Fund Overview Fund Overview Share Class N N I NAV | as of 03/31/2023 $10.27 +$0.15 (+1.48%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 1130 Large Growth funds as of 02/28/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 11/02/1994 to 02/28/2023 = $126,297.34 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 to provide long-term capital appreciation. Why Consider The Fund may be appropriate for investors looking to gain exposure to large-cap companies with strong growth and quality characteristics Focused portfolio of 25 to 40 companies Documents Fact Sheet Commentary Summary Prospectus Prospectus 2022 Year End Distributions View All Documents Jean David Meloche, CFA HEAD OF GLOBAL EQUITIES AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Montrusco Bolton Large Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Montrusco Bolton 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 Jean David Meloche, CFA HEAD OF GLOBAL EQUITIES AND PORTFOLIO MANAGER Jean David Meloche is managing U.S. and global equities for Montrusco Bolton Investments Inc. He joined Montrusco Bolton in January 2005 as an equity analyst. Jean David holds a bachelor's of business administration specialized in finance from HEC Montréal and the Chartered Financial Analyst designation (CFA®). 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: 0.94% Net Expense Ratio: 0.91% Expense Cap Expiration Date: 03/01/2024 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 15, 2022 $0.997500 $0.004200 — $0.993300 Dec 15, 2021 $3.785300 — $1.731200 $2.054100 Mar 24, 2021 $7.003900 — $0.063200 $6.940700 Dec 16, 2020 $3.541600 — — $3.541600 Dec 16, 2019 $1.695900 — — $1.695900 Dec 27, 2018 $3.895200 — $0.450300 $3.444900 Dec 27, 2017 $1.939700 — — $1.939700 Dec 27, 2016 $1.981000 $0.040500 — $1.940500 Dec 30, 2015 $6.834000 $0.080800 — $6.753200 Dec 30, 2014 $5.051200 $0.048500 $0.203300 $4.799400 Dec 30, 2013 $2.127700 $0.164500 $0.050000 $1.913200 Dec 28, 2012 $1.926600 $0.220100 $0.063700 $1.642800 Dec 29, 2011 $2.011300 $0.130200 — $1.881100 Dec 29, 2010 $0.168700 $0.128000 — $0.040700 Dec 29, 2009 $0.076800 $0.076800 — — Dec 29, 2008 $0.654000 $0.056900 — $0.597100 Dec 14, 2007 $4.074600 $0.048700 $0.556300 $3.469600 Sep 14, 2007 $0.005000 $0.005000 — — Mar 16, 2007 $0.020800 $0.020800 — — Dec 15, 2006 $0.204700 $0.029700 — $0.175000 Sep 15, 2006 $0.010000 $0.010000 — — Mar 10, 2006 $0.016700 $0.016700 — — Dec 16, 2005 $0.041900 $0.041900 — — Sep 16, 2005 $0.002700 $0.002700 — — Jun 10, 2005 $0.010000 $0.010000 — — Mar 11, 2005 $0.010000 $0.010000 — — Dec 17, 2004 $0.032400 $0.032400 — — Dec 19, 2003 $0.017100 $0.017100 — — Dec 15, 2000 $4.079900 — — $4.079900 Dec 10, 1999 $1.651300 — — $1.651300 Dec 11, 1998 $0.935900 — — $0.935900 Dec 12, 1997 $0.211800 — — $0.211800 Dec 13, 1996 $0.136800 — — $0.136800 Mar 15, 1996 $0.004800 — $0.004800 — Dec 15, 1995 $0.008400 $0.008400 — — Sep 15, 1995 $0.006000 $0.006000 — — Jun 16, 1995 $0.009000 $0.009000 — — Mar 10, 1995 $0.003000 $0.003000 — — Dec 16, 1994 $0.005000 $0.005000 — — 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. 0.52 0.52 -1.60 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. 22.24 19.26 15.10 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. 0.44 0.44 0.64 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. 92.12 90.19 68.85 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. 96.02 96.55 97.84 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. 0.94 0.93 0.91 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. 95.80 95.69 94.18 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. 4.77 4.24 3.90 View All Characteristics & Stats All Characteristics & Stats Montrusco Bolton Large Cap Growth Fund (MCGFX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund S&P 500® Growth Index Fund Assets (Mil.$) $195 Number of Holdings 27 228 Weighted Avg. Market Cap (Mil.$) $567,694 $585,295 Median Market Cap (Mil.