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 $9.76 -$0.01 (-0.10%) 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 12/31/2025 Analyst-Driven:55% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 03/29/2007 to 01/31/2026 = $40,207.26 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 small and mid capitalization equity securities. Why Consider May be appropriate for investors looking to gain exposure to U.S. small and mid 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 All Holdings Distributions View All Documents Investment Style AMG River Road Small-Mid 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-Mid 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: 1.29% Net Expense Ratio: 1.29% 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 $0.470500 $0.023400 $0.183300 $0.263800 Dec 16, 2024 $0.890700 $0.023800 $0.040700 $0.826200 Dec 14, 2023 $0.362100 $0.010900 $0.103100 $0.248100 Dec 15, 2022 $0.410000 $0.000200 — $0.409800 Dec 15, 2021 $0.568300 — — $0.568300 Dec 16, 2019 $0.151200 $0.006900 $0.066400 $0.077900 Dec 27, 2018 $0.542500 — $0.177400 $0.365100 Dec 27, 2017 $1.148000 $0.017200 $0.212700 $0.918100 Dec 27, 2016 $0.590100 $0.009300 $0.009700 $0.571100 Dec 30, 2015 $1.112000 — — $1.112000 Dec 30, 2014 $1.428300 — $0.452200 $0.976100 Dec 30, 2013 $1.511600 $0.016700 $0.206800 $1.288100 Dec 28, 2012 $0.635200 $0.124600 $0.031100 $0.479500 Dec 29, 2011 $2.059200 — $0.084000 $1.975200 Dec 29, 2010 $0.114000 $0.030800 — $0.083200 Dec 29, 2008 $0.011300 $0.011300 — — From: To: Risk & Return Statistics As of: 01/31/2026 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -2.24 -0.54 1.43 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. 14.34 16.43 17.79 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. 0.20 0.33 0.51 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. 74.65 81.18 87.69 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. 79.06 80.41 80.09 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. 0.78 0.83 0.87 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. 86.62 89.66 91.65 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. 6.59 6.19 5.79 View All Characteristics & Statistics All Characteristics & Statistics AMG River Road Small-Mid Cap Value Fund (ARSMX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500™ Value Index Fund Assets (Mil.$) $355 Number of Holdings 75 Weighted Avg. Market Cap (Mil.$) $6,538 $9,593 Median Market Cap (Mil.$) $4,635 $1,455 Weighted Avg. P/E (1-yr Forward EPS) 14.33 15.52 Weighted Avg. P/E (Trailing EPS) 17.17 18.19 PEG Ratio 1.71 1.34 Weighted Avg. P/B 1.60 1.88 EPS Growth (Trailing 3-yr %) 3.36% -0.01% EPS Growth (Trailing 5-yr %) 9.90% 8.42% Forward EPS Growth (1-yr %) 1.97% 4.25% Forward EPS Growth (Long Term %) 8.81% 10.36% Revenue Growth (Trailing 5-yr %) 9.33% 9.19% Return on Equity 11.88% 10.45% Weighted Avg. Dividend Yield 1.24% 1.76% Debt to Equity 79.45 84.72 Trailing 12-Months Portfolio Turnover 37.24% As of: 12/31/2025 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -2.24 -0.54 1.43 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. 14.34 16.43 17.79 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. 0.20 0.33 0.51 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. 74.65 81.18 87.69 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. 79.06 80.41 80.09 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. 0.78 0.83 0.87 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. 