AMG Frontier Small Cap Growth Fund
Schedule of Portfolio Investments (unaudited)
July 31, 2021
Shares | Value | |
Common Stocks - 97.1% | ||
Communication Services - 2.5% | ||
Cardlytics, Inc.*,1 | 3,360 | $423,225 |
Radius Global Infrastructure, Inc.*,1 | 13,578 | 208,151 |
Total Communication Services | 631,376 | |
Consumer Discretionary - 15.1% | ||
Adtalem Global Education, Inc.* | 11,374 | 413,331 |
Bed Bath & Beyond, Inc.* | 6,804 | 194,186 |
BorgWarner, Inc. | 4,690 | 229,716 |
Caesars Entertainment, Inc.* | 3,918 | 342,276 |
Dana, Inc. | 3,285 | 79,366 |
Five Below, Inc.* | 26 | 5,055 |
Floor & Decor Holdings, Inc., Class A* | 4,932 | 601,753 |
LCI Industries | 712 | 103,824 |
Lithia Motors, Inc., Class A | 1,790 | 675,224 |
Mattel, Inc.* | 38,744 | 841,520 |
Porch Group, Inc.* | 9,211 | 170,680 |
Stoneridge, Inc.* | 647 | 18,731 |
Under Armour, Inc., Class C* | 9,530 | 166,965 |
Total Consumer Discretionary | 3,842,627 | |
Energy - 0.3% | ||
Euronav, N.V. (Belgium) | 4,340 | 37,541 |
International Seaways, Inc.1 | 1,970 | 32,407 |
Total Energy | 69,948 | |
Financials - 5.3% | ||
Argo Group International Holdings, Ltd. (Bermuda) | 4,342 | 226,348 |
BankUnited, Inc. | 1,461 | 57,826 |
LPL Financial Holdings, Inc. | 2,447 | 345,125 |
NMI Holdings, Inc., Class A* | 22,273 | 490,452 |
Pinnacle Financial Partners, Inc. | 723 | 64,788 |
Webster Financial Corp. | 2,036 | 97,932 |
Wintrust Financial Corp. | 931 | 66,473 |
Total Financials | 1,348,944 | |
Health Care - 24.4% | ||
ABIOMED, Inc.* | 7 | 2,290 |
Acadia Healthcare Co., Inc.* | 2,307 | 142,388 |
ACADIA Pharmaceuticals, Inc.* | 6,971 | 150,783 |
Acceleron Pharma, Inc.* | 206 | 25,762 |
Adaptive Biotechnologies Corp.* | 347 | 12,721 |
Alnylam Pharmaceuticals, Inc.* | 564 | 100,922 |
Apellis Pharmaceuticals, Inc.* | 2,925 | 187,171 |
Arvinas, Inc.* | 1,772 | 179,149 |
Shares | Value | |
Axonics, Inc.* | 7,699 | $523,147 |
BioMarin Pharmaceutical, Inc.* | 2,304 | 176,786 |
Cara Therapeutics, Inc.* | 1,234 | 14,771 |
Covetrus, Inc.* | 10,994 | 279,907 |
Cytokinetics Inc.*,1 | 7,699 | 228,506 |
Exact Sciences Corp.*,1 | 129 | 13,911 |
Guardant Health, Inc.* | 88 | 9,662 |
Horizon Therapeutics PLC* | 6,434 | 643,529 |
Inari Medical, Inc.* | 358 | 32,145 |
Inspire Medical Systems, Inc.* | 2,008 | 367,785 |
Insulet Corp.* | 20 | 5,594 |
Iovance Biotherapeutics, Inc.* | 5,865 | 130,614 |
Karyopharm Therapeutics, Inc.*,1 | 12,069 | 100,535 |
NanoString Technologies, Inc.* | 304 | 18,830 |
Natera, Inc.* | 5,781 | 662,040 |
Nektar Therapeutics* | 1,439 | 22,722 |
Novocure, Ltd. (Jersey)*,1 | 793 | 122,130 |
Pacira BioSciences, Inc.* | 2,365 | 139,417 |
Quanterix Corp.* | 10,756 | 571,681 |
Sarepta Therapeutics, Inc.*,1 | 1,584 | 107,363 |
SmileDirectClub, Inc.*,1 | 105,215 | 742,818 |
Supernus Pharmaceuticals, Inc.* | 5,381 | 141,682 |
Turning Point Therapeutics, Inc.* | 2,007 | 128,087 |
United Therapeutics Corp.* | 673 | 122,439 |
Vericel Corp.* | 2,065 | 109,321 |
Total Health Care | 6,216,608 | |
Industrials - 15.9% | ||
American Woodmark Corp.* | 540 | 40,095 |
Array Technologies, Inc.*,1 | 7,214 | 97,678 |
Azul, S.A., ADR (Brazil)* | 19,361 | 434,267 |
Builders FirstSource, Inc.* | 8,239 | 366,635 |
CIRCOR International, Inc.* | 4,399 | 135,665 |
Controladora Vuela Cia de Aviacion, S.A.B de CV, ADR (Mexico)* | 12,198 | 269,332 |
EnerSys | 2,898 | 285,917 |
Interface, Inc. | 8,004 | 115,418 |
KBR, Inc. | 10,956 | 423,997 |
Knight-Swift Transportation Holdings, Inc. | 2,408 | 119,654 |
MasTec, Inc.* | 2,205 | 223,212 |
Quanta Services, Inc. | 4,235 | 384,961 |
Triumph Group, Inc.* | 17,945 | 341,852 |
Tutor Perini Corp.* | 8,795 | 123,746 |
Upwork, Inc.* | 4,197 | 217,363 |
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AMG Frontier Small Cap Growth Fund
Schedule of Portfolio Investments (continued)
Shares | Value | |
Industrials - 15.9% (continued) | ||
Welbilt, Inc.* | 7,480 | $175,705 |
WESCO International, Inc.* | 1,928 | 205,236 |
Willdan Group, Inc.* | 2,066 | 85,222 |
Total Industrials | 4,045,955 | |
Information Technology - 24.3% | ||
Alteryx, Inc., Class A* | 2,247 | 173,918 |
Anaplan, Inc.* | 45 | 2,574 |
Blackline, Inc.* | 1,055 | 120,681 |
Coupa Software, Inc.* | 46 | 9,982 |
Cree, Inc.*,1 | 938 | 87,009 |