$) $83,540 $40,856 Weighted Avg. P/E (1-yr Forward EPS) 19.40 17.73 Weighted Avg. P/E (Trailing EPS) 22.99 20.26 PEG Ratio 1.27 1.27 Weighted Avg. P/B 5.13 6.10 EPS Growth (Trailing 3-yr %) 18.80% 23.97% EPS Growth (Trailing 5-yr %) 18.60% 22.12% Forward EPS Growth (1-yr %) 5.53% 7.72% Forward EPS Growth (Long Term %) 14.37% 12.80% Revenue Growth (Trailing 5-yr %) 12.83% 12.15% Return on Equity 28.88% 34.09% Weighted Avg. Dividend Yield 1.24% 1.38% Debt to Equity 86.23 109.32 SEC 30-Day Yield (%) 0.00% SEC 30-Day Yield (%) w/o fee 0.00% Trailing 12-Months Portfolio Turnover 74.81% 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. 0.52 0.52 -1.60 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. 22.24 19.26 15.10 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. 0.44 0.44 0.64 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. 92.12 90.19 68.85 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. 96.02 96.55 97.84 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. 0.94 0.93 0.91 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. 95.80 95.69 94.18 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. 4.77 4.24 3.90 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. -0.01 -0.02 -0.76 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. 10.43 9.17 10.53 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. -30.07 -30.07 -30.07 As of: 02/28/2023 Market Cap Fund S&P 500® 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% 0.00% Market Cap ($mm) 2,500 - 5,000 0.00% 0.00% Market Cap ($mm) 5,000 - 10,000 8.94% 0.02% Market Cap ($mm) 10,000 - 25,000 9.34% 5.13% Market Cap ($mm) 25,000 - 50,000 7.64% 9.86% Market Cap ($mm) 50,000 - 100,000 11.43% 12.50% Market Cap ($mm) 100,000 - 200,000 20.52% 14.59% Market Cap ($mm) 200,000 - 42.12% 57.91% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund S&P 500® Growth Index P/E 0-10 4.04% 8.68% P/E 10-15 5.40% 5.20% P/E 15-20 10.46% 16.03% P/E 20-25 17.23% 24.24% P/E 25-Above 59.07% 45.85% P/E – NA 3.80% 0.00% As of: 12/31/2022 Growth Characteristics Fund S&P 500® Growth Index EPS Growth (Trailing 3-yr %) - Negative 18.79% 7.19% EPS Growth (Trailing 3-yr %) 0 - 5 6.07% 4.53% EPS Growth (Trailing 3-yr %) 5 - 10 2.30% 5.84% EPS Growth (Trailing 3-yr %) 10 - 15 9.07% 15.82% EPS Growth (Trailing 3-yr %) 15 - 20 4.52% 6.83% EPS Growth (Trailing 3-yr %) Above 20 55.45% 56.11% EPS Growth (Trailing 3-yr %) - NA 3.80% 3.69% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Microsoft Corp 9.65% Apple Inc 8.70% Danaher Corp 6.09% Amazon.com Inc 6.04% Alphabet Inc, Class A 5.99% Envista Holdings Corp 4.89% Walmart Inc 4.76% Amgen Inc 4.63% Texas Instruments Inc 4.42% Exxon Mobil Corp 4.03% % in Top 10 Holdings 59.19% View Holding Details Holding Details Montrusco Bolton Large Cap Growth Fund (MCGFX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Microsoft Corp 9.65% Apple Inc 8.70% Danaher Corp 6.09% Amazon.com Inc 6.04% Alphabet Inc, Class A 5.99% Envista Holdings Corp 4.89% Walmart Inc 4.76% Amgen Inc 4.63% Texas Instruments Inc 4.42% Exxon Mobil Corp 4.03% % in Top 10 Holdings 59.19% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund AAPL Apple Inc Information Technology S US USD 132,259 147.41 $19,496,299 9.64% MSFT Microsoft Corp Information Technology S US USD 74,607 249.42 $18,608,478 9.20% AMZN Amazon.com Inc Consumer Discretionary S US USD 140,287 94.23 $13,219,244 6.54% GOOGL Alphabet Inc, Class A Communication Services S US USD 132,579 90.06 $11,940,065 5.91% DHR Danaher Corp Health Care S US USD 40,913 247.53 $10,127,195 5.01% WDAY Workday Inc, Class A Information Technology S US USD 54,138 185.47 $10,040,975 4.97% WCN Waste Connections Inc Industrials S US USD 72,184 133.92 $9,666,881 4.78% AMGN Amgen Inc Health Care S US USD 40,890 231.66 $9,472,577 4.69% WMT Walmart Inc Consumer Staples S US USD 65,491 142.13 $9,308,236 4.60% ADI Analog Devices Inc Information Technology S US USD 48,698 183.47 $8,934,622 4.42% NVST Envista Holdings Corp Health Care S US USD 203,154 38.66 $7,853,934 3.88% CME CME Group Inc, Class A Financials S US USD 42,251 185.36 $7,831,645 3.87% XOM Exxon Mobil Corp Energy S US USD 71,222 109.91 $7,828,010 3.87% TXN Texas Instruments Inc Information Technology S US USD 40,812 171.45 $6,997,217 3.46% CRL Charles River Laboratories International Inc Health Care S US USD 30,552 219.34 $6,701,276 3.31% ADBE Adobe Inc Information Technology S US