Fund Notice Effective March 24, 2023, the Fund’s name changed from “AMG GW&K Small/Mid Cap Fund” to “AMG GW&K Small/Mid Cap Core Fund”. Please refer to the prospectus supplement for details. Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 09/10/2024 $17.97 -$0.01 (-0.06%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 403 Mid-Cap Blend funds as of 08/31/2024 View Morningstar Details Morningstar Medalist Rating as of 06/30/2024 Analyst-Driven:55% | Data Coverage:98% Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 08/31/2024 = $20,790.92 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 2023 Distributions View All Documents Investment Style 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 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 08/31/2024 Overall Rating (of 403) 3 Years (of 403) 5 Years (of 365) 10 Years — Category Mid-Cap 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 W. Thibault, CFA PARTNER AND 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: 1.08% Net Expense Ratio: 1.07% 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 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: 08/31/2024 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. 0.14 1.86 - 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. 19.58 20.46 - 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. -0.08 0.45 - 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. 89.39 84.37 - 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. 95.05 92.46 - 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. 0.92 0.88 - 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. 96.78 95.31 - 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. 3.91 5.15 - View All Characteristics & Statistics All Characteristics & Statistics 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.$) $708 Number of Holdings 87 2,415 Weighted Avg. Market Cap (Mil.$) $8,266 $8,168 Median Market Cap (Mil.$) $6,731 $1,477 Weighted Avg. P/E (1-yr Forward EPS) 19.22 16.09 Weighted Avg. P/E (Trailing EPS) 22.96 17.75 PEG Ratio 1.43 1.29 Weighted Avg. P/B 2.98 2.24 EPS Growth (Trailing 3-yr %) 12.15% 12.50% EPS Growth (Trailing 5-yr %) 13.49% 14.49% Forward EPS Growth (1-yr %) 11.53% 3.28% Forward EPS Growth (Long Term %) 13.52% 12.74% Revenue Growth (Trailing 5-yr %) 13.47% 11.00% Return on Equity 14.86% 12.47% Weighted Avg. Dividend Yield 0.95% 1.45% Debt to Equity 75.59 93.58 Trailing 12-Months Portfolio Turnover 15.40% As of: 06/30/2024 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.14 1.86 - 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. 19.58 20.46 - 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. -0.08 0.45 - 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. 89.39 84.37 - 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. 95.05 92.46 - 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. 0.92 0.88 - 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. 96.78 95.31 - 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. 3.91 5.15 - 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. 0.02 0.19 - 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. -1.66 10.34 - 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. -24.63 -24.63 - As of: 08/31/2024 Market Cap Fund Russell 2500™ Index Market Cap ($mm) 0 - 1,000 0.86% 5.66% Market Cap ($mm) 1,000 - 1,500 0.71% 3.51% Market Cap ($mm) 1,500 - 2,500 3.56% 8.48% Market Cap ($mm) 2,500 - 5,000 22.69% 20.37% Market Cap ($mm) 5,000 - 10,000 39.95% 32.80% Market Cap ($mm) 10,000 - 25,000 32.24% 27.34% Market Cap ($mm) 25,000 - 50,000 0.00% 1.83% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund Russell 2500™ Index P/E 0-10 5.53% 11.46% P/E 10-15 6.96% 13.92% P/E 15-20 11.90% 11.44% P/E 20-25 12.58% 9.88% P/E 