Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 12/06/2024 $19.47 +$0.06 (+0.31%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 536 Small Growth funds as of 11/30/2024 View Morningstar Details Morningstar Medalist Rating as of 09/30/2024 Analyst-Driven:55% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 06/01/2011 to 11/30/2024 = $35,722.36 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 2023 Distributions View All Documents Investment Style 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 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 11/30/2024 Overall Rating (of 536) 3 Years (of 536) 5 Years (of 517) 10 Years (of 395) 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: 1.10% Net Expense Ratio: 0.87% Expense Cap Expiration Date: 03/01/2025 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 $0.268400 — — $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 $2.059200 $0.025500 $1.679500 $0.354200 Dec 28, 2012 $0.891200 — $0.804200 $0.087000 From: To: Risk & Return Statistics As of: 11/30/2024 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 1.84 3.47 -0.91 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. 20.51 21.77 20.27 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. 0.04 0.49 0.37 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. 93.73 97.09 88.99 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. 93.26 93.71 100.13 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. 0.90 0.92 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. 95.15 94.48 91.82 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 5.05 5.47 5.81 View All Characteristics & Statistics All Characteristics & Statistics GW&K Small/Mid Cap Growth Fund (ACWIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500™ Growth Index Fund Assets (Mil.$) $42 Number of Holdings 76 1,293 Weighted Avg. Market Cap (Mil.$) $9,959 $6,864 Median Market Cap (Mil.$) $8,972 $1,578 Weighted Avg. P/E (1-yr Forward EPS) 24.93 23.21 Weighted Avg. P/E (Trailing EPS) 30.14 26.70 PEG Ratio 1.59 1.34 Weighted Avg. P/B 3.86 4.85 EPS Growth (Trailing 3-yr %) 8.29% 12.02% EPS Growth (Trailing 5-yr %) 12.64% 20.34% Forward EPS Growth (1-yr %) 10.12% 7.79% Forward EPS Growth (Long Term %) 15.89% 16.70% Revenue Growth (Trailing 5-yr %) 15.27% 15.15% Return on Equity 11.91% 8.19% Weighted Avg. Dividend Yield 0.52% 0.52% Debt to Equity 77.33 87.25 Trailing 12-Months Portfolio Turnover 18.30% As of: 09/30/2024 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. 1.84 3.47 -0.91 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. 20.51 21.77 20.27 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. 0.04 0.49 0.37 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. 93.73 97.09 88.99 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. 93.26 93.71 100.13 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. 0.90 0.92 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. 95.15 94.48 91.82 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 5.05 5.47 5.81 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. 