AMG Funds

No investment management is conducted by AMG Funds LLC itself. Each mutual fund is sub-advised by one of AMG's affiliate boutique managers, such as AQR, Pantheon, or Tweedy, Browne. The affiliate's portfolio managers retain full autonomy over security selection and portfolio construction. AMG's role is centralized distribution, fund administration, and governance oversight.

AMG Funds LLC is a wholly owned subsidiary of Affiliated Managers Group, Inc. (NYSE: AMG). The parent company is a global multi-boutique asset manager that takes equity stakes in independent investment firms. AMG Funds serves as the US retail mutual fund distribution vehicle for the strategies managed by these underlying affiliate boutiques.

AMG Funds does not maintain an internal investment team. All portfolio management is outsourced to AMG's affiliated boutique managers through sub-advisory agreements. The platform offers no proprietary AMG-branded strategies managed by a centralized investment group.

The platform spans actively managed equity, fixed income, multi-asset, and alternative strategies. Specific exposures depend on which affiliate boutiques have opted to offer their strategies in a 40 Act mutual fund format. The lineup can shift over time as AMG adds new affiliates or affiliates launch or close retail vehicles.

If AMG divests an affiliate, the sub-advisory agreement for any associated AMG Fund would typically be reassigned, terminated, or transitioned, subject to fund board approval and shareholder notification. The fund's board has the authority to appoint a new sub-adviser or recommend fund liquidation or merger. This is a structural risk inherent to the multi-boutique wrapper model.