25-Above 51.95% 38.07% P/E – NA 11.08% 15.23% As of: 06/30/2024 Growth Characteristics Fund Russell 2500™ Index EPS Growth (Trailing 3-yr %) - Negative 27.92% 23.24% EPS Growth (Trailing 3-yr %) 0 - 5 4.83% 4.71% EPS Growth (Trailing 3-yr %) 5 - 10 11.05% 6.44% EPS Growth (Trailing 3-yr %) 10 - 15 3.27% 5.14% EPS Growth (Trailing 3-yr %) 15 - 20 6.61% 6.19% EPS Growth (Trailing 3-yr %) Above 20 33.42% 30.91% EPS Growth (Trailing 3-yr %) - NA 12.90% 23.37% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 BJ's Wholesale Club Holdings Inc 2.29% Texas Roadhouse Inc, Class A 2.21% CyberArk Software Ltd 2.02% Piper Sandler Cos 1.93% Entegris Inc 1.82% Manhattan Associates Inc 1.75% Comfort Systems USA Inc 1.73% Cavco Industries Inc 1.68% Voya Financial Inc 1.67% Element Solutions Inc 1.61% % in Top 10 Holdings 18.70% View Holding Details Holding Details GW&K Small/Mid Cap Core Fund (GWGVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 BJ's Wholesale Club Holdings Inc 2.29% Texas Roadhouse Inc, Class A 2.21% CyberArk Software Ltd 2.02% Piper Sandler Cos 1.93% Entegris Inc 1.82% Manhattan Associates Inc 1.75% Comfort Systems USA Inc 1.73% Cavco Industries Inc 1.68% Voya Financial Inc 1.67% Element Solutions Inc 1.61% % in Top 10 Holdings 18.70% As of: 06/30/2024 Download All Holdings (PDF) As of: 07/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund PIPR Piper Sandler Cos Financials S US USD 59,484 273.28 $16,255,788 2.15% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 184,534 87.96 $16,231,611 2.15% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 91,130 174.61 $15,912,209 2.10% CVCO Cavco Industries Inc Consumer Discretionary S US USD 34,283 414.62 $14,214,417 1.88% CYBR CyberArk Software Ltd Information Technology S IL USD 52,184 256.38 $13,378,934 1.77% FIX Comfort Systems USA Inc Industrials S US USD 40,162 332.42 $13,350,652 1.77% EXP Eagle Materials Inc Materials S US USD 47,353 272.30 $12,894,222 1.70% MANH Manhattan Associates Inc Information Technology S US USD 50,233 255.38 $12,828,504 1.70% FSS Federal Signal Corp Industrials S US USD 126,415 99.97 $12,637,708 1.67% PNFP Pinnacle Financial Partners Inc Financials S US USD 125,308 96.32 $12,069,667 1.60% VOYA Voya Financial Inc Financials S US USD 165,767 72.73 $12,056,234 1.59% ESI Element Solutions Inc Materials S US USD 420,193 26.95 $11,324,201 1.50% ENTG Entegris Inc Information Technology S US USD 95,159 118.29 $11,256,358 1.49% NDSN Nordson Corp Industrials S US USD 44,800 250.33 $11,214,784 1.48% PFGC Performance Food Group Co Consumer Staples S US USD 161,113 69.00 $11,116,797 1.47% CGNX Cognex Corp Information Technology S US USD 218,357 49.62 $10,834,874 1.43% IEX IDEX Corp Industrials S US USD 51,777 208.48 $10,794,469 1.43% GMED Globus Medical Inc, Class A Health Care S US USD 147,121 71.96 $10,586,827 1.40% GTES Gates Industrial Corp PLC Industrials S US USD 560,881 18.59 $10,426,778 1.38% ITT ITT Inc Industrials S US USD 73,617 141.46 $10,413,861 1.38% RBC RBC Bearings Inc Industrials S US USD 35,499 290.84 $10,324,529 1.37% RPM RPM International Inc Materials S US USD 83,993 121.46 $10,201,790 1.35% BURL Burlington Stores Inc Consumer Discretionary S US USD 38,334 260.32 $9,979,107 1.32% CCCS CCC Intelligent Solutions Holdings Inc Information Technology S US USD 942,849 10.26 $9,673,631 1.28% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 79,640 120.25 $9,576,710 1.27% GLOB Globant SA Information Technology S AR USD 48,918 194.71 $9,524,824 1.26% ITGR Integer Holdings Corp Health Care S US USD 79,300 118.76 $9,417,668 1.25% APG API Group Corp 144A Industrials S US USD 246,256 37.89 $9,330,640 1.23% ZBRA Zebra Technologies Corp, Class A Information Technology S US USD 25,896 351.19 $9,094,416 