0.34 0.55 -0.23 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 0.95 11.62 7.59 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. -28.59 -30.45 -30.65 As of: 11/30/2024 Market Cap Fund Russell 2500™ Growth Index Market Cap ($mm) 0 - 1,000 0.97% 5.17% Market Cap ($mm) 1,000 - 1,500 1.45% 4.84% Market Cap ($mm) 1,500 - 2,500 3.01% 9.47% Market Cap ($mm) 2,500 - 5,000 11.08% 26.23% Market Cap ($mm) 5,000 - 10,000 45.23% 32.39% Market Cap ($mm) 10,000 - 25,000 38.26% 21.86% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.04% As of: 09/30/2024 Valuation Characteristics Fund Russell 2500™ Growth Index P/E 0-10 2.42% 2.73% P/E 10-15 2.87% 4.75% P/E 15-20 5.11% 8.14% P/E 20-25 6.05% 8.74% P/E 25-Above 61.00% 49.69% P/E – NA 22.56% 25.95% As of: 09/30/2024 Growth Characteristics Fund Russell 2500™ Growth Index EPS Growth (Trailing 3-yr %) - Negative 27.00% 17.54% EPS Growth (Trailing 3-yr %) 0 - 5 1.75% 2.86% EPS Growth (Trailing 3-yr %) 5 - 10 11.37% 4.07% EPS Growth (Trailing 3-yr %) 10 - 15 4.15% 5.83% EPS Growth (Trailing 3-yr %) 15 - 20 0.42% 3.50% EPS Growth (Trailing 3-yr %) Above 20 32.10% 27.05% EPS Growth (Trailing 3-yr %) - NA 23.21% 39.14% As of: 09/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2024 Manhattan Associates Inc 2.82% CyberArk Software Ltd 2.56% Tyler Technologies Inc 2.03% Texas Roadhouse Inc, Class A 2.03% ITT Inc 2.02% Entegris Inc 1.99% Burlington Stores Inc 1.98% Houlihan Lokey Inc, Class A 1.85% MACOM Technology Solutions Holdings Inc 1.74% Globant SA 1.73% % in Top 10 Holdings 20.76% View Holding Details Holding Details GW&K Small/Mid Cap Growth Fund (ACWIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2024 Manhattan Associates Inc 2.82% CyberArk Software Ltd 2.56% Tyler Technologies Inc 2.03% Texas Roadhouse Inc, Class A 2.03% ITT Inc 2.02% Entegris Inc 1.99% Burlington Stores Inc 1.98% Houlihan Lokey Inc, Class A 1.85% MACOM Technology Solutions Holdings Inc 1.74% Globant SA 1.73% % in Top 10 Holdings 20.76% As of: 09/30/2024 Download All Holdings (PDF) As of: 10/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund CYBR CyberArk Software Ltd Information Technology S IL USD 3,721 276.52 $1,028,931 2.46% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 4,885 191.12 $933,621 2.23% TYL Tyler Technologies Inc Information Technology S US USD 1,479 605.59 $895,668 2.14% HLI Houlihan Lokey Inc, Class A Financials S US USD 4,955 172.77 $856,075 2.05% ITT ITT Inc Industrials S US USD 5,741 140.12 $804,429 1.92% CACI CACI International Inc, Class A Industrials S US USD 1,433 552.56 $791,818 1.89% BURL Burlington Stores Inc Consumer Discretionary S US USD 3,195 247.77 $791,625 1.89% ENTG Entegris Inc Information Technology S US USD 7,512 104.71 $786,582 1.88% GLOB Globant SA Information Technology S AR USD 3,705 209.89 $777,642 1.86% MANH Manhattan Associates Inc Information Technology S US USD 2,898 263.36 $763,217 1.82% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 6,651 112.40 $747,572 1.79% EVR Evercore Inc, Class A Financials S US USD 2,814 264.17 $743,374 1.78% CRNX Crinetics Pharmaceuticals Inc Health Care S US USD 12,455 55.96 $696,982 1.67% APG API Group Corp 144A Industrials S US USD 20,096 34.14 $686,077 1.64% PCTY Paylocity Holding Corp Industrials S US USD 3,704 184.57 $683,647 1.63% MTDR Matador Resources Co, Class A Energy S US USD 13,110 52.11 $683,162 1.63% SITE SiteOne Landscape Supply Inc Industrials S US USD 4,788 139.74 $669,075 1.60% CGNX Cognex Corp Information Technology S US USD 16,590 40.23 $667,416 1.60% BAH Booz Allen Hamilton Holding Corp, Class A Industrials S US USD 3,666 181.66 $665,966 1.59% RBC RBC Bearings Inc Industrials S US USD 2,364 280.35 $662,747 1.58% CHDN Churchill Downs Inc Consumer Discretionary S US USD 4,714 