|
ROPES & GRAY LLP
PRUDENTIAL TOWER
800 BOYLSTON STREET
BOSTON, MA 02199-3600
WWW.ROPESGRAY.COM | |
Renee Laws | ||
August 26, 2021 | T +1 617 235 4975 renee.laws@ropesgray.com |
VIA EDGAR
Ms. Ashley Vroman-Lee, Esq.
Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, D.C. 20549
Re: AMG Funds (Registration Nos. 333-84639 and 811-09521)
Dear Ms. Vroman-Lee:
I am writing on behalf of AMG Funds (the “Trust”) to respond to the supplemental comment of the staff (the “Staff”) of the Securities and Exchange Commission (“SEC”) to Post-Effective Amendment No. 226 under the Securities Act of 1933, as amended (the “1933 Act”), to the Trust’s Registration Statement on Form N-1A filed on June 28, 2021, relating to AMG Yacktman Global Fund (formerly AMG Yacktman Focused Fund – Security Selection Only) (the “Fund”). The Trust appreciates this opportunity to respond to the Staff’s comment. The Staff’s comment and the Trust’s response are set forth below. Certain defined terms used herein have the meaning set forth in the Fund’s prospectus (the “Prospectus”).
1. Comment: The Staff reiterates its comment with respect to the Fund’s policy to invest, under normal circumstances, at least 35% of its net assets in investments economically tied to countries other than the U.S. The Staff’s position is that the Fund must invest at least 40% of its net assets in investments economically tied to countries other than the U.S. The Staff believes that the Fund’s current policy is inadequate. The Staff also requests that the Trust provide the portfolio holdings of the Fund.
Response: The Trust acknowledges the Staff’s reissuance of the comment and refers to the response provided in the Trust’s comment response letter to the Staff dated August 20, 2021 and filed as Edgar correspondence on that date. As requested, the Trust has attached as Exhibit A hereto the portfolio holdings of the Fund, showing that as of June 30, 2021, the Fund had 69.51% of its portfolio invested in countries other than the U.S.
Please direct any questions you may have with respect to this filing to me at (617) 235-4975.
Very truly yours,
/s/ Renee E. Laws
Renee E. Laws
cc : Mark Duggan, Esq.
Maureen A. Meredith, Esq.
Gregory C. Davis, Esq.
Adam M. Schlichtmann, Esq.
Exhibit A
AMG Yacktman Global Fund - Portfolio Holdings as of June 30, 2021 |  |
Ticker
| Name
| Sector
| Asset Class
| Country
| Currency
| Par/Shares
| Price ($)
| Market Value ($)
| % of Fund
| |||||||||||||||||||||
005935 | Samsung Electronics Co Ltd Preferred | Information Technology | Stock | KR | KRW | 250,000 | 65.45 | $16,362,519 | 9.96 | % | ||||||||||||||||||||
BOL | Bollore SA | Communication Services | Stock | FR | EUR | 2,830,000 | 5.36 | $15,181,150 | 9.24 | % | ||||||||||||||||||||
7279 | HI-LEX Corp | Consumer Discretionary | Stock | JP | JPY | 617,800 | 15.00 | $9,266,906 | 5.64 | % | ||||||||||||||||||||
033780 | KT&G Corp | Consumer Staples | Stock | KR | KRW | 87,000 | 74.94 | $6,519,978 | 3.97 | % | ||||||||||||||||||||
ODET | Compagnie de L’Odet SA | Industrials | Stock | FR | EUR | 4,500 | 1387.33 | $6,242,974 | 3.80 | % | ||||||||||||||||||||
