Please Note: I shares of the Fund are only available for sale to the public in: AK, AL, AR, CA, CO, CT, DE, FL, GA, GU, HI, ID, IN, KS, KY, MD, MN, MO, NC, NJ, NV, NY, OH, OR, PA, RI, SC, UT, VA and WY. Fund Overview Fund Overview Share Class I N I Z NAV | as of 03/31/2023 $8.79 +$0.04 (+0.46%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 742 Diversified Emerging Mkts funds as of 02/28/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 12/14/2016 to 02/28/2023 = $14,585.66 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 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. View Performance Read Important Investment Disclosures Objective Seeks to provide long-term capital appreciation by investing primarily in small cap companies in emerging markets. Why Consider May be appropriate for investors looking to gain exposure to non-U.S. small cap companies in emerging markets TimesSquare leverages its wealth of experience investing in emerging market small cap companies, relying on bottom-up research to identify growth businesses with exceptional management, distinct, sustainable competitive advantages and consistent growth Documents Fact Sheet Summary Prospectus Prospectus SAI 2019 Form 8937 2022 Year End Distributions View All Documents David L. Oh SENIOR VICE PRESIDENT AND PORTFOLIO MANAGER/ANALYST See Our Approach Read Bio Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style TimesSquare Emerging Markets Small Cap Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective TimesSquare Emerging Markets Small Cap Fund is categorized as Mid-Growth. It invests in medium-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/28/2023 Overall Rating (of 742) 3 Years (of 742) 5 Years (of 657) 10 Years — Category Diversified Emerging Mkts Read Important Investment Disclosures David L. Oh SENIOR VICE PRESIDENT AND PORTFOLIO MANAGER/ANALYST David is a Senior Vice President and Portfolio Manager/Analyst on TimesSquare’s International Small Cap team which covers Developed, Emerging, and Frontier markets. Prior to joining TimesSquare in 2019, David was a Principal at Sustainable Growth Advisers where he analyzed companies across a range of sectors within a global framework. Prior to Sustainable Growth Advisers, he held various senior research and investment positions at Alinda Capital Partners, Third Point, Sempra Energy Partners, and Credit Suisse First Boston. He graduated cum laude with a BA in both history and East Asian studies from Yale University, and has an MBA from Harvard Business School. He is fluent in Mandarin and conversant in Spanish. Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER Magnus Larsson is a Director and Portfolio Manager on TimesSquare’s International Small Cap team. Prior to joining TimesSquare in 2012, Mr. Larsson was a Portfolio Manager at Nordea Investment Management where he focused on European small and mid cap equities. Prior to Nordea, he held a similar role at SEB Asset Management as a Portfolio Manager focusing on European small and mid caps. Mr. Larsson's prior experience also includes a Financial Analyst role specializing in small and mid cap equity research with Borsinsikt and a position as an Institutional Equity Sales Director at Beeson Gregory. He holds a BS in economics and business administration from the University of Orebro, Sweden, as well as a BA in social science. 