Fund Overview Fund Overview Share Class I N I Z NAV | as of 09/21/2023 $13.49 -$0.20 (-1.46%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 08/31/2023 = $11,358.80 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 08/31/2023 Overall Rating (of 127) 3 Years (of 127) 5 Years (of 117) 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: 1.10% Net Expense Ratio: 1.10% 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: 08/31/2023 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. -4.78 -3.62 - 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. 18.72 21.30 - 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. -0.23 -0.19 - 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. 72.79 89.87 - 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. 99.25 104.10 - 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. 0.97 1.03 - 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. 91.12 92.19 - 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. 5.60 5.99 - 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.$) $297 Number of Holdings 77 2,267 Weighted Avg. Market Cap (Mil.$) $3,625 $2,712 Median Market Cap (Mil.$) $3,422 $1,160 Weighted Avg. P/E (1-yr Forward EPS) 17.32 13.06 Weighted Avg. P/E (Trailing EPS) 18.78 13.38 PEG Ratio 1.82 1.07 Weighted Avg. P/B 2.74 1.27 EPS Growth (Trailing 3-yr %) 16.05% 12.39% EPS Growth (Trailing 5-yr %) 11.83% 5.92% Forward EPS Growth (1-yr %) 6.98% 2.23% Forward EPS Growth (Long Term %) 9.40% 9.45% Revenue Growth (Trailing 5-yr %) 6.48% 4.85% Return on Equity 16.84% 11.50% Weighted Avg. Dividend Yield 2.08% 3.16% Debt to Equity 54.13 70.59 Trailing 12-Months Portfolio Turnover 58.38% As of: 06/30/2023 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. -4.78 -3.62 - 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. 18.72 21.30 - 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. -0.23 -0.19 - 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. 72.79 89.87 - 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. 99.25 104.10 - 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. 0.97 1.03 - 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. 91.12 92.19 - 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. 5.60 5.99 - 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. -0.90 -0.65 - 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. -4.41 -3.90 - 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: 08/31/2023 Market Cap Fund MSCI EAFE Small Cap Index Market Cap ($mm) 0 - 1,000 5.07% 15.95% Market Cap ($mm) 1,000 - 1,500 10.45% 13.12% Market Cap ($mm) 1,500 - 2,500 19.37% 23.84% Market Cap ($mm) 2,500 - 5,000 44.44% 36.06% Market Cap ($mm) 5,000 - 10,000 20.67% 11.03% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund MSCI EAFE Small Cap Index P/E 0-10 4.15% 20.40% P/E 10-15 25.69% 19.96% P/E 15-20 13.23% 14.48% P/E 20-25 14.76% 10.30% P/E 25-Above 40.71% 26.03% P/E – NA 1.46% 8.84% As of: 06/30/2023 Growth Characteristics Fund MSCI EAFE Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 15.73% 28.27% EPS Growth (Trailing 3-yr %) 0 - 5 5.74% 7.71% EPS Growth (Trailing 3-yr %) 5 - 10 13.34% 7.69% EPS Growth (Trailing 3-yr %) 10 - 15 16.25% 7.22% EPS Growth (Trailing 3-yr %) 15 - 20 10.38% 6.07% EPS Growth (Trailing 3-yr %) Above 20 29.73% 32.51% EPS Growth (Trailing 3-yr %) - NA 8.83% 10.53% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 Steadfast Group Ltd 3.30% Internet Initiative Japan Inc 2.61% Nakanishi Inc 2.52% Tate & Lyle PLC 2.51% Rotork PLC 2.15% Zenkoku Hosho Co Ltd 2.12% Technip Energies NV 2.12% Sopra Steria Group SACA 2.11% Saab AB 2.05% Rohto Pharmaceutical Co Ltd 2.04% % in Top 10 Holdings 23.52% View Holding Details Holding Details TimesSquare International Small Cap Fund (TQTIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 Steadfast Group Ltd 3.30% Internet Initiative Japan Inc 2.61% Nakanishi Inc 2.52% Tate & Lyle PLC 2.51% Rotork PLC 2.15% Zenkoku Hosho Co Ltd 2.12% Technip Energies NV 2.12% Sopra Steria Group SACA 2.11% Saab AB 2.05% Rohto Pharmaceutical Co Ltd 2.04% % in Top 10 Holdings 23.52% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SDF Steadfast Group Ltd Financials S AU AUD 2,540,083 3.64 $9,247,554 3.14% TATE Tate & Lyle PLC Consumer Staples S GB GBP 809,214 8.95 $7,242,418 2.46% SAABB Saab AB Industrials S SE SEK 136,000 52.71 $7,169,127 2.44% 3774 Internet Initiative Japan Inc Communication Services S JP JPY 411,500 17.38 $7,151,968 2.43% SOP Sopra Steria Group SACA Information Technology S FR EUR 31,393 219.96 $6,905,116 2.35% TE Technip Energies NV Energy S FR EUR 286,000 23.14 $6,619,087 2.25% IPH IPH Ltd Industrials S AU AUD 1,232,440 4.92 $6,063,532 2.06% 7716 Nakanishi Inc Health Care S JP JPY 236,000 25.17 $5,939,348 2.02% 8174 Nippon Gas Co Ltd Utilities S JP JPY 369,800 15.57 $5,756,200 1.96% 4527 Rohto Pharmaceutical Co Ltd Consumer Staples S JP JPY 219,500 26.02 $5,710,609 1.94% ARCAD Arcadis NV Industrials S NL EUR 119,200 46.81 $5,579,274 1.90% DPLM Diploma PLC Industrials S GB GBP 134,600 39.60 $5,329,738 1.81% CAR carsales.com Ltd Communication Services S AU AUD 266,364 18.60 $4,953,928 1.68% 6368 Organo Corp Industrials S JP JPY 177,500 27.75 $4,926,404 1.68% GAW Games Workshop Group PLC Consumer Discretionary S GB GBP 35,800 136.93 $4,902,187 1.67% SPIE SPIE SA Industrials S FR EUR 163,000 29.94 $4,879,747 1.66% AFN Ag Growth International Inc Industrials S CA CAD 111,000 43.69 $4,849,267 1.65% 2651 Lawson Inc Consumer Staples S JP JPY 101,100 47.73 $4,825,612 1.64% 3038 Kobe Bussan Co Ltd Consumer Staples S JP JPY 192,298 24.91 $4,790,952 1.63% VIS Viscofan SA Consumer Staples S ES EUR 72,100 64.99 $4,686,097 1.59% BOY Bodycote PLC Industrials S GB GBP 554,939 8.41 $4,667,898 1.59% 9336 Daiei Kankyo Co Ltd Industrials S JP JPY 293,700 15.86 $4,657,427 1.58% 7164 Zenkoku Hosho Co Ltd Financials S JP JPY 132,909 34.65 $4,604,761 1.57% TOP Topdanmark A/S Financials S DK DKK 96,711 47.33 $4,576,890 1.56% UTG UNITE Group PLC Real Estate S GB GBP 380,000 11.89 $4,519,496 1.54% AUTO Auto Trader Group PLC 144A Communication Services S GB GBP 581,840 7.67 $4,461,819 1.52% GXI Gerresheimer AG Health Care S DE EUR 34,300 129.80 $4,452,122 1.51% CYBR CyberArk Software Ltd Information Technology S IL USD 26,500 166.04 $4,400,060 1.50% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 439,800 9.87 $4,340,826 1.48% 9090 