AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (unaudited)
September 30, 2023
Shares | Value | |
Common Stocks - 82.8% | ||
Communication Services - 8.1% | ||
REA Group, Ltd. (Australia) | 28,000 | $2,765,348 |
Tencent Holdings, Ltd. (China) | 116,739 | 4,525,266 |
Total Communication Services | 7,290,614 | |
Consumer Discretionary - 19.6% | ||
Alibaba Group Holding, Ltd. (China)* | 847,350 | 9,187,127 |
Coupang, Inc. (United States)* | 50,000 | 850,000 |
H World Group Ltd., ADR (China)* | 45,000 | 1,774,350 |
Meituan, Class B (China)*,1 | 93,072 | 1,347,328 |
Sands China, Ltd. (Macau)* | 700,000 | 2,128,686 |
Yum China Holdings, Inc. (China) | 40,000 | 2,228,800 |
Total Consumer Discretionary | 17,516,291 | |
Consumer Staples - 10.2% | ||
Kweichow Moutai Co., Ltd., Class A (China) | 36,700 | 9,102,062 |
Energy - 1.2% | ||
Reliance Industries, Ltd. (India) | 37,200 | 1,047,354 |
Financials - 9.7% | ||
AIA Group, Ltd. (Hong Kong) | 198,000 | 1,601,255 |
HDFC Bank, Ltd., ADR (India) | 41,772 | 2,464,966 |
Hong Kong Exchanges & Clearing, Ltd. (Hong Kong) | 107,600 | 3,993,334 |
Ping An Insurance Group Co. of China, Ltd., Class A (China) | 100,000 | 666,600 |
Total Financials | 8,726,155 | |
Health Care - 7.8% | ||
CSL, Ltd. (Australia) | 39,874 | 6,423,822 |
ResMed, Inc. (United States)2 | 40,000 | 604,966 |
Total Health Care | 7,028,788 | |
Information Technology - 20.2% | ||
Infosys, Ltd., Sponsored ADR (India) | 120,000 | 2,053,200 |
Samsung Electronics Co., Ltd. (South Korea) | 118,150 | 5,972,971 |
Samsung SDI Co., Ltd. (South Korea) | 6,700 | 2,532,015 |
SK Hynix, Inc. (South Korea) | 19,000 | 1,608,629 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 360,400 | 5,876,770 |
Total Information Technology | 18,043,585 | |
Materials - 2.5% | ||
LG Chem, Ltd. (South Korea) | 6,090 | 2,229,769 |
Real Estate - 3.5% | ||
Goodman Group, REIT (Australia) | 227,346 | 3,115,967 |
Total Common Stocks (Cost $90,800,296) | 74,100,585 |
Shares | Value | |
Participation Notes - 14.7% | ||
Consumer Discretionary - 2.2% | ||
Titan Co., Ltd. (CLSA Ltd.), 06/30/28 (India) | 20,000 | $756,541 |
Zomato, Ltd. (CLSA Ltd.), 07/22/26 (India) | 1,000,000 | 1,218,000 |
Total Consumer Discretionary | 1,974,541 | |
Energy - 1.2% | ||
Reliance Industries Ltd. (CLSA Ltd.), 06/30/25 (India) | 36,895 | 1,038,767 |
Financials - 3.6% | ||
Kotak Mahindra Bank, Ltd. (CLSA Ltd.), 06/02/25 (India) | 154,905 | 3,228,222 |
Health Care - 4.0% | ||
Apollo Hospitals Enterprise, Ltd. (CLSA Ltd.), 06/30/27 (India) | 58,000 | 3,581,415 |
Information Technology - 1.4% | ||
Tata Consultancy Services, Ltd. (CLSA Ltd.), 02/25/25 (India) | 30,365 | 1,285,721 |
Materials - 2.3% | ||
Asian Paints, Ltd. (CLSA Ltd.), 06/30/25 (India) | 54,500 | 2,071,457 |
Total Participation Notes (Cost $12,699,771) | 13,180,123 |
Principal Amount | ||
Short-Term Investments - 1.4% | ||
Joint Repurchase Agreements - 0.5%3 | ||
Bethesda Securities LLC, dated 09/29/23, due 10/02/23, 5.390% total to be received $466,209 (collateralized by various U.S. Government Agency Obligations, 3.062% - 6.000%, 08/01/28 - 07/01/53, totaling $475,320) | $466,000 | 466,000 |
Santander U.S. Capital Markets LLC, dated 09/29/23, due 10/02/23, 5.390% total to be received $10,004 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.814%, 01/25/25 - 08/20/71, totaling $10,200) | 10,000 | 10,000 |
Total Joint Repurchase Agreements | 476,000 |
Shares | ||
Other Investment Companies - 0.9% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%4 | 318,521 | 318,521 |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.30%4 | 477,781 | 477,781 |
Total Other Investment Companies | 796,302 | |
Total Short-Term Investments (Cost $1,272,302) | 1,272,302 |
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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
Value | ||
Total Investments - 98.9% (Cost $104,772,369) | $88,553,010 | |
Other Assets, less Liabilities - 1.1% | 965,975 | |
Net Assets - 100.0% | $89,518,985 |
* | Non-income producing security. |
1 | 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, 2023, the value of this security amounted to $1,347,328 or 1.5% of net assets. |
2 | Some of this security, amounting to $453,724 or 0.5% of net assets, was out on loan to various borrowers and is collateralized by cash. See below for more information. |
3 | Cash collateral received for securities lending activity was invested in these joint repurchase agreements. |
4 | Yield shown represents the September 30, 2023, 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 September 30, 2023:
Level 1 | Level 21 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks | |||||||
Information Technology | $2,053,200 | $15,990,385 | — | $18,043,585 | |||
Consumer Discretionary | 4,853,150 | 12,663,141 | — | 17,516,291 | |||
Consumer Staples | — | 9,102,062 | — | 9,102,062 | |||
Financials | 2,464,966 | 6,261,189 | — | 8,726,155 | |||
Communication Services | — | 7,290,614 | — | 7,290,614 | |||
Health Care | — | 7,028,788 | — | 7,028,788 | |||
Real Estate | — | 3,115,967 | — | 3,115,967 | |||
Materials | — | 2,229,769 | — | 2,229,769 | |||
Energy | — | 1,047,354 | — | 1,047,354 | |||
Participation Notes† | — | 13,180,123 | — | 13,180,123 | |||
Short-Term Investments | |||||||
Joint Repurchase Agreements | — | 476,000 | — | 476,000 | |||
Other Investment Companies | 796,302 | — | — | 796,302 | |||
Total Investments in Securities | $10,167,618 | $78,385,392 | — | $88,553,010 |
† | All participation notes held in the Fund are Level 2 securities. For a detailed breakout of participation notes by major industry classification, please refer to the Fund's Schedule of Portfolio Investments. |
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, 2023, there were no transfers in or out of Level 3.
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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
The country allocation in the Schedule of Portfolio Investments at September 30, 2023, was as follows:
Country | % of Long-Term Investments |
Australia | 14.1 |
China | 33.0 |
Hong Kong | 6.4 |
India | 21.5 |
Macau | 2.4 |
South Korea | 14.2 |
Taiwan | 6.7 |
United States | 1.7 |
100.0 |
The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of securities loaned on positions held, cash collateral and securities collateral received at September 30, 2023, were as follows:
Securities Loaned | Cash Collateral Received | Securities Collateral Received | Total Collateral Received | |
$453,724 | $476,000 | — | $476,000 |
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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