Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 03/18/2024 $14.99 +$0.03 (+0.20%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 120 Foreign Small/Mid Growth funds as of 02/29/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/02/2013 to 02/29/2024 = $18,399.65 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE 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. 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 View All Documents 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 02/29/2024 Overall Rating (of 120) 3 Years (of 120) 5 Years (of 114) 10 Years (of 79) 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: 1.00% Net Expense Ratio: 1.00% 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 14, 2023 $0.283100 $0.283100 — — Dec 15, 2022 $0.151400 $0.151400 — — Dec 15, 2021 $0.234900 $0.234900 — — Dec 16, 2020 $0.019000 $0.019000 — — Dec 16, 2019 $0.287600 $0.287600 — — Dec 27, 2018 $0.178100 $0.178100 — — Dec 27, 2017 $0.151300 $0.081100 $0.057900 $0.012300 Dec 27, 2016 $0.241800 $0.079500 $0.011200 $0.151100 Dec 28, 2015 $0.637900 $0.189600 $0.413600 $0.034700 Dec 26, 2014 $0.419300 $0.144300 $0.081600 $0.193400 Dec 26, 2013 $0.488000 $0.393500 $0.094500 — From: To: Risk & Return Statistics As of: 02/29/2024 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. -4.32 -2.14 -0.40 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. 17.76 20.57 17.25 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. -0.48 -0.01 0.13 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. 72.95 88.96 91.72 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. 98.32 101.22 99.69 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. 0.93 0.99 0.99 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. 88.61 91.14 89.02 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. 6.13 6.13 5.72 View All Characteristics & Statistics All Characteristics & Statistics TimesSquare International Small Cap Fund (TCMIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Small Cap Index Fund Assets (Mil.$) $190 Number of Holdings 81 2,173 Weighted Avg. Market Cap (Mil.$) $3,784 $2,880 Median Market Cap (Mil.$) $3,404 $1,292 Weighted Avg. P/E (1-yr Forward EPS) 17.60 13.47 Weighted Avg. P/E (Trailing EPS) 19.07 13.94 PEG Ratio 1.56 0.97 Weighted Avg. P/B 2.51 1.29 EPS Growth (Trailing 3-yr %) 20.63% 11.51% EPS Growth (Trailing 5-yr %) 11.39% 5.69% Forward EPS Growth (1-yr %) 13.68% 4.59% Forward EPS Growth (Long Term %) 12.70% 10.48% Revenue Growth (Trailing 5-yr %) 7.00% 4.84% Return on Equity 16.94% 10.89% Weighted Avg. Dividend Yield 1.89% 2.98% Debt to Equity 62.20 70.50 Trailing 12-Months Portfolio Turnover 71.72% As of: 12/31/2023 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. -4.32 -2.14 -0.40 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. 17.76 20.57 17.25 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. -0.48 -0.01 0.13 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. 72.95 88.96 91.72 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. 98.32 101.22 99.69 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. 0.93 0.99 0.99 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. 88.61 91.14 89.02 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. 