Class N (APINX) Class I (APCTX ) Class Z (APCZX) September 2018 FOR INVESTMENT PROFESSIONAL USE ONLY NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC
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 (APINX) 04/14/2014-1.27-1.54-3.63-0.24 9.64 - - 4.00 1.28/1.28 I Share Class (APCTX) 04/14/2014-1.27-1.53-3.45 0.08 9.92 - - 4.30 1.00/1.00 Z Share Class (APCZX) 09/29/2017-1.27-1.45-3.37 0.15 - - - 0.15 0.92/0.92 MSCI EAFE Index - 0.87 1.35-1.43 2.74 9.23 4.42 5.38 3.76 1 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 800.835.3879 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 04/14/2014. CALENDAR YEAR RETURNS 40 20 0-20 APINX APCTX Benchmark 2015 2016 2017 6.25 2.75 27.11 6.75 3.03 27.46-0.81 1 25.03 Share Class N (APINX) Share Class I (APCTX) Benchmark: MSCI EAFE Index See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.
MPT STATISTICS APINX Benchmark: MSCI EAFE Index 3 Years Fund Benchmark Alpha Standard Deviation Sharpe Ratio Information Ratio Treynor Ratio () Upside Capture Ratio () Downside Capture Ratio () Beta R-Squared Tracking Error () Max Drawdown 1.69 9.54 10.62 0.93 0.79 0.12 10.40 90.47 85.50 0.85 89.45 3.48-7.47-11.56 See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.
SECTOR ALLOCATION (EQUITY) Sector Fund MSCI EAFE Index Financials 17.31 19.43 Consumer Discretionary 15.81 11.02 Consumer Staples 14.50 11.17 Industrials 14.33 14.51 17.31 Financials 14.50 Consumer Staples 14.33 Industrials Communication Services 11.40 5.52 Health Care 10.28 11.11 Information Technology 6.35 6.14 Energy 3.58 6.16 Materials 3.40 8.09 Real Estate 0.97 3.38 Utilities 0.58 3.24 10.28 Health Care Other Equities 0.00 0.23 15.81 Consumer Discretionary 11.40 Communication Services Cash & Other 1.49 0.00 6.35 Information Technology The sector allocation chart represents sectors at least 5 Portfolio holdings are subject to change at any time.
TOP 10 INDUSTRIES VS BENCHMARK Industry Fund MSCI EAFE Index Banks 8.28 10.70 Insurance 5.58 5.44 Beverages 4.72 2.21 Internet & Direct Marketing Retail 3.89 0.15 Food Products 3.89 3.08 Diversified Telecommunication Services 3.87 2.11 Industrial Conglomerates 3.78 1.43 Semiconductors & Semiconductor Equipment 3.66 1.31 Oil, Gas & Consumable Fuels 3.58 6.06 Aerospace & Defense 3.53 1.50 in Top 10 Industries 44.78 33.99 Portfolio holdings are subject to change at any time.
REGIONAL ALLOCATION Region Fund MSCI EAFE Index Developed 91.40 100.00 Europe & Middle East 62.93 63.67 North America 0.00 0.00 Pacific 28.47 36.33 Emerging 5.58 0.00 Asia 3.89 0.00 Latin America 0.00 0.00 Europe & Middle East 1.69 0.00 Africa 0.00 0.00 Frontier 0.00 0.00 Africa 0.00 0.00 Asia 0.00 0.00 Europe 0.00 0.00 Latin America 0.00 0.00 Middle East 0.00 0.00 Cash & Other 3.02 0.00 Portfolio holdings are subject to change at any time.
COUNTRY ALLOCATION Country Fund MSCI EAFE Index United Kingdom 20.25 17.50 20.25 United Kingdom 12.20 France Japan 20.20 24.56 France 12.20 11.21 Netherlands 7.56 3.34 Spain 5.91 2.95 Hong Kong 5.48 3.52 Switzerland 5.44 8.25 7.56 Netherlands 5.48 Hong Kong China 3.89 0.00 Belgium 3.88 1.01 Australia 2.13 6.76 Denmark 1.74 1.68 20.20 Japan Russia 1.69 0.00 Macau 1.54 0.00 5.91 Spain 5.44 Switzerland Sweden 1.53 2.73 Finland 1.23 1.06 in Top 15 Countries 94.67 84.57 Portfolio holdings are subject to change at any time.
