Fund Overview Fund Overview Share Class I N I Z NAV | as of 07/01/2022 $12.90 -$0.06 (-0.46%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 06/30/2022 = $11,509.16 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 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 2021 Year End Distributions View All Documents Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER See Our Approach Read Bio David 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 05/31/2022 Overall Rating (of 129) 3 Years (of 129) 5 Years (of 114) 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 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 B.A. 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 800.835.3879 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: 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, 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: 05/31/2022 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. -4.70 -4.29 - 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. 21.35 19.27 - 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. - - - 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. 91.00 94.30 - 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. 108.85 109.43 - 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. 1.05 1.07 - R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 92.14 92.03 - 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. 6.05 5.59 - 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.$) $829 Number of Holdings 79 2,363 Weighted Avg. Market Cap (Mil.$) $3,739 $3,062 Median Market Cap (Mil.$) $3,011 $1,347 Weighted Avg. P/E (1-yr Forward EPS) 18.76 14.18 Weighted Avg. P/E (Trailing EPS) 20.91 13.26 PEG Ratio 1.31 1.08 Weighted Avg. P/B 3.05 1.42 EPS Growth (Trailing 3-yr %) 9.43% 6.82% EPS Growth (Trailing 5-yr %) 13.41% 6.52% Forward EPS Growth (1-yr %) 8.32% 7.13% Forward EPS Growth (Long Term %) 13.83% 10.96% Revenue Growth (Trailing 5-yr %) 8.03% 5.98% Return on Equity 18.32% 11.52% Weighted Avg. Dividend Yield 2.15% 2.44% Debt to Equity 50.80 71.74 Trailing 12-Months Portfolio Turnover 70.96% As of: 03/31/2022 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. -4.70 -4.29 - 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. 21.35 19.27 - 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. - - - 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. 91.00 94.30 - 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. 108.85 109.43 - 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. 1.05 1.07 - R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 92.14 92.03 - 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. 6.05 5.59 - 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. -0.82 -0.79 - 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. - - - 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. -28.84 -35.03 - As of: 05/31/2022 Market Cap Fund MSCI EAFE Small Cap Index Market Cap ($mm) 0 - 1,000 5.48% 13.46% Market Cap ($mm) 1,000 - 1,500 7.45% 10.83% Market Cap ($mm) 1,500 - 2,500 15.18% 24.14% Market Cap ($mm) 2,500 - 5,000 53.64% 34.72% Market Cap ($mm) 5,000 - 10,000 14.39% 16.68% Market Cap ($mm) 10,000 - 25,000 3.86% 0.17% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.01% As of: 03/31/2022 Valuation Characteristics Fund MSCI EAFE Small Cap Index P/E 0-10 4.55% 24.13% P/E 10-15 13.88% 17.44% P/E 15-20 14.34% 11.64% P/E 20-25 20.14% 9.53% P/E 25-Above 45.29% 29.47% P/E – NA 1.81% 7.80% As of: 03/31/2022 Growth Characteristics Fund MSCI EAFE Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 23.67% 29.59% EPS