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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, AMG GW&K Small Cap Core Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"GW&K's small cap fund outperformed in Q1 2025 despite a challenging environment marked by trade policy uncertainty. Strong biotech stock selection and quality focus drove outperformance, while financials and AI-related holdings lagged."
The AMG GW&K Small Cap Core Fund returned -7.27% in Q1 2025, outperforming the Russell 2000 Index's -9.48% decline. The fund's outperformance was driven by stock selection and higher-quality exposures, which added approximately 75 basis points to relative return. Healthcare, particularly biotech, was the strongest performing sector with standout contributors including Halozyme, SpringWorks, Insmed, and Arcutis. Energy and consumer discretionary also contributed positively. However, financials underperformed due to poor bank stock selection, and several holdings were impacted by fears of slowing AI investment. The quarter was characterized by significant policy uncertainty from the current Administration's trade and spending policies, creating a fog-like environment for investors. The manager adopted a cautious approach to trading activity while actively adjusting position sizes. Looking forward, the fund continues to focus on high-quality, advantaged businesses while monitoring for signs of policy clarity and potential economic impacts from trade policies.
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