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 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: 2.60% Net Expense Ratio: 1.25% Expense Cap Expiration Date: 05/01/2023 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 $0.184900 — — $0.184900 Dec 15, 2021 $4.397500 $0.136500 $2.527700 $1.733300 Dec 16, 2020 $0.044800 $0.044800 — — Dec 16, 2019 $0.059000 $0.059000 — — Dec 27, 2018 $0.621100 $0.056700 $0.258100 $0.306300 Dec 27, 2017 $0.990200 $0.161200 $0.827600 $0.001400 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. -2.10 0.19 - 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. 22.38 19.22 - 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. 0.28 0.01 - 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. 90.51 89.91 - 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. 102.04 96.55 - 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. 0.91 0.89 - 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. 92.84 92.05 - 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. 6.33 5.87 - View All Characteristics & Stats All Characteristics & Stats TimesSquare Emerging Markets Small Cap Fund (TQEIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI Emerging Markets Small Cap Index Fund Assets (Mil.$) $5 Number of Holdings 79 1,826 Weighted Avg. Market Cap (Mil.$) $1,607 $1,580 Median Market Cap (Mil.$) $1,424 $882 Weighted Avg. P/E (1-yr Forward EPS) 18.92 11.22 Weighted Avg. P/E (Trailing EPS) 18.73 10.65 PEG Ratio 1.02 0.81 Weighted Avg. P/B 2.79 1.34 EPS Growth (Trailing 3-yr %) 23.47% 18.10% EPS Growth (Trailing 5-yr %) 15.58% 12.04% Forward EPS Growth (1-yr %) 9.60% 3.38% Forward EPS Growth (Long Term %) 19.86% 16.37% Revenue Growth (Trailing 5-yr %) 11.28% 7.61% Return on Equity 18.50% 14.59% Weighted Avg. Dividend Yield 2.10% 3.37% Debt to Equity 59.56 66.07 Trailing 12-Months Portfolio Turnover 107.66% 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. -2.10 0.19 - 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. 22.38 19.22 - 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. 0.28 0.01 - 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. 90.51 89.91 - 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. 102.04 96.55 - 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. 0.91 0.89 - 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. 92.84 92.05 - 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. 6.33 5.87 - 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. -0.49 0.02 - 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. 6.85 0.16 - 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. -32.81 -32.81 - As of: 02/28/2023 Market Cap Fund MSCI Emerging Markets Small Cap Index Market Cap ($mm) 0 - 1,000 43.06% 34.82% Market Cap ($mm) 1,000 - 1,500 18.23% 21.58% Market Cap ($mm) 1,500 - 2,500 21.89% 27.72% Market Cap ($mm) 2,500 - 5,000 12.78% 15.15% Market Cap ($mm) 5,000 - 10,000 4.04% 0.70% Market Cap ($mm) 10,000 - 25,000 0.00% 0.00% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.02% As of: 12/31/2022 Valuation Characteristics Fund MSCI Emerging Markets Small Cap Index P/E 0-10 6.09% 30.11% P/E 10-15 22.07% 16.61% P/E 15-20 10.66% 10.59% P/E 20-25 13.02% 6.81% P/E 25-Above 40.99% 26.96% P/E – NA 7.17% 8.93% As of: 12/31/2022 Growth Characteristics