Please Note: N 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 N N I Z NAV | as of 12/06/2022 $8.57 -$0.13 (-1.49%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 732 Diversified Emerging Mkts funds as of 11/30/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 11/30/2022 = $12,901.49 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 800.835.3879 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 2021 Year End Distributions 2019 Form 8937 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 11/30/2022 Overall Rating (of 732) 3 Years (of 732) 5 Years (of 654) 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 800.835.3879 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: 3.00% Net Expense Ratio: 1.65% 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, 2021 $4.329200 $0.068200 $2.527700 $1.733300 Dec 16, 2020 $0.001400 $0.001400 — — Dec 16, 2019 $0.024400 $0.024400 — — Dec 27, 2018 $0.576300 $0.011900 $0.258100 $0.306300 Dec 27, 2017 $0.975000 $0.146000 $0.827600 $0.001400 From: To: 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. -1.51 0.12 - 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. 22.23 19.08 - 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. 0.21 0.04 - 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. 85.43 86.63 - 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. 97.27 95.67 - 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. 0.89 0.88 - 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. 93.11 92.40 - 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. 6.42 5.80 - View All Characteristics & Stats All Characteristics & Stats TimesSquare Emerging Markets Small Cap Fund (TQENX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI Emerging Markets Small Cap Index Fund Assets (Mil.$) $4 Number of Holdings 78 1,823 Weighted Avg. Market Cap (Mil.$) $1,433 $1,586 Median Market Cap (Mil.$) $1,197 $793 Weighted Avg. P/E (1-yr Forward EPS) 16.53 11.19 Weighted Avg. P/E (Trailing EPS) 16.27 10.61 PEG Ratio 1.01 0.97 Weighted Avg. P/B 2.58 1.35 EPS Growth (Trailing 3-yr %) 24.34% 15.77% EPS Growth (Trailing 5-yr %) 16.94% 12.05% Forward EPS Growth (1-yr %) 5.13% 2.00% Forward EPS Growth (Long Term %) 19.46% 17.11% Revenue Growth (Trailing 5-yr %) 10.88% 7.65% Return on Equity 19.68% 14.36% Weighted Avg. Dividend Yield 2.43% 3.66% Debt to Equity 51.52 67.85 Trailing 12-Months Portfolio Turnover 118.09% As of: 09/30/2022 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. -1.51 0.12 - 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. 22.23 19.08 - 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. 0.21 0.04 - 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. 85.43 86.63 - 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. 97.27 95.67 - 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. 0.89 0.88 - 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. 93.11 92.40 - 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. 6.42 5.80 - 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. -0.36 - - 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. 5.22 0.91 - 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. -33.11 -33.11 - As of: 11/30/2022 Market Cap Fund MSCI Emerging Markets Small Cap Index Market Cap ($mm) 0 - 1,000 44.06% 39.04% Market Cap ($mm) 1,000 - 1,500 19.35% 21.26% Market Cap ($mm) 1,500 - 2,500 22.86% 21.59% Market Cap ($mm) 2,500 - 5,000 11.49% 15.98% Market Cap ($mm) 5,000 - 10,000 2.24% 2.13% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.01% As of: 09/30/2022 Valuation Characteristics Fund MSCI Emerging Markets Small Cap Index P/E 0-10 15.40% 30.26% P/E 10-15 18.99% 15.07% P/E 15-20 19.21% 10.46% P/E 20-25 7.04% 7.06% P/E 25-Above 31.83% 28.12% P/E – NA 7.53% 9.02% As of: 09/30/2022 Growth Characteristics Fund MSCI Emerging