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 $14.38 -$0.07 (-0.48%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 461 Small Value funds as of 01/31/2026 View Morningstar Details Morningstar Medalist Rating as of 02/10/2026 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 06/28/2005 to 01/31/2026 = $51,518.46 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 Seeks to provide long-term capital appreciation by investing in a portfolio of primarily small but also can invest in mid capitalization equity securities. Why Consider May be appropriate for investors looking to gain exposure to U.S. small cap, value-oriented, stocks Enlightened risk management—portfolio managers will not average down on losing positions Employs a proprietary, fundamentals-driven Absolute Value® investment philosophy, targeting well-managed, financially strong companies that generate predictable and sustainable cash flows and trade at attractive discounts Documents Fact Sheet Commentary Summary Prospectus Prospectus SAI 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 Q1 Holdings Q3 Holdings Distributions All Holdings View All Documents Investment Style AMG River Road Small Cap Value Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective AMG River Road Small Cap Value Fund is categorized as Small-Value. It invests in small-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 01/31/2026 Overall Rating (of 461) 3 Years (of 461) 5 Years (of 439) 10 Years (of 361) Category Small Value Read Important Investment Disclosures R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER Andrew is a co-founder of River Road and is responsible for formulating and driving the firm’s overall business strategy as Chief Executive Officer. He is also directly engaged with several key strategies, serving as Senior Portfolio manager for River Road’s Small Cap Value and Small-Mid Cap Value strategies, a portfolio manager for the Mid Cap Value Portfolio, and a supervising portfolio manager for the Focused Absolute Value® portfolios. Andrew earned his BS in Finance at the University of Louisville and MBA at Babson College, and served as Senior Research Analyst, Senior Vice President, and Portfolio Manager and SMC Capital Inc. He has been with River Road since its inception in 2005 and holds equity in the firm. J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER As Senior Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value portfolios, Justin focuses on long-term value opportunities, building on his experience as senior equity analyst for the firm and as an equity analyst for SMC Capital. He earned a BS in Economics at Centre College and is a member of the CFA Institute. Justin joined River Road in 2005 and holds equity in the firm. Todd Mayberry, CFA PORTFOLIO MANAGER Todd serves as Portfolio Manager for River Road’s Small Cap Value and Small-Mid Cap Value portfolios while also providing analytic support for other strategies at the firm. Todd previously served as a Senior Equity Research Analyst for River Road and as a Senior Associate in Corporate Banking at PNC Bank. He holds a BBA in Finance from the University of Cincinnati, and is a CFA® charter holder as well as a member of the CFA Institute. He joined River Road in 2014 and holds equity in the firm. 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: 1.37% Net Expense Ratio: 1.37% Expense Cap Expiration Date: N/A The Fund’s Investment Manager has contractually agreed, through May 1, 2025, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 16, 2025 $1.510100 $0.010000 $0.289300 $1.210800 Dec 16, 2024 $1.315400 $0.033400 $0.006000 $1.276000 Dec 14, 2023 $0.702300 — $0.040700 $0.661600 Dec 15, 2022 $0.520100 — — $0.520100 Dec 15, 2021 $1.155200 — $0.464500 $0.690700 Dec 16, 2019 $0.789400 — $0.345100 $0.444300 Dec 27, 2018 $1.389100 — $0.277800 $1.111300 Dec 27, 2017 $1.942900 — $0.390400 $1.552500 Dec 27, 2016 $0.662300 — $0.398800 $0.263500 Dec 30, 2015 $0.718700 — $0.072400 $0.646300 Dec 30, 2014 $1.986500 — $0.447600 $1.538900 Dec 30, 2013 $3.617700 $0.037400 $0.500000 $3.080300 Dec 28, 2012 $0.655600 $0.222300 — $0.433300 Dec 29, 2010 $0.035200 $0.035200 — — Dec 29, 2009 $0.009500 $0.009500 — — Dec 29, 2008 $0.007600 $0.007600 — — Dec 14, 2007 $0.538500 $0.002400 $0.474500 $0.061600 Sep 14, 2007 $0.005000 $0.005000 — — Jun 15, 2007 $0.018200 $0.018200 — — Mar 16, 2007 $0.004000 $0.004000 — — Dec 15, 2006 $0.152100 $0.026000 $0.123400 $0.002700 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. -1.06 1.21 1.72 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. 