Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 02/27/2026 $20.94 -$0.19 (-0.90%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 518 Small Growth funds as of 01/31/2026 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 01/31/2026 = $22,969.56 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks to provide long-term capital appreciation by primarily investing in small to mid cap stocks exhibiting growth and value characteristics. Why Consider Provides investors with exposure to a portfolio of small and mid cap companies which may offer a greater universe of opportunities Manages risk with a sell discipline and exposure limits for each company and diversification of sector and growth profiles embedded in the portfolio construction process Employs a fundamental, research-oriented investment process that is built on the belief that a company’s ability to generate consistent, long-term sustainable earnings growth will drive enhanced stock price performance over time Documents Fact Sheet Commentary Summary Prospectus Prospectus SAI Q1 Holdings Q3 Holdings All Holdings Distributions Annual Report - Class N Semi-Annual Report - Class N Annual Report - Class I Semi-Annual Report - Class I Annual Report - Class Z Semi-Annual Report - Class Z Annual Financial Statements and Other Information Semi-Annual Financial Statements and Other Information View All Documents Investment Style AMG GW&K Small/Mid Cap Core Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective AMG GW&K Small/Mid Cap Core Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 01/31/2026 Overall Rating (of 518) 3 Years (of 518) 5 Years (of 496) 10 Years — Category Small Growth Read Important Investment Disclosures Daniel L. Miller, CFA PARTNER, DIRECTOR OF EQUITIES Dan is a partner of the firm and brings over four decades of investment management experience to GW&K. As director of our equity department, he is responsible for overseeing all aspects of our equity investment teams including portfolio management, research, and trading. He is a member of the firm’s Management, Investment, and ESG Committees. Dan has worked with various companies in the Boston area as an investment and financial consultant. Prior to joining GW&K, he spent 21 years at Putnam Investments in Boston, where he was chief investment officer for the specialty growth group and oversaw a team of twenty and up to $100 billion in assets under management. He was also a portfolio management team member of several small and mid cap growth funds, the lead manager for the Putnam New Opportunities Fund, and a member of Putnam’s management committee and partners group. He began his career as an analyst at Morgan Stanley. Dan graduated from the University of California, Berkeley, with highest honors, and received his MBA from Stanford University Graduate School of Business. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Dan serves on the board of trustees for The Rashi School in Dedham, Massachusetts. Jeffrey W. Thibault, CFA PARTNER, PORTFOLIO MANAGER Jeff is a partner as well as a portfolio manager and analyst on our domestic small cap team. He manages our small and small/mid cap core strategies, directs our domestic equity research effort, and provides research coverage for the Materials, Energy, Utilities, and Industrials sectors. Jeff is a member of the firm’s Investment Committee. Jeff joined GW&K in 2004 to work on a nascent small cap core strategy and build out the firm’s research efforts. Since that time, the team has launched several other small/mid products and built a reputation for low turnover, risk controlled portfolio construction, and high quality stock selection. Previously he spent several years at BNY Asset Management. He worked with researchers in the firm’s centralized equity research department before joining its small cap growth team covering several sectors. Earlier, he worked at State Street Bank and Bay Bank. Jeff earned a BS from the University of Vermont and an MBA from the University of North Carolina, Chapel Hill. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Jeff serves on the board of directors and as a coach for Brookline Youth Hockey. He and his family have been active with programs associated with All Saints Parish in Brookline where he has served on the board; St. Stephen’s Youth Programs in Boston; and My Life My Choice in Boston. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.07% Net Expense Ratio: 1.07% Expense Cap Expiration Date: N/A The Fund’s Investment Manager has contractually agreed, through N/A, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 16, 2025 $0.556800 — — $0.556800 Dec 16, 2024 $0.162600 — — $0.162600 Dec 15, 2022 $0.601000 $0.004800 $0.047300 $0.548900 Dec 15, 2021 $1.044500 — $0.102300 $0.942200 Dec 16, 2019 $0.021200 $0.005200 — $0.016000 Dec 27, 2018 $0.237900 — $0.195200 $0.042700 Dec 27, 2017 $0.149400 — $0.101100 $0.048300 From: To: Risk & Return Statistics As of: 01/31/2026 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -2.79 -0.15 - 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. 16.88 17.88 - 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. 0.21 0.21 - 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. 90.56 93.75 - 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. 100.88 93.60 - 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 0.94 - 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. 95.74 94.86 - 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. 3.60 4.22 - View All Characteristics & Statistics All Characteristics & Statistics AMG GW&K Small/Mid Cap Core Fund (GWGVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500™ Index Fund Assets (Mil.$) $714 Number of Holdings 85 Weighted Avg. Market Cap (Mil.$) $10,436 $9,482 Median Market Cap (Mil.$) $8,293 $1,552 Weighted Avg. P/E (1-yr Forward EPS) 20.19 17.11 Weighted Avg. P/E (Trailing EPS) 24.75 20.32 PEG Ratio 1.48 1.39 Weighted Avg. P/B 3.00 2.34 EPS Growth (Trailing 3-yr %) 12.58% 3.16% EPS Growth (Trailing 5-yr %) 18.37% 11.48% Forward EPS Growth (1-yr %) 14.28% 6.41% Forward EPS Growth (Long Term %) 13.19% 11.38% Revenue Growth (Trailing 5-yr %) 13.96% 11.78% Return on Equity 14.09% 9.96% Weighted Avg. Dividend Yield 0.84% 1.34% Debt to Equity 70.55 83.69 Trailing 12-Months Portfolio Turnover 30.14% As of: 12/31/2025 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -2.79 -0.15 - 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. 16.88 17.88 - 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. 0.21 0.21 - 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. 90.56 93.75 - 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. 100.88 93.60 - 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 0.94 - 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. 95.74 94.86 - 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. 3.60 4.22 - 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. -0.83 -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. 3.65 4.02 - 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. -17.93 -24.63 - As of: 01/31/2026 Market Cap Fund Russell 2500™ Index Market Cap ($mm) 0 - 1,000 0.00% 4.94% Market Cap ($mm) 1,000 - 1,500 1.63% 3.29% Market Cap ($mm) 1,500 - 2,500 4.33% 7.08% Market Cap ($mm) 2,500 - 5,000 12.09% 18.70% Market Cap ($mm) 5,000 - 10,000 40.07% 29.20% Market Cap ($mm) 10,000 - 25,000 36.96% 31.53% Market Cap ($mm) 25,000 - 50,000 4.93% 5.11% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.15% As of: 12/31/2025 Valuation Characteristics Fund Russell 2500™ Index P/E 0-10 1.37% 5.55% P/E 10-15 10.29% 13.24% P/E 15-20 10.61% 12.89% P/E 20-25 15.90% 10.71% P/E 25-Above 53.18% 39.43% P/E – NA 8.65% 18.18% As of: 12/31/2025 Growth Characteristics Fund Russell 2500™ Index EPS Growth (Trailing 3-yr %) - Negative 26.41% 29.89% EPS Growth (Trailing 3-yr %) 0 - 5 8.27% 6.98% EPS Growth (Trailing 3-yr %) 5 - 10 8.90% 6.58% EPS Growth (Trailing 3-yr %) 10 - 15 9.98% 6.12% EPS Growth (Trailing 3-yr %) 15 - 20 4.39% 2.29% EPS Growth (Trailing 