AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (unaudited)
March 31, 2022
Shares | Value | |
Common Stocks - 67.3% | ||
Communication Services - 4.5% | ||
Sea, Ltd., ADR (Singapore)* | 20,136 | $2,412,092 |
Tencent Holdings, Ltd. (China) | 92,239 | 4,251,696 |
Total Communication Services | 6,663,788 | |
Consumer Discretionary - 1.9% | ||
Alibaba Group Holding, Ltd. (China)* | 91,350 | 1,246,627 |
JD.com, Inc., Class A (China)* | 54,392 | 1,545,543 |
Total Consumer Discretionary | 2,792,170 | |
Consumer Staples - 4.0% | ||
Kweichow Moutai Co., Ltd., Class A (China) | 22,100 | 5,953,779 |
Financials - 5.2% | ||
HDFC Bank, Ltd., ADR (India) | 126,816 | 7,777,625 |
Health Care - 6.2% | ||
Adeptus Health, Inc. (United States)1,2 | 24,574 | 0 |
Cochlear, Ltd. (Australia) | 15,918 | 2,657,686 |
CSL, Ltd. (Australia) | 22,974 | 4,586,587 |
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A (China) | 169,900 | 1,967,359 |
Total Health Care | 9,211,632 | |
Industrials - 11.8% | ||
Centre Testing International Group Co., Ltd., Class A (China) | 544,800 | 1,684,567 |
Contemporary Amperex Technology Co., Ltd., Class A (China) | 6,700 | 536,135 |
Shenzhen Inovance Technology Co., Ltd., Class A (China) | 655,297 | 5,850,963 |
Sungrow Power Supply Co., Ltd., Class A (China) | 194,700 | 3,265,557 |
Wuxi Lead Intelligent Equipment Co., Ltd., Class A (China) | 689,998 | 6,302,293 |
Total Industrials | 17,639,515 | |
Information Technology - 26.1% | ||
Hangzhou First Applied Material Co., Ltd., Class A (China) | 119,960 | 2,129,609 |
Kakao Pay Corp. (South Korea)* | 6,970 | 849,543 |
MediaTek, Inc. (Taiwan) | 50,000 | 1,556,027 |
Samsung Electronics Co., Ltd. (South Korea) | 235,650 | 13,484,596 |
Samsung SDI Co., Ltd. (South Korea) | 12,400 | 6,034,953 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 631,400 | 12,952,237 |
Unimicron Technology Corp. (Taiwan) | 210,000 | 1,789,924 |
Total Information Technology | 38,796,889 | |
Materials - 4.2% | ||
LG Chem, Ltd. (South Korea) | 10,540 | 4,605,628 |
Shares | Value | |
Yunnan Energy New Material Co., Ltd., Class A (China) | 48,000 | $1,655,723 |
Total Materials | 6,261,351 | |
Real Estate - 3.4% | ||
Goodman Group, REIT (Australia) | 300,346 | 5,104,836 |
Total Common Stocks (Cost $120,431,166) | 100,201,585 | |
Participation Notes - 27.9% | ||
Consumer Discretionary - 3.7% | ||
Titan Co., Ltd. (CLSA Ltd.), 01/09/23 (India) | 100,000 | 3,331,338 |
Zomato, Ltd. (CLSA Ltd.), 07/22/26 (India) | 2,000,000 | 2,152,978 |
Total Consumer Discretionary | 5,484,316 | |
Consumer Staples - 5.4% | ||
Hindustan Unilever, Ltd. (CLSA Ltd.), 06/30/25 (India) | 194,500 | 5,232,880 |
Nestle India, Ltd. (CLSA Ltd.), 02/19/25 (India) | 12,300 | 2,811,803 |
Total Consumer Staples | 8,044,683 | |
Energy - 3.6% | ||
Reliance Industries Ltd. (CLSA Ltd.), 06/30/25 (India) | 84,000 | 2,905,357 |
Sungrow Power Supply Co., Ltd. (UBS Securities LLC), 04/21/22 (China) | 146,494 | 2,457,034 |
Total Energy | 5,362,391 | |
Financials - 2.9% | ||
Kotak Mahindra Bank, Ltd. (CLSA Ltd.), 06/02/25 (India) | 187,500 | 4,306,246 |
Health Care - 5.8% | ||
Apollo Hospitals Enterprise, Ltd. (CLSA Ltd.), 05/23/22 (India) | 118,000 | 7,003,000 |
Max Healthcare Institute, Ltd. (CLSA Ltd.), 04/06/26 (India) | 378,000 | 1,726,502 |
Total Health Care | 8,729,502 | |