13.86 15.61 17.06 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. 0.18 0.34 0.48 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. 62.40 72.79 77.85 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. 59.72 65.03 69.01 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. 0.62 0.71 0.76 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. 75.93 83.50 88.34 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. 10.28 8.77 7.77 View All Characteristics & Statistics All Characteristics & Statistics AMG River Road Small Cap Value Fund (ARSVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Value Index Fund Assets (Mil.$) $1,045 Number of Holdings 62 Weighted Avg. Market Cap (Mil.$) $3,582 $3,547 Median Market Cap (Mil.$) $3,087 $810 Weighted Avg. P/E (1-yr Forward EPS) 13.76 13.80 Weighted Avg. P/E (Trailing EPS) 16.22 15.59 PEG Ratio 1.42 1.16 Weighted Avg. P/B 1.49 1.34 EPS Growth (Trailing 3-yr %) 0.97% -4.27% EPS Growth (Trailing 5-yr %) 11.63% 6.28% Forward EPS Growth (1-yr %) 1.11% 0.95% Forward EPS Growth (Long Term %) 10.60% 7.50% Revenue Growth (Trailing 5-yr %) 8.37% 9.39% Return on Equity 12.25% 4.18% Weighted Avg. Dividend Yield 1.12% 2.02% Debt to Equity 76.64 70.33 Trailing 12-Months Portfolio Turnover 41.46% 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. -1.06 1.21 1.72 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. 13.86 15.61 17.06 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. 0.18 0.34 0.48 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. 62.40 72.79 77.85 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. 59.72 65.03 69.01 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. 0.62 0.71 0.76 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. 75.93 83.50 88.34 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. 10.28 8.77 7.77 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. -0.28 -0.02 0.01 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. 4.13 7.62 10.94 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. -12.27 -14.56 -32.80 As of: 01/31/2026 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 11.67% 16.78% Market Cap ($mm) 1,000 - 1,500 4.68% 10.12% Market Cap ($mm) 1,500 - 2,500 17.75% 18.89% Market Cap ($mm) 2,500 - 5,000 40.74% 33.90% Market Cap ($mm) 5,000 - 10,000 25.17% 17.47% Market Cap ($mm) 10,000 - 25,000 0.00% 2.80% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.04% As of: 12/31/2025 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 11.79% 11.51% P/E 10-15 10.96% 20.13% P/E 15-20 38.91% 13.12% P/E 20-25 5.76% 8.36% P/E 25-Above 28.38% 22.98% P/E – NA 4.20% 23.90% As of: 12/31/2025 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 40.24% 39.15% EPS Growth (Trailing 3-yr %) 0 - 5 12.12% 7.25% EPS Growth (Trailing 3-yr %) 5 - 10 1.73% 5.14% EPS Growth (Trailing 3-yr %) 10 - 15 8.53% 4.24% EPS Growth (Trailing 3-yr %) 15 - 20 5.46% 1.30% EPS Growth (Trailing 3-yr %) Above 20 18.04% 10.92% EPS Growth (Trailing 3-yr %) - NA 13.88% 31.99% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2025 White Mountains Insurance Group Ltd 4.25% CoreCivic Inc 3.59% McGrath RentCorp 3.39% ePlus Inc 3.25% GXO Logistics Inc 3.22% Murphy USA Inc 3.03% UniFirst Corp 2.89% Genworth Financial Inc, Class A 2.85% Asbury Automotive Group Inc 2.82% Assured Guaranty Ltd 2.74% % in Top 10 Holdings 32.03% View Holding Details Holding Details AMG River Road Small Cap Value Fund (ARSVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2025 White Mountains Insurance Group Ltd 4.25% CoreCivic Inc 3.59% McGrath RentCorp 3.39% ePlus Inc 3.25% GXO Logistics Inc 3.22% Murphy USA Inc 3.03% UniFirst Corp 2.89% Genworth Financial Inc, Class A 2.85% Asbury Automotive Group Inc 2.82% Assured Guaranty Ltd 2.74% % in Top 10 Holdings 32.03% As of: 12/31/2025 Download All Holdings (PDF) As of: 01/31/2026 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WTM White Mountains Insurance Group Ltd Financials S US USD 21,346 2,044.93 $43,651,076 