86.62 89.66 91.65 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. 6.59 6.19 5.79 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. -0.52 -0.25 0.08 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 3.66 6.52 10.40 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. -11.83 -16.70 -34.15 As of: 01/31/2026 Market Cap Fund Russell 2500™ Value Index Market Cap ($mm) 0 - 1,000 6.06% 5.01% Market Cap ($mm) 1,000 - 1,500 1.91% 3.14% Market Cap ($mm) 1,500 - 2,500 11.58% 6.47% Market Cap ($mm) 2,500 - 5,000 27.44% 15.07% Market Cap ($mm) 5,000 - 10,000 28.70% 30.01% Market Cap ($mm) 10,000 - 25,000 24.31% 36.32% Market Cap ($mm) 25,000 - 50,000 0.00% 3.75% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.23% As of: 12/31/2025 Valuation Characteristics Fund Russell 2500™ Value Index P/E 0-10 9.59% 7.45% P/E 10-15 13.27% 17.19% P/E 15-20 32.74% 15.14% P/E 20-25 16.19% 12.01% P/E 25-Above 25.16% 34.94% P/E – NA 3.05% 13.27% As of: 12/31/2025 Growth Characteristics Fund Russell 2500™ Value Index EPS Growth (Trailing 3-yr %) - Negative 39.26% 37.14% EPS Growth (Trailing 3-yr %) 0 - 5 12.54% 8.42% EPS Growth (Trailing 3-yr %) 5 - 10 4.73% 8.60% EPS Growth (Trailing 3-yr %) 10 - 15 8.87% 6.89% EPS Growth (Trailing 3-yr %) 15 - 20 5.51% 1.54% EPS Growth (Trailing 3-yr %) Above 20 17.03% 15.44% EPS Growth (Trailing 3-yr %) - NA 12.06% 21.96% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2025 White Mountains Insurance Group Ltd 3.90% BJ's Wholesale Club Holdings Inc 3.35% McGrath RentCorp 2.95% Lithia Motors Inc, Class A 2.89% Murphy USA Inc 2.89% CoreCivic Inc 2.78% UniFirst Corp 2.52% Assured Guaranty Ltd 2.50% Genworth Financial Inc, Class A 2.47% ICON PLC 2.24% % in Top 10 Holdings 28.50% View Holding Details Holding Details AMG River Road Small-Mid Cap Value Fund (ARSMX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2025 White Mountains Insurance Group Ltd 3.90% BJ's Wholesale Club Holdings Inc 3.35% McGrath RentCorp 2.95% Lithia Motors Inc, Class A 2.89% Murphy USA Inc 2.89% CoreCivic Inc 2.78% UniFirst Corp 2.52% Assured Guaranty Ltd 2.50% Genworth Financial Inc, Class A 2.47% ICON PLC 2.24% % in Top 10 Holdings 28.50% As of: 12/31/2025 Download All Holdings (PDF) As of: 01/31/2026 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WTM White Mountains Insurance Group Ltd Financials S US USD 6,677 2,044.93 $13,653,998 3.75% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 132,422 92.44 $12,241,090 3.36% MGRC McGrath RentCorp Industrials S US USD 99,826 111.69 $11,149,566 3.06% MUSA Murphy USA Inc Consumer Discretionary S US USD 25,463 422.51 $10,758,372 2.96% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 30,918 323.44 $10,000,118 2.75% UNF UniFirst Corp Industrials S US USD 46,408 215.00 $9,977,720 2.74% CXW CoreCivic Inc Industrials S US USD 517,909 18.53 $9,596,854 2.64% AGO Assured Guaranty Ltd Financials S BM USD 98,980 84.85 $8,398,453 2.31% ICLR ICON PLC Health Care S IE USD 43,748 180.25 $7,885,577 2.17% VNT Vontier Corp Information Technology S US USD 203,632 37.50 $7,636,200 2.10% ATR AptarGroup Inc Materials S US USD 60,635 124.95 $7,576,343 2.08% PLUS ePlus Inc Information Technology S US USD 88,237 85.81 $7,571,617 2.08% GXO GXO Logistics Inc Industrials S US USD 133,572 56.59 $7,558,839 2.08% COO Cooper Cos Inc Health Care S US USD 92,007 81.38 $7,487,530 2.06% GNW Genworth Financial Inc, Class A Financials S US USD 887,352 8.34 $7,400,516 2.03% WEX WEX Inc Financials S US USD 46,886 153.90 $7,215,755 1.98% PR