Fund Overview Fund Overview Share Class N N I Z NAV | as of 12/06/2023 $13.63 +$0.03 (+0.22%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 01/02/2013 to 11/30/2023 = $16,460.38 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 primarily investing in international small cap companies. Why Consider May be appropriate for investors looking to gain exposure to non-U.S. small cap companies TimesSquare leverages its wealth of experience investing in international 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 Commentary Summary Prospectus Prospectus SAI 2023 Distributions Estimates View All Documents Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER See Our Approach Read Bio David A. Hirsh Director & Portfolio Manager/Analyst See Our Approach Read Bio Investment Style TimesSquare International Small Cap Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective TimesSquare International Small Cap Fund is categorized as Mid-Growth. It invests in medium-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 124) 3 Years (of 124) 5 Years (of 112) 10 Years (of 78) Category Foreign Small/Mid Growth Read Important Investment Disclosures 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. David A. Hirsh Director & Portfolio Manager/Analyst David is a Director, Portfolio Manager/Analyst – Europe, and Partner on TimesSquare’s International Small Cap team, which covers Developed, Emerging, and Frontier markets. Prior to joining TimesSquare in 2012, David was a Senior Principal at HawkStone Capital, focusing on Europe. Prior to HawkStone, David worked at Societe Generale, Kepler Equities, and Julius Baer with a focus on small to mid cap European stocks. He holds a BA in international affairs from Lafayette College and is fluent in French. 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: 1.25% Net Expense Ratio: 1.25% Expense Cap Expiration Date: N/A 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 $0.108900 $0.108900 — — Dec 15, 2021 $0.175000 $0.175000 — — Dec 16, 2019 $0.241700 $0.241700 — — Dec 27, 2018 $0.099900 $0.099900 — — Dec 27, 2017 $0.129800 $0.059600 $0.057900 $0.012300 Dec 27, 2016 $0.229500 $0.068100 $0.011100 $0.150300 Dec 28, 2015 $0.612200 $0.166000 $0.411600 $0.034600 Dec 26, 2014 $0.418600 $0.144300 $0.081400 $0.192900 Dec 26, 2013 $0.488000 $0.393500 $0.094500 — From: To: Risk & Return Stats As of: 11/30/2023 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. -5.89 -2.94 -0.94 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. 17.85 21.06 17.26 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. -0.49 -0.07 0.11 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. 68.05 86.67 89.13 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. 99.90 101.83 100.14 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 1.01 1.00 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. 89.62 91.90 89.30 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. 5.85 5.99 5.64 View All Characteristics & Stats All Characteristics & Stats TimesSquare International Small Cap Fund (TCMPX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Small Cap Index Fund Assets (Mil.$) $276 Number of Holdings 82 2,227 Weighted Avg. Market Cap (Mil.$) $3,436 $2,592 Median Market Cap (Mil.