3.98% MGRC McGrath RentCorp Industrials S US USD 338,019 111.69 $37,753,342 3.44% CXW CoreCivic Inc Industrials S US USD 1,965,094 18.53 $36,413,192 3.32% GXO GXO Logistics Inc Industrials S US USD 639,889 56.59 $36,211,319 3.30% UNF UniFirst Corp Industrials S US USD 156,481 215.00 $33,643,415 3.07% PLUS ePlus Inc Information Technology S US USD 387,610 85.81 $33,260,814 3.03% MUSA Murphy USA Inc Consumer Discretionary S US USD 78,497 422.51 $33,165,767 3.02% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 126,498 234.51 $29,665,046 2.70% PSMT PriceSmart Inc Consumer Staples S US USD 201,861 142.21 $28,706,653 2.62% GNW Genworth Financial Inc, Class A Financials S US USD 3,295,286 8.34 $27,482,685 2.51% AGO Assured Guaranty Ltd Financials S BM USD 318,497 84.85 $27,024,470 2.46% VNT Vontier Corp Information Technology S US USD 677,977 37.50 $25,424,138 2.32% TTAM Titan America Sa Materials S BE USD 1,314,512 17.36 $22,819,928 2.08% WEX WEX Inc Financials S US USD 145,834 153.90 $22,443,853 2.05% DOLE Dole PLC Consumer Staples S IE USD 1,331,538 15.93 $21,211,400 1.93% MMS MAXIMUS Inc Industrials S US USD 223,062 94.44 $21,065,975 1.92% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 280,389 74.86 $20,989,921 1.91% AXS Axis Capital Holdings Ltd Financials S BM USD 192,926 103.18 $19,906,105 1.81% ICUI ICU Medical Inc Health Care S US USD 126,459 149.90 $18,956,204 1.73% UFPI UFP Industries Inc Industrials S US USD 180,235 103.28 $18,614,671 1.70% PRSU Pursuit Attractions and Hospitality Inc Consumer Discretionary S US USD 524,393 34.73 $18,212,169 1.66% NWE Northwestern Energy Group Inc Utilities S US USD 259,582 67.86 $17,615,235 1.61% MDU MDU Resources Group Inc Utilities S US USD 844,868 20.51 $17,328,243 1.58% PRKS United Parks & Resorts Inc Consumer Discretionary S US USD 443,287 37.65 $16,689,756 1.52% DK Delek US Holdings Inc Energy S US USD 564,661 29.51 $16,663,146 1.52% SWX Southwest Gas Holdings Inc Utilities S US USD 185,202 82.82 $15,338,430 1.40% WSC WillScot Holdings Corp Industrials S US USD 733,118 20.03 $14,684,354 1.34% SMPL Simply Good Foods Co Consumer Staples S US USD 767,556 18.77 $14,407,026 1.31% INGM Ingram Micro Holding Corp Information Technology S US USD 674,270 21.12 $14,240,582 1.30% VRRM Verra Mobility Corp, Class A Industrials S US USD 714,131 19.30 $13,782,728 1.26% PX P10 Inc, Class A Financials S US USD 1,274,537 10.78 $13,739,509 1.25% HUBG Hub Group Inc, Class A Industrials S US USD 277,769 47.58 $13,216,249 1.20% HAE Haemonetics Corp Health Care S US USD 195,578 66.66 $13,037,229 1.19% TNC Tennant Co Industrials S US USD 163,300 76.09 $12,425,497 1.13% TXNM TXNM Energy Inc Utilities S US USD 197,526 58.92 $11,638,232 1.06% MTN Vail Resorts Inc Consumer Discretionary S US USD 85,229 133.07 $11,341,423 1.03% CNNE Cannae Holdings Inc Financials S US USD 784,884 14.41 $11,310,178 1.03% TFX Teleflex Inc Health Care S US USD 106,203 104.37 $11,084,407 1.01% BXC BlueLinx Holdings Inc Industrials S US USD 149,999 69.56 $10,433,930 0.95% HHH Howard Hughes Holdings Inc Real Estate S US USD 114,359 81.66 $9,338,556 0.85% PGNY Progyny Inc Health Care S US USD 390,422 23.87 $9,319,373 0.85% AWI Armstrong World Industries Inc Industrials S US USD 50,719 183.74 $9,319,109 0.85% TRIP TripAdvisor Inc Communication Services S US USD 669,669 13.29 $8,899,901 0.81% NOMD Nomad Foods Ltd Consumer Staples S GB USD 694,111 12.70 $8,815,210 0.80% NMIH NMI Holdings Inc, Class A Financials S US USD 225,056 38.72 $8,714,168 0.79% EMBC Embecta Corp Health Care S US USD 820,637 10.61 $8,706,959 0.79% SAIC Science Applications International Corp Industrials S US USD 85,554 101.76 $8,705,975 0.79% CALM Cal-Maine Foods Inc Consumer Staples S US USD 103,907 83.53 $8,679,352 0.79% BRBR Bellring Brands Inc Consumer Staples S US USD 347,301 24.87 $8,637,376 0.79% ENOV Enovis Corp Health Care S US USD 391,671 22.04 $8,632,429 0.79% LGIH LGI Homes Inc Consumer Discretionary S US USD 171,742 50.11 $8,605,992 0.78% ITRN Ituran Location and Control Ltd Information Technology S IL USD 182,158 44.63 $8,129,712 0.74% JBI Janus International Group Inc Industrials S US USD 1,123,268 6.86 $7,705,618 0.70% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 162,946 43.36 $7,065,339 0.64% YELP Yelp Inc, Class A Communication