AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (unaudited)
September 30, 2021
Shares | Value | |
Common Stocks - 71.3% | ||
Communication Services - 7.0% | ||
Sea, Ltd., ADR (Singapore)* | 31,636 | $10,083,342 |
Tencent Holdings, Ltd. (China) | 67,239 | 4,014,085 |
Total Communication Services | 14,097,427 | |
Consumer Discretionary - 2.7% | ||
Alibaba Group Holding, Ltd. (China)* | 91,350 | 1,691,248 |
Coupang, Inc. (South Korea)* | 30,000 | 835,500 |
Midea Group Co., Ltd., Class A (China) | 270,697 | 2,910,707 |
Total Consumer Discretionary | 5,437,455 | |
Consumer Staples - 4.3% | ||
Kweichow Moutai Co., Ltd., Class A (China) | 31,000 | 8,750,016 |
Financials - 4.6% | ||
HDFC Bank, Ltd., ADR (India) | 126,816 | 9,268,982 |
Health Care - 10.1% | ||
Adeptus Health, Inc.*,1,2 | 24,574 | 0 |
Cochlear, Ltd. (Australia) | 15,918 | 2,490,572 |
CSL, Ltd. (Australia) | 20,974 | 4,382,125 |
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A (China) | 169,900 | 2,684,238 |
Jinxin Fertility Group, Ltd. (China)*,3 | 922,000 | 1,367,403 |
JW Cayman Therapeutics Co., Ltd. (China)*,3 | 199,500 | 380,688 |
PDL BioPharma, Inc.*,2 | 30,996 | 68,811 |
WuXi AppTec Co., Ltd., Class H (China)3 | 217,740 | 5,068,950 |
Wuxi Biologics Cayman, Inc. (China)*,3 | 240,400 | 3,899,359 |
Total Health Care | 20,342,146 | |
Industrials - 8.4% | ||
Centre Testing International Group Co., Ltd., Class A (China) | 544,800 | 2,135,641 |
Shenzhen Inovance Technology Co., Ltd., Class A (China) | 610,147 | 5,929,985 |
Sungrow Power Supply Co., Ltd., Class A (China) | 394,700 | 8,970,484 |
Total Industrials | 17,036,110 | |
Information Technology - 26.1% | ||
Afterpay, Ltd. (Australia)* | 81,597 | 7,088,750 |
Hangzhou First Applied Material Co., Ltd., Class A (China) | 119,960 | 2,335,926 |
LONGi Green Energy Technology Co., Ltd., Class A (China) | 263,760 | 3,352,761 |
Samsung Electronics Co., Ltd. (South Korea) | 197,650 | 12,253,233 |
Samsung SDI Co., Ltd. (South Korea) | 12,400 | 7,399,330 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 701,400 | 14,506,416 |
Shares | Value | |
Wuxi Lead Intelligent Equipment Co., Ltd., Class A (China) | 539,998 | $5,765,490 |
Total Information Technology | 52,701,906 | |
Materials - 4.2% | ||
LG Chem, Ltd. (South Korea) | 13,040 | 8,457,357 |
Real Estate - 3.9% | ||
Country Garden Services Holdings Co., Ltd. (China) | 399,958 | 3,160,445 |
Goodman Group, REIT (Australia) | 300,346 | 4,621,449 |
Total Real Estate | 7,781,894 | |
Total Common Stocks (Cost $143,372,077) | 143,873,293 | |
Participation Notes - 22.3% | ||
Consumer Discretionary - 1.5% | ||
Titan Co., Ltd. (CLSA Ltd.) (India) | 100,000 | 2,902,300 |
Consumer Staples - 5.1% | ||
Hindustan Unilever, Ltd. (CLSA Ltd.) (India) | 194,500 | 7,072,449 |
Nestle India, Ltd. (CLSA Ltd.) (India) | 12,300 | 3,213,733 |
Total Consumer Staples | 10,286,182 | |
Energy - 3.1% | ||
Reliance Industries Ltd. (CLSA Ltd.) (India) | 84,000 | 2,842,964 |
Sungrow Power Supply Co., Ltd. (UBS Securities LLC) (China) | 146,494 | 3,329,420 |
Total Energy | 6,172,384 | |
Financials - 2.5% | ||
Kotak Mahindra Bank, Ltd. (CLSA Ltd.) (India) | 187,500 | 5,046,082 |
Health Care - 4.4% | ||
Apollo Hospitals Enterprise, Ltd. (CLSA Ltd.) (India) | 118,000 | 7,101,369 |
Max Healthcare Institute, Ltd. (CLSA Ltd.) (India) | 378,000 | 1,823,598 |
Total Health Care | 8,924,967 | |
Information Technology - 4.0% | ||
Info Edge India, Ltd. (CLSA Ltd.) (India) | 23,000 | 1,985,225 |
Tata Consultancy Services, Ltd. (CLSA Ltd.) (India) | 120,731 | 6,118,437 |
Total Information Technology | 8,103,662 | |
Materials - 1.7% | ||
Asian Paints, Ltd. (CLSA Ltd.) (India) | 78,500 | 3,421,884 |
Total Participation Notes (Cost $36,437,989) | 44,857,461 |
