Fund Overview Fund Overview Share Class Investor IS Investor Institutional NAV | as of 03/31/2023 $12.28 +$0.20 (+1.66%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 12/03/1993 to 02/28/2023 = $78,035.69 From: To: 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 800.548.4539. 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. View Performance Read Important Investment Disclosures Objective The fund seeks long-term capital appreciation. Why Consider Jackson Square Partners (JSP) is benchmark agnostic, holding a concentrated, conviction weighted portfolio. The JSP concentrated portfolo approach limits asset capacity in all strategies, resulting in a performance-driven investment culture. JSP emphasizes growth in intrinsic business value as opposed to more traditional definitions of growth that are often restricted to revenue and reported earnings. Cash generation and return on invested capital are more important to JSP than accounting earnings. JSP’s investment team structure is flat, with a stable, veteran team which values high levels of accountability and internal peer scrutiny. While members of the team may have portfolio management responsibilities, everyone on the team is first and foremost an analyst. Documents Fact Sheet Commentary Summary Prospectus Prospectus 2022 Year End Distributions View All Documents Christopher Ericksen PORTFOLIO MANAGER, ANALYST See Our Approach Read Bio William Montana PORTFOLIO MANAGER, ANALYST See Our Approach Read Bio Jeffrey Van Harte CHAIRMAN, CHIEF INVESTMENT OFFICER See Our Approach Read Bio Investment Style Jackson Square Large-Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Jackson Square Large-Cap Growth Fund is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/28/2023 Overall Rating (of 1130) 3 Years (of 1130) 5 Years (of 1049) 10 Years (of 801) Category Large Growth Read Important Investment Disclosures Christopher Ericksen PORTFOLIO MANAGER, ANALYST Chris Ericksen is a founding member of Jackson Square Partners and served as a portfolio manager and analyst before being promoted to Managing Partner in 2023. He has been a part of the team for more than 15 years. Prior to founding Jackson Square, he was a portfolio manager of the Delaware Investments Focus Growth Equity team from April 2005 to April 2014. Prior to joining Delaware Investments, he was a portfolio manager at Transamerica Investment Management, where he also managed institutional separate accounts. Before joining Transamerica in 2004, he was a vice president at Goldman Sachs. During his 10 years there, he worked in investment banking as well as investment management. Chris received his bachelor’s degree from Carnegie Mellon University, with majors in industrial management, economics, and political science. He is also a CFA® charterholder. William Montana PORTFOLIO MANAGER, ANALYST Billy Montana joined Jackson Square Partners as an analyst in September 2014 and was promoted to portfolio manager for the Large Cap Growth strategy in January 2019. Prior to joining Jackson Square, he was an associate at TPG Capital, a private equity firm, from August 2011 to August 2014, focusing on growth capital opportunities. Before that, Billy spent two years at Goldman Sachs as an investment banking analyst, focusing on financial institutions. He received a bachelor’s degree from Georgetown University. Jeffrey Van Harte CHAIRMAN, CHIEF INVESTMENT OFFICER Jeff, along with several colleagues in the firm, founded Jackson Square Partners in May 2014. Serving as chairman and chief investment officer of Jackson Square, he leads a team with a history of managing growth portfolios together that spans decades. Prior to founding Jackson Square, Jeff led the team, then called the Focus Growth Equity team, while at Delaware Investments from April 2005 to April 2014. Prior to Delaware Investments, he was a principal and executive vice president at Transamerica Investment Management. Jeff has been managing portfolios and separate accounts for more than 30 years. Before becoming a portfolio manager, he was a securities analyst and trader for Transamerica Investment Services, which he joined in 1980. Jeff received his bachelor’s degree in finance from California State University at Fullerton and is a CFA charterholder. Outside of work, he is passionate about golf, reading, and higher education philanthropy. 