$) $3,085 $1,120 Weighted Avg. P/E (1-yr Forward EPS) 16.58 12.81 Weighted Avg. P/E (Trailing EPS) 18.15 13.60 PEG Ratio 1.67 0.96 Weighted Avg. P/B 2.45 1.24 EPS Growth (Trailing 3-yr %) 15.55% 13.07% EPS Growth (Trailing 5-yr %) 10.33% 5.80% Forward EPS Growth (1-yr %) 5.34% 0.28% Forward EPS Growth (Long Term %) 10.38% 9.46% Revenue Growth (Trailing 5-yr %) 6.65% 4.73% Return on Equity 16.61% 11.22% Weighted Avg. Dividend Yield 2.15% 3.18% Debt to Equity 56.25 70.11 Trailing 12-Months Portfolio Turnover 63.81% As of: 09/30/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -5.89 -2.94 -0.94 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. 17.85 21.06 17.26 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. -0.49 -0.07 0.11 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. 68.05 86.67 89.13 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. 99.90 101.83 100.14 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 1.01 1.00 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. 89.62 91.90 89.30 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. 5.85 5.99 5.64 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -1.00 -0.54 -0.21 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. -9.35 -1.37 1.95 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. -41.28 -41.28 -41.28 As of: 11/30/2023 Market Cap Fund MSCI EAFE Small Cap Index Market Cap ($mm) 0 - 1,000 8.63% 17.42% Market Cap ($mm) 1,000 - 1,500 14.11% 12.97% Market Cap ($mm) 1,500 - 2,500 13.07% 23.97% Market Cap ($mm) 2,500 - 5,000 48.52% 37.15% Market Cap ($mm) 5,000 - 10,000 15.66% 8.32% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.16% As of: 09/30/2023 Valuation Characteristics Fund MSCI EAFE Small Cap Index P/E 0-10 5.31% 19.38% P/E 10-15 22.12% 23.13% P/E 15-20 19.29% 15.67% P/E 20-25 18.76% 9.80% P/E 25-Above 33.01% 24.54% P/E – NA 1.51% 7.47% As of: 09/30/2023 Growth Characteristics Fund MSCI EAFE Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 17.55% 28.93% EPS Growth (Trailing 3-yr %) 0 - 5 6.71% 7.48% EPS Growth (Trailing 3-yr %) 5 - 10 10.13% 8.01% EPS Growth (Trailing 3-yr %) 10 - 15 13.93% 5.95% EPS Growth (Trailing 3-yr %) 15 - 20 6.83% 5.46% EPS Growth (Trailing 3-yr %) Above 20 32.75% 34.07% EPS Growth (Trailing 3-yr %) - NA 12.10% 10.10% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Steadfast Group Ltd 3.10% Technip Energies NV 2.47% Tate & Lyle PLC 2.45% Saab AB 2.41% Rohto Pharmaceutical Co Ltd 2.16% Arcadis NV 2.01% Nakanishi Inc 2.00% IPH Ltd 1.98% Sopra Steria Group SACA 1.94% Viscofan SA 1.94% % in Top 10 Holdings 22.45% View Holding Details Holding Details TimesSquare International Small Cap Fund (TCMPX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Steadfast Group Ltd 3.10% Technip Energies NV 2.47% Tate & Lyle PLC 2.45% Saab AB 2.41% Rohto Pharmaceutical Co Ltd 2.16% Arcadis NV 2.01% Nakanishi Inc 2.00% IPH Ltd 1.98% Sopra Steria Group SACA 1.94% Viscofan SA 1.94% % in Top 10 Holdings 22.45% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SCZ iShares MSCI EAFE Small-Cap ETF Other Equities S US USD 230,900 53.81 $12,424,729 4.76% SCHC Schwab International Small-Cap Equity ETF Other Equities S US USD 320,000 30.60 $9,792,000 3.75% SDF Steadfast Group Ltd Financials S AU AUD 2,069,283 3.44 $7,115,735 2.72% SAABB Saab AB Industrials S SE SEK 122,900 51.37 $6,313,548 2.42% ARCAD Arcadis NV Industrials S NL EUR 119,100 42.26 $5,033,740 1.93% TE Technip Energies NV Energy S FR EUR 225,005 21.91 $4,929,802 1.89% 5838 Rakuten Bank Ltd Financials S JP JPY 285,100 17.08 $4,868,767 1.86% TATE Tate & Lyle PLC Consumer Staples S GB GBP 624,914 7.66 $4,788,974 1.83% 4527 Rohto Pharmaceutical Co Ltd Consumer Staples S JP JPY 202,700 23.33 $4,729,256 1.81% 6368 Organo Corp Industrials S JP JPY 143,000 32.97 $4,714,831 1.81% 2651 Lawson Inc Consumer Staples S JP JPY 96,800 48.17 $4,663,260 1.79% IPH IPH Ltd Industrials S AU AUD 1,003,840 4.35 $4,362,394 1.67% 8174 Nippon Gas Co Ltd Utilities S JP JPY 274,400 15.03 $4,124,095 1.58% CAR carsales.com Ltd Communication Services S AU AUD 232,564 17.63 $4,099,467 1.57% 3774 Internet Initiative Japan Inc Communication Services S JP JPY 250,500 16.16 $4,047,733 1.55% 7716 Nakanishi Inc Health Care S JP JPY 179,400 21.96 $3,940,207 1.51% AUTO Auto Trader Group PLC 144A Communication Services S GB GBP 513,440 7.56 $3,883,790 1.49% DPLM Diploma PLC Industrials S GB GBP 111,900 34.67 $3,879,666 1.49% SOP Sopra Steria Group SACA Information Technology S FR EUR 21,493 179.54 $3,858,773 1.48% 9336 Daiei Kankyo Co Ltd Industrials S JP JPY 263,700 13.81 $3,640,532 1.39% UTG UNITE Group PLC Real Estate S GB GBP 342,000 10.58 $3,619,225 1.39% SFZN Siegfried Holding Ag Health Care S CH CHF 4,500 793.02 $3,568,586 1.37% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 390,000 9.02 $3,517,800 1.35% SPIE SPIE SA Industrials S FR EUR 127,800 26.30 $3,360,823 1.29% GAW Games Workshop Group PLC Consumer Discretionary S GB GBP 27,400 120.23 $3,294,370 1.26% 6526 Socionext Inc Information Technology S JP JPY 32,900 97.54 $3,208,971 1.23% DHG Dalata Hotel Group PLC Consumer Discretionary S IE EUR 724,821 4.24 $3,075,402 1.18% HUH1V Huhtamaki Oyj Materials S FI EUR 89,000 34.38 $3,059,477 1.17% 9090 AZ-COM MARUWA Holdings Inc Industrials S JP JPY 221,400 13.72 $3,038,437 1.16% 8111 Goldwin Inc Consumer Discretionary S JP JPY 47,900 63.16 $3,025,216 1.16% BOY Bodycote PLC Industrials S GB GBP 429,539 6.98 $2,996,757 1.15% 9744 MEITEC Group Holdings Inc Industrials S JP JPY 169,800 17.60 $2,988,496 1.14% ALQ ALS Ltd Industrials S AU AUD 431,100 6.84 $2,950,386 1.13% 2345 Accton Technology Corp Information Technology S TW TWD 190,100 15.49 $2,945,461 1.13% RTN Restaurant Group PLC Consumer Discretionary S GB GBP 3,522,700 0.83 $2,907,251 1.11% TOY Spin Master Corp 144A Consumer Discretionary S CA CAD 120,600 23.90 $2,882,921 1.10% VIS Viscofan SA Consumer Staples S ES EUR 49,600 57.81 $2,867,178 1.10% AFN Ag Growth International Inc Industrials S CA CAD 80,000 35.10 $2,807,716 1.08% ROR Rotork PLC Industrials S GB GBP 783,400 3.58 $2,801,381 1.07% CYBR CyberArk Software Ltd Information Technology S IL USD 17,100 163.64 $2,798,244 1.07% SAFE Safestore Holdings PLC Real Estate S GB GBP 310,000 8.32 $2,579,667 0.99% 3038 Kobe Bussan Co Ltd Consumer Staples S JP JPY 103,898 24.75 $2,571,273 0.98% HAG Hensoldt AG Industrials S DE EUR 86,500 29.63 $2,563,185 0.98% TOP Topdanmark A/S Financials S DK DKK 56,411 44.82 $2,528,573 0.97% KWS Keywords Studios PLC Information Technology S IE GBP 157,871 15.88 $2,506,828 0.96% NEX Nexans SA Industrials S FR EUR 35,200 70.84 $2,493,540 0.95% GXI Gerresheimer AG