Markets Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 13.41% 22.69% EPS Growth (Trailing 3-yr %) 0 - 5 4.61% 6.61% EPS Growth (Trailing 3-yr %) 5 - 10 8.93% 6.95% EPS Growth (Trailing 3-yr %) 10 - 15 9.11% 6.72% EPS Growth (Trailing 3-yr %) 15 - 20 8.84% 4.96% EPS Growth (Trailing 3-yr %) Above 20 47.67% 39.11% EPS Growth (Trailing 3-yr %) - NA 7.43% 12.96% As of: 09/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2022 Alchip Technologies Ltd 2.39% ICICI Securities Ltd 144A 2.29% AKR Corporindo Tbk PT 2.10% Patria Investments Ltd, Class A 2.07% Totvs SA 2.06% Cyient Ltd 2.03% Railtel Corp of India Ltd 1.99% Metrodata Electronics Tbk PT 1.95% Arabian Contracting Services Co 1.86% Locaweb Servicos de Internet SA 144A 1.81% % in Top 10 Holdings 20.55% View Holding Details Holding Details TimesSquare Emerging Markets Small Cap Fund (TQENX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2022 Alchip Technologies Ltd 2.39% ICICI Securities Ltd 144A 2.29% AKR Corporindo Tbk PT 2.10% Patria Investments Ltd, Class A 2.07% Totvs SA 2.06% Cyient Ltd 2.03% Railtel Corp of India Ltd 1.99% Metrodata Electronics Tbk PT 1.95% Arabian Contracting Services Co 1.86% Locaweb Servicos de Internet SA 144A 1.81% % in Top 10 Holdings 20.55% As of: 09/30/2022 Download All Holdings (PDF) As of: 10/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund ISEC ICICI Securities Ltd 144A Financials S IN INR 15,400 6.24 $96,082 2.23% AKRA AKR Corporindo Tbk PT Energy S ID IDR 918,400 0.10 $91,938 2.14% PAX Patria Investments Ltd, Class A Financials S KY USD 6,300 14.22 $89,586 2.08% MTDL Metrodata Electronics Tbk PT Information Technology S ID IDR 2,353,000 0.04 $88,252 2.05% RAILTEL Railtel Corp of India Ltd Communication Services S IN INR 62,600 1.41 $88,130 2.05% 3661 Alchip Technologies Ltd Information Technology S TW TWD 4,300 20.03 $86,111 2.00% TOTS3 Totvs SA Information Technology S BR BRL 13,059 6.46 $84,414 1.96% CYL Cyient Ltd Information Technology S IN INR 9,000 9.06 $81,556 1.90% 287410 Jeisys Medical Inc Health Care S KR KRW 16,300 4.96 $80,886 1.88% ALARABIA Arabian Contracting Services Co Communication Services S SA SAR 2,700 29.57 $79,833 1.86% 093320 KINX Inc Communication Services S KR KRW 2,200 36.06 $79,334 1.84% AFYA Afya Ltd, Class A Consumer Discretionary S BR USD 5,300 14.74 $78,122 1.82% 033500 Dongsung Finetec Co Ltd Materials S KR KRW 9,900 7.74 $76,639 1.78% LWSA3 Locaweb Servicos de Internet SA 144A Information Technology S BR BRL 35,900 2.11 $75,685 1.76% NAM Nippon Life India Asset Management Ltd 144A Financials S IN INR 22,500 3.27 $73,576 1.71% 6271 Tong Hsing Electronic Industries Ltd Information Technology S TW TWD 13,600 5.35 $72,714 1.69% 354 Chinasoft International Ltd Information Technology S CN HKD 109,500 0.66 $72,552 1.69% 282880 Cowintech Co Ltd Industrials S KR KRW 3,919 17.77 $69,622 1.62% CCRI Container Corp Of India Ltd Industrials S IN INR 7,100 9.65 $68,523 1.59% TOWR Sarana Menara Nusantara Tbk Pt Communication Services S ID IDR 898,600 0.07 $66,518 1.55% 189300 Intellian Technologies Inc Information Technology S KR KRW 1,500 43.72 $65,586 1.52% 340570 T&L Co Ltd Health Care S KR KRW 2,500 25.71 $64,280 1.49% VESTA* Corp Inmobiliaria Vesta SAB de CV Real Estate S MX MXN 28,700 2.18 $62,534 1.45% ONEE/F One Enterprise Public Co Ltd Communication Services S TH THB 246,400 0.25 $60,548 1.41% 012450 Hanwha Aerospace Co Ltd Industrials S KR KRW 1,300 46.57 $60,543 1.41% 6763 Green World Fintech Service Co Ltd Information Technology S TW TWD 5,587 10.82 $60,432 1.40% BAM/F Bangkok Commercial Asset Management PCL [BAM] Financials S TH THB 149,600 0.40 $60,133 1.40% 056190 SFA Engineering Corp Industrials S KR KRW 2,200 26.74 $58,819 1.37% 5263 Brogent Technologies Inc Information Technology S TW TWD 17,400 3.38 $58,761 