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 less than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.15% Net Expense Ratio: 0.99% Expense Cap Expiration Date: 02/28/2024 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, 2021 $7.686500 — $0.415890 $7.270610 Apr 13, 2021 $2.928000 — $0.703000 $2.225000 Dec 18, 2020 $3.157007 — $0.236007 $2.921000 Dec 19, 2019 $2.451000 — — $2.451000 Dec 21, 2018 $4.447000 — $0.266000 $4.181000 Dec 22, 2017 $3.165000 — $0.138000 $3.027000 Dec 22, 2016 $1.650000 — — $1.650000 Dec 22, 2015 $3.028000 $0.076000 — $2.952000 Dec 22, 2014 $0.752000 $0.057000 — $0.695000 Dec 08, 2000 $0.231000 — — $0.231000 Dec 10, 1999 $0.592000 — — $0.592000 Dec 09, 1997 $6.370000 — $3.322000 $3.048000 Dec 12, 1996 $1.360000 — — $1.360000 From: To: Risk & Return Stats As of: 02/28/2023 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. -8.90 -6.65 -4.73 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. 24.85 21.45 17.16 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.04 0.11 0.45 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. 70.13 66.92 64.47 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. 103.53 101.59 102.47 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. 1.00 0.98 0.98 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 89.56 90.24 88.19 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. 8.03 6.71 5.90 View All Characteristics & Stats All Characteristics & Stats Jackson Square Large-Cap Growth Fund (JSPJX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 1000® Growth Index Fund Assets (Mil.$) $201 Number of Holdings 25 512 Weighted Avg. Market Cap (Mil.$) $391,109 $626,801 Median Market Cap (Mil.$) $69,298 $14,574 Weighted Avg. P/E (1-yr Forward EPS) 28.99 21.42 Weighted Avg. P/E (Trailing EPS) 35.73 24.48 PEG Ratio 1.74 1.57 Weighted Avg. P/B 6.18 8.29 EPS Growth (Trailing 3-yr %) 17.54% 21.93% EPS Growth (Trailing 5-yr %) 21.40% 23.20% Forward EPS Growth (1-yr %) 5.02% 7.58% Forward EPS Growth (Long Term %) 16.92% 13.60% Revenue Growth (Trailing 5-yr %) 15.18% 14.12% Return on Equity 24.92% 36.63% Weighted Avg. Dividend Yield 0.66% 1.08% Debt to Equity 94.14 133.51 As of: 12/31/2022 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. -8.90 -6.65 -4.73 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. 24.85 21.45 17.16 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.04 0.11 0.45 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. 70.13 66.92 64.47 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. 103.53 101.59 102.47 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. 1.00 0.98 0.98 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 89.56 90.24 88.19 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. 8.03 6.71 5.90 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. -1.27 -1.16 -0.97 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 0.98 2.48 7.82 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. -43.46 -43.46 -43.46 As of: 02/28/2023 Market Cap Fund Russell 1000® Growth Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.00% Market Cap ($mm) 1,500 - 2,500 0.00% 0.03% Market Cap ($mm) 2,500 - 5,000 0.00% 0.78% Market Cap ($mm) 5,000 - 10,000 2.12% 2.45% Market Cap ($mm) 10,000 - 25,000 8.66% 7.70% Market Cap ($mm) 25,000 - 50,000 13.59% 10.72% Market Cap ($mm) 50,000 - 100,000 20.45% 12.01% Market Cap ($mm) 100,000 - 200,000 18.00% 13.05% Market Cap ($mm) 200,000 - 37.17% 53.24% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund Russell 1000® Growth Index P/E 0-10 0.00% 2.43% P/E 10-15 0.00% 3.58% P/E 15-20 0.00% 12.49% P/E 20-25 4.11% 21.82% P/E 25-Above 80.91% 56.00% P/E – NA 14.97% 3.68% As of: 12/31/2022 Growth Characteristics Fund Russell 1000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 1.79% 6.52% EPS Growth (Trailing 3-yr %) 0 - 5 11.78% 7.16% EPS Growth (Trailing 3-yr %) 5 - 10 11.79% 5.21% EPS Growth (Trailing 3-yr %) 10 - 15 22.79% 15.38% EPS Growth (Trailing 3-yr %) 15 - 20 5.90% 7.72% EPS Growth (Trailing 3-yr %) Above 20 30.45% 51.02% EPS Growth (Trailing 3-yr %) - NA 15.50% 6.98% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Microsoft Corp 11.80% Mastercard Incorporated 8.16% Visa Inc 7.43% Amazon Com Inc 6.95% Boeing Co 5.01% Canadian Pac Ry Ltd 4.67% Edwards Lifesciences Corp 4.24% Nike Inc 4.22% Cme Group Inc 4.06% Intuitive Surgical Inc 3.96% % in Top 10 Holdings 60.50% View Holding Details Holding Details Jackson Square Large-Cap Growth Fund (JSPJX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Microsoft Corp 11.80% Mastercard Incorporated 8.16% Visa Inc 7.43% Amazon Com Inc 6.95% Boeing Co 5.01% Canadian Pac Ry Ltd 4.67% Edwards Lifesciences Corp 4.24% Nike Inc 4.22% Cme Group Inc 4.06% Intuitive Surgical Inc 3.96% % in Top 10 Holdings 60.50% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund MSFT Microsoft Corp Information Technology S US USD 85,800 249.42 $21,400,236 10.77% MA Mastercard Incorporated Information Technology S US USD 42,831 355.29 $15,217,426 7.66% V Visa Inc Information Technology S US USD 65,216 219.94 $14,343,607 7.22% AMZN Amazon Com Inc Consumer Discretionary S US USD 136,497 94.23 $12,862,112 6.47% CME