OCN | Ocean Wilsons Holdings Ltd | Industrials | Stock | BM | GBP | 400,000 | 15.01 | $6,003,522 | 3.65 | % | ||||||||||||||||||||
CNQ | Canadian Natural Resources Ltd | Energy | Stock | CA | USD | 135,000 | 36.28 | $4,897,800 | 2.98 | % | ||||||||||||||||||||
FOX | Fox Corp, Class B | Communication Services | Stock | US | USD | 119,000 | 35.20 | $4,188,800 | 2.55 | % | ||||||||||||||||||||
005385 | Hyundai Motor Co | Consumer Discretionary | Stock | KR | KRW | 39,000 | 102.53 | $3,998,797 | 2.43 | % | ||||||||||||||||||||
BNR | Brenntag SE | Industrials | Stock | DE | EUR | 40,000 | 93.07 | $3,722,897 | 2.27 | % | ||||||||||||||||||||
PEP | PepsiCo Inc | Consumer Staples | Stock | US | USD | 24,000 | 148.17 | $3,556,080 | 2.16 | % | ||||||||||||||||||||
NWSA | News Corp, Class A | Communication Services | Stock | US | USD | 130,000 | 25.77 | $3,350,100 | 2.04 | % | ||||||||||||||||||||
057050 | Hyundai Home Shopping Network Corp | Consumer Discretionary | Stock | KR | KRW | 39,314 | 80.28 | $3,156,056 | 1.92 | % | ||||||||||||||||||||
GOOG | Alphabet Inc, Class C | Communication Services | Stock | US | USD | 1,240 | 2506.32 | $3,107,837 | 1.89 | % | ||||||||||||||||||||
CBP | CB Industrial Product Holding Bhd | Industrials | Stock | MY | MYR | 10,500,000 | 0.29 | $3,060,428 | 1.86 | % | ||||||||||||||||||||
4725 | CAC Holdings Corp | Information Technology | Stock | JP | JPY | 240,000 | 12.47 | $2,992,155 | 1.82 | % | ||||||||||||||||||||
STT | State Street Corp | Financials | Stock | US | USD | 30,000 | 82.28 | $2,468,400 | 1.50 | % | ||||||||||||||||||||
4095 | Nihon Parkerizing Co Ltd | Materials | Stock | JP | JPY | 240,000 | 10.02 | $2,404,429 | 1.46 | % | ||||||||||||||||||||
SYY | Sysco Corp | Consumer Staples | Stock | US | USD | 30,000 | 77.75 | $2,332,500 | 1.42 | % | ||||||||||||||||||||
DIS | Walt Disney Co | Communication Services | Stock | US | USD | 13,000 | 175.77 | $2,285,010 | 1.39 | % | ||||||||||||||||||||
RDI | Reading International Inc, Class A | Communication Services | Stock | US | USD | 320,000 | 6.97 | $2,230,400 | 1.36 | % | ||||||||||||||||||||
BKNG | Booking Holdings Inc | Consumer Discretionary | Stock | US | USD | 1,000 | 2188.09 | $2,188,090 | 1.33 | % | ||||||||||||||||||||
SCHW | �� | Charles Schwab Corp | Financials | Stock | US | USD | 30,000 | 72.81 | $2,184,300 | 1.33 | % | |||||||||||||||||||
PG | Procter & Gamble Co | Consumer Staples | Stock | US | USD | 16,000 | 134.93 | $2,158,880 | 1.31 | % | ||||||||||||||||||||
CTSH | Cognizant Technology Solutions Corp, Class A | Information Technology | Stock | US | USD | 30,000 | 69.26 | $2,077,800 | 1.26 | % | ||||||||||||||||||||
ABF | Associated British Foods PLC | Consumer Staples | Stock | GB | GBP | 65,000 | 30.70 | $1,995,296 | 1.21 | % | ||||||||||||||||||||
JNJ | Johnson & Johnson | Health Care | Stock | US | USD | 12,000 | 164.74 | $1,976,880 | 1.20 | % | ||||||||||||||||||||
090435 | Amorepacific Corp Preferred | Consumer Staples | Stock | KR | KRW | 25,000 | 78.22 | $1,955,470 | 1.19 | % | ||||||||||||||||||||