Growth (Trailing 3-yr %) 0 - 5 10.48% 9.45% EPS Growth (Trailing 3-yr %) 5 - 10 7.86% 10.12% EPS Growth (Trailing 3-yr %) 10 - 15 11.02% 7.32% EPS Growth (Trailing 3-yr %) 15 - 20 7.94% 5.90% EPS Growth (Trailing 3-yr %) Above 20 31.80% 23.15% EPS Growth (Trailing 3-yr %) - NA 7.23% 14.47% As of: 03/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2022 Steadfast Group Ltd 2.94% Kadokawa Corp 2.83% Rotork PLC 2.79% Topdanmark A/S 2.79% St James's Place PLC 2.72% Nordnet AB publ 2.36% Auto Trader Group PLC 144A 2.27% Grafton Group PLC 2.07% Nexans SA 2.06% Nordic Entertainment Group AB, Class B 2.05% % in Top 10 Holdings 24.87% View Holding Details Holding Details TimesSquare International Small Cap Fund (TQTIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2022 Steadfast Group Ltd 2.94% Kadokawa Corp 2.83% Rotork PLC 2.79% Topdanmark A/S 2.79% St James's Place PLC 2.72% Nordnet AB publ 2.36% Auto Trader Group PLC 144A 2.27% Grafton Group PLC 2.07% Nexans SA 2.06% Nordic Entertainment Group AB, Class B 2.05% % in Top 10 Holdings 24.87% As of: 03/31/2022 Download All Holdings (PDF) As of: 05/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SDF Steadfast Group Ltd Financials S AU AUD 6,767,483.00 3.61 $24,459,402.83 3.28% TOP Topdanmark A/S Financials S DK DKK 408,611.00 53.74 $21,958,157.30 2.95% SAVE Nordnet AB publ Financials S SE SEK 1,138,187.00 16.27 $18,521,600.81 2.49% NEX Nexans SA Industrials S FR EUR 180,700.00 100.50 $18,159,644.26 2.44% GTT Gaztransport Et Technigaz SA Energy S FR EUR 127,900.00 131.15 $16,773,834.36 2.25% STJ St James's Place PLC Financials S GB GBP 1,015,641.00 16.31 $16,564,148.45 2.22% HSV HomeServe PLC Industrials S GB GBP 1,107,200.00 14.65 $16,225,975.03 2.18% 9468 Kadokawa Corp Communication Services S JP JPY 634,300.00 23.26 $14,751,931.00 1.98% VIS Viscofan SA Consumer Staples S ES EUR 263,700.00 53.79 $14,185,352.54 1.90% SAABB Saab AB Industrials S SE SEK 332,800.00 42.54 $14,158,905.74 1.90% AUTO Auto Trader Group PLC 144A Communication Services S GB GBP 1,865,440.00 7.44 $13,877,328.50 1.86% ROR Rotork PLC Industrials S GB GBP 3,884,300.00 3.52 $13,670,444.87 1.83% IPH IPH Ltd Industrials S AU AUD 2,423,040.00 5.63 $13,647,874.69 1.83% GFTU Grafton Group PLC Industrials S IE GBP 1,081,900.00 11.81 $12,777,103.98 1.71% SPT Spirent Communications PLC Information Technology S GB GBP 4,313,800.00 2.93 $12,633,360.64 1.70% HUH1V Huhtamaki Oyj Materials S FI EUR 320,600.00 38.54 $12,355,374.86 1.66% ARCAD Arcadis NV Industrials S NL EUR 309,300.00 39.61 $12,252,324.42 1.64% RS1 RS GROUP PLC Industrials S GB GBP 976,951.00 12.20 $11,922,174.94 1.60% GAW Games Workshop Group PLC Consumer Discretionary S GB GBP 121,100.00 92.64 $11,218,395.02 1.51% VPLAYB Viaplay Group AB, Class B Communication Services S SE SEK 340,704.00 31.85 $10,851,071.77 1.46% SOP Sopra Steria Group SACA Information Technology S FR EUR 60,393.00 178.69 $10,791,838.36 1.45% 2345 Accton Technology Corp Information Technology S TW TWD 1,308,600.00 7.91 $10,355,771.90 1.39% 6481 THK Co Ltd Industrials S JP JPY 505,300.00 20.42 $10,319,584.29 1.39% 6134 Fuji Corp Industrials S JP JPY 593,800.00 17.13 $10,170,115.19 1.36% 7164 Zenkoku Hosho Co Ltd Financials S JP JPY 305,709.00 33.19 $10,146,564.80 1.36% VALMT Valmet OYJ Industrials S FI EUR 355,500.00 28.23 $10,036,859.16 1.35% SFZN Siegfried Holding Ag Health Care S CH CHF 14,800.00 676.95 $10,018,871.45 1.34% 9793 Daiseki Co Ltd Industrials S JP JPY 272,420.00 36.59 $9,968,333.85 1.34% 4516 Nippon Shinyaku Co Ltd Health Care S JP JPY 156,600.00 61.73 $9,666,420.32 