Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 03/27/2025 $28.19 -$0.13 (-0.46%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 582 Small Blend funds as of 02/28/2025 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 02/28/2025 = $16,883.41 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 2024 Distributions View All Documents Investment Style AMG 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 AMG 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 02/28/2025 Overall Rating (of 582) 3 Years (of 582) 5 Years (of 557) 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: 0.94% Net Expense Ratio: 0.90% Expense Cap Expiration Date: 05/01/2025 The Fund’s Investment Manager has contractually agreed, through 05/01/2025, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 16, 2024 $2.705900 $0.332800 $0.339400 $2.033700 Dec 14, 2023 $0.522300 $0.267400 — $0.254900 Dec 15, 2022 $0.506500 $0.224000 $0.127800 $0.154700 Dec 15, 2021 $0.804800 $0.202900 $0.526100 $0.075800 Aug 05, 2021 $3.730000 $0.101000 $2.370800 $1.258200 Dec 09, 2020 $11.610800 $0.165200 $0.579700 $10.865900 Dec 16, 2019 $2.941300 $0.402700 — $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: 02/28/2025 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 1.52 2.10 - 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. 22.68 25.13 - 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. - 0.38 - 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. 94.30 96.78 - 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. 95.07 96.42 - 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 0.98 - 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. 95.38 94.78 - Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 5.01 5.76 - View All Characteristics & Statistics All Characteristics & Statistics AMG GW&K Small Cap Value Fund (SKSZX) 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 2.10 - 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. 22.68 25.13 - 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. - 0.38 - 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. 94.30 96.78 - 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. 95.07 96.42 - 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 0.98 - 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. 95.38 94.78 - Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 5.01 5.76 - 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. 0.29 0.33 - 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. -0.07 9.78 - 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. -18.14 -27.43 - As of: 02/28/2025 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2024 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 9.99% 14.99% P/E 10-15 15.95% 19.06% P/E 15-20 14.35% 12.76% P/E 20-25 7.35% 7.69% P/E 25-Above 44.05% 25.06% P/E – NA 8.32% 20.44% As of: 12/31/2024 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 43.22% 35.92% EPS Growth (Trailing 3-yr %) 0 - 5 8.05% 6.98% EPS Growth (Trailing 3-yr %) 5 - 10 11.79% 7.08% EPS Growth (Trailing 3-yr %) 10 - 15 2.05% 3.11% EPS Growth (Trailing 3-yr %) 15 - 20 6.80% 1.88% EPS Growth (Trailing 3-yr %) Above 20 5.40% 10.80% EPS Growth (Trailing 3-yr %) - NA 22.68% 34.23% As of: 12/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2024 Group 1 Automotive Inc 2.49% Integer Holdings Corp 2.18% Federal Agricultural Mortgage Corp 2.15% Independence Realty Trust Inc 2.04% Solaris Energy Infrastructure Inc, Class A 1.99% CBIZ Inc 1.99% Primoris Services Corp 1.98% Selective Insurance Group Inc 1.95% Boot Barn Holdings Inc 1.82% Ameris Bancorp 1.78% % in Top 10 Holdings 20.38% View Holding Details Holding Details AMG GW&K Small Cap Value Fund (SKSZX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2024 Group 1 Automotive Inc 2.49% Integer Holdings Corp 2.18% Federal Agricultural