| Disclosure: Mention of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings listed are as of the date of publication and are subject to change. Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835.3879 or visit www.amgfunds.com to download a free prospectus. Read it carefully before investing or sending money. Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC. | Page 1 of 3 |
AMG Yacktman Global Fund - Portfolio Holdings as of June 30, 2021 | |
Ticker
| Name
| Sector
| Asset Class
| Country
| Currency
| Par/Shares
| Price ($)
| Market Value ($)
| % of Fund
| |||||||||||||||||||||
TREC | Trecora Resources | Materials | Stock | US | USD | 230,000 | 8.32 | $1,913,600 | 1.16 | % | ||||||||||||||||||||
MSFT | Microsoft Corp | Information Technology | Stock | US | USD | 7,000 | 270.90 | $1,896,300 | 1.15 | % | ||||||||||||||||||||
UHAL | AMERCO | Industrials | Stock | US | USD | 3,000 | 589.40 | $1,768,200 | 1.08 | % | ||||||||||||||||||||
9358 | Utoc Corp | Industrials | Stock | JP | JPY | 320,000 | 4.74 | $1,517,630 | 0.92 | % | ||||||||||||||||||||
CON | Continental AG | Consumer Discretionary | Stock | DE | EUR | 10,000 | 147.12 | $1,471,212 | 0.90 | % | ||||||||||||||||||||
3950 | Pack Corp | Materials | Stock | JP | JPY | 60,000 | 24.32 | $1,459,106 | 0.89 | % | ||||||||||||||||||||
051905 | LG Household & Health Care Ltd Preferred | Consumer Staples | Stock | KR | KRW | 2,100 | 679.27 | $1,426,464 | 0.87 | % | ||||||||||||||||||||
KO | �� | Coca-Cola Co | Consumer Staples | Stock | US | USD | 25,000 | 54.11 | $1,352,750 | 0.82 | % | |||||||||||||||||||
M | Macy’s Inc | Consumer Discretionary | Stock | US | USD | 70,000 | 18.96 | $1,327,200 | 0.81 | % | ||||||||||||||||||||
012330 | Hyundai Mobis Co Ltd | Consumer Discretionary | Stock | KR | KRW | 5,000 | 259.33 | $1,296,656 | 0.79 | % | ||||||||||||||||||||
8074 | Yuasa Trading Co Ltd | Industrials | Stock | JP | JPY | 45,000 | 27.12 | $1,220,442 | 0.74 | % | ||||||||||||||||||||
2329 | Tohokushinsha Film Corp | Communication Services | Stock | JP | JPY | 200,000 | 6.01 | $1,201,740 | 0.73 | % | ||||||||||||||||||||
7504 | Kohsoku Corp | Materials | Stock | JP | JPY | 90,000 | 13.27 | $1,194,720 | 0.73 | % | ||||||||||||||||||||
049430 | Komelon Corp | Industrials | Stock | KR | KRW | 80,000 | 14.31 | $1,144,684 | 0.70 | % | ||||||||||||||||||||
| Weatherford International PLC | Energy | Stock | IE | USD | 57,005 | 18.20 | $1,037,491 | 0.63 | % | |||||||||||||||||||||
115310 | INFOvine Co Ltd | Information Technology | Stock | KR | KRW | 40,000 | 20.37 | $814,847 | 0.50 | % | ||||||||||||||||||||
INGR | Ingredion Inc | Consumer Staples | Stock | US | USD | 8,500 | 90.50 | $769,250 | 0.47 | % | ||||||||||||||||||||
5947 | Rinnai Corp | Consumer Discretionary | Stock | JP | JPY | 8,000 | 95.18 | $761,457 | 0.46 | % | ||||||||||||||||||||
002810 | Sam Yung Trading Co Ltd | Industrials | Stock | KR | KRW | 50,000 | 15.09 | $754,396 | 0.46 | % | ||||||||||||||||||||
282690 | Dong Ah Tire & Rubber Co Ltd | Consumer Discretionary | Stock | KR | KRW | 65,000 | 11.50 | $747,191 | 0.45 | % | ||||||||||||||||||||
