AMG Boston Common Global Impact Fund
Schedule of Portfolio Investments (unaudited)
December 31, 2023
Shares | Value | |
Common Stocks - 99.6% | ||
Communication Services - 1.8% | ||
Telkom Indonesia Persero Tbk PT (Indonesia) | 41,327,570 | $10,602,429 |
Consumer Discretionary - 8.9% | ||
BYD Co., Ltd., Class H (China) | 536,090 | 14,787,847 |
KB Home (United States) | 171,779 | 10,729,316 |
LKQ Corp. (United States) | 166,282 | 7,946,617 |
Shimano, Inc. (Japan) | 38,000 | 5,853,679 |
TopBuild Corp. (United States)* | 34,756 | 13,007,781 |
Total Consumer Discretionary | 52,325,240 | |
Consumer Staples - 4.9% | ||
Kerry Group PLC, Class A (Ireland) | 64,348 | 5,585,364 |
McCormick & Co., Inc., Non-Voting Shares (United States) | 148,580 | 10,165,844 |
Sprouts Farmers Market, Inc. (United States)* | 264,893 | 12,744,002 |
Total Consumer Staples | 28,495,210 | |
Financials - 15.2% | ||
Bank Rakyat Indonesia Persero Tbk PT, ADR (Indonesia) | 843,582 | 15,454,422 |
The Charles Schwab Corp. (United States) | 159,244 | 10,955,987 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT (United States)1 | 274,157 | 7,561,250 |
Hannover Rueck SE (Germany) | 38,873 | 9,294,686 |
HDFC Bank, Ltd., ADR (India) | 160,149 | 10,747,600 |
Macquarie Group, Ltd. (Australia) | 82,987 | 10,388,462 |
ORIX Corp. (Japan) | 738,650 | 13,872,722 |
PayPal Holdings, Inc. (United States)* | 107,420 | 6,596,662 |
Ping An Insurance Group Co. of China, Ltd., Class H (China) | 1,019,000 | 4,613,318 |
Total Financials | 89,485,109 | |
Health Care - 13.0% | ||
Agilent Technologies, Inc. (United States) | 79,229 | 11,015,208 |
Biogen, Inc. (United States)* | 29,049 | 7,517,010 |
CSL, Ltd. (Australia) | 63,331 | 12,346,322 |
Edwards Lifesciences Corp. (United States)* | 107,698 | 8,211,973 |
Gilead Sciences, Inc. (United States) | 120,641 | 9,773,127 |
Hologic, Inc. (United States)* | 119,560 | 8,542,562 |
Hoya Corp. (Japan) | 76,200 | 9,489,890 |
Regeneron Pharmaceuticals, Inc. (United States)* | 10,950 | 9,617,275 |
Total Health Care | 76,513,367 | |
Industrials - 28.2% | ||
Ashtead Group PLC (United Kingdom) | 131,912 | 9,168,831 |
The AZEK Co., Inc. (United States)* | 249,614 | 9,547,736 |
Carrier Global Corp. (United States) | 152,931 | 8,785,886 |
Shares | Value | |
Daikin Industries, Ltd. (Japan) | 46,413 | $7,529,116 |
Industrie De Nora S.P.A. (Italy)1 | 511,566 | 8,881,233 |
Kurita Water Industries, Ltd. (Japan) | 281,000 | 10,960,458 |
LG Energy Solution, Ltd. (South Korea)* | 17,840 | 5,887,479 |
Prysmian SpA (Italy) | 212,306 | 9,677,982 |
RELX PLC (United Kingdom) | 148,844 | 5,905,210 |
Rexel, S.A. (France) | 406,635 | 11,160,599 |
Schneider Electric SE (France) | 89,164 | 17,949,262 |
Sociedad Quimica y Minera de Chile, S.A., Sponsored ADR (Chile)1 | 128,070 | 7,712,376 |
Spirax-Sarco Engineering PLC (United Kingdom) | 68,025 | 9,101,452 |
TOMRA Systems A.S.A. (Norway)1 | 409,410 | 4,963,730 |
Vestas Wind Systems A/S (Denmark)* | 308,565 | 9,763,528 |
Westinghouse Air Brake Technologies Corp. (United States) | 108,427 | 13,759,386 |
Xylem, Inc. (United States) | 130,995 | 14,980,588 |
Total Industrials | 165,734,852 | |
Information Technology - 18.6% | ||
Adobe, Inc. (United States)* | 20,544 | 12,256,550 |
Akamai Technologies, Inc. (United States)* | 72,469 | 8,576,706 |
Applied Materials, Inc. (United States) | 67,506 | 10,940,697 |
Enphase Energy, Inc. (United States)* | 70,361 | 9,297,502 |
First Solar, Inc. (United States)* | 66,031 | 11,375,821 |
Infineon Technologies AG (Germany) | 308,100 | 12,867,061 |
Intuit, Inc. (United States) | 29,889 | 18,681,522 |
Keyence Corp. (Japan) | 18,000 | 7,908,417 |
salesforce.com, Inc. (United States)* | 66,448 | 17,485,127 |
Total Information Technology | 109,389,403 | |
Materials - 4.8% | ||
Borregaard A.S.A. (Norway) | 660,886 | 11,149,309 |
DSM-Firmenich AG (Switzerland) | 58,552 | 5,954,354 |
Ecolab, Inc. (United States) | 57,175 | 11,340,661 |
Total Materials | 28,444,324 | |
Real Estate - 1.8% | ||
Weyerhaeuser Co., REIT (United States) | 297,227 | 10,334,583 |
Utilities - 2.4% | ||
American Water Works Co., Inc. (United States) | 72,103 | 9,516,875 |
Orsted A.S. (Denmark)2 | 81,650 | 4,526,396 |
Total Utilities | 14,043,271 | |
Total Common Stocks (Cost $569,633,274) | 585,367,788 |
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AMG Boston Common Global Impact Fund
Schedule of Portfolio Investments (continued)
Principal Amount | Value | |
Short-Term Investments - 2.1% | ||
