Fund Notice

One of AMG’s guiding principles is to structure mutual funds that will help investors reach their investment goals. As part of this mission, we aim to keep the cost of investing in our funds as low as possible. We are pleased to announce that, effective July 1, 2022, the Fund’s Board of Trustees has agreed to lower the management fee on the AMG River Road Dividend All Cap Value Fund from 0.60% to 0.50%; which will result in the net expense ratios for the Funds’ I Share to move from 0.82% to 0.72%. For full information on the Fund’s annual operating expenses please see the Shareholder Letter available in the Fund Documents section of the site.

Fund Overview

Fund Overview

Share Class

I

NAV | as of 12/05/2022

$11.03
-$0.22 (-1.96%)

Morningstar | Style Box

V B G L M S

Morningstar Analyst Rating

as of 11/12/2021 Download Analyst Rating Report

Growth of $10,000 (Hypothetical)

Since Inception 06/28/2007 to 11/30/2022 = $28,018.24

  • 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. 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

Seeks to provide high current income and, secondarily, long-term capital appreciation by investing primarily in a diversified, all cap portfolio of income producing equity securities.

Why Consider

  • May be appropriate for investors looking to gain exposure to diversified U.S. companies of all sizes
  • Enlightened risk management—portfolio managers will not average down on losing positions
  • Employs a fundamentals-driven Absolute Value® investment philosophy, targeting companies above $300 million with high and growing dividends selling at a discount to absolute value

Henry W. Sanders III, CFA

EXECUTIVE VICE PRESIDENT

Thomas S. Forsha, CFA

CO-CHIEF INVESTMENT OFFICER

Andrew R. McIntosh, CFA

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. 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: 0.74%
  • Net Expense Ratio: 0.72%
  • Expense Cap Expiration Date: 03/01/2024

