Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 07/17/2025 $17.33 +$0.15 (+0.87%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 527 Small Growth funds as of 06/30/2025 View Morningstar Details Morningstar Medalist Rating as of 05/31/2025 Analyst-Driven:55% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 11/03/2010 to 06/30/2025 = $39,340.82 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 investing in small to mid cap stocks exhibiting consistent, sustainable earnings growth. Why Consider Provides investors with exposure to a portfolio of small and mid cap growth companies 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 Summary Prospectus Prospectus SAI Q1 Holdings Q3 Holdings 2024 Distributions All Holdings Annual Report - Class N Semi-Annual Report - Class N Annual Report - Class I Semi-Annual Report - Class I Annual Financial Statements and Other Information Semi-Annual Financial Statements and Other Information View All Documents Investment Style AMG GW&K Small/Mid Cap Growth 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 Growth Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 06/30/2025 Overall Rating (of 527) 3 Years (of 527) 5 Years (of 512) 10 Years (of 400) Category Small Growth 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. Joseph C. Craigen, CFA PARTNER AND PORTFOLIO MANAGER Joe serves as a portfolio manager for GW&K’s Small Cap Growth Strategy and is a member of the firm’s Investment Committee. He is also a research analyst focused on our Small Cap Core and Small/Mid Cap Core Strategies. Joe is a seasoned investor with expertise in a number of industries including extensive experience in Information Technology. Prior to joining GW&K in 2008, Joe held research analyst positions at Citizens Funds and Needham & Company, and was a research associate at Tucker Anthony. Joe received an AB in Economics from Harvard College. He has earned the CFA® designation 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. 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: 1.24% Net Expense Ratio: 1.01% Expense Cap Expiration Date: 03/01/2026 The Fund’s Investment Manager has contractually agreed, through 03/01/2026, 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 $0.126800 — — $0.126800 Dec 15, 2022 $0.268400 — — $0.268400 Mar 24, 2021 $10.027500 — $5.902400 $4.125100 Dec 16, 2020 $1.017200 — — $1.017200 Dec 30, 2015 $0.002700 — $0.001000 $0.001700 Dec 30, 2014 $0.535900 — $0.308500 $0.227400 Dec 30, 2013 $2.033700 — $1.679500 $0.354200 Dec 28, 2012 $0.891200 — $0.804200 $0.087000 From: To: Risk & Return Statistics As of: 06/30/2025 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. -0.56 2.64 -1.60 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. 19.93 20.02 20.73 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. 0.28 0.34 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. 94.22 99.16 95.81 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. 96.03 90.07 102.29 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 0.93 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. 95.24 93.95 92.26 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.75 5.22 5.80 View All Characteristics & Statistics All Characteristics & Statistics AMG GW&K Small/Mid Cap Growth Fund (ACWDX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500™ Growth Index Fund Assets (Mil.$) $35 Number of Holdings 76 1,259 Weighted Avg. Market Cap (Mil.$) $10,343 $7,251 Median Market Cap (Mil.