Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I NAV | as of 02/20/2026 $18.19 +$0.12 (+0.66%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 06/30/1994 to 01/31/2026 = $204,768.23 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. Why Consider The Fund may be appropriate for investors looking to gain exposure to companies in Greater China Invests in a focused portfolio of Chinese companies identified through a combination of top-down thematic drivers and bottom-up fundamental research Real return approach focused on protecting and growing capital 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 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 Veritas China Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective AMG Veritas China Fund is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 01/31/2026 Overall Rating (of 71) 3 Years (of 71) 5 Years — 10 Years — Category China Region Read Important Investment Disclosures Ezra Sun FUND MANAGER, HEAD OF ASIA Ezra Sun is a Fund Manager of the Veritas Asian strategies and joined the Partnership in 2004. Prior to joining Veritas Asset Management, Ezra was the Director of Investment Management and Investment Leader at Asia Newton Investment Management 1995 to 2004. In charge of Newton’s Asia Pacific fund range including Newton Oriental Fund and Mellon Asia Equity Fund. Education: BA, (Nankai University, China), BA (Nankai University, China), MA Research Student Cambridge University. Xiaoyu Liu CO-PORTFOLIO MANAGER OF CHINA FUND Xiaoyu Liu is an Asian Analyst and Co-Manager for the Veritas China strategy at Veritas. She joined Veritas in August 2022. Previously, Ms. Liu was a Fund Manager at Aviva Investors from 2014 to 2022, in charge of the Aviva Investors Asia Income Fund and a range of other Asia Pacific funds for their life client, and an equity analyst at JPMorgan Asset Management from 2007 to 2014 focusing on Asian Equities. 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: 1.48% Net Expense Ratio: 1.14% 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, 2025 $0.055700 $0.055700 — — Dec 16, 2024 $0.181000 $0.181000 — — Dec 14, 2023 $0.114000 $0.114000 — — May 27, 2021 $26.454300 — $8.934100 $17.520200 Dec 16, 2020 $2.115100 $0.014000 — $2.101100 Dec 16, 2019 $3.685500 — — $3.685500 Dec 27, 2018 $8.653300 — $1.436100 $7.217200 Dec 27, 2017 $5.711400 — $1.231000 $4.480400 Dec 27, 2016 $0.144700 — — $0.144700 Dec 28, 2015 $4.518200 — $0.775000 $3.743200 Dec 26, 2014 $5.315200 — $0.800900 $4.514300 Dec 26, 2013 $6.797900 — $3.226300 $3.571600 Dec 26, 2012 $2.915900 $0.067800 — $2.848100 Dec 27, 2011 $2.660400 — — $2.660400 Dec 26, 2008 $1.564500 — — $1.564500 Dec 15, 2000 $2.950260 — — $2.950260 Oct 25, 2000 $6.304400 $0.024400 $6.280000 — Dec 15, 1999 $0.118500 — $0.118500 — Oct 26, 1999 $5.740000 — $5.740000 — Dec 15, 1997 $1.243900 — $0.035990 $1.207910 Oct 31, 1997 $1.520000 — $1.520000 — Dec 13, 1996 $0.917858 — $0.850626 $0.067232 Dec 29, 1995 $0.504478 — $0.504478 — Oct 31, 1994 $0.020350 $0.020350 — — 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. -9.44 -3.24 0.79 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. 23.83 24.73 23.58 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. -0.23 -0.35 0.16 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. 84.23 78.11 76.34 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. 114.53 86.29 75.38 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. 0.98 0.80 0.75 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. 95.68 79.46 56.63 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. 5.04 12.57 16.69 View All Characteristics & Statistics All Characteristics & Statistics AMG Veritas China Fund (MMCFX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI China Index Fund Assets (Mil.