1.20% WTFC Wintrust Financial Corp Financials S US USD 84,047 108.20 $9,093,885 1.20% BAH Booz Allen Hamilton Holding Corp, Class A Industrials S US USD 63,205 143.31 $9,057,909 1.20% ITCI Intra-Cellular Therapies Inc Health Care S US USD 114,415 78.72 $9,006,749 1.19% HALO Halozyme Therapeutics Inc Health Care S US USD 160,450 55.26 $8,866,467 1.17% KNSL Kinsale Capital Group Inc Financials S US USD 18,753 457.07 $8,571,434 1.13% LANC Lancaster Colony Corp Consumer Staples S US USD 44,004 193.06 $8,495,412 1.12% KWR Quaker Chemical Corp Materials S US USD 46,571 181.57 $8,455,896 1.12% SF Stifel Financial Corp Financials S US USD 94,428 88.67 $8,372,931 1.11% TNDM Tandem Diabetes Care Inc Health Care S US USD 219,403 36.98 $8,113,523 1.07% AZTA Azenta Inc Health Care S US USD 129,883 62.29 $8,090,412 1.07% ATKR Atkore Inc Industrials S US USD 59,913 135.00 $8,088,255 1.07% EXPO Exponent Inc Industrials S US USD 75,716 106.08 $8,031,953 1.06% SITE SiteOne Landscape Supply Inc Industrials S US USD 53,140 146.68 $7,794,575 1.03% AUB Atlantic Union Bankshares Corp Financials S US USD 186,881 41.29 $7,716,316 1.02% PCOR Procore Technologies Inc Information Technology S US USD 108,395 71.03 $7,699,297 1.02% SUI Sun Communities Inc Real Estate S US USD 60,732 126.73 $7,696,566 1.02% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 75,444 100.92 $7,613,808 1.01% DORM Dorman Products Inc Consumer Discretionary S US USD 74,731 101.37 $7,575,481 1.00% TTC Toro Co Industrials S US USD 78,791 95.73 $7,542,662 1.00% EGP EastGroup Properties Inc Real Estate S US USD 40,290 186.99 $7,533,827 1.00% PCTY Paylocity Holding Corp Industrials S US USD 50,135 150.07 $7,523,759 0.99% NBIX Neurocrine Biosciences Inc Health Care S US USD 53,109 141.57 $7,518,641 0.99% LECO Lincoln Electric Holdings Inc Industrials S US USD 36,372 205.41 $7,471,173 0.99% ROCK Gibraltar Industries Inc Industrials S US USD 98,740 74.27 $7,333,420 0.97% HOLX Hologic Inc Health Care S US USD 89,202 81.61 $7,279,775 0.96% OVV Ovintiv Inc Energy S US USD 156,175 46.44 $7,252,767 0.96% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 21,302 338.36 $7,207,745 0.95% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 261,251 27.24 $7,116,477 0.94% GPI Group 1 Automotive Inc Consumer Discretionary S US USD 19,409 365.72 $7,098,259 0.94% POR Portland General Electric Co Utilities S US USD 149,399 47.38 $7,078,525 0.94% IDA IDACORP Inc Utilities S US USD 71,751 97.75 $7,013,660 0.93% ADC Agree Realty Corp Real Estate S US USD 100,620 68.97 $6,939,761 0.92% MTDR Matador Resources Co, Class A Energy S US USD 109,370 61.48 $6,724,068 0.89% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 60,934 110.25 $6,717,974 0.89% CMCO Columbus McKinnon Corp Industrials S US USD 171,331 38.16 $6,537,991 0.86% TPH Tri Pointe Homes Inc Consumer Discretionary S US USD 144,204 45.25 $6,525,231 0.86% GTLS Chart Industries Inc Industrials S US USD 39,859 161.08 $6,420,488 0.85% CHDN Churchill Downs Inc Consumer Discretionary S US USD 44,500 143.56 $6,388,420 0.84% VCEL Vericel Corp Health Care S US USD 125,862 50.52 $6,358,548 0.84% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 40,741 155.95 $6,353,559 0.84% DOC Healthpeak Properties Inc Real Estate S US USD 287,011 21.82 $6,262,580 0.83% SLAB Silicon Laboratories Inc Information Technology S US USD 51,178 120.13 $6,148,013 0.81% ACHC Acadia Healthcare Co Inc Health Care S US USD 92,720 64.85 $6,012,892 0.80% UMBF UMB Financial Corp Financials S US USD 55,440 102.02 $5,655,989 0.75% SNDR Schneider National Inc, Class B Industrials S US USD 207,177 26.91 $5,575,133 0.74% GBCI Glacier Bancorp Inc Financials S US USD 124,490 44.71 $5,565,948 0.74% ATR AptarGroup Inc Materials S US USD 37,696 146.98 $5,540,558 0.73% DEA Easterly Government Properties Inc, Class A Real Estate S US USD 392,562 13.93 $5,468,389 0.72% HXL Hexcel Corp Industrials S US USD 82,525 66.21 $5,463,980 0.72% PR Permian Resources Corp, Class A Energy S US USD 331,000 15.34 $5,077,540 0.67% SSD Simpson Manufacturing Co Inc Industrials S US USD 26,312 192.09 $5,054,272 0.67% NSA National Storage Affiliates Trust Real Estate S US USD 117,294 42.57 $4,993,206 0.66% THRM Gentherm Inc Consumer Discretionary S US USD 84,894 55.18 $4,684,451 0.62% INSM Insmed Inc Health Care S US USD 63,400 72.75 $4,612,350 0.61% NTRA Natera Inc Health Care S US USD 43,250 102.39 $4,428,368 0.59% CHX ChampionX Corp Energy S US USD 125,771 34.26 $4,308,914 0.57% MTN Vail Resorts Inc Consumer Discretionary S US USD 23,137 182.01 $4,211,165 0.56% MKTX MarketAxess Holdings Inc Financials S US USD 18,416 223.53 $4,116,528 0.54% CRI Carter's Inc Consumer Discretionary S US USD 44,588 60.55 $2,699,803 0.36% Cash & Equivalents Cash C US USD - - $21,202,244 2.80% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return BJ's Wholesale Club Holdings Inc 1 2.11% 16.11% Globus Medical Inc, Class A 2 1.24% 27.68% Piper Sandler Cos 3 1.72% 16.19% Halozyme Therapeutics Inc 4 0.99% 28.71% Texas Roadhouse Inc, Class A 5 2.10% 11.44% MACOM Technology Solutions Holdings Inc 6 1.08% 16.55% Exponent Inc 7 0.96% 15.27% Tandem Diabetes Care Inc 8 1.29% 13.78% Cognex Corp 9 1.35% 10.35% Element Solutions Inc 10 1.46% 8.82% As of: 06/30/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Kinsale Capital Group Inc 20 1.53% -26.56% Atkore Inc 19 1.35% -29.02% Five Below Inc 18 0.87% -39.92% Eagle Materials Inc 17 1.72% -19.92% SiteOne Landscape Supply Inc 16 1.03% -30.44% Lincoln Electric Holdings Inc 15 1.11% -25.96% IDEX Corp 14 1.60% -17.37% Paylocity Holding Corp 13 1.09% -23.28% Nordson Corp 12 1.59% -15.37% Cavco Industries Inc 11 1.76% -13.25% As of: 06/30/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 06/30/2024 View Allocation Details Allocation Details GW&K Small/Mid Cap Core Fund (GWGVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Index Industrials 23.48% 20.29% Information Technology 13.88% 13.50% Health Care 13.85% 11.53% Consumer Discretionary 13.36% 12.72% Financials 10.81% 16.16% Materials 6.21% 5.38% Consumer Staples 4.97% 3.33% Real Estate 4.72% 6.53% Energy 4.05% 5.28% Cash & Other 2.82% 0.00% Utilities 1.86% 2.89% Communication Services 0.00% 2.38% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 97.18% Bonds 0.00% Cash and Other 2.82% As of: 06/30/2024 Industry Fund Russell 2500™ Index Machinery 12.05% 4.11% Software 6.26% 5.99% Health Care Equipment & Supplies 5.64% 1.98% Banks 4.11% 5.84% Chemicals 4.01% 1.68% Semiconductors & Semiconductor Equipment 3.81% 2.59% Consumer Staples Distribution & Retail 3.80% 1.28% Hotels, Restaurants & Leisure 3.68% 2.73% Capital Markets 3.58% 2.97% Biotechnology 3.52% 4.74% % in Top 10 Industries 50.46% 33.91% As of: 06/30/2024 Read Important Investment Disclosures About the Affiliate About GW&K Investment Management GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. Learn More About GW&K Investment Management's Approach FOUNDED 1974 AMG AFFILIATE SINCE 2008 HEADQUARTERS Boston, MA Portfolio Managers Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Read full bio Jeffrey W. Thibault, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach 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 GW&K Core Bond ESG Fund View Fund Details MFDAX GW&K Enhanced Core Bond ESG Fund View Fund Details MGFIX GW&K ESG Bond Fund View Fund Details MGGBX GW&K High Income 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 SKSEX GW&K Small Cap Value 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