Fund MSCI Emerging Markets Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 14.36% 20.57% EPS Growth (Trailing 3-yr %) 0 - 5 2.64% 5.20% EPS Growth (Trailing 3-yr %) 5 - 10 6.71% 6.95% EPS Growth (Trailing 3-yr %) 10 - 15 11.99% 5.87% EPS Growth (Trailing 3-yr %) 15 - 20 7.37% 5.73% EPS Growth (Trailing 3-yr %) Above 20 44.40% 39.31% EPS Growth (Trailing 3-yr %) - NA 12.53% 16.37% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Jeisys Medical Inc 2.13% Tam Jai International Co Ltd 2.09% Metrodata Electronics Tbk PT 2.08% Alchip Technologies Ltd 2.05% KINX Inc 2.02% Chinasoft International Ltd 2.01% Arabian Contracting Services Co 1.87% Patria Investments Ltd, Class A 1.87% Converge ICT Solutions Inc 1.77% Green World Fintech Service Co Ltd 1.76% % in Top 10 Holdings 19.65% View Holding Details Holding Details TimesSquare Emerging Markets Small Cap Fund (TQEIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Jeisys Medical Inc 2.13% Tam Jai International Co Ltd 2.09% Metrodata Electronics Tbk PT 2.08% Alchip Technologies Ltd 2.05% KINX Inc 2.02% Chinasoft International Ltd 2.01% Arabian Contracting Services Co 1.87% Patria Investments Ltd, Class A 1.87% Converge ICT Solutions Inc 1.77% Green World Fintech Service Co Ltd 1.76% % in Top 10 Holdings 19.65% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 093320 KINX Inc Communication Services S KR KRW 2,000 53.47 $106,933 2.20% MTDL Metrodata Electronics Tbk PT Information Technology S ID IDR 2,622,900 0.04 $103,196 2.12% 6763 Green World Fintech Service Co Ltd Information Technology S TW TWD 6,587 15.59 $102,660 2.11% 3661 Alchip Technologies Ltd Information Technology S TW TWD 3,100 30.70 $95,179 1.96% 189300 Intellian Technologies Inc Information Technology S KR KRW 1,500 61.21 $91,809 1.89% 287410 Jeisys Medical Inc Health Care S KR KRW 12,000 7.36 $88,342 1.82% AKRA AKR Corporindo Tbk PT Energy S ID IDR 970,600 0.09 $88,093 1.81% 6689 eCloudvalley Digital Technology Co Ltd Information Technology S TW TWD 19,151 4.60 $88,075 1.81% 2217 Tam Jai International Co Ltd Consumer Discretionary S HK HKD 292,900 0.29 $85,875 1.77% POLICYBZ PB Fintech Ltd Financials S IN INR 12,500 6.74 $84,287 1.73% 354 Chinasoft International Ltd Information Technology S CN HKD 116,700 0.72 $83,813 1.72% 011790 SKC Co Ltd Materials S KR KRW 1,100 73.96 $81,361 1.67% ALARABIA Arabian Contracting Services Co Communication Services S SA SAR 2,800 29.01 $81,226 1.67% PAX Patria Investments Ltd, Class A Financials S KY USD 5,100 15.86 $80,886 1.66% 340570 T&L Co Ltd Health Care S KR KRW 2,300 33.94 $78,067 1.60% MULT3 Multiplan Empreendimentos Imobiliarios SA Real Estate S BR BRL 16,000 4.81 $76,922 1.58% CYL Cyient Ltd Information Technology S IN INR 6,600 11.41 $75,338 1.55% 5263 Brogent Technologies Inc Information Technology S TW TWD 17,400 4.27 $74,214 1.53% RAILTEL Railtel Corp of India Ltd Communication Services S IN INR 52,100 1.32 $68,877 1.42% AGII Samator Indo Gas Tbk PT Materials S ID IDR 493,200 0.14 $67,916 1.40% EPLL EPL Ltd Materials S IN INR 34,700 1.94 $67,328 1.38% BAM/F Bangkok Commercial Asset Management PCL [BAM] Financials S TH THB 159,800 0.42 $66,912 1.38% OPAP Opap SA Consumer Discretionary S GR EUR 4,300 15.52 $66,740 1.37% 9923 Yeahka Ltd Information Technology S CN HKD 19,400 3.32 $64,403 1.32% MEGACPO Megacable