Fund Overview

Fund Overview

Share Class

N

NAV | as of 06/28/2022

$19.94
-$0.13 (-0.66%)

Morningstar | Style Box

L M E H M L

Overall Morningstar Rating


Rated against 631 High Yield Bond funds as of 05/31/2022

View Morningstar Details

Growth of $10,000 (Hypothetical)

Since Inception 03/25/1994 to 05/31/2022 = $46,048.33

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.

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 800.835.3879 or visit our website at amgfunds.com. 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.

Objective

The Fund seeks high income

Why Consider

  • May be appropriate for investors seeking a short term high income investment
  • Employs a research intensive investment process combining quantitative screening tools with in-depth security specific research
  • Manages risk by limiting duration and focusing on the highest quality of non-investment grade corporate bonds

Mary F. Kane, CFA

PARTNER AND PORTFOLIO MANAGER

Stephen J. Repoff, CFA

PRINCIPAL, PORTFOLIO MANAGER

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing 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 800.835.3879 or visit our website at amgfunds.com. 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.

Expense Ratios

  • Gross Expense Ratio: 1.37%
  • Net Expense Ratio: 0.84%
  • Expense Cap Expiration Date: 05/01/2023

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Jun 28, 2022 $0.056900 $0.056900
May 26, 2022 $0.057300 $0.057300
Apr 27, 2022 $0.056200 $0.056200
Mar 29, 2022 $0.056400 $0.056400
Feb 24, 2022 $0.051200 $0.051200
Jan 27, 2022 $0.055200 $0.055200
Dec 15, 2021 $0.109200 $0.060900 $0.047700 $0.000600
Nov 26, 2021 $0.055300 $0.055300
Oct 27, 2021 $0.058200 $0.058200
Sep 28, 2021 $0.058300 $0.058300
Aug 27, 2021 $0.059600 $0.059600
Jul 28, 2021 $0.058600 $0.058600
Jun 28, 2021 $0.055300 $0.055300
May 26, 2021 $0.061100 $0.061100
Apr 28, 2021 $0.039300 $0.039300
Mar 29, 2021 $0.026200 $0.026200
Dec 09, 2020 $1.888100 $0.480600 $0.320400 $1.087100
Dec 16, 2019 $0.067100 $0.067100
Dec 27, 2018 $0.139900 $0.139900
Dec 28, 2015 $0.276000 $0.276000
Dec 26, 2014 $0.372300 $0.372300
Dec 26, 2013 $0.582200 $0.582200
Dec 26, 2012 $0.790600 $0.790600
Dec 27, 2011 $0.683700 $0.683700
Dec 28, 2010 $0.856400 $0.856400
Dec 28, 2009 $2.221700 $2.221700
Dec 26, 2008 $2.211400 $2.186100 $0.025300
Dec 26, 2007 $1.435000 $1.426000 $0.009000
Dec 26, 2006 $0.516000 $0.489000 $0.027000
Dec 27, 2005 $1.072000 $0.773000 $0.052000 $0.247000
Dec 28, 2004 $1.953000 $1.340000 $0.089000 $0.524000
Dec 26, 2003 $2.620000 $2.090000 $0.360000 $0.170000
Dec 26, 2002 $0.769000 $0.553000 $0.216000
Dec 26, 2001 $0.250000 $0.250000
Dec 26, 2000 $0.124500 $0.124500
Dec 28, 1999 $0.710000 $0.480000 $0.230000
Dec 28, 1998 $2.550000 $1.160000 $1.230000 $0.160000
Dec 26, 1997 $0.510000 $0.170000 $0.340000
Dec 26, 1996 $1.010000 $0.600000 $0.360000 $0.050000
Sep 25, 1996 $0.200000 $0.200000
Jun 25, 1996 $0.050000 $0.050000
Mar 26, 1996 $0.020000 $0.020000
Dec 26, 1995 $0.290000 $0.290000
Sep 26, 1995 $0.300000 $0.300000
Jun 27, 1995 $0.300000 $0.300000
Mar 28, 1995 $0.080000 $0.080000
Dec 30, 1994 $0.360000 $0.360000
Sep 27, 1994 $0.100000 $0.100000
Jun 27, 1994 $0.150000 $0.150000

Risk & Return Stats

As of: 05/31/2022

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.
1.80 0.75 -0.89
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.
5.42 4.99 5.38
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.
- - -
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.
89.95 68.99 76.65
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.
75.38 61.95 109.11
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.
0.69 0.68 0.84
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.
75.69 57.57 50.03
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.
3.43 3.72 3.87
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 03/31/2022

Starwood Property Trust Inc Fixed 2.25%
Telecom Italia SpA Fixed 144A 2.01%
Service Properties Trust Fixed 1.83%
Ford Motor Co Fixed 1.82%
Matador Resources Co Fixed 1.81%
SM Energy Co Fixed 1.55%
Western Midstream Operating LP Fixed 1.50%
Ball Corp Fixed 1.49%
OneMain Finance Corp Fixed 1.46%
Citigroup Inc Floating Perpetual 1.45%
% in Top 10 Holdings 17.17%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Fixed)

As of: 03/31/2022

View Allocation Details

Investment Approach

Investment Approach

GW&K High Income Fund

  •  The Fund invests in a diversified portfolio of short-term, non-investment grade corporate bonds, which have the potential to generate high income and strong total return over the long term while assuming manageable levels of risk
  • GW&K believes the short-term segment of the high yield corporate sector provides attractive returns with lower volatility compared to the overall high yield market
  • Under normal market conditions, the Fund invests in bonds with maturities less than five years and seeks to target bonds with an average rating of BB
  • GW&K employs a research intensive process which seeks out relative value opportunities within the corporate bond universe based on their assessment of macro-economic conditions and sound fundamental credit research
  • Uses bottom-up research that focuses on fundamental, valuation, technical and ESG factor analysis
  • A strong risk management process is used to achieve portfolio diversification, manage credit risk, and set sector, quality and issuer limits

Emerging Markets

As population and demographics shift meaningfully within Emerging Markets, investors see the opportunity to increase their exposure within this allocation.

Read More

About

Background

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

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Founded

1974


Headquarters

Boston, MA


Affiliate Since

2008

Discover how the boutique advantage helps generate alpha.

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