$) $8,815 $1,455 Weighted Avg. P/E (1-yr Forward EPS) 23.35 22.35 Weighted Avg. P/E (Trailing EPS) 25.47 28.37 PEG Ratio 1.69 1.58 Weighted Avg. P/B 3.65 4.89 EPS Growth (Trailing 3-yr %) 16.20% 15.93% EPS Growth (Trailing 5-yr %) 17.09% 18.48% Forward EPS Growth (1-yr %) 12.51% 10.43% Forward EPS Growth (Long Term %) 10.53% 13.41% Revenue Growth (Trailing 5-yr %) 14.57% 17.36% Return on Equity 13.06% 8.67% Weighted Avg. Dividend Yield 0.52% 0.52% Debt to Equity 75.18 87.68 Trailing 12-Months Portfolio Turnover 27.14% As of: 06/30/2025 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. -0.56 2.64 -1.60 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. 19.93 20.02 20.73 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. 0.28 0.34 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. 94.22 99.16 95.81 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. 96.03 90.07 102.29 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 0.93 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. 95.24 93.95 92.26 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.75 5.22 5.80 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.22 0.46 -0.31 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. 6.24 7.39 4.47 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. -17.56 -30.50 -30.73 As of: 06/30/2025 Market Cap Fund Russell 2500™ Growth Index Market Cap ($mm) 0 - 1,000 1.46% 5.64% Market Cap ($mm) 1,000 - 1,500 3.72% 4.55% Market Cap ($mm) 1,500 - 2,500 2.39% 9.48% Market Cap ($mm) 2,500 - 5,000 4.66% 27.42% Market Cap ($mm) 5,000 - 10,000 39.48% 29.23% Market Cap ($mm) 10,000 - 25,000 46.18% 23.67% Market Cap ($mm) 25,000 - 50,000 2.12% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2025 Valuation Characteristics Fund Russell 2500™ Growth Index P/E 0-10 2.57% 1.43% P/E 10-15 6.18% 5.51% P/E 15-20 3.78% 8.08% P/E 20-25 12.23% 10.03% P/E 25-Above 58.39% 48.51% P/E – NA 16.85% 26.44% As of: 06/30/2025 Growth Characteristics Fund Russell 2500™ Growth Index EPS Growth (Trailing 3-yr %) - Negative 21.68% 16.89% EPS Growth (Trailing 3-yr %) 0 - 5 10.84% 4.50% EPS Growth (Trailing 3-yr %) 5 - 10 3.30% 2.63% EPS Growth (Trailing 3-yr %) 10 - 15 7.12% 5.20% EPS Growth (Trailing 3-yr %) 15 - 20 7.99% 2.60% EPS Growth (Trailing 3-yr %) Above 20 26.66% 26.66% EPS Growth (Trailing 3-yr %) - NA 22.40% 41.52% As of: 06/30/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2025 API Group Corp 144A 2.44% MACOM Technology Solutions Holdings Inc 2.27% Sterling Infrastructure Inc 2.20% RBC Bearings Inc 2.18% Grand Canyon Education Inc 2.16% ITT Inc 2.15% Verona Pharma PLC ADR 2.13% Houlihan Lokey Inc, Class A 2.13% Tyler Technologies Inc 2.09% Insmed Inc 2.07% % in Top 10 Holdings 21.83% View Holding Details Holding Details AMG GW&K Small/Mid Cap Growth Fund (ACWDX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2025 API Group Corp 144A 2.44% MACOM Technology Solutions Holdings Inc 2.27% Sterling Infrastructure Inc 2.20% RBC Bearings Inc 2.18% Grand Canyon Education Inc 2.16% ITT Inc 2.15% Verona Pharma PLC ADR 2.13% Houlihan Lokey Inc, Class A 2.13% Tyler Technologies Inc 2.09% Insmed Inc 2.07% % in Top 10 Holdings 21.83% As of: 06/30/2025 Download All Holdings (PDF) As of: 06/30/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund APG API Group Corp 144A Industrials S US USD 16,917 51.05 $863,613 2.44% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 5,612 143.29 $804,143 2.27% STRL Sterling Infrastructure Inc Industrials S US USD 3,381 230.73 $780,098 2.20% RBC RBC Bearings Inc Industrials S US USD 2,010 384.80 $773,448 2.18% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 4,062 189.00 $767,718 2.16% ITT ITT Inc Industrials S US USD 4,871 156.83 $763,919 2.15% VRNA Verona Pharma PLC ADR Health Care S GB USD 8,001 94.58 $756,735 2.13% HLI Houlihan Lokey Inc, Class A Financials S US USD 4,200 179.95 $755,790 2.13% TYL Tyler Technologies Inc Information Technology S US USD 1,248 592.84 $739,864 2.09% INSM Insmed Inc Health Care S US USD 7,312 100.64 $735,880 2.07% CYBR CyberArk Software Ltd Information Technology S IL USD 1,606 406.88 $653,449 1.84% EVR Evercore Inc, Class A Financials S US USD 2,370 270.02 $639,947 1.80% BURL Burlington Stores Inc Consumer Discretionary S US USD 2,711 232.64 $630,687 1.78% MANH Manhattan Associates Inc Information Technology S US USD 3,056 197.47 $603,468 1.70% FIX Comfort Systems USA Inc Industrials S US USD 1,124 536.21 $602,700 1.70% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 3,180 187.41 $595,964 1.68% CACI CACI International Inc, Class A Industrials S US USD 1,224 476.70 $583,481 1.65% GTLS Chart Industries Inc Industrials S US USD 3,473 164.65 $571,829 1.61% PCTY Paylocity Holding Corp Industrials S US USD 3,141 181.19 $569,118 1.60% CHDN Churchill Downs Inc Consumer Discretionary S US USD 5,587 101.00 $564,287 1.59% TILE Interface Inc, Class A Industrials S US USD 26,484 20.93 $554,310 1.56% PFGC Performance Food Group Co Consumer Staples S US USD 6,269 87.47 $548,349 1.55% MTDR Matador Resources Co, Class A Energy S US USD 11,427 47.72 $545,296 1.54% JBL Jabil Inc Information Technology S US USD 2,376 218.10 $518,206 1.46% ENTG Entegris Inc Information Technology S US USD 6,355 80.65 $512,531 1.45% HQY HealthEquity Inc Health Care S US USD 4,722 104.76 $494,677 1.39% SITE SiteOne Landscape Supply Inc Industrials S US USD 4,075 120.94 $492,831 1.39% PCOR Procore Technologies Inc Information Technology S US USD 7,169 68.42 $490,503 1.38% KNSL Kinsale Capital Group Inc Financials S US USD 1,012 483.90 $489,707 1.38% NTRA Natera Inc Health Care S US USD 2,897 168.94 $489,419 1.38% PNFP Pinnacle Financial Partners Inc Financials S US USD 4,303 110.41 $475,094 1.34% MEDP Medpace Holdings Inc Health Care S US USD 1,505 313.86 $472,359 1.33% NBIX Neurocrine Biosciences Inc Health Care S US USD 3,650 125.69 $458,769 1.29% CGNX Cognex Corp Information Technology S US USD 14,171 31.72 $449,504 1.27% NDSN Nordson Corp Industrials S US USD 2,092 214.37 $448,462 1.26% DSGX Descartes Systems Group Inc Information Technology S CA USD 4,399 101.65 $447,136 1.26% AIT Applied Industrial Technologies Inc Industrials S US USD 1,909 232.45 $443,747 1.25% HALO Halozyme Therapeutics Inc Health Care S US USD 8,459 52.02 $440,037 1.24% IONS Ionis Pharmaceuticals Inc Health Care S US USD 11,051 39.51 $436,625 1.23% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 11,939 36.36 $434,102 1.22% IEX IDEX Corp Industrials S US USD 2,465 175.57 $432,780 1.22% GMED Globus Medical Inc, Class A Health Care S US USD 7,328 59.02 $432,499 1.22% SEI Solaris Energy Infrastructure Inc, Class A Energy S US USD 15,286 28.29 $432,441 1.22% RPM RPM International Inc Materials S US USD 3,896 109.84 $427,937 1.21% CCCS CCC Intelligent Solutions Holdings Inc Information Technology S US USD 45,439 9.41 $427,581 1.21% ZBRA Zebra Technologies Corp, Class A Information Technology S US USD 1,313 308.36 $404,877 1.14% EGP EastGroup Properties Inc Real Estate S US USD 2,372 167.12 $396,409 1.12% ATR AptarGroup Inc Materials S US USD 2,524 156.43 $394,829 1.11% SAIL Sailpoint Inc Information Technology S US USD 16,778 22.86 $383,545 1.08% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 1,566 238.54 $373,554 1.05% GGG Graco Inc Industrials S US USD 4,285 85.97 $368,381 1.04% CHE Chemed Corp Health Care S US USD 727 486.93 $353,998 1.00% RRC Range Resources Corp Energy S US USD 8,700 40.67 $353,829 1.00% TTAN ServiceTitan Inc, Class A Information Technology S US USD 3,300 107.18 $353,694 1.00% AGIO Agios Pharmaceuticals Inc Health Care S US USD 10,600 33.26 $352,556 0.99% CRNX Crinetics Pharmaceuticals Inc Health Care S US USD 11,984 28.76 $344,660 0.97% POOL Pool Corp Consumer Discretionary S US USD 1,117 291.48 $325,583 0.92% RLI RLI Corp Financials S US USD 4,423 72.22 $319,429 0.90% LKQ LKQ Corp Consumer Discretionary S US USD 8,575 37.01 $317,361 0.89% AZTA