1.30% TOTS3 Totvs SA Information Technology S BR BRL 1,615,506.00 5.92 $9,565,462.51 1.28% TATE Tate & Lyle PLC Consumer Staples S GB GBP 962,314.00 9.85 $9,478,722.65 1.27% 6268 Nabtesco Corp Industrials S JP JPY 400,100.00 23.69 $9,477,452.13 1.27% 5857 Asahi Holdings Inc Materials S JP JPY 570,900.00 16.06 $9,170,449.02 1.23% HWDN Howden Joinery Group PLC Industrials S GB GBP 1,061,963.00 8.60 $9,133,824.99 1.23% 9744 Meitec Corp Industrials S JP JPY 170,500.00 53.46 $9,114,524.10 1.22% ALKB ALK-Abello A/S, Class B Health Care S DK DKK 453,400.00 19.95 $9,043,886.38 1.21% APM APM Human Services International Ltd Industrials S AU AUD 4,048,300.00 2.23 $9,013,899.37 1.21% BFSA Befesa SA 144A Industrials S LU EUR 133,461.00 66.61 $8,889,899.35 1.19% FBK FinecoBank Banca Fineco SpA Financials S IT EUR 623,713.00 14.17 $8,838,380.20 1.19% MMT Metropole Television SA Communication Services S FR EUR 492,100.00 17.48 $8,602,334.09 1.15% 8174 Nippon Gas Co Ltd Utilities S JP JPY 576,300.00 14.86 $8,561,495.03 1.15% KWS Keywords Studios PLC Information Technology S IE GBP 280,371.00 29.55 $8,284,322.24 1.11% RWS RWS Holdings PLC Industrials S GB GBP 1,597,200.00 4.99 $7,968,316.91 1.07% BOY Bodycote PLC Industrials S GB GBP 956,039.00 8.18 $7,819,348.17 1.05% FUTR Future PLC Communication Services S GB GBP 303,900.00 24.95 $7,581,932.06 1.02% 6368 Organo Corp Industrials S JP JPY 99,800.00 75.89 $7,573,777.43 1.02% 7649 Sugi Holdings Co Ltd Consumer Staples S JP JPY 180,497.00 41.77 $7,538,974.21 1.01% DPLM Diploma PLC Industrials S GB GBP 229,600.00 32.76 $7,521,135.97 1.01% CWY Cleanaway Waste Management Ltd Industrials S AU AUD 3,382,900.00 2.14 $7,249,908.41 0.97% PSG Prosegur Cia de Seguridad SA Industrials S ES EUR 3,499,951.00 2.02 $7,067,346.95 0.95% DHG Dalata Hotel Group PLC Consumer Discretionary S IE EUR 1,576,321.00 4.48 $7,065,183.03 0.95% DOW Downer EDI Ltd Industrials S AU AUD 1,699,100.00 4.09 $6,956,101.11 0.93% AFYA Afya Ltd, Class A Consumer Discretionary S BR USD 547,800.00 12.14 $6,650,292.00 0.89% IP Interpump Group SpA Industrials S IT EUR 144,857.00 45.71 $6,620,777.04 0.89% 8919 Katitas Co Ltd Real Estate S JP JPY 290,652.00 22.59 $6,565,085.69 0.88% 2317 Systena Corp Information Technology S JP JPY 1,969,400.00 3.24 $6,373,775.61 0.86% IPS IPSOS Communication Services S FR EUR 128,120.00 48.58 $6,224,314.72 0.84% PAX Patria Investments Ltd, Class A Financials S KY USD 371,500.00 16.45 $6,111,175.00 0.82% AMP Amplifon SpA Health Care S IT EUR 176,895.00 34.46 $6,095,696.98 0.82% 6856 Horiba Ltd Information Technology S JP JPY 115,248.00 51.57 $5,943,259.77 0.80% 381970 K Car Co Ltd Consumer Discretionary S KR KRW 284,000.00 20.23 $5,746,196.30 0.77% CJT Cargojet Inc Industrials S CA CAD 48,400.00 117.67 $5,695,040.52 0.76% 8454 momo.com Inc Consumer Discretionary S TW TWD 198,120.00 28.54 $5,654,546.73 0.76% 354 Chinasoft International Ltd Information Technology S CN HKD 5,916,500.00 0.92 $5,437,287.02 0.73% 4368 Fuso Chemical Co Ltd Materials S JP JPY 182,600.00 29.75 $5,431,721.15 0.73% TOY Spin Master Corp 144A Consumer Discretionary S CA CAD 151,800.00 35.73 $5,423,443.10 0.73% TIP Tamburi Investment Partners SpA Financials S IT EUR 580,915.00 9.03 $5,248,327.56 0.70% VRLA Verallia SA 144A Materials S FR EUR 184,000.00 27.72 $5,100,001.25 0.68% FNOX Fortnox AB Information Technology S SE SEK 848,900.00 5.92 $5,023,850.60 0.67% 3038 Kobe Bussan Co Ltd Consumer Staples S JP JPY 198,798.00 24.25 $4,820,168.66 0.65% CIE CIE Automotive SA Consumer Discretionary S ES EUR 181,278.00 25.54 $4,629,604.70 0.62% RADA RADA Electronic Industries Ltd Industrials S IL USD 363,100.00 12.04 $4,371,724.00 0.59% 3563 Food & Life Cos Ltd Consumer Discretionary S JP JPY 198,104.00 21.72 $4,303,413.53 0.58% SIM SimCorp A/S Information Technology S DK DKK 54,200.00 78.86 $4,274,056.56 0.57% THULE Thule Group AB 144A Consumer Discretionary S SE SEK 119,000.00 33.54 $3,991,215.12 0.54% AFN Ag Growth International Inc Industrials S CA CAD 145,200.00 27.19 $3,947,842.04 0.53% TGS TGS ASA Energy S NO NOK 237,600.00 16.50 $3,919,322.33 0.53% DOV doValue SpA 144A Financials S IT EUR 428,100.00 8.41 $3,600,573.60 0.48% 9923 Yeahka Ltd Information Technology S CN HKD 1,310,800.00 2.49 $3,266,894.22 0.44% VH2 Friedrich Vorwerk Group SE Energy S DE EUR 78,500.00 32.09 $2,519,374.16 0.34% 6095 Medpeer Inc Health Care S JP JPY 99,000.00 16.39 $1,622,161.68 0.22% Cash & Equivalents Cash C US USD 0.00 0.00 $16,507,736.93 2.22% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Totvs SA 1 1.01% 48.89% Gaztransport Et Technigaz SA 2 1.05% 20.74% Topdanmark A/S 3 2.57% 7.03% Kadokawa Corp 4 2.34% 2.60% APM Human Services International Ltd 5 0.38% 19.55% Asahi Holdings Inc 6 1.42% 6.61% Friedrich Vorwerk Group SE 7 0.32% 29.28% Organo Corp 8 0.17% 17.98% Befesa SA 144A 9 1.54% 3.65% Cargojet Inc 10 0.76% 15.54% As of: 03/31/2022 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 Orpea SA 20 0.55% -60.10% Future PLC 19 2.10% -33.91% RWS Holdings PLC 18 1.47% -43.69% Valmet OYJ 17 2.30% -24.96% CIE Automotive SA 16 1.78% -25.31% Grafton Group PLC 15 2.08% -22.54% Nordic Entertainment Group AB, Class B 14 2.06% -20.66% Tri Chemical Laboratories Inc. 13 0.85% -41.55% Katitas Co Ltd 12 1.55% -27.24% Bodycote PLC 11 1.36% -28.96% As of: 03/31/2022 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: 03/31/2022 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 31.42% 22.98% Financials 15.25% 11.23% Information Technology 13.76% 10.03% Communication Services 10.74% 4.49% Consumer Discretionary 7.13% 11.50% Health Care 6.07% 6.07% Materials 4.49% 9.79% Consumer Staples 4.30% 5.74% Cash & Other 2.50% 0.00% Energy 2.14% 2.23% Real Estate 1.56% 12.63% Utilities 0.64% 3.29% Bonds 0.00% 0.00% Futures 0.00% 0.00% Other Equities 0.00% 0.00% As of: 03/31/2022 Investment Allocation 03/31/2022 Stocks 97.50% Bonds 0.00% Cash and Other 2.50% As of: 03/31/2022 Country Fund MSCI EAFE Small Cap Index Japan 21.59% 26.94% United Kingdom 20.60% 16.93% France 7.79% 3.55% Sweden 6.02% 6.70% Australia 5.91% 10.60% Denmark 4.66% 1.70% Ireland 4.28% 0.58% Italy 4.16% 2.87% Spain 4.10% 2.02% Finland 3.22% 1.56% Netherlands 2.76% 2.21% Brazil 2.06% 0.00% Taiwan 2.01% 0.00% Switzerland 1.72% 5.01% Luxembourg 1.64% 0.00% % in Top 15 Countries 92.52% 80.67% As of: 03/31/2022 Region Fund MSCI EAFE Small Cap Index Developed 88.46% 100.00% Europe & Middle East 60.07% 57.34% North America 0.90% 0.00% Pacific 27.50% 42.66% Emerging 6.59% 0.00% Asia 4.53% 0.00% Latin America 2.06% 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 4.95% 0.00% As of: 03/31/2022 Industry Fund MSCI EAFE Small Cap Index Machinery 11.15% 5.95% Media 8.47% 1.91% Capital Markets 6.71% 3.23% Commercial Services & Supplies 6.05% 2.29% Insurance 5.73% 2.34% Trading Companies & Distributors 4.97% 2.13% Professional Services 4.64% 1.64% IT Services 3.81% 2.71% Software 3.53% 2.29% Communications Equipment 2.86% 0.28% % in Top 10 Industries 57.92% 24.77% As of: 03/31/2022 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 US. 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 Funds 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