6.13 6.13 5.72 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. -0.68 -0.40 -0.11 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. -9.26 -0.26 2.32 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. -41.09 -41.09 -41.09 As of: 02/29/2024 Market Cap Fund MSCI EAFE Small Cap Index Market Cap ($mm) 0 - 1,000 9.06% 14.08% Market Cap ($mm) 1,000 - 1,500 6.95% 12.19% Market Cap ($mm) 1,500 - 2,500 17.92% 22.33% Market Cap ($mm) 2,500 - 5,000 44.50% 38.92% Market Cap ($mm) 5,000 - 10,000 21.57% 12.48% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2023 Valuation Characteristics Fund MSCI EAFE Small Cap Index P/E 0-10 4.18% 18.94% P/E 10-15 20.80% 18.89% P/E 15-20 15.87% 16.40% P/E 20-25 23.33% 11.18% P/E 25-Above 34.20% 27.53% P/E – NA 1.62% 7.07% As of: 12/31/2023 Growth Characteristics Fund MSCI EAFE Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 15.00% 27.93% EPS Growth (Trailing 3-yr %) 0 - 5 3.27% 6.75% EPS Growth (Trailing 3-yr %) 5 - 10 9.19% 6.13% EPS Growth (Trailing 3-yr %) 10 - 15 7.60% 5.53% EPS Growth (Trailing 3-yr %) 15 - 20 7.28% 4.85% EPS Growth (Trailing 3-yr %) Above 20 40.24% 31.10% EPS Growth (Trailing 3-yr %) - NA 17.42% 17.71% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 Steadfast Group Ltd 3.28% Saab AB 2.59% Arcadis NV 2.48% Diploma PLC 2.14% Internet Initiative Japan Inc 2.14% Daiei Kankyo Co Ltd 1.94% Nippon Gas Co Ltd 1.89% Siegfried Holding Ag 1.88% Organo Corp 1.79% Rakuten Bank Ltd 1.74% % in Top 10 Holdings 21.86% View Holding Details Holding Details TimesSquare International Small Cap Fund (TCMIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 Steadfast Group Ltd 3.28% Saab AB 2.59% Arcadis NV 2.48% Diploma PLC 2.14% Internet Initiative Japan Inc 2.14% Daiei Kankyo Co Ltd 1.94% Nippon Gas Co Ltd 1.89% Siegfried Holding Ag 1.88% Organo Corp 1.79% Rakuten Bank Ltd 1.74% % in Top 10 Holdings 21.86% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SDF Steadfast Group Ltd Financials S AU AUD 1,390,243 3.77 $5,239,063 3.08% 5838 Rakuten Bank Ltd Financials S JP JPY 202,360 19.89 $4,025,857 2.37% SAABB Saab AB Industrials S SE SEK 50,560 78.83 $3,985,830 2.35% SFZN Siegfried Holding Ag Health Care S CH CHF 3,540 1,003.61 $3,552,768 2.09% ARCAD Arcadis NV Industrials S NL EUR 59,870 58.37 $3,494,450 2.06% 9336 Daiei Kankyo Co Ltd Industrials S JP JPY 185,320 18.76 $3,476,278 2.05% TE Technip Energies NV Energy S FR EUR 159,770 21.75 $3,474,558 2.05% 6368 Organo Corp Industrials S JP JPY 66,190 51.40 $3,401,933 2.00% 6141 DMG Mori Co Ltd Industrials S JP JPY 144,810 23.15 $3,352,103 1.97% 3774 Internet Initiative Japan Inc Communication Services S JP JPY 176,020 18.58 $3,271,236 1.93% BOY Bodycote PLC Industrials S GB GBP 392,839 7.81 $3,068,941 1.81% 8174 Nippon Gas Co Ltd Utilities S JP JPY 192,810 15.64 $3,015,258 1.78% 4527 Rohto Pharmaceutical Co Ltd Consumer Staples S JP JPY 142,450 20.34 $2,897,148 1.71% SOP Sopra Steria Group Information Technology S FR EUR 11,163 256.41 $2,862,355 1.69% DPLM Diploma PLC Industrials S GB GBP 63,210 43.79 $2,768,270 1.63% NEX Nexans SA Industrials S FR EUR 25,680 103.06 $2,646,693 1.56% AUTO Auto Trader Group PLC 144A Communication Services S GB GBP 277,020 9.36 $2,593,966 1.53% RILBA Ringkjoebing Landbobank A/S Financials S DK DKK 14,910 171.59 $2,558,405 1.51% 5842 Integral Corp Financials S JP JPY 108,310 23.16 $2,508,681 1.48% OR Osisko Gold Royalties Ltd Materials S CA CAD 170,240 14.60 $2,486,208 1.46% CYBR CyberArk Software Ltd Information Technology S IL USD 9,410 263.76 $2,481,982 1.46% DHG Dalata Hotel Group PLC Consumer Discretionary S IE EUR 498,146 4.87 $2,428,167 1.43% 9744 MEITEC Group Holdings Inc Industrials S JP JPY 119,300 20.25 $2,415,719 1.42% UTG UNITE Group PLC Real Estate S GB GBP 196,240 12.14 $2,382,881 1.40% IPS IPSOS SA Communication Services S FR EUR 32,540 69.77 $2,270,183 1.34% SPIE SPIE SA Industrials S FR EUR 67,150 33.31 $2,236,703 1.32% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 185,640 11.86 $2,201,690 1.30% TATE Tate & Lyle PLC Consumer Staples S GB GBP 289,354 7.58 $2,193,336 1.29% R3NK RENK Group AG Industrials S DE EUR 73,630 29.22 $2,151,824 1.27% HUH1V Huhtamaki Oyj Materials S FI EUR 53,890 39.26 $2,115,885 1.25% AMBUB Ambu A/S, Class B Health Care S DK DKK 119,380 17.50 $2,088,844 1.23% CRW Craneware PLC Health Care S GB GBP 76,100 26.51 $2,017,282 1.19% SAVE Nordnet AB publ Financials S SE SEK 110,237 18.28 $2,015,464 1.19% 3543 KOMEDA Holdings Co Ltd Consumer Discretionary S JP JPY 110,110 18.22 $2,006,267 1.18% ACX Acerinox SA Materials S ES EUR 179,690 10.98 $1,973,057 1.16% VIS Viscofan SA Consumer Staples S ES EUR 34,520 56.39 $1,946,672 1.15% 2175 SMS Co Ltd Industrials S JP JPY 107,980 17.76 $1,917,352 1.13% CAR CAR Group Ltd Communication Services S AU AUD 79,714 23.96 $1,909,760 1.12% GAW Games Workshop Group PLC Consumer Discretionary S GB GBP 16,060 118.72 $1,906,632 1.12% IPH IPH Ltd Industrials S AU AUD 458,960 4.12 $1,891,292 1.11% ALQ ALS Ltd Industrials S AU AUD 241,970 7.78 $1,881,352 1.11% MRL Merlin Properties Socimi SA Real Estate S ES EUR 192,550 9.48 $1,826,084 1.08% TOP Topdanmark A/S Financials S DK DKK 40,091 44.99 $1,803,571 1.06% AFN Ag Growth International Inc Industrials S CA CAD 42,750 41.68 $1,781,946 1.05% 1910 Samsonite International SA 144A Consumer Discretionary S US HKD 504,110 3.49 $1,758,350 1.04% KWS Keywords Studios PLC Information Technology S IE GBP 95,640 18.12 $1,732,571 1.02% 2345 Accton Technology Corp Information Technology S TW TWD 103,910 16.46 $1,709,989 1.01% NVMI Nova Ltd Information Technology S IL USD 9,820 173.45 $1,703,279 1.00% ROR Rotork PLC Industrials S GB GBP 426,840 3.91 $1,667,712 0.98% IDR Indra Sistemas SA Information Technology S ES EUR 84,270 19.15 $1,613,885 0.95% HAG Hensoldt AG Industrials S DE EUR 43,800 36.44 $1,595,903 0.94% HWDN Howden Joinery Group PLC Industrials S GB GBP 151,633 10.47 $1,588,061 0.94% 3038 Kobe Bussan Co Ltd Consumer Staples S JP JPY 57,188 26.92 $1,539,695 0.91% 8972 KDX Realty Investment Corp, Class A Real Estate S JP JPY 1,520 1,000.99 $1,521,509 0.90% 8111 Goldwin Inc Consumer Discretionary S JP JPY 26,160 58.01 $1,517,586 0.89% FBK FinecoBank Banca Fineco SpA Financials S IT EUR 102,933 13.85 $1,425,986 0.84% IMD Imdex Ltd Materials S AU AUD 1,009,350 1.38 $1,393,474 0.82% DAN Danieli & C Officine Meccaniche SpA Industrials S IT EUR 41,600 33.40 $1,389,304 0.82% 6526 Socionext Inc Information Technology S JP JPY 53,180 25.78 $1,371,203 0.81% TOY Spin Master Corp 144A Consumer Discretionary S CA CAD 53,210 23.81 $1,266,783 0.75% CIE CIE Automotive SA Consumer Discretionary S ES EUR 42,937 26.68 $1,145,728 0.67% VRLA Verallia SA 144A Materials S FR EUR 30,720 36.99 $1,136,429 0.67% QTCOM Qt Group Oyj Information Technology S FI EUR 13,380 84.60 $1,131,888 0.67% PSI Pason Systems Inc Energy S CA CAD 107,830 10.20 $1,099,633 0.65% TOD Tod's SpA Consumer Discretionary S IT EUR 22,410 46.58 $1,043,791 0.61% 9468 Kadokawa Corp Communication Services S JP JPY 53,740 19.09 $1,026,092 0.60% GXI Gerresheimer AG Health Care S DE EUR 8,470 117.25 $993,102 0.58% SGL SGL Carbon SE Industrials S DE EUR 149,700 6.56 $982,658 0.58% AMP Amplifon SpA Health Care S IT EUR 28,355 33.39 $946,848 0.56% 4373 Simplex Holdings Inc Information Technology S JP JPY 53,380 17.07 $911,171 0.54% SAFE Safestore Holdings PLC Real Estate S GB GBP 92,180 9.70 $893,698 0.53% 2150 Carenet Inc Health Care S JP JPY 184,830 4.79 $885,404 0.52% 7716 Nakanishi Inc Health Care S JP JPY 53,000 15.98 $846,957 0.50% 7649 Sugi Holdings Co Ltd Consumer Staples S JP JPY 52,521 15.70 $824,552 0.49% 9090 AZ-COM MARUWA Holdings Inc Industrials S JP JPY 83,180 9.90 $823,124 0.48% FNOX Fortnox AB Information Technology S SE SEK 115,260 6.98 $804,251 0.47% JUN3 Jungheinrich AG Industrials S DE EUR 24,930 31.22 $778,339 