Class N (MMCFX) Class I (MIMFX) 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 (MMCFX) 06/30/1994-2.45 5.63 20.54 25.51 20.49 12.50 13.46 13.61 1.51/1.43 I Share Class (MIMFX) 10/01/2011-2.42 5.73 20.81 25.84 20.80 12.78-19.37 1.26/1.18 Russell Microcap Index - -3.26 0.83 11.64 13.65 16.41 10.51 10.82 - Russell 2000 Index - -2.41 3.58 11.51 15.24 17.12 11.07 11.11 9.86 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. The Fund's Investment Manager has contractually agreed, through at least March 1, 2019, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses. 1Since the inception of the Class N shares on 06/30/1994. CALENDAR YEAR RETURNS Previous 10 years ending 12/31/2017 100 0-100 MMCFX MIMFX Benchmark 1 Benchmark 2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-38.18 28.59 29.76-3.75 13.95 56 2.36-8.68 17.69 24.01 - - - - 14.32 56.34 2.62-8.44 17.97 24.3-39.78 27.48 28.89-9.27 19.75 45.62 3.65-5.16 20.37 13.17-33.79 27.17 26.85-4.18 16.35 38.82 4.89-4.41 21.31 14.65 Share Class N (MMCFX) Share Class I (MIMFX) Benchmark 1: Russell Microcap Index Benchmark 2: Russell 2000 Index See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.
MPT STATISTICS MMCFX Benchmark: Russell Microcap 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 4.80 2.27 2.99 14.09 14.38 14.69 14.63 19.76 20.40 1.40 1.09 0.82 0.68 0.66 0.51 0.84 0.46 0.56 21.32 12.50 13.94 97.88 98.67 101.64 72.41 91.41 97.26 0.92 0.96 0.94 88.83 91.51 94.70 4.84 4.32 4.70-15.74-16.25-22.93-21.01-38.72-44.12 See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.
SECTOR ALLOCATION (EQUITY) Sector Fund Russell Microcap Index Health Care 20.99 25.14 Information Technology 17.44 10.02 16.30 Industrials Industrials 16.30 11.13 Financials 16.29 23.03 20.99 Health Care Consumer Discretionary 9.81 10.81 Communication Services 3.84 3.67 Materials 3.74 3.21 Consumer Staples 3.14 2.31 Energy 2.70 5.00 16.29 Financials Real Estate 1.86 4.11 Utilities 0.48 1.08 Other Equities 0.02 0.48 17.44 Information Technology Cash & Other 3.39 0.00 9.81 Consumer Discretionary 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 Russell Microcap Index Software 9.32 1.89 Health Care Equipment & Supplies 8.93 6.21 Banks 8.78 14.30 Biotechnology 8.60 11.69 Machinery 5.12 2.44 Insurance 4.16 1.66 Electronic Equipment, Instruments & Components 3.23 2.09 Leisure Products 2.16 0.96 Building Products 2.08 0.97 Household Durables 2.04 1.44 in Top 10 Industries 54.42 43.65 Portfolio holdings are subject to change at any time.
PORTFOLIO CHARACTERISTICS (EQUITY) Holdings Fund Russell Microcap Index Fund Assets (Mil.$) $203 Number of Holdings 298 1566 Weighted Avg. Market Cap (Mil.$) $1,102 $661 Median Market Cap (Mil.$) $564 $265 Weighted Avg. P/E (1-yr Forward EPS) 19.21 16.70 Weighted Avg. P/E (Trailing EPS) 22.61 17.80 PEG Ratio 1.25 1.24 Weighted Avg. P/B 2.78 1.95 EPS Growth (Trailing 3-yr ) 14.07 6.54 EPS Growth (Trailing 5-yr ) 13.35 7.20 Forward EPS Growth (1-yr ) 18.05 6.90 Forward EPS Growth (Long Term ) 17.57 14.25 Revenue Growth (Trailing 5-yr ) 12.88 9.46 Return on Equity 0.27-0.79 Weighted Avg. Dividend Yield 0.64 1.03 Debt to Equity 54.99 62.43 Trailing 12-Months Portfolio Turnover 54.66 See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.
TOP HOLDINGS (EQUITY) As of: 07/31/2018 TOP 10 CONTRIBUTORS As of: 07/31/2018 TOP 10 DETRACTORS As of: 07/31/2018 Everbridge Inc* 1.48 Fund Holdings Avg. Weight Total Return Fund Holdings Avg. Weight Total Return NV5 Global Inc* 1.45 Tactile Systems Technology Inc* 1.45 Patrick Industries Inc 1.41 Columbus McKinnon Corp 1.35 Universal Stainless & Alloy Products Inc* 1.35 Malibu Boats Inc, Class A* 1.31 Novanta Inc 1.29 Compass Diversified Holdings 1.17 Grand Canyon Education Inc 0.96 in Top 10 Holdings 13.22 Tactile Systems Technology, Inc. 1.55 38.09 Madrigal Pharmaceuticals, Inc. 0.35 153.62 irhythm Technologies, Inc. 1.04 29.92 USA Technologies, Inc. 0.86 53.71 NV5 Global Inc 1.37 27.95 TechTarget, Inc. 1.02 36.31 CareDx, Inc. 0.78 37.49 Everbridge, Inc. 1.59 20.43 STAAR Surgical Company 0.62 89.85 Malibu Boats Inc Class A 1.56 11.54 Ring Energy, Inc. 0.62-26.08 Universal Electronics Inc. 0.43-24.51 LGI Homes, Inc. 0.47-25.30 Esperion Therapeutics, Inc. 0.01-47.25 Callon Petroleum Company 0.48-22.65 OMNOVA Solutions Inc. 0.90-14.22 Hudson Technologies, Inc. 0.11-58.45 Zymeworks Inc. 0.19-30.74 Achaogen, Inc. 0.13-49.69 Intersect ENT Inc 0.58-19.02 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 Russell Microcap Index Market Cap ($mm) 0-1,000 56.12 82.09 Market Cap ($mm) 1,000-1,500 23.31 14.86 Market Cap ($mm) 1,500-2,500 14.92 3.05 Market Cap ($mm) 2,500-5,000 3.96 0.00 Market Cap ($mm) 5,000-10,000 1.68 0.00
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. The Fund is subject to the special risks associated with investments in micro-cap companies, such as relatively short earnings history, competitive conditions, less publicly available corporate information, and reliance on a limited number of products. 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 Russell Microcap Index tracks the microcap segment of the U.S. equity market. It makes up less than 3 of the U.S. Equity market and is represented by the smallest 1,000 securities in the small-cap Russell 2000 Index plus the next 1,000 securities. The Index reflects no deduction of fees, expenses, or taxes. The Russell 2000 Index is composed of the 2000 smallest stocks in the Russell 3000 Index and is widely regarded in the industry as the premier measure of small-cap stock performance. Unlike the Fund, indices are unmanaged, are not available for investment and do not incur expenses. AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC. 093018 PT561-SUP