Fund Overview Fund Overview Share Class Investor IS Investor Institutional NAV | as of 09/21/2023 $14.03 -$0.34 (-2.37%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 12/03/1993 to 08/31/2023 = $94,184.99 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 William Montana PORTFOLIO MANAGER, ANALYST See Our Approach Read Bio Brian Tolles PORTFOLIO MANAGER, ANALYST 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 08/31/2023 Overall Rating (of 1122) 3 Years (of 1122) 5 Years (of 1035) 10 Years (of 803) Category Large Growth Read Important Investment Disclosures 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. Brian Tolles PORTFOLIO MANAGER, ANALYST Brian Tolles joined Jackson Square Partners as an analyst in February 2016 and was promoted to become a portfolio manager for the Global Growth strategy in January 2019. In June 2023 he became a portfolio manager for Large Cap. Prior to joining Jackson Square, he was an investment banking analyst at Qatalyst Partners from June 2014 to January 2016, focusing on technology companies. He received a bachelor’s degree from the Wharton School of the University of Pennsylvania. 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: 08/31/2023 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. -8.86 -6.43 -4.82 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. 22.00 21.67 17.28 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. -0.14 0.21 0.50 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. 67.78 68.61 65.28 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. 104.43 101.70 102.99 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. 1.01 0.99 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. 88.05 90.45 88.44 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. 7.61 6.70 5.88 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.$) $211 Number of Holdings 25 444 Weighted Avg. Market Cap (Mil.$) $617,830 $1,052,318 Median Market Cap (Mil.$) $119,815 $16,913 Weighted Avg. P/E (1-yr Forward EPS) 32.60 28.74 Weighted Avg. P/E (Trailing EPS) 43.52 35.15 PEG Ratio 1.94 1.97 Weighted Avg. P/B 6.17 10.99 EPS Growth (Trailing 3-yr %) 11.83% 15.43% EPS Growth (Trailing 5-yr %) 17.65% 20.93% Forward EPS Growth (1-yr %) 3.46% 8.02% Forward EPS Growth (Long Term %) 18.69% 16.12% Revenue Growth (Trailing 5-yr %) 14.62% 15.85% Return on Equity 19.75% 30.48% Weighted Avg. Dividend Yield 0.63% 0.74% Debt to Equity 74.92 106.24 As of: 06/30/2023 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. -8.86 -6.43 -4.82 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. 22.00 21.67 17.28 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. -0.14 0.21 0.50 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. 67.78 68.61 65.28 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. 104.43 101.70 102.99 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. 1.01 0.99 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. 88.05 90.45 88.44 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. 7.61 6.70 5.88 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. -1.29 -1.14 -1.01 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -3.13 4.53 8.76 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: 08/31/2023 Market Cap Fund Russell 1000® Growth Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.00% Market Cap ($mm) 1,500 - 2,500 0.00% 0.01% Market Cap ($mm) 2,500 - 5,000 0.00% 0.31% Market Cap ($mm) 5,000 - 10,000 0.00% 1.66% Market Cap ($mm) 10,000 - 25,000 0.00% 4.92% Market Cap ($mm) 25,000 - 50,000 15.08% 8.51% Market Cap ($mm) 50,000 - 100,000 20.88% 10.49% Market Cap ($mm) 100,000 - 200,000 25.94% 8.51% Market Cap ($mm) 200,000 - 38.09% 65.58% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund Russell 1000® Growth Index P/E 0-10 0.00% 0.36% P/E 10-15 0.00% 1.81% P/E 15-20 0.00% 5.63% P/E 20-25 4.46% 5.64% P/E 25-Above 83.44% 82.77% P/E – NA 12.10% 3.77% As of: 06/30/2023 Growth Characteristics Fund Russell 1000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 17.30% 11.48% EPS Growth (Trailing 3-yr %) 0 - 5 8.19% 9.90% EPS Growth (Trailing 3-yr %) 5 - 10 4.46% 3.91% EPS Growth (Trailing 3-yr %) 10 - 15 14.32% 8.84% EPS Growth (Trailing 3-yr %) 15 - 20 27.24% 23.33% EPS Growth (Trailing 3-yr %) Above 20 15.79% 34.17% EPS Growth (Trailing 3-yr %) - NA 12.69% 