Holdings SAB de CV Communication Services S MX MXN 24,900 2.57 $64,004 1.32% MINT/F Minor International PCL Consumer Discretionary S TH THB 67,200 0.95 $63,663 1.31% ONEE/F One Enterprise Public Co Ltd Communication Services S TH THB 302,100 0.21 $63,220 1.30% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 7,600 8.26 $62,776 1.29% 6533 Andes Technology Corp Information Technology S TW TWD 3,600 17.43 $62,756 1.29% AGLL Allcargo Logistics Ltd Industrials S IN INR 13,900 4.47 $62,160 1.28% BELA JUMBO SA Consumer Discretionary S GR EUR 3,100 19.97 $61,901 1.27% 6639 Arrail Group Ltd 144A Health Care S CN HKD 35,500 1.74 $61,846 1.27% 214450 PharmaResearch Co Ltd Health Care S KR KRW 1,100 56.14 $61,757 1.27% 282880 Cowintech Co Ltd Industrials S KR KRW 3,337 18.35 $61,216 1.26% 012450 Hanwha Aerospace Co Ltd Industrials S KR KRW 900 67.92 $61,124 1.26% KALYANKJ Kalyan Jewellers India Ltd Consumer Discretionary S IN INR 44,200 1.37 $60,691 1.25% 056190 SFA Engineering Corp Industrials S KR KRW 2,200 27.14 $59,699 1.23% APTY Apollo Tyres Ltd Consumer Discretionary S IN INR 15,500 3.79 $58,700 1.21% PRUDENT Prudent Corporate Advisory Services Ltd Financials S IN INR 5,700 10.17 $57,982 1.19% 6271 Tong Hsing Electronic Industries Ltd Information Technology S TW TWD 8,100 7.15 $57,952 1.19% TOTS3 Totvs SA Information Technology S BR BRL 10,859 5.24 $56,893 1.17% MAHARAH Maharah Human Resources Co Industrials S SA SAR 3,700 15.23 $56,359 1.16% 1951 Jinxin Fertility Group Ltd 144A Health Care S CN HKD 68,500 0.80 $54,529 1.12% DESP Despegar.com Corp Consumer Discretionary S AR USD 8,800 6.15 $54,120 1.11% ROUTE Route Mobile Ltd Information Technology S IN INR 3,300 16.25 $53,609 1.10% LWSA3 Locaweb Servicos de Internet SA 144A Information Technology S BR BRL 56,800 0.94 $53,378 1.10% GMM GMM Pfaudler Ltd Industrials S IN INR 2,700 19.73 $53,270 1.10% RAINBOW Rainbow Children's Medicare Ltd Health Care S IN INR 5,900 8.95 $52,817 1.09% 3319 A-Living Smart City Services Co Ltd 144A Real Estate S CN HKD 51,400 1.03 $52,695 1.08% 1599 AEON Motor Co Ltd Consumer Discretionary S TW TWD 40,200 1.29 $51,951 1.07% CNVRG Converge ICT Solutions Inc Communication Services S PH PHP 175,000 0.29 $51,346 1.06% 033500 Dongsung Finetec Co Ltd Materials S KR KRW 6,300 8.07 $50,852 1.05% 6515 WinWay Technology Co Ltd Information Technology S TW TWD 2,600 19.49 $50,675 1.04% BSE BSE Ltd Financials S IN INR 9,500 5.33 $50,604 1.04% 2345 Accton Technology Corp Information Technology S TW TWD 5,500 9.16 $50,370 1.04% CDSL Central Depository Services India Ltd Financials S IN INR 4,200 11.95 $50,208 1.03% VESTA* Corp Inmobiliaria Vesta SAB de CV Real Estate S MX MXN 17,100 2.90 $49,525 1.02% VARROC Varroc Engineering Ltd 144A Consumer Discretionary S IN INR 16,600 2.95 $49,001 1.01% 002439 Venustech Group Inc Information Technology S CN CNY 11,400 4.27 $48,654 1.00% TCP Transaction Capital LTD Financials S ZA ZAR 27,900 1.70 $47,399 0.97% HYPE3 Hypera SA Health Care S BR BRL 5,900 7.95 $46,892 0.96% RW Raymond Ltd Consumer Discretionary S IN INR 3,000 15.36 $46,068 0.95% 3218 Universal Vision Biotechnology Co Ltd Health Care S TW TWD 4,236 10.61 $44,965 0.92% YAHSAT AL Yah Satellite Communications Co-Pjsc-Yah Sat Communication Services S AE AED 61,400 0.73 $44,787 0.92% MRDIY MR DIY Group M Bhd 144A