Cme Group Inc Financials S US USD 55,964 185.36 $10,373,487 5.22% CP Canadian Pac Ry Ltd Industrials S CA USD 129,465 75.94 $9,831,572 4.95% BA Boeing Co Industrials S US USD 47,990 201.55 $9,672,385 4.87% EW Edwards Lifesciences Corp Health Care S US USD 103,630 80.44 $8,335,997 4.19% WM Waste Mgmt Inc Del Industrials S US USD 53,012 149.76 $7,939,077 4.00% NKE Nike Inc Consumer Discretionary S US USD 65,785 118.79 $7,814,600 3.93% SPGI S&P Global Inc Financials S US USD 19,908 341.20 $6,792,610 3.42% VEEV Veeva Sys Inc Health Care S US USD 40,705 165.66 $6,743,190 3.39% UBER Uber Technologies Inc Industrials S US USD 199,565 33.26 $6,637,532 3.34% DHR Danaher Corporation Industrials S US USD 25,969 247.53 $6,428,107 3.23% NOW Servicenow Inc Information Technology S US USD 14,782 432.17 $6,388,337 3.21% ISRG Intuitive Surgical Inc Health Care S US USD 27,254 229.39 $6,251,795 3.15% NVDA Nvidia Corporation Information Technology S US USD 25,896 232.16 $6,012,015 3.03% KKR Kkr & Co Inc Financials S US USD 100,636 56.35 $5,670,839 2.85% LIN Linde Plc Materials S US USD 15,794 348.37 $5,502,156 2.77% AMD Advanced Micro Devices Inc Information Technology S US USD 63,090 78.58 $4,957,612 2.49% CPRT Copart Inc Industrials S US USD 60,262 70.46 $4,246,061 2.14% COUP Coupa Software Inc Information Technology S US USD 48,257 81.00 $3,908,817 1.97% ALGN Align Technology Inc Health Care S US USD 11,753 309.50 $3,637,554 1.83% CTVA Corteva Inc Materials S US USD 49,842 62.29 $3,104,658 1.56% DDOG Datadog Inc Information Technology S US USD 37,507 76.52 $2,870,036 1.44% Cash & Equivalents Cash C - - $1,781,218 0.90% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Boeing Company 1 4.23% 57.33% MasterCard Inc, Class A 2 7.62% 22.43% NIKE, Inc. Class B 3 3.58% 41.07% Intuitive Surgical, Inc. 4 3.59% 41.57% Visa Inc, Class A 5 7.11% 17.14% As of: 12/31/2022 The 5 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 Amazon.com Inc 20 8.10% -25.66% Catalent Inc 19 1.26% -41.61% Edwards Lifesciences Corporation 18 4.33% -9.71% Gitlab, Inc. Class A 17 1.61% -15.15% Datadog Inc Class A 16 1.59% -17.21% As of: 12/31/2022 The 5 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: 12/31/2022 View Allocation Details Allocation Details Jackson Square Large-Cap Growth Fund (JSPJX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 1000® Growth Index Information Technology 39.29% 43.25% Industrials 21.77% 8.11% Health Care 13.57% 13.46% Consumer Discretionary 12.58% 14.17% Financials 9.75% 3.26% Communication Services 1.66% 6.77% Cash & Other 1.37% 0.00% Consumer Staples 0.00% 6.12% Energy 0.00% 1.70% Materials 0.00% 1.46% Real Estate 0.00% 1.64% Utilities 0.00% 0.05% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 98.63% Bonds 0.00% Cash and Other 1.37% As of: 12/31/2022 Industry Fund Russell 1000® Growth Index Software 19.13% 16.30% IT Services 15.59% 7.26% Health Care Equipment & Supplies 9.97% 2.17% Capital Markets 9.75% 1.64% Road & Rail 8.26% 1.37% Internet & Direct Marketing Retail 6.95% 4.54% Commercial Services & Supplies 5.36% 0.83% Aerospace & Defense 5.01% 1.17% Semiconductors & Semiconductor Equipment 4.57% 7.25% Textiles, Apparel & Luxury Goods 4.22% 1.11% % in Top 10 Industries 88.81% 43.64% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach Jackson Square Large-Cap Growth Fund Jackon Square Partners (JSP) is a growth investor but is not bound by consensus definitions of growth. JSP believes that attractive returns can be realized by maintaining a concentrated portfolio of companies that have superior business models, strong cash flows and the opportunity to generate consistent, long-term growth of intrinsic business value. The Large-Cap Growth Fund invests at the time of purchase in companies with an equity capitalization of more than $3B. Jackson Square Large Cap Growth Fund Introduction William Montana of Jackson Square Partners provides an overview of the firm's investment philosophy and the Jackson Square Large Cap Growth strategy. View Webcast About About Jackson Square Partners Background Founded in 2014, Jackson Square is an independent, majority employee-owned investment manager specializing in long-only, growth-oriented equity investing. Their approach has been honed by a team who has worked together for more than two decades, resulting in a unifying investment philosophy of concentrated, long-term investing focused on intrinsic business value growth. Learn More More Products From Jackson Square Partners DCGTX Jackson Square SMID-Cap Growth Fund The fund seeks long-term capital appreciation. View Fund Details Read Important Investment Disclosures Founded 2014 Headquarters San Francisco Affiliate Since 2020 Discover how the boutique advantage helps generate alpha. Learn More About AMG