USB | US Bancorp | Financials | Stock | US | USD | 13,000 | 56.97 | $740,610 | 0.45 | % | ||||||||||||||||||||
005710 | Daewon San Up Co Ltd | Consumer Discretionary | Stock | KR | KRW | 96,817 | 7.45 | $720,898 | 0.44 | % | ||||||||||||||||||||
FHB | First Hawaiian Inc | Financials | Stock | US | USD | 24,900 | 28.34 | $705,666 | 0.43 | % | ||||||||||||||||||||
ORCL | Oracle Corp | Information Technology | Stock | US | USD | 9,000 | 77.84 | $700,560 | 0.43 | % | ||||||||||||||||||||
MSM | MSC Industrial Direct Co Inc, Class A | Industrials | Stock | US | USD | 7,000 | 89.73 | $628,110 | 0.38 | % | ||||||||||||||||||||
CSCO | Cisco Systems Inc | Information Technology | Stock | US | USD | 10,000 | 53.00 | $530,000 | 0.32 | % | ||||||||||||||||||||
BK | Bank of New York Mellon Corp | Financials | Stock | US | USD | 10,000 | 51.23 | $512,300 | 0.31 | % | ||||||||||||||||||||
7297 | Car Mate Manufacturing Co Ltd | Consumer Discretionary | Stock | JP | JPY | 52,500 | 9.42 | $494,779 | 0.30 | % | ||||||||||||||||||||
QVCN | QVC Inc | Consumer Discretionary | Stock | US | USD | 16,731 | 26.46 | $442,702 | 0.27 | % | ||||||||||||||||||||
| Disclosure: Mention of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings listed are as of the date of publication and are subject to change. Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835.3879 or visit www.amgfunds.com to download a free prospectus. Read it carefully before investing or sending money. Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC. | Page 2 of 3 |
AMG Yacktman Global Fund - Portfolio Holdings as of June 30, 2021 | |
Ticker
| Name
| Sector
| Asset Class
| Country
| Currency
| Par/Shares
| Price ($)
| Market Value ($)
| % of Fund
| |||||||||||||||||||||
1044 | Hengan International Group Co Ltd | Consumer Staples | Stock | CN | HKD | 37,000 | 6.69 | $247,585 | 0.15 | % | ||||||||||||||||||||
4547 | Kissei Pharmaceutical Co Ltd | Health Care | Stock | JP | JPY | 9,400 | 19.43 | $182,675 | 0.11 | % | ||||||||||||||||||||
XOM | Exxon Mobil Corp | Energy | Stock | US | USD | 2,000 | 63.08 | $126,160 | 0.08 | % | ||||||||||||||||||||
9845 | Parker Corp | Industrials | Stock | JP | JPY | 12,100 | 4.86 | $58,787 | 0.04 | % | ||||||||||||||||||||
5192 | Mitsuboshi Belting Ltd | Industrials | Stock | JP | JPY | 2,965 | 15.78 | $46,789 | 0.03 | % | ||||||||||||||||||||
WFTLF | Weatherford International Ltd Fixed 11.00% Dec 2024 144A | Corporate | Bond | US | USD | 1,721,000 | 104.00 | $1,789,840 | 1.09 | % | ||||||||||||||||||||
WTI | W&T Offshore Inc Fixed 9.75% Nov 2023 144A | Corporate | Bond | US | USD | 806,000 | 97.00 | $781,820 | 0.48 | % | ||||||||||||||||||||
| Cash & Equivalents | Cash | Currency | US | USD | 0 | $8,618,931 | 5.25 | % | ||||||||||||||||||||||
| Disclosure: Mention of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings listed are as of the date of publication and are subject to change. Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835.3879 or visit www.amgfunds.com to download a free prospectus. Read it carefully before investing or sending money. Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC. | Page 3 of 3 |