Fund Overview Fund Overview Share Class I N I Z NAV | as of 03/31/2023 $14.44 +$0.06 (+0.42%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 02/28/2023 = $11,399.14 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 2022 Year End Distributions 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 02/28/2023 Overall Rating (of 129) 3 Years (of 129) 5 Years (of 116) 10 Years — 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: 1.07% Net Expense Ratio: 1.07% 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 $0.133200 $0.133200 — — Dec 15, 2021 $0.215100 $0.215100 — — Dec 16, 2020 $0.005100 $0.005100 — — Dec 16, 2019 $0.274600 $0.274600 — — Dec 27, 2018 $0.167600 $0.167600 — — Dec 27, 2017 $0.148800 $0.078600 $0.057900 $0.012300 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. -4.86 -4.07 - 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. 23.64 21.20 - 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. -0.03 -0.23 - 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. 86.86 91.71 - 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. 105.08 105.66 - 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. 1.03 1.05 - 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. 93.50 92.94 - 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. 6.07 5.70 - View All Characteristics & Stats All Characteristics & Stats TimesSquare International Small Cap Fund (TQTIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Small Cap Index Fund Assets (Mil.$) $439 Number of Holdings 75 2,277 Weighted Avg. Market Cap (Mil.$) $3,112 $2,550 Median Market Cap (Mil.$) $2,774 $1,146 Weighted Avg. P/E (1-yr Forward EPS) 16.24 12.33 Weighted Avg. P/E (Trailing EPS) 17.86 11.33 PEG Ratio 1.62 1.07 Weighted Avg. P/B 2.57 1.19 EPS Growth (Trailing 3-yr %) 14.37% 11.98% EPS Growth (Trailing 5-yr %) 12.11% 6.15% Forward EPS Growth (1-yr %) 10.29% 2.70% Forward EPS Growth (Long Term %) 11.23% 8.10% Revenue Growth (Trailing 5-yr %) 8.31% 5.30% Return on Equity 17.54% 12.64% Weighted Avg. Dividend Yield 2.33% 3.11% Debt to Equity 44.47 70.38 Trailing 12-Months Portfolio Turnover 73.72% 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. -4.86 -4.07 - 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. 23.64 21.20 - 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. -0.03 -0.23 - 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. 86.86 91.71 - 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. 105.08 105.66 - 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. 1.03 1.05 - 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. 93.50 92.94 - 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. 6.07 5.70 - 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. -0.86 -0.76 - Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -0.75 -4.76 - 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. -41.20 -41.20 - As of: 02/28/2023 Market Cap Fund MSCI EAFE Small Cap Index Market Cap ($mm) 0 - 1,000 6.62% 17.04% Market Cap ($mm) 1,000 - 1,500 12.59% 13.33% Market Cap ($mm) 1,500 - 2,500 18.93% 25.88% Market Cap ($mm) 2,500 - 5,000 51.53% 36.08% Market Cap ($mm) 5,000 - 10,000 9.68% 7.67% Market Cap ($mm) 10,000 - 25,000 0.65% 0.00% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.01% As of: 12/31/2022 Valuation Characteristics