PORTFOLIO CHARACTERISTICS (EQUITY) Holdings Fund MSCI EAFE Index Fund Assets (Mil.$) $2,186 Number of Holdings 65 924 Weighted Avg. Market Cap (Mil.$) $46,209 $61,764 Median Market Cap (Mil.$) $6,874 $11,094 Weighted Avg. P/E (1-yr Forward EPS) 15.35 14.41 Weighted Avg. P/E (Trailing EPS) 15.84 15.03 PEG Ratio 1.21 1.43 Weighted Avg. P/B 1.78 1.69 EPS Growth (Trailing 3-yr ) -0.33 5.67 EPS Growth (Trailing 5-yr ) 2.44 4.14 Forward EPS Growth (1-yr ) 4.35 3.56 Forward EPS Growth (Long Term ) 10.31 8.60 Revenue Growth (Trailing 5-yr ) 1.07-0.15 Return on Equity 12.58 14.03 Weighted Avg. Dividend Yield 2.58 3.16 Debt to Equity 103.46 87.35 Trailing 12-Months Portfolio Turnover 36.37 See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.
TOP HOLDINGS (EQUITY) TOP 10 CONTRIBUTORS TOP 10 DETRACTORS Safran SA 3.53 Fund Holdings Avg. Weight Total Return Fund Holdings Avg. Weight Total Return LivaNova PLC 3.11 Anheuser-Busch InBev SA 2.97 Royal Dutch Shell PLC, Class B 2.91 GlaxoSmithKline PLC 2.70 Japan Tobacco Inc 2.58 JD.com Inc ADR 2.55 Sony Corp 2.48 Oci Nv 2.47 Nestle SA 2.46 SoftBank Group Corp. 2.23 40.18 LivaNova Plc 3.36 24.19 Safran S.A. 3.30 15.62 OCI NV 2.52 19.05 Sony Corporation 2.23 18.96 Cineworld Group plc 1.79 19.15 CK Hutchison Holdings Ltd 2.17 9.77 Nordea Bank AB 1.46 13.43 Nestle S.A. 2.41 7.40 JD.com, Inc. Sponsored ADR Class A 3.00-33.02 MGM China Holdings Limited 1.61-31.42 Anheuser-Busch InBev SA/NV 3.37-13.22 Sophos Group Plc 1.41-23.89 KAZ Minerals PLC 0.88-34.90 Ctrip.com International Ltd Sponsored ADR 1.07-21.96 Asahi Group Holdings,Ltd. 1.58-15.40 Informa Plc 2.47-8.84 in Top 10 Holdings 27.76 Sompo Holdings,Inc. 2.13 7.00 Moscow Exchange MICEX- RTS PJSC 1.55-14.17 Inmarsat plc 2.32-8.86 Portfolio holdings and characteristics are subject to change at any time. The Top 10 Contributors and Top 10 Detractors are determined based on the stock's contribution to the Fund's return during the specified quarter.
MARKET CAP Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0-1,000 2.51 0.00 Market Cap ($mm) 1,000-1,500 2.94 0.00 Market Cap ($mm) 1,500-2,500 4.92 0.02 Market Cap ($mm) 2,500-5,000 15.69 2.48 Market Cap ($mm) 5,000-10,000 17.13 11.10 Market Cap ($mm) 10,000-25,000 10.52 21.91 Market Cap ($mm) 25,000-50,000 14.91 24.35 Market Cap ($mm) 50,000-100,000 20.65 22.84 Market Cap ($mm) 100,000-200,000 5.26 10.03 Market Cap ($mm) 200,000-5.45 7.28
DISCLOSURES & GLOSSARY Investors should carefully consider the Fund s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835.3879 or visit www.amgfunds.com 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 800.835.3879 or visit our website at www.amgfunds.com. 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. Performance Data shown does not reflect the 2.00 redemption fee imposed on the shares held 90 days or less; otherwise, total returns would be reduced. Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets. The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products. The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. 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. 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 MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of 21 developed market country indices. Please go to msci.com for the most current list of countries represented by the index. 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. 093018 PT518-SUP