Permian Resources Corp, Class A Energy S US USD 419,483 16.13 $6,766,261 1.86% MDU MDU Resources Group Inc Utilities S US USD 299,328 20.51 $6,139,217 1.69% ICUI ICU Medical Inc Health Care S US USD 40,829 149.90 $6,120,267 1.68% SNN Smith & Nephew PLC ADR Health Care S GB USD 177,632 34.14 $6,064,356 1.67% RTO Rentokil Initial PLC ADR Industrials S GB USD 184,272 31.51 $5,806,411 1.60% HII Huntington Ingalls Industries Inc Industrials S US USD 13,416 420.51 $5,641,562 1.55% PAYC Paycom Software Inc Industrials S US USD 39,855 134.75 $5,370,461 1.48% IFF International Flavors & Fragrances Inc Materials S US USD 72,123 69.81 $5,034,907 1.38% PSMT PriceSmart Inc Consumer Staples S US USD 35,148 142.21 $4,998,397 1.37% UFPI UFP Industries Inc Industrials S US USD 48,215 103.28 $4,979,645 1.37% AXS Axis Capital Holdings Ltd Financials S BM USD 47,926 103.18 $4,945,005 1.36% PRSU Pursuit Attractions and Hospitality Inc Consumer Discretionary S US USD 135,287 34.73 $4,698,518 1.29% BMRN BioMarin Pharmaceutical Inc Health Care S US USD 81,975 56.54 $4,634,867 1.27% SWX Southwest Gas Holdings Inc Utilities S US USD 55,923 82.82 $4,631,543 1.27% MTN Vail Resorts Inc Consumer Discretionary S US USD 33,567 133.07 $4,466,761 1.23% LKQ LKQ Corp Consumer Discretionary S US USD 131,987 32.85 $4,335,773 1.19% SNX TD SYNNEX Corp Information Technology S US USD 27,037 158.67 $4,289,961 1.18% PRKS United Parks & Resorts Inc Consumer Discretionary S US USD 113,357 37.65 $4,267,891 1.17% WCC WESCO International Inc Industrials S US USD 14,655 289.43 $4,241,597 1.17% CACI CACI International Inc, Class A Industrials S US USD 6,707 620.58 $4,162,230 1.14% MMS MAXIMUS Inc Industrials S US USD 41,369 94.44 $3,906,888 1.07% OC Owens Corning Industrials S US USD 32,146 119.84 $3,852,377 1.06% DK Delek US Holdings Inc Energy S US USD 129,328 29.51 $3,816,469 1.05% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 50,939 74.86 $3,813,294 1.05% HAE Haemonetics Corp Health Care S US USD 56,243 66.66 $3,749,158 1.03% NWE Northwestern Energy Group Inc Utilities S US USD 55,204 67.86 $3,746,143 1.03% TFX Teleflex Inc Health Care S US USD 35,761 104.37 $3,732,376 1.03% TTAM Titan America Sa Materials S BE USD 196,507 17.36 $3,411,362 0.94% CNH CNH Industrial NV Industrials S GB USD 315,704 10.76 $3,396,975 0.93% CNA CNA Financial Corp Financials S US USD 70,106 47.86 $3,355,273 0.92% AWI Armstrong World Industries Inc Industrials S US USD 18,213 183.74 $3,346,457 0.92% SMPL Simply Good Foods Co Consumer Staples S US USD 176,716 18.77 $3,316,959 0.91% VRRM Verra Mobility Corp, Class A Industrials S US USD 165,796 19.30 $3,199,863 0.88% DINO HF Sinclair Corp Energy S US USD 61,111 51.99 $3,177,161 0.87% SAIC Science Applications International Corp Industrials S US USD 30,731 101.76 $3,127,187 0.86% BRBR Bellring Brands Inc Consumer Staples S US USD 121,591 24.87 $3,023,968 0.83% PX P10 Inc, Class A Financials S US USD 279,187 10.78 $3,009,636 0.83% WSC WillScot Holdings Corp Industrials S US USD 149,533 20.03 $2,995,146 0.82% CNNE Cannae Holdings Inc Financials S US USD 207,786 14.41 $2,994,196 0.82% TRIP TripAdvisor Inc Communication Services S US USD 221,449 13.29 $2,943,057 0.81% CALM Cal-Maine Foods Inc Consumer Staples S US USD 34,316 83.53 $2,866,415 0.79% DOLE Dole PLC Consumer Staples S IE USD 179,848 15.93 $2,864,979 0.79% HUBG Hub Group Inc, Class A Industrials S US USD 57,490 47.58 $2,735,374 0.75% NOMD Nomad Foods Ltd Consumer Staples S GB USD 201,238 12.70 $2,555,723 0.70% LGIH LGI Homes Inc Consumer Discretionary S US USD 48,992 50.11 $2,454,989 0.67% YELP Yelp Inc, Class A Communication Services S US USD 77,534 27.38 $2,122,881 0.58% ENOV Enovis Corp Health Care S US USD 87,016 22.04 $1,917,833 0.53% HHH Howard Hughes Holdings Inc Real Estate S US USD 23,051 81.66 $1,882,345 0.52% INGM Ingram Micro Holding Corp Information Technology S US USD 85,332 21.12 $1,802,212 0.50% EVTC EVERTEC Inc Financials S PR USD 59,978 30.01 $1,799,940 0.49% EMBC Embecta Corp Health Care S US USD 156,450 10.61 $1,659,935 0.46% RDN Radian Group Inc Financials S US USD 49,124 32.90 $1,616,180 0.44% JBI Janus International Group Inc Industrials S US USD 233,613 6.86 $1,602,585 0.44% NSP Insperity Inc Industrials S US USD 37,378 42.73 $1,597,162 0.44% VYX NCR Voyix Corp Information Technology S US USD 136,253 9.92 $1,351,630 0.37% TLN Talen Energy Corp Utilities S US USD 3,614 348.36 $1,258,973 0.35% OVV Ovintiv Inc Energy S US USD 23,388 43.47 $1,016,676 0.28% ALIT Alight Inc, Class A Industrials S US USD 519,622 1.53 $795,022 0.22% Cash & Equivalents Cash C US USD - - $14,298,648 3.93% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Haemonetics Corp 1 1.52% 64.44% White Mountains Insurance Group Ltd 2 3.69% 24.32% WESCO International Inc 3 2.30% 15.81% ePlus Inc 4 2.08% 23.74% Cooper Cos Inc 5 1.86% 19.54% UniFirst Corp 6 2.19% 15.54% Rentokil Initial PLC ADR 7 1.84% 16.67% Warrior Met Coal Inc 8 0.63% 38.64% Huntington Ingalls Industries Inc 9 1.57% 18.48% ICU Medical Inc 10 1.53% 18.93% 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 1.33% -29.79% McGrath RentCorp 19 3.05% -10.29% Owens Corning 18 1.06% -20.59% Vontier Corp 17 2.02% -11.37% Janus International Group Inc 16 0.52% -33.74% Alight Inc, Class A 15 0.37% -39.47% CoreCivic Inc 14 2.68% -6.09% Cannae Holdings Inc 13 1.16% -13.53% Smith & Nephew PLC ADR 12 1.72% -8.88% CNH Industrial NV 11 0.89% -15.02% 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-Mid Cap Value Fund (ARSMX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Value Index Industrials 26.62% 20.15% Financials 16.10% 20.37% Health Care 11.67% 8.62% Consumer Discretionary 11.28% 10.56% Consumer Staples 8.47% 3.18% Information Technology 6.35% 10.55% Utilities 5.17% 4.14% Materials 4.82% 6.40% Energy 3.78% 4.68% Cash & Other 3.64% 0.00% Communication Services 1.57% 2.97% Real Estate 0.52% 8.38% As of: 12/31/2025 Investment Allocation 12/31/2025 Stocks 96.36% Bonds 0.00% Cash and Other 3.64% As of: 12/31/2025 Industry Fund Russell 2500™ Value Index Insurance 11.45% 3.91% Health Care Equipment & Supplies 8.06% 0.84% Commercial Services & Supplies 7.03% 1.04% Professional Services 5.93% 1.47% Specialty Retail 5.78% 2.52% Electronic Equipment, Instruments & Components 5.72% 2.94% Consumer Staples Distribution & Retail 5.55% 1.69% Trading Companies & Distributors 4.31% 1.72% Financial Services 3.87% 2.06% Oil, Gas & Consumable Fuels 3.78% 3.35% % in Top 10 Industries 61.48% 21.54% 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-Mid Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in small and mid-cap equities deemed out of favor and/or undervalued relative to a company’s prospects for growth or relative to their peers. Target companies will typically have market capitalizations between $250 million and $14 billion at the time of purchase. 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 ARSVX AMG River Road Small 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