Consumer Discretionary S MY MYR 112,100 0.38 $42,453 0.87% TAWUNIYA Co For Cooperative Insurance Financials S SA SAR 1,700 24.80 $42,155 0.87% ALAMAR Alamar Foods Consumer Discretionary S SA SAR 1,000 41.68 $41,677 0.86% 140860 Park Systems Corp Information Technology S KR KRW 400 103.34 $41,334 0.85% TDC TIME dotCom Bhd Communication Services S MY MYR 34,600 1.19 $41,250 0.85% INMART IndiaMart InterMesh Ltd 144A Industrials S IN INR 700 58.60 $41,021 0.84% JPMCW18S Pnote: Masan Group Corp Consumer Staples S NL USD 11,840 3.45 $40,862 0.84% 240810 WONIK IPS Co Ltd Information Technology S KR KRW 1,700 23.46 $39,875 0.82% INPST InPost SA Industrials S PL EUR 4,800 8.28 $39,722 0.82% 1501 Shanghai Kindly Medical Instruments Co Ltd Health Care S CN HKD 11,400 3.39 $38,654 0.79% 6472 Bora Pharmaceuticals Co Ltd Health Care S TW TWD 2,300 16.45 $37,837 0.78% LVC LiveChat Software SA Information Technology S PL PLN 1,200 31.47 $37,765 0.78% 1795 Lotus Pharmaceutical Co Ltd Health Care S TW TWD 4,100 9.20 $37,736 0.78% AFYA Afya Ltd, Class A Consumer Discretionary S BR USD 3,200 11.58 $37,056 0.76% CD Chindata Group Holdings Ltd ADR Information Technology S CN USD 4,900 6.77 $33,173 0.68% LABB Genomma Lab Internacional SAB de CV Health Care S MX MXN 39,000 0.80 $31,355 0.64% 8454 momo.com Inc Consumer Discretionary S TW TWD 1,132 25.70 $29,093 0.60% AGIS Aegis Logistics Ltd Energy S IN INR 5,800 4.40 $25,534 0.52% 603060 China Testing & Certification International Group Co Ltd Industrials S CN CNY 12,600 1.97 $24,785 0.51% 603927 Sinosoft Co Ltd Information Technology S CN CNY 5,200 4.52 $23,499 0.48% DADA Dada Nexus Ltd ADR Consumer Discretionary S CN USD 2,500 8.96 $22,400 0.46% CCRI Container Corp Of India Ltd Industrials S IN INR 3,100 7.14 $22,126 0.45% 3529 eMemory Technology Inc Information Technology S TW TWD 200 60.10 $12,020 0.25% Cash & Equivalents Cash C US USD - - -$89,378 -1.84% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Jeisys Medical Inc 1 1.97% 50.28% Chinasoft International Ltd 2 1.88% 41.39% Lotus Pharmaceutical Co Ltd 3 0.80% 75.90% Bora Pharmaceuticals Co Ltd 4 0.84% 52.68% Hanwha Aerospace Co Ltd 5 0.97% 45.31% Intellian Technologies Inc 6 1.54% 40.56% A-Living Smart City Services Co Ltd 144A 7 1.23% 52.16% Railtel Corp of India Ltd 8 1.92% 21.39% KINX Inc 9 1.89% 24.72% Tam Jai International Co Ltd 10 1.50% 25.96% 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 eCloudvalley Digital Technology Co Ltd 20 1.13% -31.73% Telkom SA SOC Ltd. 19 0.78% -33.83% Grupo SBF S.A. 18 0.67% -42.77% SKC Co Ltd 17 0.63% -18.18% PT Sarana Menara Nusantara Tbk 16 1.18% -14.67% Locaweb Servicos de Internet SA 144A 15 1.53% -20.09% Elite Material Co., Ltd. 14 0.25% -16.80% One Enterprise Public Co Ltd 13 1.40% -12.85% Computer Age Management Services Ltd 12 1.18% -13.32% Cyrela Brazil Realty SA Empreendimentos e Participacoes 11 0.55% -30.80% 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 Regional Allocation As of: 12/31/2022 View Allocation Details Allocation Details TimesSquare Emerging Markets Small Cap Fund (TQEIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI Emerging Markets Small Cap Index Information Technology 27.90% 15.92% Consumer Discretionary 16.85% 11.31% Communication Services 12.83% 4.02% Financials 10.64% 10.77% Health Care 10.60% 