140.10 $660,431 1.58% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 4,799 137.11 $657,991 1.57% ITCI Intra-Cellular Therapies Inc Health Care S US USD 7,643 84.75 $647,744 1.55% GMED Globus Medical Inc, Class A Health Care S US USD 8,673 73.54 $637,812 1.52% IEX IDEX Corp Industrials S US USD 2,914 214.64 $625,461 1.49% PFGC Performance Food Group Co Consumer Staples S US USD 7,434 81.25 $604,013 1.44% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 11,764 50.99 $599,846 1.43% HQY HealthEquity Inc Health Care S US USD 7,036 85.25 $599,819 1.43% RPM RPM International Inc Materials S US USD 4,575 127.11 $581,528 1.39% INSM Insmed Inc Health Care S US USD 8,630 67.28 $580,626 1.39% ZBRA Zebra Technologies Corp, Class A Information Technology S US USD 1,520 381.97 $580,594 1.39% NTRA Natera Inc Health Care S US USD 4,751 120.96 $574,681 1.37% PHAT Phathom Pharmaceuticals Inc Health Care S US USD 33,153 17.15 $568,574 1.36% CCCS CCC Intelligent Solutions Holdings Inc Information Technology S US USD 53,565 10.41 $557,612 1.33% VCYT Veracyte Inc Health Care S US USD 16,515 33.74 $557,216 1.33% PCOR Procore Technologies Inc Information Technology S US USD 8,469 65.65 $555,990 1.33% AGIO Agios Pharmaceuticals Inc Health Care S US USD 12,454 44.43 $553,331 1.32% DSGX Descartes Systems Group Inc Information Technology S CA USD 5,177 103.93 $538,046 1.29% PNFP Pinnacle Financial Partners Inc Financials S US USD 5,099 105.45 $537,690 1.29% NBIX Neurocrine Biosciences Inc Health Care S US USD 4,233 120.27 $509,103 1.22% ATR AptarGroup Inc Materials S US USD 2,975 167.91 $499,532 1.19% STRL Sterling Infrastructure Inc Industrials S US USD 3,217 154.45 $496,866 1.19% GTLS Chart Industries Inc Industrials S US USD 4,085 120.72 $493,141 1.18% AZTA Azenta Inc Health Care S US USD 11,992 41.09 $492,751 1.18% HALO Halozyme Therapeutics Inc Health Care S US USD 9,735 50.57 $492,299 1.18% EXP Eagle Materials Inc Materials S US USD 1,710 285.46 $488,137 1.17% EGP EastGroup Properties Inc Real Estate S US USD 2,816 171.28 $482,324 1.15% POOL Pool Corp Consumer Discretionary S US USD 1,324 361.64 $478,811 1.14% CHE Chemed Corp Health Care S US USD 859 540.24 $464,066 1.11% MEDP Medpace Holdings Inc Health Care S US USD 1,439 314.22 $452,163 1.08% TREX Trex Co Inc Industrials S US USD 6,288 70.85 $445,505 1.06% AVNT Avient Corp Materials S US USD 9,499 46.61 $442,748 1.06% MKTX MarketAxess Holdings Inc Financials S US USD 1,485 289.42 $429,789 1.03% AIT Applied Industrial Technologies Inc Industrials S US USD 1,852 231.59 $428,905 1.03% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 1,841 227.84 $419,453 1.00% ACHC Acadia Healthcare Co Inc Health Care S US USD 9,695 42.69 $413,880 0.99% GGG Graco Inc Industrials S US USD 5,081 81.45 $413,847 0.99% RLI RLI Corp Financials S US USD 2,600 155.97 $405,522 0.97% SWTX SpringWorks Therapeutics Inc Health Care S US USD 13,310 30.13 $401,030 0.96% NDSN Nordson Corp Industrials S US USD 1,542 247.89 $382,246 0.91% LKQ LKQ Corp Consumer Discretionary S US USD 10,159 36.79 $373,750 0.89% TTC Toro Co Industrials S US USD 4,627 80.48 $372,381 0.89% SUI Sun Communities Inc Real Estate S US USD 2,792 132.68 $370,443 0.89% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 1,031 358.19 $369,294 0.88% OVV Ovintiv Inc Energy S US USD 9,062 39.20 $355,230 0.85% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 13,870 24.82 $344,253 0.82% PR