Health Care S DE EUR 26,500 93.27 $2,471,741 0.95% HWDN Howden Joinery Group PLC Industrials S GB GBP 315,363 7.77 $2,449,143 0.94% 2175 SMS Co Ltd Industrials S JP JPY 153,600 15.87 $2,437,311 0.93% 9468 Kadokawa Corp Communication Services S JP JPY 125,700 19.26 $2,421,363 0.93% MRL Merlin Properties Socimi SA Real Estate S ES EUR 287,500 8.34 $2,397,113 0.92% RILBA Ringkjoebing Landbobank A/S Financials S DK DKK 16,900 136.30 $2,303,451 0.88% IPS IPSOS SA Communication Services S FR EUR 45,820 48.60 $2,226,738 0.85% ACX Acerinox SA Materials S ES EUR 221,100 9.74 $2,154,141 0.82% 6141 DMG Mori Co Ltd Industrials S JP JPY 126,800 16.54 $2,097,273 0.80% 7476 As One Corp Health Care S JP JPY 65,600 31.87 $2,090,665 0.80% APM APM Human Services International Ltd Industrials S AU AUD 1,565,700 1.33 $2,081,378 0.80% CIE CIE Automotive SA Consumer Discretionary S ES EUR 80,732 25.50 $2,058,415 0.79% 7649 Sugi Holdings Co Ltd Consumer Staples S JP JPY 50,297 40.48 $2,035,940 0.78% IMD Imdex Ltd Materials S AU AUD 1,873,800 1.05 $1,965,446 0.75% FBK FinecoBank Banca Fineco SpA Financials S IT EUR 160,613 11.80 $1,894,695 0.73% 7164 Zenkoku Hosho Co Ltd Financials S JP JPY 57,909 31.98 $1,851,830 0.71% 5842 Integral Corp Financials S JP JPY 159,300 11.23 $1,788,742 0.68% SAVE Nordnet AB publ Financials S SE SEK 115,587 14.16 $1,636,553 0.63% NVMI Nova Ltd Information Technology S IL USD 16,700 94.97 $1,585,999 0.61% 2150 Carenet Inc Health Care S JP JPY 263,000 5.70 $1,500,010 0.57% OR Osisko Gold Royalties Ltd Materials S CA CAD 121,500 12.22 $1,485,073 0.57% IDR Indra Sistemas SA Information Technology S ES EUR 105,400 14.04 $1,479,940 0.57% PSI Pason Systems Inc Energy S CA CAD 151,400 9.58 $1,450,951 0.56% 7839 Shoei Co Ltd Consumer Discretionary S JP JPY 98,700 13.32 $1,315,056 0.50% SGL SGL Carbon SE Industrials S DE EUR 213,000 6.16 $1,311,664 0.50% VALMT Valmet OYJ Industrials S FI EUR 57,500 22.44 $1,290,378 0.49% JUN3 Jungheinrich AG Industrials S DE EUR 47,900 26.85 $1,285,876 0.49% AMP Amplifon SpA Health Care S IT EUR 41,995 28.26 $1,186,924 0.45% 1910 Samsonite International SA 144A Consumer Discretionary S US HKD 377,600 3.10 $1,169,473 0.45% VRLA Verallia SA 144A Materials S FR EUR 34,800 32.52 $1,131,571 0.43% 6481 THK Co Ltd Industrials S JP JPY 61,900 17.87 $1,106,255 0.42% FNOX Fortnox AB Information Technology S SE SEK 276,000 3.96 $1,094,044 0.42% IP Interpump Group SpA Industrials S IT EUR 25,657 41.81 $1,072,829 0.41% 9164 TRYT Inc Industrials S JP JPY 217,900 4.61 $1,005,315 0.38% TGS TGS ASA Energy S NO NOK 72,000 13.68 $984,658 0.38% TOD Tod's SpA Consumer Discretionary S IT EUR 28,200 33.50 $944,734 0.36% COP CompuGroup Medical SE & Co KgaA Health Care S DE EUR 23,600 36.67 $865,340 0.33% Cash & Equivalents Cash C US USD - - $17,370,420 6.65% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Rohto Pharmaceutical Co Ltd 1 2.08% 21.49% Accton Technology Corp 2 1.04% 38.50% Technip Energies NV 3 2.27% 8.35% carsales.com Ltd 4 1.48% 14.79% Arcadis NV 5 1.97% 8.00% Nippon Gas Co Ltd 6 1.74% 7.70% Nakanishi Inc 7 2.05% 6.45% Sopra Steria Group SACA 8 2.16% 4.00% Howden Joinery Group PLC 9 1.10% 10.05% Verallia SA 144A 10 0.94% 5.23% As of: 09/30/2023 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 Internet Initiative Japan Inc 