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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 31, 2026
The AMG GW&K Small Cap Core Fund returned 18.19% in Q2 2026, trailing the Russell 2000 Index's 21.49% return as speculative, low-quality factors dominated the quarter. U.S. small caps extended their year-to-date outperformance over large caps to over 1200 basis points, driven by robust earnings, cooling Middle East tensions, and broadening market participation. The information technology sector led with a 56.1% return, more than double the index. The fund's underweight to low-quality factors and normalized cash position created headwinds during the quarter, with underperformance concentrated in healthcare, consumer discretionary, technology, and financials. However, industrials, energy, and utilities contributed positively, with strong results from Sterling Infrastructure, Ducommun, and Solaris Energy. As market conditions normalized in June, performance rebounded. The managers believe macro and micro fundamentals support continued broadening in the second half of 2026, positioning the fund's quality-focused, balanced approach to benefit as inflation and speculative excesses abate.
GW&K manages a quality-focused small cap core strategy that seeks to outperform over the long term through a balanced portfolio emphasizing both structural quality and opportunistic positioning, while avoiding excessive risk from low-quality, speculative factors.
The manager believes the macro and micro fundamentals support continued broadening beyond the market's anointed winners in the second half of 2026, as inflation and other noise abates. If this occurs, the fund's strategy is well positioned to benefit, as it was earlier in the year and in June. The manager maintains conviction in their balanced approach that aims to participate in up markets without taking excessive risk, despite near-term underperformance during speculative rallies.
Moderate Conviction Bullish
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