3-yr %) Above 20 26.20% 17.82% EPS Growth (Trailing 3-yr %) - NA 15.85% 30.32% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2025 MACOM Technology Solutions Holdings Inc 2.53% API Group Corp 144A 2.24% Piper Sandler Cos 2.18% Cavco Industries Inc 1.99% ITT Inc 1.98% RBC Bearings Inc 1.97% Comfort Systems USA Inc 1.91% Advanced Energy Industries Inc 1.83% Burlington Stores Inc 1.78% Jazz Pharmaceuticals PLC 1.70% % in Top 10 Holdings 20.10% View Holding Details Holding Details AMG GW&K Small/Mid Cap Core Fund (GWGVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2025 MACOM Technology Solutions Holdings Inc 2.53% API Group Corp 144A 2.24% Piper Sandler Cos 2.18% Cavco Industries Inc 1.99% ITT Inc 1.98% RBC Bearings Inc 1.97% Comfort Systems USA Inc 1.91% Advanced Energy Industries Inc 1.83% Burlington Stores Inc 1.78% Jazz Pharmaceuticals PLC 1.70% % in Top 10 Holdings 20.10% As of: 12/31/2025 Download All Holdings (PDF) As of: 01/31/2026 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 78,570 219.06 $17,211,544 2.32% APG API Group Corp 144A Industrials S US USD 411,847 41.57 $17,120,480 2.31% FIX Comfort Systems USA Inc Industrials S US USD 14,445 1,142.10 $16,497,635 2.22% AEIS Advanced Energy Industries Inc Information Technology S US USD 62,336 255.36 $15,918,121 2.15% PIPR Piper Sandler Cos Financials S US USD 45,464 346.35 $15,746,456 2.12% RBC RBC Bearings Inc Industrials S US USD 31,235 499.67 $15,607,192 2.10% ITT ITT Inc Industrials S US USD 81,179 182.30 $14,798,932 2.00% POWL Powell Industries Inc Industrials S US USD 33,299 443.59 $14,771,103 1.99% NDSN Nordson Corp Industrials S US USD 48,222 274.53 $13,238,386 1.79% BURL Burlington Stores Inc Consumer Discretionary S US USD 43,278 295.86 $12,804,229 1.73% MOG/A Moog Inc, Class A Industrials S US USD 40,643 305.35 $12,410,340 1.67% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 66,449 179.86 $11,951,517 1.61% GTES Gates Industrial Corp PLC Industrials S US USD 514,540 23.02 $11,844,711 1.60% CVCO Cavco Industries Inc Consumer Discretionary S US USD 23,916 492.02 $11,767,150 1.59% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 70,188 164.49 $11,545,224 1.56% ENTG Entegris Inc Information Technology S US USD 95,760 118.07 $11,306,383 1.52% ESI Element Solutions Inc Materials S US USD 388,143 29.10 $11,294,961 1.52% VOYA Voya Financial Inc Financials S US USD 145,818 76.66 $11,178,408 1.51% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 119,666 92.44 $11,061,925 1.49% GMED Globus Medical Inc, Class A Health Care S US USD 120,022 90.68 $10,883,595 1.47% NBIX Neurocrine Biosciences Inc Health Care S US USD 79,135 136.06 $10,767,108 1.45% JBL Jabil Inc Information Technology S US USD 45,292 237.19 $10,742,809 1.45% SF Stifel Financial Corp Financials S US USD 84,483 123.30 $10,416,754 1.40% IDA IDACORP Inc Utilities S US USD 76,306 132.79 $10,132,674 1.37% DORM Dorman Products Inc Consumer Discretionary S US USD 79,696 124.20 $9,898,243 1.33% AIZ Assurant Inc Financials S US USD 41,057 238.13 $9,776,903 1.32% WTFC Wintrust Financial Corp Financials S US USD 65,602 147.49 $9,675,639 1.30% FSS Federal Signal Corp Industrials S US USD 89,221 108.09 $9,643,898 1.30% PFGC Performance Food Group Co Consumer Staples S US USD 99,852 95.45 $9,530,873 1.29% AUB Atlantic Union Bankshares Corp Financials S US USD 240,824 38.84 $9,353,604 1.26% MEDP Medpace Holdings Inc Health Care S US USD 15,849 582.48 $9,231,726 1.25% SITE SiteOne Landscape Supply Inc Industrials S US USD 61,144 143.54 $8,776,610 1.18% INSM Insmed Inc Health Care S US USD 55,913 156.87 $8,771,072 1.18% LECO Lincoln Electric Holdings Inc Industrials S US USD 32,883 265.35 $8,725,504 1.18% EXP Eagle Materials Inc Materials S US USD 42,273 203.81 $8,615,660 1.16% UMBF UMB Financial Corp Financials S US USD 67,295 127.14 $8,555,886 1.15% CFR Cullen/Frost Bankers Inc Financials S US USD 61,504 137.82 $8,476,481 1.14% KWR Quaker Chemical Corp Materials S US USD 54,244 153.74 $8,339,473 1.12% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 