0.46% 4419 Finatext Holdings Ltd Information Technology S JP JPY 114,300 6.32 $722,858 0.43% VALMT Valmet OYJ Industrials S FI EUR 23,060 26.21 $604,463 0.36% IP Interpump Group SpA Industrials S IT EUR 10,557 47.51 $501,601 0.30% Cash & Equivalents Cash C US USD - - $12,416,353 7.31% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Organo Corp 1 1.78% 47.39% Arcadis NV 2 2.32% 19.62% Diploma PLC 3 1.90% 24.54% Internet Initiative Japan Inc 4 1.91% 26.27% Saab AB 5 2.74% 17.64% CyberArk Software Ltd 6 1.48% 33.75% Daiei Kankyo Co Ltd 7 1.70% 25.12% Arcos Dorados Holdings Inc, Class A 8 1.43% 34.57% Kobe Bussan Co Ltd 9 1.41% 26.41% Integral Corp 10 1.07% 30.09% As of: 12/31/2023 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 Rohto Pharmaceutical Co Ltd 20 1.95% -25.79% Nakanishi Inc 19 1.40% -27.53% AZ-COM MARUWA Holdings Inc 18 1.19% -23.91% Technip Energies NV 17 1.81% -6.33% St. James's Place Plc 16 0.20% -24.04% APM Human Services International Limited 15 0.46% -18.85% Socionext Inc 14 1.09% -8.28% IPH Ltd 13 1.90% -8.42% iShares MSCI EAFE Small-Cap ETF 12 1.06% -3.45% BayCurrent Consulting, Inc. 11 0.13% -17.41% As of: 12/31/2023 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: 12/31/2023 View Allocation Details Allocation Details TimesSquare International Small Cap Fund (TCMIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Small Cap Index Industrials 30.48% 23.17% Financials 10.07% 11.66% Information Technology 9.83% 9.93% Consumer Discretionary 9.40% 12.84% Consumer Staples 7.69% 6.35% Communication Services 7.52% 4.06% Health Care 6.04% 6.40% Materials 5.54% 9.39% Real Estate 5.10% 10.51% Cash & Other 3.66% 0.00% Energy 2.77% 3.17% Utilities 1.89% 2.52% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 96.34% Bonds 0.00% Cash and Other 3.66% As of: 12/31/2023 Country Fund MSCI EAFE Small Cap Index Japan 29.35% 33.55% United Kingdom 12.25% 15.21% Australia 9.15% 9.58% France 7.20% 4.12% Spain 5.48% 1.91% Canada 4.43% 0.00% Sweden 3.94% 5.98% Italy 2.96% 3.17% Ireland 2.95% 0.29% Germany 2.89% 4.66% Denmark 2.67% 1.99% Netherlands 2.48% 1.58% Finland 2.47% 1.24% Israel 2.41% 2.81% Switzerland 1.88% 4.62% % in Top 15 Countries 92.51% 90.71% As of: 12/31/2023 Region Fund MSCI EAFE Small Cap Index Developed 93.89% 100.00% Europe & Middle East 49.97% 52.80% North America 5.42% 0.00% Pacific 38.50% 47.20% Emerging 1.05% 0.00% Asia 1.05% 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 5.06% 0.00% As of: 12/31/2023 Industry Fund MSCI EAFE Small Cap Index Machinery 8.89% 6.65% Professional Services 8.86% 1.97% IT Services 4.29% 2.40% Hotels, Restaurants & Leisure 4.04% 3.05% Insurance 4.00% 2.01% Banks 3.79% 4.48% Metals & Mining 3.63% 3.61% Consumer Staples Distribution & Retail 3.58% 2.01% Aerospace & Defense 3.40% 0.33% Commercial Services & Supplies 3.19% 2.01% % in Top 10 Industries 47.67% 28.52% As of: 12/31/2023 Read Important Investment Disclosures About the Affiliate About TimesSquare Capital Management 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 About TimesSquare Capital Management's Approach FOUNDED 2000 AMG AFFILIATE SINCE 2004 HEADQUARTERS New York, NY Portfolio Managers Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER Read full bio David A. Hirsh Director & Portfolio Manager/Analyst Read full bio 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. Related products Other Products From TimesSquare Capital Management TQENX TimesSquare Emerging Markets Small Cap Fund View Fund Details TSYNX TimesSquare Global Small Cap Fund View Fund Details TMDPX TimesSquare Mid Cap Growth Fund View Fund Details TSCPX TimesSquare Small Cap Growth Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS