AMG Managers CenterSquare Real Estate Fund Class N (MRESX) Class I (MRASX) Class Z (MREZX) September 2018

Transcription

1 Class N (MRESX) Class I (MRASX) Class Z (MREZX) September 2018 FOR INVESTMENT PROFESSIONAL USE ONLY NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

2 QUARTERLY PERFORMANCE (%) AND EXPENSE RATIOS as of 09/30/2018 Inception Date 1 Mo. Previous Quarter YTD 1 Year 3 Years 5 years 10 Years Life of Fund Gross/Net Expense Ratio (%) N Share Class (MRESX) 12/31/ /1.09 I Share Class (MRASX) 02/24/ /0.95 Z Share Class (MREZX) 02/24/ /0.84 Dow Jones U.S. Select REIT Index S&P 500 Index The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns of the Fund are net of expenses, and the returns of the indices exclude expenses. 1 Since the inception of the Class N shares on 12/31/1997.

3 CALENDAR YEAR RETURNS Previous 10 years ending 12/31/ % 20 % 0 % -20 % -40 % MRESX Benchmark 1 Benchmark % 36.22% 28.83% 9.35% 16.05% 2.09% 31.52% 5.3% 6.82% 5.4% -39.2% 28.46% 28.07% 9.37% 17.12% 1.22% 32% 4.48% 6.68% 3.76% -37% 26.46% 15.06% 2.11% 16% 32.39% 13.69% 1.38% 11.96% 21.83% Share Class N (MRESX) Benchmark 1: Dow Jones U.S. Select REIT Index Benchmark 2: S&P 500 Index See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

4 MPT STATISTICS MRESX Benchmark: Dow Jones U.S. Select REIT Index 3 Years 5 Years 10 Years Fund Benchmark Fund Benchmark Fund Benchmark Alpha Standard Deviation Sharpe Ratio Information Ratio Treynor Ratio (%) Upside Capture Ratio (%) Downside Capture Ratio (%) Beta R-Squared Tracking Error (%) Max Drawdown See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

5 REAL ESTATE SUB-INDUSTRIES Industry 09/30/2018 Residential REITs 20.61% Office REITs 19.38% Retail REITs 17.46% Specialized REITs 11.20% Industrial REITs 9.94% Health Care REITs 7.79% Hotel & Resort REITs 7.74% Diversified REITs 3.51% Other Equities 1.52% Cash & Other 0.85%

6 PORTFOLIO CHARACTERISTICS (EQUITY) Holdings Fund Fund Assets (Mil.$) $252 Number of Holdings 48 Weighted Avg. Market Cap (Mil.$) $18,354 Median Market Cap (Mil.$) $7,135 EPS Growth (Trailing 3-yr %) 7.98% EPS Growth (Trailing 5-yr %) 13.64% Forward EPS Growth (1-yr %) -2.24% Forward EPS Growth (Long Term %) 6.11% Weighted Avg. Dividend Yield 3.55% SEC 30-Day Yield (%) 2.39% SEC 30-Day Yield (%) w/o fee 2.39% Trailing 12-Months Portfolio Turnover 63.05% See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

7 TOP HOLDINGS (REAL ESTATE) TOP 10 CONTRIBUTORS TOP 10 DETRACTORS Prologis Inc 7.68% Fund Holdings Avg. Weight Total Return Fund Holdings Avg. Weight Total Return Simon Property Group Inc 7.36% AvalonBay Communities Inc 6.42% Boston Properties Inc 4.61% Ventas Inc 3.32% Kilroy Realty Corp 3.27% Alexandria Real Estate Equities Inc 3.21% Camden Property Trust 3.16% Regency Centers Corp 3.01% CubeSmart 2.78% % in Top 10 Holdings 44.82% Simon Property Group, Inc. 7.61% 5.03% AvalonBay Communities, Inc. 6.31% 6.26% Prologis, Inc. 6.52% 3.93% UDR, Inc. 2.63% 8.63% Park Hotels & Resorts, Inc. 2.30% 8.57% Regency Centers Corporation 3.40% 5.08% CyrusOne, Inc. 2.03% 9.44% GGP, Inc. 1.32% 9.12% Forest City Realty Trust Inc Class A 0.51% 9.56% Camden Property Trust 3.12% 3.54% CubeSmart 2.97% % Public Storage 2.58% % Extra Space Storage Inc. 2.04% % Kilroy Realty Corporation 3.10% -4.61% Highwoods Properties, Inc. 2.13% -5.97% Ventas, Inc. 3.60% -3.13% Cousins Properties Incorporated 1.05% -7.63% Hudson Pacific Properties, Inc. 1.11% -6.94% Liberty Property Trust 1.64% -3.79% Brandywine Realty Trust 0.76% -5.89% Portfolio holdings and characteristics are subject to change at any time. The Top 10 Contributors and Top 10 Detractors are determined based on the stock's contribution to the Fund's return during the specified quarter.

8 MARKET CAP Market Cap Fund Market Cap ($mm) 1,000-1, % Market Cap ($mm) 1,500-2, % Market Cap ($mm) 2,500-5, % Market Cap ($mm) 5,000-10, % Market Cap ($mm) 10,000-25, % Market Cap ($mm) 25,000-50, % Market Cap ($mm) 50, , %

9 DISCLOSURES & GLOSSARY Investors should carefully consider the Fund s investment objectives, risks, charges and expenses before investing. For this and other information, please call or visit for a free prospectus. Read it carefully before investing or sending money. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call or visit our website at From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions. A greater percentage of the Fund s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund. Investing in initial public offerings (IPOs) is risky and the prices of stocks purchased in IPOs tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. Stocks purchased in IPOs generally do not have a trading history, and information about the companies may be available for very limited periods. Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. Top Ten Holdings: Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Future Holdings Risk: Any sectors, industries or securities discussed should not be perceived as investment recommendations. The views expressed represent the opinions of AMG Funds LLC and are not intended as a forecast or guarantee of future results. Any securities discussed may no longer be held in an account s portfolio. Both current and future portfolio holdings are subject to risk. It should not be assumed that any of the securities transactions discussed were or will prove to be profitable, or that the investment recommendations we make in the future will be profitable. Data Sources: BoNY, FactSet, Bloomberg and ICE Data Analytics. The Dow Jones U.S. Select REIT Index measures U.S. publicly traded real estate investment trusts. Unlike the Fund, the Dow Jones U.S. Select REIT Index is unmanaged, is not available for investment and does not incur expenses. The S&P 500 Index is capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Unlike the Fund, the Index is unmanaged, is not available for investment and does not incur expenses. AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC PT242-SUP