 2.52% Financial Services 3.84% 3.27% Health Care Equipment & Supplies 3.43% 1.62% Professional Services 3.39% 0.99% Insurance 3.12% 2.44% % in Top 10 Industries 55.62% 41.95% As of: 12/31/2024 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