1.37% BLAU3 Blau Farmaceutica Sa Health Care S BR BRL 8,800 6.57 $57,855 1.34% VARROC Varroc Engineering Ltd 144A Consumer Discretionary S IN INR 15,300 3.76 $57,532 1.34% AGLL Allcargo Logistics Ltd Industrials S IN INR 10,900 5.23 $56,973 1.32% 3218 Universal Vision Biotechnology Co Ltd Health Care S TW TWD 7,436 7.65 $56,873 1.32% CAMS Computer Age Management Services Ltd Information Technology S IN INR 1,800 30.82 $55,484 1.29% PGINVIT PowerGrid Infrastructure Investment Trust 144A Real Estate S IN INR 31,400 1.67 $52,401 1.22% MEGACPO Megacable Holdings SAB de CV Communication Services S MX MXN 24,900 2.08 $51,866 1.21% TCP Transaction Capital LTD Financials S ZA ZAR 23,100 2.24 $51,674 1.20% 1599 AEON Motor Co Ltd Consumer Discretionary S TW TWD 40,200 1.26 $50,506 1.17% EPLL EPL Ltd Materials S IN INR 27,000 1.86 $50,163 1.17% MYEG My EG Services Bhd Information Technology S MY MYR 267,200 0.19 $50,023 1.16% 9923 Yeahka Ltd Information Technology S CN HKD 21,700 2.28 $49,472 1.15% OPAP Opap SA Consumer Discretionary S GR EUR 4,000 12.25 $49,013 1.14% 2345 Accton Technology Corp Information Technology S TW TWD 6,500 7.52 $48,879 1.14% CDSL Central Depository Services India Ltd Financials S IN INR 3,300 14.80 $48,836 1.13% DESP Despegar.com Corp Consumer Discretionary S AR USD 7,600 6.36 $48,336 1.12% AGIS Aegis Logistics Ltd Energy S IN INR 12,700 3.76 $47,737 1.11% CNVRG Converge ICT Solutions Inc Communication Services S PH PHP 215,500 0.21 $46,155 1.07% 140860 Park Systems Corp Information Technology S KR KRW 600 76.82 $46,094 1.07% 2217 Tam Jai International Co Ltd Consumer Discretionary S HK HKD 234,200 0.20 $45,958 1.07% PLANB/F Plan B Media PCL [Foreign Sh.] Communication Services S TH THB 244,100 0.19 $45,289 1.05% MAHARAH Maharah Human Resources Co Industrials S SA SAR 2,800 16.05 $44,938 1.04% RW Raymond Ltd Consumer Discretionary S IN INR 3,100 14.47 $44,869 1.04% 002439 Venustech Group Inc Information Technology S CN CNY 12,800 3.49 $44,617 1.04% AVI AVI Ltd Consumer Staples S ZA ZAR 11,100 4.01 $44,461 1.03% BSE BSE Ltd Financials S IN INR 6,200 7.14 $44,239 1.03% BELA JUMBO SA Consumer Discretionary S GR EUR 3,100 14.20 $44,031 1.02% TDC TIME dotCom Bhd Communication Services S MY MYR 45,300 0.96 $43,595 1.01% 6472 Bora Pharmaceuticals Co Ltd Health Care S TW TWD 5,000 8.52 $42,615 0.99% MRDIY MR DIY Group M Bhd 144A Consumer Discretionary S MY MYR 99,100 0.43 $42,368 0.98% 6689 eCloudvalley Digital Technology Co Ltd Information Technology S TW TWD 16,351 2.58 $42,225 0.98% 603883 Laobaixing Pharmacy Chain JSC Consumer Staples S CN CNY 8,700 4.82 $41,937 0.97% LVC LiveChat Software SA Information Technology S PL PLN 1,800 23.25 $41,851 0.97% 1795 Lotus Pharmaceutical Co Ltd Health Care S TW TWD 8,700 4.78 $41,560 0.97% YAHSAT AL Yah Satellite Communications Co-Pjsc-Yah Sat Communication Services S AE AED 55,000 0.75 $41,015 0.95% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 5,400 7.54 $40,716 0.95% JPMCW18S Pnote: Masan Group Corp Consumer Staples S NL USD 11,840 3.44 $40,704 0.95% 3529 eMemory Technology Inc Information Technology S TW TWD 1,200 33.16 $39,791 0.92% TKG Telkom SA SOC Ltd Communication Services S ZA ZAR 20,000 1.99 $39,752 0.92% 1501 Shanghai Kindly Medical Instruments Co Ltd Health Care S CN HKD 11,400 3.42 $38,992 0.91% 6515 WinWay Technology Co Ltd Information Technology S TW TWD 4,100 9.50 $38,958 0.91% KEII KEI Industries Ltd Industrials S IN INR 1,900 19.53 $37,110 0.86% 3023 Sinbon Electronics Co Ltd Information Technology S TW TWD 4,700 7.77 $36,498 0.85% RAINBOW Rainbow Children's Medicare Ltd Health Care S IN INR 4,200 8.33 $34,992 0.81% APTY Apollo Tyres Ltd Consumer Discretionary S IN INR 9,900 3.52 $34,803 0.81% MULT3 Multiplan Empreendimentos Imobiliarios SA Real Estate S BR BRL 6,600 5.09 $33,616 