USD 17,233 323.95 $5,582,630 2.76% MA MasterCard Inc, Class A Information Technology S US USD 15,291 355.29 $5,432,739 2.69% EOG EOG Resources Inc Energy S US USD 45,175 113.02 $5,105,679 2.53% FIVE Five Below Inc Consumer Discretionary S US USD 24,474 204.30 $5,000,038 2.47% LIN Linde PLC Materials S GB USD 13,943 348.37 $4,857,323 2.40% LW Lamb Weston Holdings Inc Consumer Staples S US USD 45,791 100.64 $4,608,406 2.28% ZTS Zoetis Inc, Class A Health Care S US USD 27,022 167.00 $4,512,674 2.23% META Meta Platforms Inc, Class A Communication Services S US USD 18,404 174.94 $3,219,596 1.59% LULU Lululemon Athletica Inc Consumer Discretionary S CA USD 9,455 309.20 $2,923,486 1.45% PSA Public Storage Real Estate S US USD 7,331 298.95 $2,191,602 1.08% Cash & Equivalents Cash C US USD - - $721,566 0.36% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return MasterCard Inc, Class A 1 6.70% 22.43% TJX Companies Inc 2 3.16% 28.10% Five Below Inc 3 3.92% 28.47% Texas Instruments Inc 4 5.97% 7.32% Analog Devices Inc 5 4.51% 18.09% Adobe Inc 6 3.20% 22.29% Amgen Inc 7 2.11% 17.08% Interactive Brokers Group Inc, Class A 8 2.69% 13.30% Nordson Corp 9 3.50% 12.21% Workday Inc, Class A 10 3.18% 9.93% As of: 12/31/2022 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 Amazon.com Inc 20 8.12% -25.66% Apple Inc 19 9.19% -5.87% Alphabet Inc, Class A 18 6.16% -7.76% Meta Platforms Inc, Class A 17 2.80% -11.31% Lululemon Athletica Inc 16 0.37% -17.00% CME Group Inc, Class A 15 3.30% -2.90% Public Storage 14 2.21% -3.87% Zoetis Inc, Class A 13 0.04% -1.08% Walmart Inc 12 0.07% -0.25% Rockwell Automation Inc 11 0.02% -0.79% As of: 12/31/2022 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: 12/31/2022 View Allocation Details Allocation Details Montrusco Bolton Large Cap Growth Fund (MCGFX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund S&P 500® Growth Index Information Technology 34.52% 34.12% Health Care 21.53% 21.67% Consumer Discretionary 9.79% 9.28% Communication Services 7.32% 6.62% Energy 7.02% 8.47% Consumer Staples 6.86% 7.22% Industrials 5.29% 5.21% Financials 3.83% 3.64% Materials 2.33% 2.31% Real Estate 1.05% 0.88% Cash & Other 0.45% 0.00% Utilities 0.00% 0.57% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 99.55% Bonds 0.00% Cash and Other 0.45% As of: 12/31/2022 Industry Fund S&P 500® Growth Index Software 16.39% 9.02% Life Sciences Tools & Services 9.50% 2.88% Technology Hardware, Storage & Peripherals 8.70% 11.62% Semiconductors & Semiconductor Equipment 8.00% 6.98% Interactive Media & Services 7.32% 5.96% Oil, Gas & Consumable Fuels 7.02% 8.23% Internet & Direct Marketing Retail 6.04% 2.10% Health Care Equipment & Supplies 4.89% 1.65% Food & Staples Retailing 4.76% 0.80% Biotechnology 4.63% 4.65% % in Top 10 Industries 77.25% 53.89% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach Montrusco Bolton Large Cap Growth Fund Montrusco Bolton selects stocks for the portfolio utilizing their quality growth approach to fundamental, bottom-up company analysis. ESG factors are incorporated into the investment process through three elements: risk reduction through exclusions; investing in companies with high sustainability scores under Montrusco Bolton’s scoring system; and exerting influence over company management through active engagement. The Fund is a concentrated portfolio of high-conviction companies, combined with an emphasis on mitigating risk from sectoral deviations, unnecessary volatility, or unpredictible macro sensitivities. Montrusco Bolton Large Cap Growth Fund Introduction An introduction to Montrusco Bolton Investments and the AMG Montrusco Bolton Large Cap Growth Fund View Webcast About About Montrusco Bolton Investments Background Tracing its history back to 1946, Montrusco Bolton Investments Inc. is a private investment management firm. Their team of investment professionals still share the same entrepreneurial spirit which drives the way they serve their institutional clients globally. Learn More Read Important Investment Disclosures Founded 1946 Headquarters Montreal, Canada Affiliate Since 2005 Discover how the boutique advantage helps generate alpha. Learn More About AMG