Permian Resources Corp, Class A Energy S US USD 24,700 13.63 $336,661 0.80% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 5,802 52.08 $302,168 0.72% SLAB Silicon Laboratories Inc Information Technology S US USD 2,819 103.86 $292,781 0.70% CHX ChampionX Corp Energy S US USD 10,280 28.22 $290,102 0.69% SSNC SS&C Technologies Holdings Inc Industrials S US USD 4,094 69.93 $286,293 0.68% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 1,983 133.47 $264,671 0.63% POWI Power Integrations Inc Information Technology S US USD 4,194 60.43 $253,443 0.61% DNUT Krispy Kreme Inc Consumer Discretionary S US USD 21,510 11.37 $244,569 0.58% MTN Vail Resorts Inc Consumer Discretionary S US USD 990 165.69 $164,033 0.39% Cash & Equivalents Cash C US USD - - $1,131,283 2.70% Fund Holdings Sort order Avg. Weight Total Return Phathom Pharmaceuticals Inc 1 0.89% 75.53% Veracyte Inc 2 1.12% 57.08% Ultragenyx Pharmaceutical Inc 3 1.45% 35.16% Manhattan Associates Inc 4 2.64% 14.07% SiteOne Landscape Supply Inc 5 1.60% 24.30% Revolve Group Inc, Class A 6 0.70% 55.75% Evercore Inc, Class A 7 1.62% 21.82% Paylocity Holding Corp 8 1.37% 25.12% Tyler Technologies Inc 9 2.01% 16.10% ITT Inc 10 1.79% 15.93% As of: 09/30/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Atkore Inc 20 0.64% -29.68% Entegris Inc 19 2.19% -16.84% Five Below Inc 18 0.23% -30.49% Medpace Holdings Inc 17 1.35% -18.95% Matador Resources Co, Class A 16 1.49% -16.88% Cognex Corp 15 1.65% -13.27% Ovintiv Inc 14 0.97% -17.82% Integra LifeSciences Holdings Corporation 13 0.31% -39.70% Chart Industries Inc 12 1.07% -13.99% Neurocrine Biosciences Inc 11 1.35% -16.31% As of: 09/30/2024 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: 09/30/2024 View Allocation Details Allocation Details GW&K Small/Mid Cap Growth Fund (ACWIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Growth Index Health Care 24.03% 22.13% Information Technology 21.07% 19.96% Industrials 20.67% 20.05% Consumer Discretionary 12.71% 14.40% Financials 6.55% 9.40% Materials 4.71% 3.70% Energy 3.87% 3.71% Cash & Other 2.89% 0.00% Real Estate 2.13% 1.32% Consumer Staples 1.37% 2.96% Communication Services 0.00% 1.70% Utilities 0.00% 0.68% As of: 09/30/2024 Investment Allocation 09/30/2024 Stocks 97.11% Bonds 0.00% Cash and Other 2.89% As of: 09/30/2024 Industry Fund Russell 2500™ Growth Index Biotechnology 12.30% 12.02% Software 11.29% 12.49% Machinery 9.31% 3.36% Professional Services 5.27% 2.73% Semiconductors & Semiconductor Equipment 5.14% 2.91% Hotels, Restaurants & Leisure 4.49% 5.37% Capital Markets 4.42% 3.09% Specialty Retail 3.83% 2.78% Health Care Providers & Services 3.73% 3.07% Life Sciences Tools & Services 3.45% 0.91% % in Top 10 Industries 63.23% 48.73% As of: 09/30/2024 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 Joseph C. Craigen, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach 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. Related products Other Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund View Fund Details MGFIX GW&K ESG Bond Fund View Fund Details MECAX GW&K International Small Cap Fund View Fund Details GWMTX GW&K Municipal Bond Fund View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund View Fund Details GWETX GW&K Small Cap Core Fund View Fund Details SKSEX GW&K Small Cap Value Fund View Fund Details GWGVX GW&K Small/Mid Cap Core 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