Services S US USD 248,066 27.38 $6,792,047 0.62% NSP Insperity Inc Industrials S US USD 145,867 42.73 $6,232,897 0.57% GEO GEO Group Inc Industrials S US USD 367,798 15.98 $5,877,412 0.54% EVTC EVERTEC Inc Financials S PR USD 187,508 30.01 $5,627,115 0.51% VYX NCR Voyix Corp Information Technology S US USD 505,727 9.92 $5,016,812 0.46% RDN Radian Group Inc Financials S US USD 149,161 32.90 $4,907,397 0.45% ALIT Alight Inc, Class A Industrials S US USD 1,482,869 1.53 $2,268,790 0.21% Cash & Equivalents Cash C US USD - - $105,465,040 9.61% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Haemonetics Corp 1 1.58% 64.44% White Mountains Insurance Group Ltd 2 3.99% 24.32% ePlus Inc 3 3.14% 23.74% UniFirst Corp 4 2.44% 15.54% Warrior Met Coal Inc 5 0.94% 38.64% ICU Medical Inc 6 1.61% 18.93% Progyny Inc 7 0.97% 19.33% Axis Capital Holdings Ltd 8 2.22% 12.24% Northwestern Energy Group Inc 9 1.91% 10.88% Hub Group Inc, Class A 10 0.99% 23.98% 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 United Parks & Resorts Inc 20 1.69% -29.79% McGrath RentCorp 19 3.37% -10.29% Janus International Group Inc 18 0.80% -33.74% Vontier Corp 17 2.39% -11.37% CoreCivic Inc 16 3.35% -6.09% Cannae Holdings Inc 15 1.34% -13.53% SM Energy Company 14 0.52% -17.64% Alight Inc, Class A 13 0.36% -39.47% WillScot Holdings Corp 12 1.41% -10.59% EVERTEC Inc 11 0.74% -13.75% 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 River Road Small Cap Value Fund (ARSVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Industrials 27.11% 12.60% Financials 18.18% 26.36% Consumer Discretionary 10.95% 9.90% Consumer Staples 9.06% 1.61% Information Technology 9.02% 7.67% Cash & Other 7.14% 0.00% Health Care 6.32% 11.02% Utilities 5.71% 5.74% Materials 2.53% 5.39% Communication Services 1.65% 3.22% Energy 1.44% 6.96% Real Estate 0.87% 9.52% As of: 12/31/2025 Investment Allocation 12/31/2025 Stocks 92.86% Bonds 0.00% Cash and Other 7.14% As of: 12/31/2025 Industry Fund Russell 2000® Value Index Insurance 11.81% 2.15% Commercial Services & Supplies 7.05% 1.67% Electronic Equipment, Instruments & Components 7.04% 2.41% Specialty Retail 5.85% 2.82% Health Care Equipment & Supplies 5.36% 1.30% Financial Services 5.18% 2.97% Professional Services 5.02% 0.65% Air Freight & Logistics 4.36% 0.22% Hotels, Restaurants & Leisure 4.31% 0.81% Trading Companies & Distributors 4.25% 1.18% % in Top 10 Industries 60.23% 16.18% As of: 12/31/2025 Read Important Investment Disclosures About the Affiliate About River Road Asset Management River Road Asset Management was established in 2005 and provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. The firm was founded upon a proprietary Absolute Value® investment discipline. This approach was developed by River Road’s founders and occupies a distinct niche within value investing styles. Learn More About River Road Asset Management's Approach FOUNDED 2005 AMG AFFILIATE SINCE 2014 HEADQUARTERS Louisville, KY Portfolio Managers R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER Read full bio J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER Read full bio Todd Mayberry, CFA PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach AMG River Road Small Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in small-cap equities deemed out of favor and/or undervalued relative to a company’s prospects for growth or relative to its peers. Target companies will typically have market capitalizations below $4B at the time of purchase; however, the Fund may also invest in mid cap stocks based on the opportunity set. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to analyze companies based on the following investment criteria: Financial strength trading at a discount to assessed valuation Shareholder-oriented management teams Undiscovered, under-followed, misunderstood companies with attractive business models Related products Other Products From River Road Asset Management ARDEX AMG River Road Dividend All Cap Value Fund View Fund Details ARRFX AMG River Road Focused Absolute Value Fund View Fund Details FQUAX AMG River Road Large Cap Value Select Fund View Fund Details CHTTX AMG River Road Mid Cap Value Fund View Fund Details ARSMX AMG River Road Small-Mid Cap Value 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