Joint Repurchase Agreements - 1.9%3 | ||
Citigroup Global Markets, Inc., dated 12/29/23, due 01/02/24, 5.340% total to be received $2,716,142 (collateralized by various U.S. Government Agency Obligations, 2.000% - 7.500%, 07/20/37 - 12/20/53, totaling $2,768,822) | $2,714,531 | $2,714,531 |
Daiwa Capital Markets America, dated 12/29/23, due 01/02/24, 5.380% total to be received $2,716,154 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 7.500%, 03/22/24 - 01/01/54, totaling $2,769,155) | 2,714,531 | 2,714,531 |
Deutsche Bank Securities, Inc., dated 12/29/23, due 01/02/24, 5.350% total to be received $2,716,145 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.500%, 09/01/46 - 06/01/62, totaling $2,768,822) | 2,714,531 | 2,714,531 |
RBC Dominion Securities, Inc., dated 12/29/23, due 01/02/24, 5.340% total to be received $2,716,142 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 7.500%, 01/15/24 - 12/01/53, totaling $2,768,822) | 2,714,531 | 2,714,531 |
Total Joint Repurchase Agreements | 10,858,124 |
Shares | Value | |
Other Investment Companies - 0.2% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 5.25%4 | 563,483 | $563,483 |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 5.32%4 | 845,225 | 845,225 |
Total Other Investment Companies | 1,408,708 | |
Total Short-Term Investments (Cost $12,266,832) | 12,266,832 | |
Total Investments - 101.7% (Cost $581,900,106) | 597,634,620 | |
Other Assets, less Liabilities - (1.7)% | (10,183,318) | |
Net Assets - 100.0% | $587,451,302 |
* | Non-income producing security. |
1 | Some of these securities, amounting to $13,288,225 or 2.3% 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 | 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 December 31, 2023, the value of this security amounted to $4,526,396 or 0.8% of net assets. |
3 | Cash collateral received for securities lending activity was invested in these joint repurchase agreements. |
4 | Yield shown represents the December 31, 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 |
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AMG Boston Common Global Impact 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 December 31, 2023:
Level 1 | Level 21 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks | |||||||
Industrials | $54,785,972 | $110,948,880 | — | $165,734,852 | |||
Information Technology | 88,613,925 | 20,775,478 | — | 109,389,403 | |||
Financials | 51,315,921 | 38,169,188 | — | 89,485,109 | |||
Health Care | 54,677,155 | 21,836,212 | — | 76,513,367 | |||
Consumer Discretionary | 31,683,714 | 20,641,526 | — | 52,325,240 | |||
Consumer Staples | 22,909,846 | 5,585,364 | — | 28,495,210 | |||
Materials | 22,489,970 | 5,954,354 | — | 28,444,324 | |||
Utilities | 9,516,875 | 4,526,396 | — | 14,043,271 | |||
Communication Services | — | 10,602,429 | — | 10,602,429 | |||
Real Estate | 10,334,583 | — | — | 10,334,583 | |||
Short-Term Investments | |||||||
Joint Repurchase Agreements | — | 10,858,124 | — | 10,858,124 | |||
Other Investment Companies | 1,408,708 | — | — | 1,408,708 | |||
Total Investments in Securities | $347,736,669 | $249,897,951 | — | $597,634,620 |
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 December 31, 2023, there were no transfers in or out of Level 3.
The country allocation in the Schedule of Portfolio Investments at December 31, 2023, was as follows:
Country | % of Long-Term Investments |
Australia | 3.9 |
Chile | 1.3 |
China | 3.3 |
Denmark | 2.4 |
France | 5.0 |
Germany | 3.8 |
India | 1.8 |
Indonesia | 4.4 |
Ireland | 1.0 |
Country | % of Long-Term Investments |
Italy | 3.2 |
Japan | 9.5 |
Norway | 2.8 |
South Korea | 1.0 |
Switzerland | 1.0 |
United Kingdom | 4.1 |
United States | 51.5 |
100.0 |
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AMG Boston Common Global Impact Fund
Schedule of Portfolio Investments (continued)
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 December 31, 2023, were as follows:
Securities Loaned | Cash Collateral Received | Securities Collateral Received | Total Collateral Received | |
$13,288,225 | $10,858,124 | $3,133,143 | $13,991,267 |
The following table summarizes the securities received as collateral for securities lending at December 31, 2023:
Collateral Type | Coupon Range | Maturity Date Range | |
U.S. Treasury Obligations | 0.125%-4.750% | 04/15/24-08/15/51 |
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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