Azenta Inc Health Care S US USD 10,109 30.78 $311,155 0.88% SUI Sun Communities Inc Real Estate S US USD 2,409 126.49 $304,714 0.86% SSNC SS&C Technologies Holdings Inc Industrials S US USD 3,565 82.80 $295,182 0.83% VCYT Veracyte Inc Health Care S US USD 10,878 27.03 $294,032 0.83% TREX Trex Co Inc Industrials S US USD 5,325 54.38 $289,574 0.82% MKTX MarketAxess Holdings Inc Financials S US USD 1,284 223.34 $286,769 0.81% EXP Eagle Materials Inc Materials S US USD 1,414 202.11 $285,784 0.81% TTC Toro Co Industrials S US USD 3,946 70.68 $278,903 0.79% PHAT Phathom Pharmaceuticals Inc Health Care S US USD 28,568 9.59 $273,967 0.77% AVNT Avient Corp Materials S US USD 8,073 32.31 $260,839 0.74% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 11,746 20.05 $235,507 0.66% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 5,058 44.23 $223,715 0.63% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 896 241.32 $216,223 0.61% GLOB Globant SA Information Technology S AR USD 2,343 90.84 $212,838 0.60% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 1,716 123.59 $212,080 0.60% ACHC Acadia Healthcare Co Inc Health Care S US USD 8,240 22.69 $186,966 0.53% MTN Vail Resorts Inc Consumer Discretionary S US USD 856 157.13 $134,503 0.38% Cash & Equivalents Cash C US USD - - $569,947 1.61% Fund Holdings Sort order Avg. Weight Total Return Sterling Infrastructure Inc 1 2.91% 103.81% API Group Corp 144A 2 2.17% 42.76% Verona Pharma PLC ADR 3 1.77% 48.97% MACOM Technology Solutions Holdings Inc 4 1.96% 42.75% Jabil Inc 5 1.03% 65.23% Evercore Inc, Class A 6 1.56% 35.54% Insmed Inc 7 1.68% 31.92% CACI International Inc, Class A 8 1.63% 29.92% ITT Inc 9 2.09% 21.62% Ionis Pharmaceuticals Inc 10 1.02% 45.85% As of: 06/30/2025 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Globus Medical Inc, Class A 20 1.44% -19.37% Halozyme Therapeutics Inc 19 1.47% -18.48% Chemed Corp 18 1.26% -20.82% Silicon Laboratories Inc. 17 0.13% -21.66% Churchill Downs Inc 16 1.67% -9.07% Acadia Healthcare Co Inc 15 0.60% -25.16% Globant SA 14 0.91% -22.83% Azenta Inc 13 0.86% -11.14% Matador Resources Co, Class A 12 1.53% -6.12% LKQ Corp 11 1.04% -12.57% As of: 06/30/2025 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: 06/30/2025 View Allocation Details Allocation Details AMG GW&K Small/Mid Cap Growth Fund (ACWDX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Growth Index Industrials 26.32% 18.98% Health Care 21.10% 20.43% Information Technology 19.74% 22.33% Consumer Discretionary 11.72% 14.07% Financials 8.36% 11.86% Materials 3.86% 2.13% Energy 3.75% 2.03% Real Estate 1.98% 2.02% Cash & Other 1.61% 0.00% Consumer Staples 1.55% 3.31% Communication Services 0.00% 2.49% Utilities 0.00% 0.36% As of: 06/30/2025 Investment Allocation 06/30/2025 Stocks 98.39% Bonds 0.00% Cash and Other 1.61% As of: 06/30/2025 Industry Fund Russell 2500™ Growth Index Software 11.56% 12.27% Biotechnology 11.24% 9.55% Machinery 10.26% 3.43% Construction & Engineering 6.33% 3.37% Capital Markets 4.74% 3.16% Professional Services 4.08% 2.74% Electronic Equipment, Instruments & Components 3.87% 3.71% Semiconductors & Semiconductor Equipment 3.71% 3.89% Hotels, Restaurants & Leisure 3.65% 6.28% Specialty Retail 3.50% 1.87% % in Top 10 Industries 62.94% 50.27% As of: 06/30/2025 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 AND DIRECTOR OF EQUITIES Read full bio Joseph C. Craigen, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach AMG GW&K Small/Mid Cap Growth Fund The Fund primarily invests in small and mid cap growth companies. The Fund 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 attractive valuation relative to industry, peers, and own company history 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. 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