20 2.38% -12.77% St James's Place PLC 19 1.16% -25.18% Daiei Kankyo Co Ltd 18 1.45% -19.29% Goldwin Inc 17 1.44% -19.29% Steadfast Group Ltd 16 3.15% -7.39% Socionext Inc 15 0.94% -30.99% Keywords Studios PLC 14 1.23% -17.95% Tate & Lyle PLC 13 2.50% -9.35% TRYT Inc 12 0.38% -41.66% Dalata Hotel Group PLC 11 1.30% -15.34% As of: 09/30/2023 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: 09/30/2023 View Allocation Details Allocation Details TimesSquare International Small Cap Fund (TCMPX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Small Cap Index Industrials 30.98% 22.87% Financials 11.83% 11.82% Consumer Staples 10.07% 6.60% Consumer Discretionary 9.60% 13.09% Information Technology 8.89% 9.52% Communication Services 7.06% 4.28% Health Care 6.86% 6.57% Real Estate 3.63% 10.18% Energy 3.48% 3.23% Materials 3.18% 9.37% Cash & Other 2.76% 0.00% Utilities 1.65% 2.47% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 97.24% Bonds 0.00% Cash and Other 2.76% As of: 09/30/2023 Country Fund MSCI EAFE Small Cap Index Japan 29.12% 33.55% United Kingdom 15.67% 14.97% Australia 9.25% 9.83% France 8.61% 3.95% Spain 5.14% 1.98% Germany 4.16% 4.76% Canada 3.81% 0.00% Sweden 3.62% 5.19% Ireland 2.48% 0.29% Italy 2.29% 3.55% Israel 2.24% 3.01% Denmark 2.13% 2.02% Finland 2.04% 1.19% Netherlands 2.01% 1.56% Uruguay 1.51% 0.00% % in Top 15 Countries 94.08% 85.85% As of: 09/30/2023 Region Fund MSCI EAFE Small Cap Index Developed 94.36% 100.00% Europe & Middle East 52.18% 52.01% North America 3.81% 0.00% Pacific 38.37% 47.99% Emerging 1.17% 0.00% Asia 1.17% 0.00% Latin America 0.00% 0.00% Europe & Middle East 0.00% 0.00% Africa 0.00% 0.00% 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 4.47% 0.00% As of: 09/30/2023 Industry Fund MSCI EAFE Small Cap Index Professional Services 9.79% 1.78% Machinery 8.36% 6.41% Insurance 4.62% 2.05% Food Products 4.39% 3.23% IT Services 3.79% 2.39% Hotels, Restaurants & Leisure 3.63% 3.05% Consumer Staples Distribution & Retail 3.52% 1.96% Energy Equipment & Services 3.48% 0.93% Aerospace & Defense 3.43% 0.58% Interactive Media & Services 3.31% 0.83% % in Top 10 Industries 48.32% 23.21% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach TimesSquare International Small Cap Fund The Fund seeks to outperform the MSCI EAFE Small Cap Index over a full market cycle. TimesSquare’s international investment team uses a bottom up, fundamental research-intensive approach to identify international small cap stocks with the greatest potential to achieve price appreciation over a 12- to 18-month horizon. The Fund invests in companies with market capitalizations less than $5 billion at time of purchase. Investing Without Borders The challenging stock and bond markets of 2022 caught investors off guard. In the decade leading up to that year’s downturn, markets got used to an environment of easy money in which interest rates that were below historic averages stoked an era of unprecedented growth in the U.S. 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 TQENX TimesSquare Emerging Markets Small Cap Fund The Fund seeks to outperform the MSCI Emerging Markets Small Cap Index over a full market cycle. View Fund Details 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 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