$) $45 Number of Holdings 41 Weighted Avg. Market Cap (Mil.$) $303,917 $226,356 Median Market Cap (Mil.$) $42,652 $11,200 Weighted Avg. P/E (1-yr Forward EPS) 18.06 12.74 Weighted Avg. P/E (Trailing EPS) 19.86 13.48 PEG Ratio 1.49 1.61 Weighted Avg. P/B 3.47 1.65 EPS Growth (Trailing 3-yr %) 16.96% 8.13% EPS Growth (Trailing 5-yr %) 20.11% 11.59% Forward EPS Growth (1-yr %) 20.55% 10.80% Forward EPS Growth (Long Term %) 12.43% 8.95% Revenue Growth (Trailing 5-yr %) 15.81% 11.33% Return on Equity 20.10% 15.94% Weighted Avg. Dividend Yield 1.30% 2.03% Debt to Equity 43.97 79.17 Trailing 12-Months Portfolio Turnover 110.08% 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. -9.44 -3.24 0.79 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. 23.83 24.73 23.58 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. -0.23 -0.35 0.16 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. 84.23 78.11 76.34 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. 114.53 86.29 75.38 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. 0.98 0.80 0.75 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. 95.68 79.46 56.63 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. 5.04 12.57 16.69 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. -1.81 -0.15 -0.07 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. -5.54 -10.80 5.08 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. -34.55 -56.44 -56.44 As of: 01/31/2026 Market Cap Fund MSCI China Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.06% Market Cap ($mm) 1,500 - 2,500 0.00% 0.14% Market Cap ($mm) 2,500 - 5,000 1.77% 1.94% Market Cap ($mm) 5,000 - 10,000 4.34% 8.26% Market Cap ($mm) 10,000 - 25,000 12.06% 15.80% Market Cap ($mm) 25,000 - 50,000 10.82% 12.12% Market Cap ($mm) 50,000 - 100,000 13.09% 10.14% Market Cap ($mm) 100,000 - 200,000 16.22% 12.95% Market Cap ($mm) 200,000 - 40.72% 38.54% Market Cap – NA 0.98% 0.05% As of: 12/31/2025 Valuation Characteristics Fund MSCI China Index P/E 0-10 6.41% 22.52% P/E 10-15 7.96% 12.78% P/E 15-20 24.41% 19.52% P/E 20-25 26.17% 25.68% P/E 25-Above 27.61% 14.45% P/E – NA 7.44% 5.05% As of: 12/31/2025 Growth Characteristics Fund MSCI China Index EPS Growth (Trailing 3-yr %) - Negative 2.97% 20.38% EPS Growth (Trailing 3-yr %) 0 - 5 22.01% 22.44% EPS Growth (Trailing 3-yr %) 5 - 10 9.89% 4.37% EPS Growth (Trailing 3-yr %) 10 - 15 8.57% 7.53% EPS Growth (Trailing 3-yr %) 15 - 20 7.72% 1.94% EPS Growth (Trailing 3-yr %) Above 20 36.03% 30.43% EPS Growth (Trailing 3-yr %) - NA 12.82% 12.90% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2025 Tencent Holdings Ltd 17.93% Alibaba Group Holding Ltd 11.20% Taiwan Semiconductor Manufacturing Co Ltd 6.50% Contemporary Amperex Technology Co Ltd [300750] 5.03% Zijin Mining Group Co Ltd 4.80% NetEase Inc 4.76% PDD Holdings Inc ADR 3.68% PICC Property & Casualty Co Ltd 2.89% Jiangsu Hengrui Pharmaceuticals Co Ltd 2.71% China Merchants Bank Co Ltd, Class H 2.34% % in Top 10 Holdings 61.86% View Holding Details Holding Details AMG Veritas China Fund (MMCFX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2025 Tencent Holdings Ltd 17.93% Alibaba Group Holding Ltd 11.20% Taiwan Semiconductor Manufacturing Co Ltd 6.50% Contemporary Amperex Technology Co Ltd [300750] 5.03% Zijin Mining Group Co Ltd 4.80% NetEase Inc 4.76% PDD Holdings Inc ADR 3.68% PICC Property & Casualty Co Ltd 2.89% Jiangsu Hengrui Pharmaceuticals Co Ltd 2.71% China Merchants Bank Co Ltd, Class H 2.34% % in Top 10 Holdings 61.86% As of: 12/31/2025 Download All Holdings (PDF) As of: 01/31/2026 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 700 Tencent Holdings Ltd Communication Services S CN HKD 104,200 76.86 $8,009,000 17.38% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 272,100 21.27 $5,788,543 12.56% 2330 Taiwan