AZ-COM MARUWA Holdings Inc Industrials S JP JPY 276,700 15.58 $4,311,443 1.47% CIE CIE Automotive SA Consumer Discretionary S ES EUR 137,478 30.41 $4,180,999 1.42% SFZN Siegfried Holding Ag Health Care S CH CHF 4,500 902.74 $4,062,316 1.38% 8111 Goldwin Inc Consumer Discretionary S JP JPY 55,700 71.44 $3,979,127 1.35% DHG Dalata Hotel Group PLC Consumer Discretionary S IE EUR 822,421 4.67 $3,839,165 1.31% 6526 Socionext Inc Information Technology S JP JPY 31,000 123.73 $3,835,629 1.30% 2175 SMS Co Ltd Industrials S JP JPY 196,300 19.26 $3,780,415 1.29% ALQ ALS Ltd Industrials S AU AUD 493,600 7.63 $3,764,096 1.28% NEX Nexans SA Industrials S FR EUR 43,300 82.26 $3,561,686 1.21% HUH1V Huhtamaki Oyj Materials S FI EUR 101,800 34.35 $3,496,812 1.19% STJ St James's Place PLC Financials S GB GBP 311,941 11.18 $3,488,079 1.19% 9744 Meitec Corp Industrials S JP JPY 198,000 17.51 $3,466,254 1.18% KWS Keywords Studios PLC Information Technology S IE GBP 178,771 19.32 $3,453,623 1.17% 7476 As One Corp Health Care S JP JPY 86,200 39.21 $3,379,727 1.15% ROR Rotork PLC Industrials S GB GBP 888,800 3.80 $3,377,893 1.15% HWDN Howden Joinery Group PLC Industrials S GB GBP 356,263 9.35 $3,331,969 1.13% SAFE Safestore Holdings PLC Real Estate S GB GBP 302,500 10.95 $3,312,825 1.13% TOY Spin Master Corp 144A Consumer Discretionary S CA CAD 122,200 26.61 $3,251,251 1.11% APM APM Human Services International Ltd Industrials S AU AUD 2,698,700 1.19 $3,215,846 1.09% 2345 Accton Technology Corp Information Technology S TW TWD 211,200 14.91 $3,149,909 1.07% HAG Hensoldt AG Industrials S DE EUR 96,000 32.41 $3,111,407 1.06% 9468 Kadokawa Corp Communication Services S JP JPY 128,100 23.50 $3,010,277 1.02% VRLA Verallia SA 144A Materials S FR EUR 62,400 47.78 $2,981,678 1.01% IPS IPSOS Communication Services S FR EUR 58,220 50.04 $2,913,526 0.99% MRL Merlin Properties Socimi SA Real Estate S ES EUR 322,100 8.96 $2,885,135 0.98% FBK FinecoBank Banca Fineco SpA Financials S IT EUR 207,513 13.67 $2,836,169 0.96% JUN3 Jungheinrich AG Industrials S DE EUR 80,200 33.19 $2,661,902 0.91% 7649 Sugi Holdings Co Ltd Consumer Staples S JP JPY 57,097 44.88 $2,562,491 0.87% VALMT Valmet OYJ Industrials S FI EUR 100,000 25.43 $2,542,850 0.86% SGL SGL Carbon SE Industrials S DE EUR 304,900 7.56 $2,306,300 0.78% NVMI Nova Ltd Information Technology S IL USD 15,500 128.94 $1,998,570 0.68% 6532 BayCurrent Consulting Inc Industrials S JP JPY 56,300 34.37 $1,935,181 0.66% 7839 Shoei Co Ltd Consumer Discretionary S JP JPY 113,000 16.93 $1,913,053 0.65% OR Osisko Gold Royalties Ltd Materials S CA CAD 139,200 13.37 $1,860,533 0.63% COP CompuGroup Medical SE & Co KgaA Health Care S DE EUR 36,800 46.73 $1,719,820 0.58% SAVE Nordnet AB publ Financials S SE SEK 131,887 12.94 $1,707,204 0.58% IDR Indra Sistemas SA Information Technology S ES EUR 120,100 14.14 $1,698,444 0.58% 4368 Fuso Chemical Co Ltd Materials S JP JPY 55,900 29.30 $1,638,069 0.56% PSI Pason Systems Inc Energy S CA CAD 148,600 10.29 $1,528,671 0.52% AMP Amplifon SpA Health Care S IT EUR 46,095 32.47 $1,496,859 0.51% CWY Cleanaway Waste Management Ltd Industrials S AU AUD 872,400 1.69 $1,476,441 0.50% IP Interpump Group SpA Industrials