0.78% SBFG3 Grupo SBF SA Consumer Discretionary S BR BRL 9,100 3.64 $33,155 0.77% 3319 A-Living Smart City Services Co Ltd 144A Real Estate S CN HKD 57,100 0.57 $32,402 0.75% CYRE3 Cyrela Brazil Realty SA Empreendimentos e Participacoes Consumer Discretionary S BR BRL 6,500 3.60 $23,430 0.54% INMART IndiaMart InterMesh Ltd 144A Industrials S IN INR 198 55.56 $11,001 0.26% DIXON Dixon Technologies India Ltd Consumer Discretionary S IN INR 200 54.64 $10,928 0.25% 090850 Hyundai Ezwel Co Ltd Information Technology S KR KRW 2,699 3.61 $9,748 0.23% 8454 momo.com Inc Consumer Discretionary S TW TWD 532 14.92 $7,937 0.18% GPW Warsaw Stock Exchange Financials S PL PLN 649 6.77 $4,392 0.10% Cash & Equivalents Cash C US USD - - -$68,441 -1.59% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Locaweb Servicos de Internet SA 144A 1 1.69% 54.83% Afya Ltd, Class A 2 1.67% 36.28% AKR Corporindo Tbk PT 3 1.72% 30.25% Cyrela Brazil Realty SA Empreendimentos e Participacoes 4 0.97% 50.10% Blau Farmaceutica Sa 5 1.61% 27.02% Aegis Logistics Ltd 6 1.43% 27.08% ICICI Securities Ltd 144A 7 2.05% 20.58% Totvs SA 8 1.89% 22.38% Alchip Technologies Ltd 9 2.15% 18.46% Poly Medicure Ltd 10 1.67% 12.09% As of: 09/30/2022 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 Chinasoft International Ltd 20 1.99% -39.87% eCloudvalley Digital Technology Co Ltd 19 1.41% -50.18% A-Living Smart City Services Co Ltd 144A 18 1.07% -50.73% K Car Co Ltd 17 1.47% -38.78% Converge ICT Solutions Inc 16 1.19% -41.91% Hyundai Ezwel Co Ltd 15 1.20% -35.30% YesAsia Holdings Limited 14 0.20% -31.07% Tam Jai International Co Ltd 13 1.63% -23.00% Yeahka Ltd 12 1.36% -20.21% Tong Hsing Electronic Industries Ltd 11 1.82% -19.56% As of: 09/30/2022 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: 09/30/2022 View Allocation Details Allocation Details TimesSquare Emerging Markets Small Cap Fund (TQENX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI Emerging Markets Small Cap Index Information Technology 31.58% 16.06% Consumer Discretionary 14.04% 12.72% Communication Services 12.92% 3.64% Financials 11.83% 11.10% Health Care 9.35% 8.33% Industrials 7.39% 15.51% Real Estate 3.65% 6.68% Materials 3.62% 13.27% Energy 3.35% 2.42% Consumer Staples 3.22% 6.62% Utilities 0.00% 3.65% Cash & Other -0.94% 0.00% As of: 09/30/2022 Investment Allocation 09/30/2022 Stocks 100.94% Bonds 0.00% Cash and Other -0.94% As of: 09/30/2022 Country Fund MSCI Emerging Markets Small Cap Index India 21.86% 25.62% Taiwan 15.52% 19.67% South Korea 14.84% 12.62% Brazil 9.56% 6.87% China 8.64% 8.32% Indonesia 5.58% 2.76% South Africa 3.38% 3.87% Malaysia 3.07% 2.98% Thailand 3.00% 3.94% Saudi Arabia 2.92% 3.39% Mexico 2.42% 2.13% Greece 2.08% 0.59% Cayman Islands 2.07% 0.00% Poland 1.75% 0.79% Hong Kong 1.46% 0.00% % in Top 15 Countries 98.15% 93.55% As of: 09/30/2022 Region Fund MSCI Emerging Markets Small Cap Index Developed 2.40% 0.00% Europe & Middle East 0.94% 0.00% North America 0.00% 0.00% Pacific 1.46% 0.00% Emerging 95.58% 100.00% Asia 73.48% 76.82% Latin America 11.97% 9.88% Europe & Middle East 6.75% 9.18% Africa 3.38% 4.11% 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 2.02% 0.00% As of: 09/30/2022 Industry Fund MSCI Emerging Markets Small Cap Index Capital Markets 10.55% 2.40% IT Services 10.04% 1.92% Software 8.56% 1.06% Diversified Telecommunication Services 8.38% 0.82% Electronic Equipment, Instruments & Components 5.68% 4.51% Health Care Equipment & Supplies 5.50% 0.71% Semiconductors & Semiconductor Equipment 5.28% 6.32% Specialty Retail 4.31% 1.30% Hotels, Restaurants & Leisure 3.46% 2.13% Oil, Gas & Consumable Fuels 3.35% 2.27% % in Top 10 Industries 65.11% 23.44% As of: 09/30/2022 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 Funds 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