Semiconductor Manufacturing Co Ltd Information Technology S TW TWD 59,000 55.30 $3,262,460 7.08% 2899 Zijin Mining Group Co Ltd Materials S CN HKD 468,000 5.21 $2,440,163 5.30% 9999 NetEase Inc Communication Services S CN HKD 61,200 25.93 $1,586,921 3.44% 002028 Sieyuan Electric Co Ltd Industrials S CN CNY 55,500 26.60 $1,476,493 3.20% 300750 Contemporary Amperex Technology Co Ltd [300750] Industrials S CN CNY 24,180 50.46 $1,220,053 2.65% 1276 Jiangsu Hengrui Pharmaceuticals Co Ltd Health Care S CN HKD 132,000 8.77 $1,157,137 2.51% 2328 PICC Property & Casualty Co Ltd Financials S CN HKD 524,000 2.07 $1,084,784 2.35% 688521 Verisilicon Microelectronics Shanghai Co Ltd Information Technology S CN CNY 33,438 31.76 $1,061,912 2.31% 2318 Ping An Insurance Group Co of China Ltd, Class H Financials S CN HKD 101,000 9.28 $936,811 2.03% 002371 NAURA Technology Group Co Ltd Information Technology S CN CNY 13,230 68.28 $903,352 1.96% 2359 WuXi AppTec Co Ltd 144A Health Care S CN HKD 61,900 14.23 $880,841 1.91% 600406 NARI Technology Co Ltd Industrials S CN CNY 235,871 3.62 $853,170 1.85% 1299 AIA Group Ltd Financials S HK HKD 70,800 11.54 $816,854 1.77% 388 Hong Kong Exchanges & Clearing Ltd Financials S HK HKD 14,200 55.13 $782,862 1.70% SSNHZ Samsung Electronics Co Ltd GDR Information Technology S KR USD 297 2,616.29 $777,038 1.69% 600066 Yutong Bus Co Ltd Industrials S CN CNY 147,000 4.45 $653,709 1.42% 3968 China Merchants Bank Co Ltd, Class H Financials S CN HKD 105,500 6.11 $644,562 1.40% 2252 Shanghai Microport Medbot Group Co Ltd Health Care S CN HKD 176,900 3.61 $638,557 1.39% PDD PDD Holdings Inc ADR Consumer Discretionary S CN USD 6,294 101.05 $636,009 1.38% 601138 Foxconn Industrial Internet Co Ltd Information Technology S CN CNY 76,200 8.26 $629,514 1.37% 1164 CGN Mining Co Ltd Energy S HK HKD 960,000 0.65 $626,548 1.36% 300308 Zhongji Innolight Co Ltd Information Technology S CN CNY 5,600 92.86 $520,040 1.13% Zhejiang Century Huatong Group Co Ltd Information Technology S CN USD 179,100 2.84 $508,591 1.10% 300274 Sungrow Power Supply Co Ltd Industrials S CN CNY 22,600 21.72 $490,972 1.07% 002475 Luxshare Precision Industry Co Ltd Information Technology S CN CNY 65,500 7.42 $485,722 1.05% 300476 Victory Giant Technology Huizhou Co Ltd Information Technology S CN CNY 12,800 37.73 $482,955 1.05% 603699 Neway Valve Suzhou Co Ltd Industrials S CN CNY 54,400 8.71 $473,758 1.03% 1072 Dongfang Electric Corp Ltd Industrials S CN HKD 144,800 3.26 $471,935 1.02% 6613 Lens Technology Co Ltd Information Technology S CN HKD 125,200 3.75 $469,609 1.02% 9992 Pop Mart International Group Ltd 144A Consumer Discretionary S CN HKD 16,400 28.59 $468,820 1.02% 1093 CSPC Pharmaceutical Group Ltd Health Care S CN HKD 376,000 1.23 $461,253 1.00% 9660 Horizon Robotics Information Technology S CN HKD 430,800 1.05 $452,386 0.98% 2317 Hon Hai Precision Industry Co Ltd Information Technology S TW TWD 65,000 6.91 $449,307 0.98% 600183 Shengyi Technology Co Ltd Information Technology S CN CNY 45,000 9.88 $444,731 0.97% 9868 XPeng Inc, Class A Consumer Discretionary S CN HKD 45,400 9.00 $408,673 0.89% 2282 MGM China Holdings Ltd Consumer Discretionary S MO HKD 222,000 1.60 $354,504 0.77% JM Jardine Matheson Holdings Ltd Industrials S HK USD 4,400 72.88 $320,663 0.70% 9926 Akeso Inc 144A Health Care S CN HKD 22,000 14.11 $310,526 0.67% Cash & Equivalents Cash C US USD - - $1,628,162 3.53% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Sieyuan Electric Co Ltd 1 1.55% 44.20% Taiwan Semiconductor Manufacturing Co Ltd 2 5.03% 15.52% Zijin Mining Group Co Ltd 3 4.20% 9.34% Yutong Bus Co Ltd 4 1.65% 22.72% Sungrow Power Supply Co Ltd 5 2.05% 8.44% China Merchants Bank Co Ltd, Class H 6 2.00% 12.87% Zijin Gold International Co Ltd 7 0.54% 21.05% Zhejiang Sanhua Intelligent Controls