Dlocal, Ltd., Class A (Uruguay)*,1 | 3,323 | 150,000 |
Five9, Inc.* | 142 | 28,583 |
Genpact, Ltd. | 15,830 | 788,492 |
HubSpot, Inc.* | 89 | 53,046 |
II-VI, Inc.*,1 | 6,945 | 484,830 |
LiveRamp Holdings, Inc.* | 2,189 | 87,582 |
MACOM Technology Solutions Holdings, Inc.* | 9,063 | 559,368 |
MaxLinear, Inc.* | 15,873 | 765,555 |
Medallia, Inc.*,1 | 6,023 | 203,999 |
Mimecast, Ltd.* | 4,453 | 247,364 |
MKS Instruments, Inc. | 145 | 22,684 |
Model N, Inc.* | 767 | 24,828 |
MongoDB, Inc.*,1 | 14 | 5,025 |
Monolithic Power Systems, Inc. | 107 | 48,071 |
NCR Corp.* | 8,589 | 381,352 |
Nuance Communications, Inc.* | 2,393 | 131,376 |
Ouster, Inc.* | 9,394 | 86,331 |
Paya Holdings, Inc., Class A* | 21,572 | 247,862 |
Paylocity Holding Corp.* | 20 | 4,149 |
Perficient, Inc.* | 739 | 69,680 |
Rapid7, Inc.*,1 | 1,943 | 221,016 |
SiTime Corp.* | 3,545 | 480,844 |
Switch, Inc., Class A | 7,409 | 153,070 |
Teradyne, Inc. | 38 | 4,826 |
Zendesk, Inc.*,1 | 435 | 56,781 |
Zscaler, Inc.* | 685 | 161,598 |
Zuora, Inc., Class A* | 18,640 | 322,286 |
Total Information Technology | 6,184,762 | |
Materials - 7.2% | ||
Allegheny Technologies, Inc.* | 23,554 | 483,563 |
Shares | Value | |
Carpenter Technology Corp. | 9,599 | $366,202 |
Eagle Materials, Inc. | 1,587 | 224,275 |
FMC Corp. | 1,307 | 139,784 |
Livent Corp.*,1 | 15,903 | 310,267 |
Summit Materials, Inc., Class A* | 8,838 | 296,957 |
Total Materials | 1,821,048 | |
Real Estate - 2.1% | ||
Brixmor Property Group, Inc., REIT | 2,175 | 50,069 |
QTS Realty Trust, Inc., Class A, REIT | 659 | 51,211 |
SITE Centers Corp., REIT | 8,435 | 133,779 |
Spirit Realty Capital, Inc., REIT | 4,016 | 201,684 |
STAG Industrial, Inc., REIT | 2,089 | 86,317 |
Total Real Estate | 523,060 | |
Total Common Stocks (Cost $21,070,574) | 24,684,328 |
Principal Amount | ||
Short-Term Investments - 5.5% | ||
Joint Repurchase Agreements - 3.4%2 | ||
RBC Dominion Securities, Inc., dated 07/30/21, due 08/02/21, 0.050% total to be received $860,165 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.250% - 7.500%, 04/15/24 - 04/01/53, totaling $877,364) | $860,161 | 860,161 |
Shares | ||
Other Investment Companies - 2.1% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%3 | 179,636 | 179,636 |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%3 | 179,635 | 179,635 |
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%3 | 185,079 | 185,079 |
Total Other Investment Companies | 544,350 | |
Total Short-Term Investments (Cost $1,404,511) | 1,404,511 | |
Total Investments - 102.6% (Cost $22,475,085) | 26,088,839 | |
Other Assets, less Liabilities - (2.6)% | (667,727) | |
Net Assets - 100.0% | $25,421,112 |
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AMG Frontier Small Cap Growth Fund
Schedule of Portfolio Investments (continued)
* | Non-income producing security. |
1 | Some of these securities, amounting to $2,974,301 or 11.7% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See below for more information. |
2 | Cash collateral received for securities lending activity was invested in these joint repurchase agreements. |
3 | 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 |
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 July 31, 2021:
Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks† | $24,684,328 | — | — | $24,684,328 | |||
Short-Term Investments | |||||||
Joint Repurchase Agreements | — | $860,161 | — | 860,161 | |||
Other Investment Companies | 544,350 | — | — | 544,350 | |||
Total Investments in Securities | $25,228,678 | $860,161 | — | $26,088,839 |
† | All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments. |
For the period ended July 31, 2021, there were no transfers in or out of Level 3.
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 July 31, 2021, were as follows:
Securities Loaned | Cash Collateral Received | Securities Collateral Received | Total Collateral Received | |
$2,974,301 | $860,161 | $2,210,526 | $3,070,687 |
The following table summarizes the securities received as collateral for securities lending at July 31, 2021:
Collateral Type | Coupon Range | Maturity Date Range | |
U.S. Treasury Obligations | 0.000%-8.000% | 08/15/21-02/15/51 |
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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