S IT EUR 28,657 50.56 $1,448,759 0.49% 4694 BML Inc Health Care S JP JPY 66,500 19.84 $1,319,455 0.45% 6481 THK Co Ltd Industrials S JP JPY 70,100 18.26 $1,280,184 0.44% 9164 TRYT Inc Industrials S JP JPY 224,500 5.63 $1,263,724 0.43% TGS TGS ASA Energy S NO NOK 84,000 12.94 $1,087,275 0.37% FNOX Fortnox AB Information Technology S SE SEK 197,200 5.19 $1,024,299 0.35% BFSA Befesa SA 144A Industrials S LU EUR 18,461 36.81 $679,491 0.23% TOD Tod's SpA Consumer Discretionary S IT EUR 10,600 41.33 $438,063 0.15% PAX Patria Investments Ltd, Class A Financials S KY USD 20,668 14.42 $298,033 0.10% Cash & Equivalents Cash C US USD - - $7,997,542 2.72% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Socionext Inc 1 0.53% 84.85% Arcos Dorados Holdings Inc, Class A 2 1.28% 33.63% Games Workshop Group PLC 3 1.66% 17.97% Technip Energies NV 4 1.76% 10.29% Nakanishi Inc 5 1.74% 12.15% Daiei Kankyo Co Ltd 6 0.57% 30.13% Kadokawa Corp 7 1.54% 12.41% SPIE SA 8 1.47% 12.76% Nova Ltd 9 1.24% 12.28% Diploma PLC 10 1.63% 9.81% As of: 06/30/2023 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 Keywords Studios PLC 20 1.79% -32.46% Saab AB 19 2.46% -10.75% Internet Initiative Japan Inc 18 2.82% -9.51% Valmet OYJ 17 1.76% -14.25% Ag Growth International Inc 16 1.46% -15.30% SMS Co Ltd 15 1.23% -17.20% ALK-Abello A/S, Class B 14 0.64% -29.50% Loomis AB 13 1.16% -12.53% Goldwin Inc 12 1.59% -10.73% Zenkoku Hosho Co Ltd 11 2.25% -7.86% As of: 06/30/2023 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: 06/30/2023 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 31.62% 23.33% Financials 10.53% 11.42% Consumer Staples 9.59% 6.18% Consumer Discretionary 9.40% 12.95% Health Care 8.30% 6.67% Information Technology 8.22% 10.21% Communication Services 7.78% 4.17% Cash & Other 4.31% 0.00% Materials 3.96% 9.33% Energy 2.83% 2.76% Real Estate 1.93% 10.07% Utilities 1.53% 2.91% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 95.69% Bonds 0.00% Cash and Other 4.31% As of: 06/30/2023 Country Fund MSCI EAFE Small Cap Index Japan 27.26% 31.93% United Kingdom 15.65% 15.02% Australia 9.54% 9.81% France 9.33% 4.11% Germany 4.13% 5.05% Spain 3.73% 1.92% Canada 3.53% 0.00% Sweden 3.12% 5.41% Finland 2.87% 1.33% Ireland 2.79% 0.30% Italy 2.39% 3.53% Israel 2.21% 2.74% Denmark 2.17% 2.29% Netherlands 1.94% 2.14% Uruguay 1.42% 0.00% % in Top 15 Countries 92.08% 85.58% As of: 06/30/2023 Region Fund MSCI EAFE Small Cap Index Developed 91.89% 100.00% Europe & Middle East 51.55% 53.45% North America 3.53% 0.00% Pacific 36.81% 46.55% Emerging 1.03% 0.00% Asia 1.03% 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 7.08% 0.00% As of: 06/30/2023 Industry Fund MSCI EAFE Small Cap Index Machinery 10.47% 6.73% Professional Services 8.85% 1.83% Insurance 4.90% 2.25% Food Products 4.31% 2.97% Commercial Services & Supplies 4.18% 2.09% IT Services 4.00% 2.44% Consumer Staples Distribution & Retail 3.23% 1.83% Aerospace & Defense 3.11% 0.89% Leisure Products 3.05% 0.83% Interactive Media & Services 3.04% 0.76% % in Top 10 Industries 49.14% 22.62% As of: 06/30/2023 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. 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