46,899 173.84 $8,152,922 1.10% KNSL Kinsale Capital Group Inc Financials S US USD 20,297 395.88 $8,035,176 1.08% CHDN Churchill Downs Inc Consumer Discretionary S US USD 80,592 98.36 $7,927,029 1.07% RPM RPM International Inc Materials S US USD 73,544 106.96 $7,866,266 1.06% CGNX Cognex Corp Information Technology S US USD 202,149 38.74 $7,831,252 1.06% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 298,980 25.51 $7,626,980 1.03% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 25,918 293.70 $7,612,117 1.03% HALO Halozyme Therapeutics Inc Health Care S US USD 102,480 71.71 $7,348,841 0.99% PCOR Procore Technologies Inc Information Technology S US USD 129,632 56.49 $7,322,912 0.99% GBCI Glacier Bancorp Inc Financials S US USD 144,240 50.68 $7,310,083 0.99% NTRA Natera Inc Health Care S US USD 31,308 231.14 $7,236,531 0.98% GPI Group 1 Automotive Inc Consumer Discretionary S US USD 20,305 354.26 $7,193,249 0.97% SPXC SPX Technologies Inc Industrials S US USD 34,228 208.41 $7,133,457 0.96% LEVI Levi Strauss & Co, Class A Consumer Discretionary S US USD 356,194 19.88 $7,081,137 0.95% ITGR Integer Holdings Corp Health Care S US USD 80,601 86.86 $7,001,003 0.94% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 75,402 92.63 $6,984,487 0.94% SUI Sun Communities Inc Real Estate S US USD 54,428 127.43 $6,935,760 0.94% IONS Ionis Pharmaceuticals Inc Health Care S US USD 82,821 82.67 $6,846,812 0.92% SAIL Sailpoint Inc Information Technology S US USD 432,817 15.69 $6,790,899 0.92% POR Portland General Electric Co Utilities S US USD 134,355 50.25 $6,751,339 0.91% NOVT Novanta Inc Information Technology S US USD 49,770 134.54 $6,696,056 0.90% ADC Agree Realty Corp Real Estate S US USD 90,713 72.23 $6,552,200 0.88% EGP EastGroup Properties Inc Real Estate S US USD 35,647 181.64 $6,474,921 0.87% MZTI Marzetti Company Consumer Staples S US USD 37,688 171.57 $6,466,130 0.87% VCEL Vericel Corp Health Care S US USD 176,572 35.98 $6,353,061 0.86% STRL Sterling Infrastructure Inc Industrials S US USD 17,652 357.91 $6,317,827 0.85% AIT Applied Industrial Technologies Inc Industrials S US USD 23,747 260.41 $6,183,956 0.83% SSD Simpson Manufacturing Co Inc Industrials S US USD 34,917 176.78 $6,172,627 0.83% AR Antero Resources Corp Energy S US USD 167,216 36.37 $6,081,646 0.82% PCTY Paylocity Holding Corp Industrials S US USD 43,986 134.98 $5,937,230 0.80% ALLE Allegion PLC Industrials S IE USD 34,937 165.39 $5,778,230 0.78% TNDM Tandem Diabetes Care Inc Health Care S US USD 288,372 19.89 $5,735,719 0.77% HLNE Hamilton Lane Inc, Class A Financials S US USD 40,413 141.24 $5,707,932 0.77% TPH Tri Pointe Homes Inc Consumer Discretionary S US USD 170,406 33.35 $5,683,040 0.77% COHR Coherent Corp Information Technology S US USD 25,574 212.18 $5,426,291 0.73% OVV Ovintiv Inc Energy S US USD 122,431 43.47 $5,322,076 0.72% PNFP Pinnacle Financial Partners Inc Financials S US USD 54,023 95.09 $5,137,047 0.69% SNDR Schneider National Inc, Class B Industrials S US USD 186,460 26.84 $5,004,586 0.67% AVAV Aerovironment Inc Industrials S US USD 17,579 278.39 $4,893,818 0.66% AZTA Azenta Inc Health Care S US USD 124,914 38.88 $4,856,656 0.65% POOL Pool Corp Consumer Discretionary S US USD 18,798 254.09 $4,776,384 0.64% CRNX Crinetics Pharmaceuticals Inc Health Care S US USD 92,524 49.94 $4,620,649 0.62% MTDR Matador Resources Co, Class A Energy S US USD 100,217 45.24 $4,533,817 0.61% DOC Healthpeak Properties Inc Real Estate S US USD 256,405 17.24 $4,420,422 0.60% THRM Gentherm Inc Consumer Discretionary S US USD 137,639 31.96 $4,398,942 0.59% MANH Manhattan Associates Inc Information Technology S US USD 25,026 151.01 $3,779,176 0.51% CRDO Credo Technology Group Holding Ltd Information Technology S US USD 29,688 125.28 $3,719,313 0.50% TTAN ServiceTitan Inc, Class A Information Technology S US USD 40,816 78.34 $3,197,525 0.43% Cash & Equivalents Cash C US USD - - $5,895,247 0.80% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Globus Medical Inc, Class