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Sep 28, 2022 $0.054200 $0.054200
Jun 28, 2022 $0.048100 $0.048100
Mar 29, 2022 $0.058000 $0.058000
Dec 15, 2021 $2.338700 $0.143600 $0.029900 $2.165200
Sep 28, 2021 $0.076000 $0.076000
Jun 28, 2021 $0.028400 $0.028400
Mar 29, 2021 $0.061400 $0.061400
Dec 16, 2020 $0.067300 $0.067300
Sep 28, 2020 $0.075700 $0.075700
Jun 26, 2020 $0.045300 $0.045300
Mar 27, 2020 $0.082300 $0.082300
Dec 16, 2019 $0.905800 $0.170100 $0.735700
Sep 26, 2019 $0.038300 $0.038300
Jun 26, 2019 $0.073500 $0.073500
Mar 27, 2019 $0.058800 $0.058800
Dec 27, 2018 $0.881300 $0.156400 $0.724900
Sep 26, 2018 $0.062900 $0.062900
Jun 27, 2018 $0.015700 $0.015700
May 29, 2018 $0.014300 $0.014300
Apr 26, 2018 $0.003300 $0.003300
Mar 27, 2018 $0.008300 $0.008300
Feb 26, 2018 $0.009300 $0.009300
Dec 27, 2017 $0.754500 $0.178600 $0.043000 $0.532900
Nov 27, 2017 $0.016800 $0.016800
Oct 26, 2017 $0.014300 $0.014300
Sep 26, 2017 $0.014400 $0.014400
Aug 28, 2017 $0.014400 $0.014400
Jul 26, 2017 $0.014400 $0.014400
Jun 27, 2017 $0.010400 $0.010400
May 25, 2017 $0.009400 $0.009400
Apr 25, 2017 $0.013400 $0.013400
Mar 28, 2017 $0.014400 $0.014400
Feb 23, 2017 $0.009400 $0.009400
Dec 27, 2016 $0.959900 $0.103500 $0.856400
Nov 25, 2016 $0.022400 $0.022400
Oct 26, 2016 $0.008700 $0.008700
Sep 30, 2016 $0.028300 $0.028300
Aug 31, 2016 $0.048200 $0.048200
Jul 29, 2016 $0.011700 $0.011700
Jun 30, 2016 $0.028000 $0.028000
May 31, 2016 $0.033300 $0.033300
Apr 29, 2016 $0.009200 $0.009200
Mar 31, 2016 $0.024600 $0.024600
Dec 30, 2015 $1.215100 $0.059700 $1.155400
Oct 30, 2015 $0.010500 $0.010500
Sep 30, 2015 $0.031600 $0.031600
Aug 31, 2015 $0.028000 $0.028000
Jul 31, 2015 $0.010200 $0.010200
Jun 30, 2015 $0.032400 $0.032400
May 29, 2015 $0.026000 $0.026000
Apr 30, 2015 $0.010600 $0.010600
Mar 31, 2015 $0.030100 $0.030100
Dec 30, 2014 $1.216400 $0.050000 $1.166400
Nov 28, 2014 $0.028900 $0.028900
Oct 31, 2014 $0.049600 $0.049600
Sep 30, 2014 $0.069000 $0.069000
Aug 29, 2014 $0.027100 $0.027100
Jul 31, 2014 $0.039400 $0.039400
Jun 30, 2014 $0.030400 $0.030400
May 30, 2014 $0.052200 $0.052200
Apr 30, 2014 $0.010100 $0.010100
Mar 31, 2014 $0.037600 $0.037600
Feb 28, 2014 $0.061500 $0.061500
Dec 30, 2013 $0.852600 $0.038000 $0.077400 $0.737200
Nov 29, 2013 $0.055100 $0.055100
Oct 31, 2013 $0.016600 $0.016600
Sep 30, 2013 $0.020700 $0.020700
Aug 30, 2013 $0.043000 $0.043000
Jun 28, 2013 $0.028500 $0.028500
May 31, 2013 $0.043000 $0.043000
Mar 28, 2013 $0.007000 $0.007000
Feb 28, 2013 $0.038000 $0.038000
Jan 31, 2013 $0.002600 $0.002600
Dec 28, 2012 $0.502200 $0.058700 $0.100600 $0.342900
Nov 30, 2012 $0.039700 $0.039700
Oct 31, 2012 $0.029200 $0.029200
Sep 28, 2012 $0.021400 $0.021400
Aug 31, 2012 $0.041600 $0.041600
Jul 31, 2012 $0.014100 $0.014100
Jun 29, 2012 $0.030900 $0.030900
May 31, 2012 $0.041200 $0.041200
Apr 30, 2012 $0.016400 $0.016400
Mar 30, 2012 $0.022300 $0.022300
Feb 29, 2012 $0.035400 $0.035400
Jan 31, 2012 $0.007600 $0.007600
Dec 29, 2011 $0.100300 $0.029800 $0.070500
Nov 30, 2011 $0.040500 $0.040500
Oct 31, 2011 $0.011300 $0.011300
Sep 30, 2011 $0.020800 $0.020800
Aug 31, 2011 $0.031400 $0.031400
Jul 29, 2011 $0.007200 $0.007200
Jun 30, 2011 $0.039800 $0.039800
May 31, 2011 $0.030800 $0.030800
Apr 29, 2011 $0.019400 $0.019400
Mar 31, 2011 $0.030200 $0.030200
Feb 28, 2011 $0.030600 $0.030600
Jan 31, 2011 $0.008700 $0.008700
Dec 29, 2010 $0.028900 $0.028900
Nov 30, 2010 $0.027100 $0.027100
Oct 29, 2010 $0.013000 $0.013000
Sep 30, 2010 $0.023600 $0.023600
Aug 31, 2010 $0.035000 $0.035000
Jul 30, 2010 $0.016100 $0.016100
Jun 30, 2010 $0.018900 $0.018900
May 28, 2010 $0.027900 $0.027900
Apr 30, 2010 $0.014000 $0.014000
Mar 31, 2010 $0.022600 $0.022600
Feb 26, 2010 $0.021300 $0.021300
Jan 29, 2010 $0.014700 $0.014700
Dec 29, 2009 $0.032300 $0.032300
Nov 30, 2009 $0.016200 $0.016200
Oct 30, 2009 $0.014000 $0.014000
Sep 30, 2009 $0.021200 $0.021200
Aug 31, 2009 $0.016700 $0.016700
Jul 31, 2009 $0.014300 $0.014300
Jun 30, 2009 $0.012700 $0.012700
May 29, 2009 $0.026300 $0.026300
Apr 30, 2009 $0.014400 $0.014400
Mar 31, 2009 $0.013400 $0.013400
Feb 27, 2009 $0.014400 $0.014400
Jan 30, 2009 $0.016100 $0.016100
Dec 29, 2008 $0.030300 $0.030300
Nov 26, 2008 $0.015800 $0.015800
Oct 31, 2008 $0.019600 $0.019600
Sep 30, 2008 $0.035100 $0.035100
Aug 29, 2008 $0.026000 $0.026000
Jul 31, 2008 $0.017500 $0.017500
Jun 30, 2008 $0.029300 $0.029300
May 30, 2008 $0.038200 $0.038200
Apr 30, 2008 $0.011400 $0.011400
Mar 31, 2008 $0.044600 $0.044600
Feb 29, 2008 $0.031800 $0.031800
Jan 31, 2008 $0.015200 $0.015200
Dec 14, 2007 $0.710800 $0.046700 $0.469000 $0.195100
Nov 30, 2007 $0.037600 $0.037600
Oct 31, 2007 $0.022000 $0.022000
Sep 28, 2007 $0.041300 $0.041300
Aug 31, 2007 $0.039900 $0.039900
Jul 31, 2007 $0.017200 $0.017200
Jun 29, 2007 $0.043800 $0.043800