8.36% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 Microsoft Corp 12.56% Amazon Com Inc 7.30% Mastercard Incorporated 5.58% Visa Inc 4.68% Nvidia Corporation 4.50% Canadian Pacific Kansas City Com 4.47% Cme Group Inc 4.43% Boeing Co 4.32% Edwards Lifesciences Corp 4.18% Waste Mgmt Inc Del 3.95% % in Top 10 Holdings 55.96% View Holding Details Holding Details Jackson Square Large-Cap Growth Fund (JSPJX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 Microsoft Corp 12.56% Amazon Com Inc 7.30% Mastercard Incorporated 5.58% Visa Inc 4.68% Nvidia Corporation 4.50% Canadian Pacific Kansas City Com 4.47% Cme Group Inc 4.43% Boeing Co 4.32% Edwards Lifesciences Corp 4.18% Waste Mgmt Inc Del 3.95% % in Top 10 Holdings 55.96% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund MSFT Microsoft Corp Information Technology S US USD 74,050 327.76 $24,270,628 11.83% AMZN Amazon Com Inc Consumer Discretionary S US USD 113,454 138.01 $15,657,787 7.63% MA Mastercard Incorporated Financials S US USD 28,706 412.64 $11,845,244 5.77% NVDA Nvidia Corporation Information Technology S US USD 21,550 493.55 $10,636,003 5.18% CME Cme Group Inc Financials S US USD 48,399 202.68 $9,809,509 4.78% V Visa Inc Financials S US USD 39,892 245.68 $9,800,667 4.78% BA Boeing Co Industrials S US USD 41,491 224.03 $9,295,229 4.53% CP Canadian Pacific Kansas City Com Industrials S CA USD 111,974 79.38 $8,888,496 4.33% NOW Servicenow Inc Information Technology S US USD 12,914 588.83 $7,604,151 3.71% UBER Uber Technologies Inc Industrials S US USD 159,106 47.23 $7,514,576 3.66% VEEV Veeva Sys Inc Health Care S US USD 35,285 208.70 $7,363,980 3.59% GOOGL Alphabet Inc Communication Services S US USD 53,786 136.17 $7,324,040 3.57% WM Waste Mgmt Inc Del Industrials S US USD 46,100 156.78 $7,227,558 3.52% EW Edwards Lifesciences Corp Health Care S US USD 89,686 76.47 $6,858,288 3.34% SPGI S&P Global Inc Financials S US USD 17,314 390.86 $6,767,350 3.30% ISRG Intuitive Surgical Inc Health Care S US USD 19,242 312.68 $6,016,589 2.93% DHR Danaher Corporation Health Care S US USD 22,533 265.00 $5,971,245 2.91% KKR Kkr & Co Inc Financials S US USD 87,016 62.81 $5,465,475 2.66% AMD Advanced Micro Devices Inc Information Technology S US USD 50,618 105.72 $5,351,335 2.61% CTVA Corteva Inc Materials S US USD 105,888 50.51 $5,348,403 2.61% LIN Linde Plc Materials S US USD 13,654 387.04 $5,284,644 2.58% NKE Nike Inc Consumer Discretionary S US USD 48,567 101.71 $4,939,750 2.41% CPRT Copart Inc Industrials S US USD 104,283 44.83 $4,675,007 2.28% IQV Iqvia Hldgs Inc Health Care S US USD 19,779 222.63 $4,403,399 2.15% DDOG Datadog Inc Information Technology S US USD 32,403 96.48 $3,126,241 1.52% Cash & Equivalents Cash C - - $3,710,605 1.81% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Microsoft Corp 1 12.34% 18.30% NVIDIA Corporation 2 3.86% 52.30% Amazon.com Inc 3 7.02% 26.21% Intuitive Surgical, Inc. 4 3.55% 33.85% Uber Technologies, Inc. 5 3.39% 36.18% As of: 06/30/2023 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 NIKE, Inc. Class B 20 3.38% -9.81% CME Group Inc, Class A 19 4.75% -2.85% Danaher Corp 18 2.86% -4.70% Align Technology, Inc. 17 0.64% -8.17% Corteva Inc 16 2.89% -4.80% As of: 06/30/2023 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: 06/30/2023 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 25.07% 43.33% Financials 20.52% 6.39% Industrials 18.78% 5.96% Health Care 16.15% 10.98% Consumer Discretionary 9.95% 15.98% Materials 5.57% 0.70% Communication Services 3.18% 10.74% Cash & Other 0.78% 0.00% Consumer Staples 0.00% 4.41% Energy 0.00% 0.49% Real Estate 0.00% 0.97% Utilities 0.00% 0.05% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 99.22% Bonds 0.00% Cash and Other 0.78% As of: 06/30/2023 Industry Fund Russell 1000® Growth Index Software 17.71% 18.21% Capital Markets 10.26% 1.18% Financial Services 10.26% 4.19% Ground Transportation 8.16% 0.90% Health Care Equipment & Supplies 7.84% 2.00% Semiconductors & Semiconductor Equipment 7.35% 9.29% Broadline Retail 7.30% 5.55% Commercial Services & Supplies 6.30% 0.74% Chemicals 5.57% 0.57% Life Sciences Tools & Services 4.86% 1.44% % in Top 10 Industries 85.61% 44.07% As of: 06/30/2023 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 AI Disruption – A Time of Risk and Opportunity Read Blog 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