A 1 1.55% 52.45% MACOM Technology Solutions Holdings Inc 2 2.26% 37.59% Natera Inc 3 1.21% 42.32% Tandem Diabetes Care Inc 4 0.72% 81.05% Jazz Pharmaceuticals PLC 5 1.52% 28.98% Comfort Systems USA Inc 6 2.45% 13.15% Advanced Energy Industries Inc 7 1.78% 23.10% Insmed Inc 8 1.57% 20.85% RBC Bearings Inc 9 1.92% 14.90% API Group Corp 144A 10 2.15% 11.32% As of: 12/31/2025 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Dorman Products Inc 20 1.57% -20.97% Grand Canyon Education Inc 19 1.09% -24.24% Cognex Corp 18 1.14% -20.45% Gates Industrial Corp PLC 17 1.69% -13.50% Pool Corp 16 0.71% -25.97% Performance Food Group Co 15 1.37% -13.57% Integer Holdings Corp 14 0.84% -24.10% Aerovironment Inc 13 0.32% -36.37% CCC Intelligent Solutions Holdings Inc 12 0.64% -15.70% Eagle Materials Inc 11 1.34% -11.24% As of: 12/31/2025 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 12/31/2025 View Allocation Details Allocation Details AMG GW&K Small/Mid Cap Core Fund (GWGVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Index Industrials 24.18% 20.49% Health Care 15.26% 13.45% Financials 14.78% 17.03% Consumer Discretionary 14.40% 10.92% Information Technology 13.18% 14.28% Materials 4.71% 5.10% Consumer Staples 3.67% 2.94% Real Estate 3.37% 6.32% Energy 3.01% 3.77% Utilities 2.26% 2.89% Cash & Other 1.18% 0.00% Communication Services 0.00% 2.81% As of: 12/31/2025 Investment Allocation 12/31/2025 Stocks 98.82% Bonds 0.00% Cash and Other 1.18% As of: 12/31/2025 Industry Fund Russell 2500™ Index Machinery 10.63% 4.65% Biotechnology 6.75% 6.20% Banks 6.31% 6.38% Electronic Equipment, Instruments & Components 5.13% 3.15% Construction & Engineering 4.90% 2.68% Capital Markets 4.43% 2.97% Semiconductors & Semiconductor Equipment 4.27% 2.87% Software 3.79% 5.00% Chemicals 3.48% 1.74% Health Care Equipment & Supplies 3.26% 1.74% % in Top 10 Industries 52.95% 37.38% As of: 12/31/2025 Read Important Investment Disclosures About the Affiliate About GW&K Investment Management GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. Learn More About GW&K Investment Management's Approach FOUNDED 1974 AMG AFFILIATE SINCE 2008 HEADQUARTERS Boston, MA Portfolio Managers Daniel L. Miller, CFA PARTNER, DIRECTOR OF EQUITIES Read full bio Jeffrey W. Thibault, CFA PARTNER, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach AMG GW&K Small/Mid Cap Core Fund The Fund primarily invests in small and mid cap, companies. The investment strategy identifies new investments based on five attributes: Company Management: The Fund seeks companies with experienced, tenured, high-quality management Growth Profile: The Fund favors companies with business models that have typically delivered consistent long-term growth Market Positioning: The Fund targets leading companies in attractive and defensible niche markets Financial Strength: The Fund invests in companies with strong financial characteristics Valuation: The Fund will seek to be fully invested and diversified by style, sector and growth profile The Fund will ordinarily invest in approximately 55-85 stocks. GW&K intends for the Fund’s portfolio to be diversified as to companies and industries. Additional Fund Highlight Risk management parameters, including exposure limits for each company and diversification of sector and growth profiles, are embedded in the portfolio construction process. Related products Other Products From GW&K Investment Management MBGVX AMG GW&K Core Bond ESG Fund View Fund Details MGFIX AMG GW&K ESG Bond Fund View Fund Details MECAX AMG GW&K International Small Cap Fund View Fund Details GWMTX AMG GW&K Municipal Bond Fund View Fund Details MESHX AMG GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX AMG GW&K Municipal Enhanced Yield Fund View Fund Details GWSBX AMG GW&K Securitized Bond SMA Shares View Fund Details GWETX AMG GW&K Small Cap Core Fund View Fund Details MCGFX AMG GW&K Small Cap Growth Fund View Fund Details SKSEX AMG GW&K Small Cap Value 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