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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
Shares | Value | |
Short-Term Investments - 5.6% | ||
Other Investment Companies - 5.6% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%4 | 3,734,582 | $3,734,582 |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%4 | 3,734,529 | 3,734,529 |
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%4 | 3,847,734 | 3,847,734 |
Total Short-Term Investments (Cost $11,316,845) | 11,316,845 |
Value | ||
Total Investments - 99.2% (Cost $191,126,911) | $200,047,599 | |
Other Assets, less Liabilities - 0.8% | 1,663,199 | |
Net Assets - 100.0% | $201,710,798 |
* | Non-income producing security. |
1 | Escrow shares |
2 | Security's value was determined by using significant unobservable inputs. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021, the value of these securities amounted to $10,716,400 or 5.3% of net assets. |
4 | Yield shown represents the September 30, 2021, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of September 30, 2021:
Level 1 | Level 21 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks | |||||||
Information Technology | — | $52,701,906 | — | $52,701,906 | |||
Health Care | — | 20,273,335 | $68,811 | 20,342,146 | |||
Industrials | — | 17,036,110 | — | 17,036,110 | |||
Communication Services | $10,083,342 | 4,014,085 | — | 14,097,427 | |||
Financials | 9,268,982 | — | — | 9,268,982 | |||
Consumer Staples | — | 8,750,016 | — | 8,750,016 | |||
Materials | — | 8,457,357 | — | 8,457,357 | |||
Real Estate | — | 7,781,894 | — | 7,781,894 | |||
Consumer Discretionary | 835,500 | 4,601,955 | — | 5,437,455 | |||
Participation Notes | |||||||
Consumer Staples | — | 10,286,182 | — | 10,286,182 | |||
Health Care | — | 8,924,967 | — | 8,924,967 | |||
Information Technology | — | 8,103,662 | — | 8,103,662 | |||
Energy | — | 6,172,384 | — | 6,172,384 | |||
Financials | — | 5,046,082 | — | 5,046,082 | |||
Materials | — | 3,421,884 | — | 3,421,884 | |||
Consumer Discretionary | — | 2,902,300 | — | 2,902,300 | |||
Short-Term Investments | |||||||
Other Investment Companies | 11,316,845 | — | — | 11,316,845 | |||
Total Investments in Securities | $31,504,669 | $168,474,119 | $68,811 | $200,047,599 |
1 | An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets. |
For the period ended September 30, 2021, there were no transfers in or out of Level 3.
The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at September 30, 2021:
Common Stock | |
Balance as of December 31, 2020 | $68,811 |
Accrued discounts (premiums) | — |
Realized gain (loss) | — |
Change in unrealized appreciation/depreciation | — |
Purchases | — |
Sales | — |
Transfers in to Level 3 | — |
Transfers out of Level 3 | — |
Balance as of September 30, 2021 | $68,811 |
Net change in unrealized appreciation/depreciation on investments still held at September 30, 2021 | $0 |
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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
Quantitative Information about Level 3 Fair Value Measurements | ||||||
Fair Value as of September 30, 2021 | Valuation Technique(s) | Unobservable Inputs(s) | Range | Median | Impact to Valuation from an Increase in Input(a) | ||||||
Common Stock | $68,811 | Market Approach - Last Trade Price | Discount Rate | 10% | N/A | Decrease | |||||
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. |
The country allocation in the Schedule of Portfolio Investments at September 30, 2021, was as follows:
Country | % of Long-Term Investments |
Australia | 9.9 |
China | 34.8 |
India | 26.9 |
Singapore | 5.4 |
South Korea | 15.3 |
Taiwan | 7.7 |
United States | 0.0# |
100.0 |
# | Less than 0.05%. |
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.
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