AMG Veritas China Fund
Schedule of Portfolio Investments (unaudited)
July 31, 2021
Shares | Value | |
Common Stocks - 100.4% | ||
Consumer Discretionary - 14.6% | ||
Alibaba Group Holding, Ltd. (China)* | 89,200 | $2,178,510 |
China Tourism Group Duty Free Corp., Ltd., Class A (China) | 158,200 | 5,916,949 |
Gree Electric Appliances, Inc. of Zhuhai, Class A (China) | 259,600 | 1,910,599 |
JS Global Lifestyle Co., Ltd. (Hong Kong)1 | 1,500,000 | 3,782,230 |
Midea Group Co., Ltd., Class A (China) | 437,196 | 4,312,608 |
Pinduoduo, Inc., ADR (China)* | 38,700 | 3,545,307 |
Total Consumer Discretionary | 21,646,203 | |
Consumer Staples - 13.7% | ||
Chongqing Fuling Zhacai Group Co., Ltd., Class A (China) | 717,270 | 3,376,913 |
Kweichow Moutai Co., Ltd., Class A (China) | 20,300 | 5,287,328 |
Luzhou Laojiao Co., Ltd., Class A (China) | 189,000 | 5,028,155 |
Wuliangye Yibin Co., Ltd., Class A (China) | 193,000 | 6,623,105 |
Total Consumer Staples | 20,315,501 | |
Health Care - 21.3% | ||
Aier Eye Hospital Group Co., Ltd., Class A (China) | 328,682 | 3,001,232 |
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A (China) | 364,000 | 7,477,872 |
Innovent Biologics, Inc. (China)*,1 | 300,000 | 3,071,779 |
Jinxin Fertility Group, Ltd. (China)1 | 1,454,400 | 2,733,386 |
JW Cayman Therapeutics Co., Ltd. (China)*,1 | 746,000 | 1,969,856 |
WuXi AppTec Co., Ltd., Class A (China) | 365,703 | 8,528,671 |
Wuxi Biologics Cayman, Inc. (China)*,1 | 321,700 | 4,913,729 |
Total Health Care | 31,696,525 | |
Industrials - 37.3% | ||
Centre Testing International Group Co., Ltd., Class A (China) | 240,700 | 1,014,203 |
Country Garden Services Holdings Co., Ltd. (China) | 200,000 | 1,623,978 |
Estun Automation Co., Ltd., Class A (China)* | 1,443,567 | 8,746,850 |
Guangzhou GRG Metrology & Test Co., Ltd., Class A (China) | 719,956 | 4,048,856 |
Sany Heavy Industry Co., Ltd., Class A (China) | 1,013,600 | 3,911,641 |
Shares | Value | |
Shenzhen Inovance Technology Co., Ltd., Class A (China) | 804,954 | $9,737,182 |
Sungrow Power Supply Co., Ltd., Class A (China) | 596,014 | 15,560,829 |
Xinyi Glass Holdings, Ltd. (Hong Kong) | 1,500,000 | 5,606,041 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (China) | 1,599,885 | 5,312,985 |
Total Industrials | 55,562,565 | |
Information Technology - 7.0% | ||
Hangzhou First Applied Material Co., Ltd., Class A (China) | 198,200 | 4,122,878 |
LONGi Green Energy Technology Co., Ltd., Class A (China) | 209,280 | 2,797,448 |
Wuxi Lead Intelligent Equipment Co., Ltd., Class A (China) | 299,996 | 3,542,324 |
Total Information Technology | 10,462,650 | |
Materials - 4.5% | ||
Shandong Sinocera Functional Material Co., Ltd., Class A (China) | 920,341 | 6,689,157 |
Utilities - 2.0% | ||
China Gas Holdings, Ltd. (Hong Kong) | 972,600 | 2,994,431 |
Total Common Stocks (Cost $160,079,537) | 149,367,032 | |
Short-Term Investments - 0.3% | ||
Other Investment Companies - 0.3% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%2 | 160,970 | 160,970 |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%2 | 160,951 | 160,951 |
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%2 | 165,847 | 165,847 |
Total Short-Term Investments (Cost $487,768) | 487,768 | |
Total Investments - 100.7% (Cost $160,567,305) | 149,854,800 | |
Other Assets, less Liabilities - (0.7)% | (995,269) | |
Net Assets - 100.0% | $148,859,531 |
* | 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 July 31, 2021, the value of these securities amounted to $16,470,980 or 11.1% of net assets. |
2 | Yield shown represents the July 31, 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 |
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AMG Veritas China 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 July 31, 2021:
Level 1 | Level 21 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks | |||||||
Industrials | — | $55,562,565 | — | $55,562,565 | |||
Health Care | — | 31,696,525 | — | 31,696,525 | |||
Consumer Discretionary | $3,545,307 | 18,100,896 | — | 21,646,203 | |||
Consumer Staples | — | 20,315,501 | — | 20,315,501 | |||
Information Technology | — | 10,462,650 | — | 10,462,650 | |||
Materials | — | 6,689,157 | — | 6,689,157 | |||
Utilities | — | 2,994,431 | — | 2,994,431 | |||
Short-Term Investments | |||||||
Other Investment Companies | 487,768 | — | — | 487,768 | |||
Total Investments in Securities | $4,033,075 | $145,821,725 | — | $149,854,800 |
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 July 31, 2021, there were no transfers in or out of Level 3.
The country allocation in the Schedule of Portfolio Investments at July 31, 2021, was as follows:
Country | % of Long-Term Investments |
China | 91.7 |
Hong Kong | 8.3 |
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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