Risk & Return Stats

As of: 11/30/2022

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.
-0.58 -0.44 -0.37
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.
20.29 17.90 14.38
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.
0.32 0.31 0.62
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.
86.29 85.62 79.43
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.
94.73 96.15 96.95
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.
0.93 0.93 0.93
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.
96.34 96.55 94.76
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.
4.15 3.55 3.46
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 09/30/2022

AES Corp 4.05%
Progressive Corp 3.46%
United Parcel Service Inc, Class B 3.36%
Oracle Corp 3.29%
Bristol-Myers Squibb Co 3.17%
Kinder Morgan Inc, Class P 3.09%
Corning Inc 2.88%
Verizon Communications Inc 2.85%
Williams Cos Inc 2.76%
US Bancorp 2.67%
% in Top 10 Holdings 31.58%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Equity)

As of: 09/30/2022

View Allocation Details

Investment Approach

Investment Approach

River Road Dividend All Cap Value Fund

Under normal conditions, the Fund invests at least 80% of its assets in a diversified, all cap portfolio of dividend paying equities. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to target companies exhibiting:

  • Financial strength and high, growing dividend yields at attractive prices
  • Shareholder-oriented management teams
  • Undiscovered, under-followed, misunderstood companies with attractive business models

Keep Calm and Remain Diversified

A Short- and Long-Term Review on the Power of Diversification

Read More

About

Background

River Road Asset Management was established in 2005 and provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. The firm was founded upon a proprietary Absolute Value® investment discipline. This approach was developed by River Road’s founders and occupies a distinct niche within value investing styles.

Learn More

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ARLSX

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FQUAX

River Road Large Cap Value Select Fund

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CHTTX

River Road Mid Cap Value Fund

The Fund seeks to provide long-term capital appreciation.

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ARSVX

River Road Small Cap Value Fund

Seeks to provide long-term capital appreciation by investing in a portfolio of primarily small but also can invest in mid capitalization equity securities.

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ARSMX

River Road Small-Mid Cap Value Fund

Seeks to provide long-term capital appreciation by investing in a portfolio of small and mid capitalization equity securities.

View Fund Details

Founded

2005


Headquarters

Louisville, KY


Affiliate Since

2014

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