Fund MSCI EAFE Small Cap Index P/E 0-10 7.48% 29.59% P/E 10-15 23.51% 18.51% P/E 15-20 15.07% 11.43% P/E 20-25 16.80% 9.92% P/E 25-Above 36.33% 23.34% P/E – NA 0.80% 7.20% As of: 12/31/2022 Growth Characteristics Fund MSCI EAFE Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 17.48% 26.53% EPS Growth (Trailing 3-yr %) 0 - 5 9.13% 8.01% EPS Growth (Trailing 3-yr %) 5 - 10 7.08% 7.90% EPS Growth (Trailing 3-yr %) 10 - 15 17.85% 7.95% EPS Growth (Trailing 3-yr %) 15 - 20 11.25% 7.12% EPS Growth (Trailing 3-yr %) Above 20 27.32% 28.77% EPS Growth (Trailing 3-yr %) - NA 9.89% 13.72% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Steadfast Group Ltd 3.17% Saab AB 3.03% Topdanmark A/S 2.97% Tate & Lyle PLC 2.33% Zenkoku Hosho Co Ltd 2.30% Rotork PLC 2.20% Keywords Studios PLC 2.13% Spirent Communications PLC 2.01% Viscofan SA 1.93% IPH Ltd 1.92% % in Top 10 Holdings 24.00% View Holding Details Holding Details TimesSquare International Small Cap Fund (TQTIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Steadfast Group Ltd 3.17% Saab AB 3.03% Topdanmark A/S 2.97% Tate & Lyle PLC 2.33% Zenkoku Hosho Co Ltd 2.30% Rotork PLC 2.20% Keywords Studios PLC 2.13% Spirent Communications PLC 2.01% Viscofan SA 1.93% IPH Ltd 1.92% % in Top 10 Holdings 24.00% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SAABB Saab AB Industrials S SE SEK 298,200 57.71 $17,209,144 4.30% SDF Steadfast Group Ltd Financials S AU AUD 3,159,183 3.91 $12,366,114 3.09% TATE Tate & Lyle PLC Consumer Staples S GB GBP 1,054,414 9.65 $10,172,721 2.54% 3774 Internet Initiative Japan Inc Communication Services S JP JPY 477,500 20.03 $9,564,760 2.39% ROR Rotork PLC Industrials S GB GBP 2,297,100 3.89 $8,946,724 2.24% 7164 Zenkoku Hosho Co Ltd Financials S JP JPY 232,909 38.10 $8,873,475 2.22% KWS Keywords Studios PLC Information Technology S IE GBP 251,271 34.89 $8,767,548 2.19% VIS Viscofan SA Consumer Staples S ES EUR 122,600 64.01 $7,848,177 1.96% TE Technip Energies NV Energy S FR EUR 393,300 19.36 $7,614,432 1.90% ARCAD Arcadis NV Industrials S NL EUR 177,300 41.35 $7,331,632 1.83% SOP Sopra Steria Group SACA Information Technology S FR EUR 36,793 197.49 $7,266,099 1.82% GTT Gaztransport Et Technigaz SA Energy S FR EUR 68,200 104.43 $7,122,440 1.78% 6368 Organo Corp Industrials S JP JPY 285,200 24.95 $7,115,960 1.78% 3038 Kobe Bussan Co Ltd Consumer Staples S JP JPY 250,998 27.34 $6,861,353 1.71% 9468 Kadokawa Corp Communication Services S JP JPY 343,200 19.92 $6,835,348 1.71% IPH IPH Ltd Industrials S AU AUD 1,210,240 5.43 $6,569,940 1.64% SFZN Siegfried Holding Ag Health Care S CH CHF 9,300 699.54 $6,505,718 1.63% LOOMIS Loomis AB, Class B Industrials S SE SEK 194,300 32.31 $6,278,378 1.57% AFN Ag Growth International Inc Industrials S CA CAD 154,100 40.31 $6,211,433 1.55% 7716 Nakanishi Inc Health Care S JP JPY 292,000 20.70 $6,044,682 1.51% DPLM Diploma PLC Industrials S GB GBP 176,400 33.41 $5,894,006 1.47% HUH1V Huhtamaki Oyj Materials S FI EUR 166,900 35.30 $5,892,079 1.47% TOP Topdanmark A/S Financials S DK DKK 109,811 53.49 $5,873,814 1.47% 9744 Meitec Corp Industrials S JP JPY 326,600 17.91 $5,850,066 1.46% BOY Bodycote PLC Industrials S GB GBP 731,239 7.99 $5,840,350 1.46% GAW Games Workshop Group PLC Consumer Discretionary S GB GBP 52,300 111.01 $5,805,692 1.45% NEX Nexans SA Industrials S FR EUR 58,300 96.41 $5,620,860 1.40% 8174 Nippon Gas Co Ltd Utilities S JP JPY 400,400 13.97 $5,593,519 1.40% 2345 Accton Technology Corp Information Technology S TW TWD 602,000 9.16 $5,513,248 1.38% 7476 As One Corp Health Care S JP JPY 131,900 41.68 $5,497,999 1.37% AUTO Auto Trader Group PLC 144A Communication Services S GB GBP 736,340 7.15 $5,266,364 1.32% TGS TGS ASA Energy S NO NOK 286,800 18.00 $5,162,593 1.29% BFSA Befesa SA 144A Industrials S LU EUR 98,761 52.22 $5,157,160 1.29% DHG Dalata Hotel Group PLC Consumer Discretionary S IE EUR 1,135,221 4.54 $5,155,621 1.29% VALMT Valmet OYJ Industrials S FI EUR 155,600 33.00 $5,134,683 1.28% CYBR CyberArk Software Ltd Information Technology S IL USD 35,100 144.77 $5,081,427 1.27% 5857 Asahi Holdings Inc Materials S JP JPY 345,400 14.63 $5,053,361 1.26% 9793 Daiseki Co Ltd Industrials S JP JPY 166,120 30.04 $4,990,837 1.25% STJ St James's Place PLC Financials S GB GBP 316,941 15.39 $4,879,173 1.22% 2175 SMS Co Ltd Industrials S JP JPY 203,300 23.95 $4,868,402 1.22% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 585,500 8.26 $4,836,230 1.21% VRLA Verallia SA 144A Materials S FR EUR 118,800 40.31 $4,788,558 1.20% SPT Spirent Communications PLC Information Technology S GB GBP 1,857,400 2.56 $4,758,790 1.19% APM APM Human Services International Ltd Industrials S AU AUD 3,043,200 1.55 $4,725,639 1.18% CIE CIE Automotive SA Consumer Discretionary S ES EUR 159,078 29.29 $4,659,095 1.16% NVMI Nova Ltd Information Technology S IL USD 51,000 90.58 $4,619,580 1.15% 6481 THK Co Ltd Industrials S JP JPY 203,800 22.40 $4,564,250 1.14% PAX Patria Investments Ltd, Class A Financials S KY USD 287,600 15.86 $4,561,336 1.14% IPS IPSOS Communication Services S FR EUR 73,220 61.35 $4,491,697 1.12% CAR carsales.com Ltd Communication Services S AU AUD 290,900 15.21 $4,425,469 1.11% 8111 Goldwin Inc Consumer Discretionary S JP JPY 50,800 86.91 $4,415,178 1.10% IP Interpump Group SpA Industrials S IT EUR 75,357 54.89 $4,136,656 1.03% 4368 Fuso Chemical Co Ltd Materials S JP JPY 144,600 27.24 $3,939,414 0.98% 7839 Shoei Co Ltd Consumer Discretionary S JP JPY 98,400 39.65 $3,901,763 0.98% ALQ ALS Ltd Industrials S AU AUD 438,300 8.51 $3,729,315 0.93% SPIE SPIE SA Industrials S FR EUR 133,700 27.42 $3,665,658 0.92% TOY Spin Master Corp 144A Consumer Discretionary S CA CAD 132,700 27.10 $3,596,369 0.90% 4527 Rohto Pharmaceutical Co Ltd Consumer Staples S JP JPY 194,900 18.18 $3,543,059 0.89% CWY Cleanaway Waste Management Ltd Industrials S AU AUD 1,930,400 1.78 $3,442,416 0.86% 4694 BML Inc Health Care S JP JPY 146,900 23.24 $3,414,290 0.85% HWDN Howden Joinery Group PLC Industrials S GB GBP 377,963 8.61 $3,255,180 0.81% ALKB ALK-Abello A/S, Class B Health Care S DK DKK 193,600 14.90 $2,884,595 0.72% SAVE Nordnet AB publ Financials S SE SEK 155,387 17.62 $2,737,810 0.68% FNOX Fortnox AB Information Technology S SE SEK 457,400 5.93 $2,714,201 0.68% RS1 RS GROUP PLC Industrials S GB GBP 216,451 11.76 $2,545,040 0.64% FBK FinecoBank Banca Fineco SpA Financials S IT EUR 146,813 17.28 $2,536,999 0.63% IDR Indra Sistemas SA Information Technology S ES EUR 199,000 12.63 $2,513,512 0.63% RWS RWS Holdings PLC Industrials S GB GBP 578,900 4.28 $2,480,327 0.62% PSI