9.38% Industrials 8.36% 15.63% Materials 5.37% 13.32% Real Estate 3.97% 6.98% Energy 2.19% 2.55% Consumer Staples 2.07% 6.61% Utilities 0.00% 3.50% Cash & Other -0.77% 0.00% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 100.77% Bonds 0.00% Cash and Other -0.77% As of: 12/31/2022 Country Fund MSCI Emerging Markets Small Cap Index India 21.89% 22.97% South Korea 15.67% 13.75% Taiwan 15.60% 19.55% China 8.56% 10.01% Brazil 6.72% 5.65% Thailand 4.88% 4.30% Indonesia 4.44% 2.59% Malaysia 3.00% 2.93% Saudi Arabia 2.96% 3.05% Mexico 2.64% 2.15% Greece 2.33% 0.59% Hong Kong 2.09% 0.00% Cayman Islands 1.87% 0.00% Philippines 1.77% 1.13% Uruguay 1.35% 0.00% % in Top 15 Countries 95.77% 88.67% As of: 12/31/2022 Region Fund MSCI Emerging Markets Small Cap Index Developed 3.08% 0.00% Europe & Middle East 0.99% 0.00% North America 0.00% 0.00% Pacific 2.09% 0.00% Emerging 93.43% 100.00% Asia 75.81% 77.25% Latin America 9.36% 8.72% Europe & Middle East 7.11% 9.88% Africa 1.16% 4.15% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.48% 0.00% As of: 12/31/2022 Industry Fund MSCI Emerging Markets Small Cap Index IT Services 10.53% 1.78% Capital Markets 8.26% 2.63% Diversified Telecommunication Services 7.26% 0.98% Hotels, Restaurants & Leisure 6.82% 1.74% Software 6.54% 1.17% Health Care Equipment & Supplies 4.54% 0.78% Media 4.27% 0.78% Semiconductors & Semiconductor Equipment 4.12% 6.37% Chemicals 4.07% 6.94% Electronic Equipment, Instruments & Components 4.03% 4.41% % in Top 10 Industries 60.44% 27.58% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach TimesSquare Emerging Markets Small Cap Fund The Fund seeks to outperform the MSCI Emerging Markets Small Cap Index over a full market cycle. The TimesSquare Emerging Markets Small Cap team uses a bottom up, fundamental research-intensive approach to seek to identify emerging markets small cap stocks with the greatest potential to achieve price appreciation. The Fund invests in companies with market capitalizations less than $5 billion at time of purchase. Keep Calm and Remain Diversified A short- and long-term review on the power of diversification. Read More About About TimesSquare Capital Management Background TimesSquare is a growth equity specialist. They are a trusted partner to institutional investors globally, providing mutual fund and separate account management. Reliance on in-depth, research-driven strategies has historically produced strong results across products and market cycles. Learn More More Products From TimesSquare Capital Management TSYNX TimesSquare Global Small Cap Fund Seeks to provide long-term capital appreciation by primarily investing in small cap companies around the globe. View Fund Details TCMPX TimesSquare International Small Cap Fund The Fund seeks to outperform the MSCI EAFE Small Cap Index over a full market cycle. View Fund Details TMDPX TimesSquare Mid Cap Growth Fund Seeks to provide long-term capital appreciation by investing primarily in mid cap companies. View Fund Details TSCPX TimesSquare Small Cap Growth Fund Seeks to provide long-term capital appreciation by primarily investing in small cap companies. View Fund Details Read Important Investment Disclosures Founded 2000 Headquarters New York, NY Affiliate Since 2004 Discover how the boutique advantage helps generate alpha. Learn More About AMG