Co., Ltd. 8 0.12% 10.10% NAURA Technology Group Co Ltd 9 1.71% 3.63% Ping An Insurance Group Co of China Ltd, Class H 10 0.58% 7.86% 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 Alibaba Group Holding Ltd 20 11.79% -19.35% Tencent Holdings Ltd 19 20.34% -9.69% Jiangsu Hengrui Pharmaceuticals Co Ltd 18 2.72% -19.80% PDD Holdings Inc ADR 17 3.81% -14.21% Xiaomi Corporation Class B 16 0.79% -16.71% NetEase Inc 15 4.67% -9.08% Netease Cloud Music Inc 144A 14 1.21% -28.44% Full Truck Alliance Co. Ltd. Sponsored ADR 13 1.08% -19.49% Contemporary Amperex Technology Co Ltd [300750] 12 5.18% -6.71% Hon Hai Precision Industry Co Ltd 11 1.94% -5.44% 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 Regional Allocation As of: 12/31/2025 View Allocation Details Allocation Details AMG Veritas China Fund (MMCFX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI China Index Communication Services 23.78% 22.75% Consumer Discretionary 18.41% 27.78% Information Technology 17.27% 8.14% Industrials 16.71% 4.83% Financials 9.72% 17.92% Health Care 7.80% 4.57% Materials 6.25% 5.03% Cash & Other 0.05% 0.00% Consumer Staples 0.00% 3.15% Energy 0.00% 2.64% Real Estate 0.00% 1.42% Utilities 0.00% 1.79% As of: 12/31/2025 Investment Allocation 12/31/2025 Stocks 99.95% Bonds 0.00% Cash and Other 0.05% As of: 12/31/2025 Country Fund MSCI China Index China 85.90% 100.00% Taiwan 7.57% 0.00% Hong Kong 5.64% 0.00% Macau 0.84% 0.00% % in Top 4 Countries 99.95% 100% As of: 12/31/2025 Region Fund MSCI China Index Developed 5.64% 0.00% Europe & Middle East 0.00% 0.00% North America 0.00% 0.00% Pacific 5.64% 0.00% Emerging 93.47% 100.00% Asia 93.47% 100.00% Latin America 0.00% 0.00% Europe & Middle East 0.00% 0.00% Africa 0.00% 0.00% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 0.89% 0.00% As of: 12/31/2025 Industry Fund MSCI China Index Interactive Media & Services 17.93% 19.91% Broadline Retail 14.88% 15.50% Electrical Equipment 11.98% 1.23% Semiconductors & Semiconductor Equipment 9.36% 1.63% Electronic Equipment, Instruments & Components 5.86% 1.62% Entertainment 5.85% 2.46% Insurance 5.71% 4.88% Metals & Mining 5.37% 4.03% Machinery 4.06% 1.11% Pharmaceuticals 3.73% 1.17% % in Top 10 Industries 84.73% 53.54% As of: 12/31/2025 Read Important Investment Disclosures About the Affiliate About Veritas Asset Management Founded in 2003, Veritas Asset Management is a leading Global and Asian equities manager. The firm manages both funds and segregated portfolios for institutional and retail investors globally. The focus is on identifying good quality, sustainable businesses and remaining patient to buy into these companies at the right entry point in order to achieve long-term real returns. Learn More About Veritas Asset Management's Approach FOUNDED 2003 AMG AFFILIATE SINCE 2014 HEADQUARTERS London, England Portfolio Managers Ezra Sun FUND MANAGER, HEAD OF ASIA Read full bio Xiaoyu Liu CO-PORTFOLIO MANAGER OF CHINA FUND Read full bio Investment Approach Investment Approach AMG Veritas China Fund Veritas combines top-down analysis, focused on identifying long term themes and trends, with bottom-up fundamental company research that seeks to identify companies within those identified themes and trends that it believes have sound business models, strong management and disciplined financial controls. Veritas seeks to focus on quality companies in sectors that the Subadviser believes show long term structural growth potential with emphasis on industry leaders or emerging leaders with durable competitiveness. Related products Other Products From Veritas Asset Management MGSEX AMG Veritas Asia Pacific Fund View Fund Details MFQAX AMG Veritas Global Focus Fund View Fund Details BLUEX AMG Veritas Global Real Return 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