Pason Systems Inc Energy S CA CAD 215,100 10.66 $2,293,664 0.57% 6532 BayCurrent Consulting Inc Industrials S JP JPY 57,000 39.26 $2,237,687 0.56% 5803 Fujikura Ltd Industrials S JP JPY 307,300 7.09 $2,178,721 0.54% 7649 Sugi Holdings Co Ltd Consumer Staples S JP JPY 47,797 41.86 $2,000,820 0.50% AMP Amplifon SpA Health Care S IT EUR 63,995 28.92 $1,850,422 0.46% 2317 Systena Corp Information Technology S JP JPY 462,600 2.35 $1,087,579 0.27% 6134 Fuji Corp Industrials S JP JPY 22,400 15.15 $339,250 0.08% Cash & Equivalents Cash C US USD - - $8,637,262 2.16% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Steadfast Group Ltd 1 3.22% 24.61% Games Workshop Group PLC 2 1.45% 60.41% Saab AB 3 2.73% 25.84% Rotork PLC 4 1.87% 41.07% Organo Corp 5 1.41% 56.71% Technip Energies NV 6 1.84% 37.60% Keywords Studios PLC 7 1.90% 27.77% IPSOS 8 1.21% 38.85% Befesa SA 144A 9 0.88% 57.34% Verallia SA 144A 10 1.00% 49.28% 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 APM Human Services International Ltd 20 1.36% -25.73% Downer EDI Ltd 19 0.85% -14.37% Siegfried Holding Ag 18 1.80% -11.20% Spin Master Corp 144A 17 0.97% -18.61% Accton Technology Corp 16 1.29% -11.11% ALK-Abello A/S, Class B 15 0.98% -13.39% momo.com Inc 14 0.17% -11.52% IPH Ltd 13 2.13% -2.97% K Car Co., Ltd. 12 0.09% -12.59% Kadokawa Corp 11 0.86% -1.10% 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 International Small Cap Fund (TQTIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Small Cap Index Industrials 33.30% 22.88% Financials 11.97% 11.86% Information Technology 10.70% 9.20% Consumer Staples 7.35% 6.46% Consumer Discretionary 7.10% 12.32% Health Care 6.72% 6.85% Energy 6.24% 2.93% Communication Services 6.12% 3.86% Materials 5.28% 9.46% Cash & Other 3.60% 0.00% Utilities 1.62% 3.14% Real Estate 0.00% 11.05% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 96.40% Bonds 0.00% Cash and Other 3.60% As of: 12/31/2022 Country Fund MSCI EAFE Small Cap Index Japan 27.25% 31.72% United Kingdom 15.76% 15.06% France 9.19% 3.73% Australia 9.02% 10.16% Sweden 5.76% 5.60% Denmark 3.66% 2.12% Spain 3.57% 1.93% Ireland 3.14% 0.25% Finland 2.93% 1.60% Canada 2.92% 0.00% Italy 2.13% 3.20% Netherlands 1.80% 1.92% Switzerland 1.62% 4.64% Norway 1.40% 2.38% Israel 1.25% 2.76% % in Top 15 Countries 91.4% 87.07% As of: 12/31/2022 Region Fund MSCI EAFE Small Cap Index Developed 91.41% 100.00% Europe & Middle East 52.23% 52.54% North America 2.92% 0.00% Pacific 36.26% 47.46% Emerging 1.62% 0.00% Asia 1.18% 0.00% Latin America 0.44% 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 6.97% 0.00% As of: 12/31/2022 Industry Fund MSCI EAFE Small Cap Index Machinery 9.62% 6.31% Professional Services 9.29% 1.72% Insurance 6.14% 2.52% Commercial Services & Supplies 5.91% 2.53% Energy Equipment & Services 4.36% 0.86% Food Products 4.27% 3.16% IT Services 4.15% 2.59% Communications Equipment 3.19% 0.27% Trading Companies & Distributors 3.09% 2.16% Food & Staples Retailing 3.08% 1.97% % in Top 10 Industries 53.1% 24.09% As of: 12/31/2022 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. A World of Opportunity While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the U.S. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. 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