Information Technology - 4.4% | ||
Info Edge India, Ltd. (CLSA Ltd.), 12/31/24 (India) | 10,000 | 591,636 |
Tata Consultancy Services, Ltd. (CLSA Ltd.), 02/25/25 (India) | 120,731 | 5,933,373 |
Total Information Technology | 6,525,009 | |
Materials - 2.1% | ||
Asian Paints, Ltd. (CLSA Ltd.), 06/30/25 (India) | 78,500 | 3,176,441 |
Total Participation Notes (Cost $39,656,555) | 41,628,588 | |
Short-Term Investments - 4.7% | ||
Other Investment Companies - 4.7% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 0.19%3 | 4,573,981 | 4,573,981 |
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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
Shares | Value | |
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.25%3 | 2,356,292 | $2,356,292 |
Total Short-Term Investments (Cost $6,930,273) | 6,930,273 | |
Total Investments - 99.9% (Cost $167,017,994) | 148,760,446 |
Value | ||
Other Assets, less Liabilities - 0.1% | $171,374 | |
Net Assets - 100.0% | $148,931,820 |
* | Non-income producing security. |
1 | Escrow shares |
2 | Security's value was determined by using significant unobservable inputs. |
3 | Yield shown represents the March 31, 2022, 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 |
The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of March 31, 2022:
Level 1 | Level 21 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks | |||||||
Information Technology | — | $38,796,889 | — | $38,796,889 | |||
Industrials | — | 17,639,515 | — | 17,639,515 | |||
Health Care | $1,967,359 | 7,244,273 | $0 | 9,211,632 | |||
Financials | 7,777,625 | — | — | 7,777,625 | |||
Communication Services | 2,412,092 | 4,251,696 | — | 6,663,788 | |||
Materials | — | 6,261,351 | — | 6,261,351 | |||
Consumer Staples | — | 5,953,779 | — | 5,953,779 | |||
Real Estate | — | 5,104,836 | — | 5,104,836 | |||
Consumer Discretionary | — | 2,792,170 | — | 2,792,170 | |||
Participation Notes | |||||||
Health Care | — | 8,729,502 | — | 8,729,502 | |||
Consumer Staples | — | 8,044,683 | — | 8,044,683 | |||
Information Technology | — | 6,525,009 | — | 6,525,009 | |||
Consumer Discretionary | — | 5,484,316 | — | 5,484,316 | |||
Energy | — | 5,362,391 | — | 5,362,391 | |||
Financials | — | 4,306,246 | — | 4,306,246 | |||
Materials | — | 3,176,441 | — | 3,176,441 | |||
Short-Term Investments | |||||||
Other Investment Companies | 6,930,273 | — | — | 6,930,273 | |||
Total Investments in Securities | $19,087,349 | $129,673,097 | $0 | $148,760,446 |
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. |
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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
At June 30, 2020, the Level 3 common stock was received as a result of a corporate action. The security's value was determined by using significant unobservable inputs.
For the period ended March 31, 2022, there were no transfers in or out of Level 3. The Fund did not have any purchases and sales of Level 3 securities for the same period.
The country allocation in the Schedule of Portfolio Investments at March 31, 2022, was as follows:
Country | % of Long-Term Investments |
Australia | 8.7 |
China | 27.4 |
India | 33.1 |
Singapore | 1.7 |
South Korea | 17.6 |
Taiwan | 11.5 |
100.0 |
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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