Mortgage Corp 2.15% Independence Realty Trust Inc 2.04% Solaris Energy Infrastructure Inc, Class A 1.99% CBIZ Inc 1.99% Primoris Services Corp 1.98% Selective Insurance Group Inc 1.95% Boot Barn Holdings Inc 1.82% Ameris Bancorp 1.78% % in Top 10 Holdings 20.38% As of: 12/31/2024 Download All Holdings (PDF) As of: 02/28/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund GPI Group 1 Automotive Inc Consumer Discretionary S US USD 13,538 459.58 $6,221,794 2.80% SEI Solaris Energy Infrastructure Inc, Class A Energy S US USD 158,690 34.15 $5,419,264 2.44% AGM Federal Agricultural Mortgage Corp Financials S US USD 25,029 209.07 $5,232,813 2.36% IRT Independence Realty Trust Inc Real Estate S US USD 235,852 21.80 $5,141,574 2.31% ITGR Integer Holdings Corp Health Care S US USD 37,646 123.20 $4,637,987 2.09% CBZ CBIZ Inc Industrials S US USD 55,666 78.17 $4,351,411 1.96% PRIM Primoris Services Corp Industrials S US USD 59,415 71.74 $4,262,432 1.92% ABCB Ameris Bancorp Financials S US USD 65,228 64.58 $4,212,424 1.90% SIGI Selective Insurance Group Inc Financials S US USD 47,660 86.05 $4,100,905 1.85% IBOC International Bancshares Corp Financials S US USD 61,000 67.00 $4,087,000 1.84% LGND Ligand Pharmaceuticals Inc Health Care S US USD 31,067 122.23 $3,797,319 1.71% FNA Paragon 28 Inc Health Care S US USD 275,704 13.04 $3,595,180 1.62% IMAX IMAX Corp Communication Services S CA USD 137,870 25.60 $3,529,472 1.59% WD Walker & Dunlop Inc Financials S US USD 39,753 85.67 $3,405,640 1.53% SF Stifel Financial Corp Financials S US USD 32,019 106.19 $3,400,098 1.53% AUB Atlantic Union Bankshares Corp Financials S US USD 94,779 35.67 $3,380,767 1.52% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 104,531 32.06 $3,351,264 1.51% ADC Agree Realty Corp Real Estate S US USD 44,274 73.80 $3,267,421 1.47% UFPI UFP Industries Inc Industrials S US USD 30,320 107.00 $3,244,240 1.46% CHCO City Holding Co Financials S US USD 27,184 118.99 $3,234,624 1.46% IDA IDACORP Inc Utilities S US USD 27,339 117.91 $3,223,541 1.45% FCPT Four Corners Property Trust Inc Real Estate S US USD 110,318 28.75 $3,171,643 1.43% PIPR Piper Sandler Cos Financials S US USD 10,862 289.62 $3,145,852 1.42% GTLS Chart Industries Inc Industrials S US USD 15,986 190.55 $3,046,132 1.37% EPRT Essential Properties Realty Trust Inc Real Estate S US USD 91,550 32.72 $2,995,516 1.35% PJT PJT Partners Inc, Class A Financials S US USD 18,752 159.26 $2,986,444 1.34% SLAB Silicon Laboratories Inc Information Technology S US USD 20,935 140.30 $2,937,181 1.32% CENT Central Garden & Pet Co Consumer Staples S US USD 82,645 35.29 $2,916,542 1.31% CATY Cathay General Bancorp Financials S US USD 61,222 46.95 $2,874,373 1.29% GTY Getty Realty Corp Real Estate S US USD 90,937 31.40 $2,855,422 1.29% CBU Community Financial System Inc Financials S US USD 44,319 63.29 $2,804,950 1.26% AKR Acadia Realty Trust Real Estate S US USD 121,280 23.06 $2,796,717 1.26% FFBC First Financial Bancorp Financials S US USD 99,404 27.41 $2,724,664 1.23% PATK Patrick Industries Inc Consumer Discretionary S US USD 29,399 90.60 $2,663,549 1.20% DVAX Dynavax Technologies Corp, Class A Health Care S US USD 187,225 13.79 $2,581,833 1.16% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 110,205 23.41 $2,579,899 1.16% GTES Gates Industrial Corp PLC Industrials S US USD 118,785 21.64 $2,570,507 1.16% BOW Bowhead Specialty Holdings Inc Financials S US USD 74,891 33.63 $2,518,584 1.13% STAG STAG Industrial Inc Real Estate S US USD 69,310 35.98 $2,493,774 1.12% EFSC Enterprise Financial Services Corp Financials S US USD 42,050 59.08 $2,484,314 1.12% MTDR Matador Resources Co, Class A Energy S US USD 47,106 52.34 $2,465,528 1.11% HWC Hancock Whitney Corp Financials S US USD 42,900 57.13 $2,450,877 1.10% PDM Piedmont Office Realty Trust Inc, Class A Real Estate S US USD 317,775 7.59 $2,411,912 1.09% ASO Academy Sports & Outdoors Inc Consumer Discretionary S US USD 48,620 49.59 $2,411,066 1.09% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 55,639 42.92 $2,388,026 1.08% TILE Interface Inc, Class A Industrials S US USD 117,510 20.23 $2,377,227 1.07% AVT Avnet Inc Information Technology S US USD 45,380 50.54 $2,293,505 1.03% VBTX Veritex Holdings Inc Financials S US USD 86,370 26.34 $2,274,986 1.02% SWX Southwest Gas Holdings Inc Utilities S US USD 29,785 75.05 $2,235,364 1.01% GENI Genius Sports Ltd Consumer Discretionary S GB USD 257,000 8.68 $2,230,760 1.00% GBCI Glacier Bancorp Inc Financials S US USD 45,480 48.84 $2,221,243 1.00% MTX Minerals Technologies Inc Materials S US USD 31,596 68.74 $2,171,909 0.98% NWE Northwestern Energy Group Inc Utilities S US USD 38,728 55.93 $2,166,057 0.98% CHRD Chord Energy Corp Energy S US USD 18,810 114.30 $2,149,983 0.97% NSA National Storage Affiliates Trust Real Estate S US USD 55,200 38.62 $2,131,824 0.96% TTMI TTM Technologies Inc Information Technology S US USD 88,000 24.11 $2,121,680 0.96% WNS WNS Holdings Ltd Industrials S IN USD 37,145 56.87 $2,112,436 0.95% NEO NeoGenomics Inc Health Care S US USD 205,968 9.99 $2,057,620 0.93% TPH Tri Pointe Homes Inc Consumer Discretionary S US USD 62,775 31.66 $1,987,457 0.89% CWH Camping World Holdings Inc, Class A Consumer Discretionary S US USD 100,000 19.49 $1,949,000 0.88% OCFC OceanFirst Financial Corp Financials S US USD 104,713 18.01 $1,885,881 0.85% BAND Bandwidth Inc, Class A Communication Services S US USD 117,597 15.97 $1,878,024 0.85% AGIO Agios Pharmaceuticals Inc Health Care S US USD 52,460 35.54 $1,864,428 0.84% SLGN Silgan Holdings Inc Materials S US USD 33,965 54.31 $1,844,639 0.83% SBCF Seacoast Banking Corp of Florida Financials S US USD 64,747 28.28 $1,831,045 0.82% VIAV Viavi Solutions Inc Information Technology S US USD 163,480 11.18 $1,827,706 0.82% WSBC WesBanco Inc Financials S US USD 51,253 35.07 $1,797,443 0.81% NOG Northern Oil & Gas Inc Energy S US USD 56,830 31.50 $1,790,145 0.81% WS Worthington Steel Inc Materials S US USD 66,268 26.67 $1,767,368 0.80% CRGY Crescent Energy Co, Class A Energy S US USD 137,755 12.62 $1,738,468 0.78% PR Permian Resources Corp, Class A Energy S US USD 123,028 14.09 $1,733,465 0.78% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 14,128 122.43 $1,729,691 0.78% BJRI BJ's Restaurants Inc Consumer Discretionary S US USD 44,750 38.13 $1,706,318 0.77% HLMN Hillman Solutions Corp Industrials S US USD 161,164 9.76 $1,572,961 0.71% POWI Power Integrations Inc Information Technology S US USD 25,590 60.80 $1,555,872 0.70% ZD Ziff Davis Inc Communication Services S US USD 37,050 41.06 $1,521,273 0.68% MDU MDU Resources Group Inc Utilities S US USD 82,925 17.25 $1,430,456 0.64% CRC California Resources Corp Energy S US USD 32,035 44.62 $1,429,402 0.64% OEC Orion SA Materials S US USD 88,351 13.98 $1,235,147 0.56% DAVA Endava PLC ADR, Class A Information Technology S GB USD 41,185 23.92 $985,145 0.44% FOXF Fox Factory Holding Corp Consumer Discretionary S US USD 31,690 27.73 $878,764 0.40% ECG Everus Construction Group Inc Industrials S US USD 20,998 41.60 $873,517 0.39% ARHS Arhaus Inc, Class A Consumer Discretionary S US USD 81,795 9.52 $778,688 0.35% WNC Wabash National Corp Industrials S US USD 58,925 11.71 $690,012 0.31% CENTA Central Garden & Pet Co, Class A Consumer Staples S US USD 19,651 31.48 $618,613 0.28% Cash & Equivalents Cash C US USD - - $2,287,928 1.03% 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 AMG GW&K Small Cap Value Fund (SKSZX) 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 AMG 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 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 GWETX AMG GW&K Small Cap Core 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