Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 03/28/2024 $17.77 +$0.04 (+0.23%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 559 Small Growth funds as of 02/29/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/01/2011 to 02/29/2024 = $31,846.09 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE 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 800.548.4539. 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. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks to provide long-term capital appreciation by investing in small to mid cap stocks exhibiting consistent, sustainable earnings growth. Why Consider Provides investors with exposure to a portfolio of small and mid cap growth companies Manages risk with a sell discipline and exposure limits for each company and diversification of sector and growth profiles embedded in the portfolio construction process Employs a fundamental, research-oriented investment process that is built on the belief that a company’s ability to generate consistent, long-term sustainable earnings growth will drive enhanced stock price performance over time Documents Fact Sheet Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K Small/Mid Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective GW&K Small/Mid Cap Growth Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/29/2024 Overall Rating (of 559) 3 Years (of 559) 5 Years (of 527) 10 Years (of 405) Category Small Growth Read Important Investment Disclosures Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Dan is a partner of the firm and brings over four decades of investment management experience to GW&K. As director of our equity department, he is responsible for overseeing all aspects of our equity investment teams including portfolio management, research, and trading. He is a member of the firm’s Management, Investment, and ESG Committees. Dan has worked with various companies in the Boston area as an investment and financial consultant. Prior to joining GW&K, he spent 21 years at Putnam Investments in Boston, where he was chief investment officer for the specialty growth group and oversaw a team of twenty and up to $100 billion in assets under management. He was also a portfolio management team member of several small and mid cap growth funds, the lead manager for the Putnam New Opportunities Fund, and a member of Putnam’s management committee and partners group. He began his career as an analyst at Morgan Stanley. Dan graduated from the University of California, Berkeley, with highest honors, and received his MBA from Stanford University Graduate School of Business. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Dan serves on the board of trustees for The Rashi School in Dedham, Massachusetts. Joseph C. Craigen, CFA PARTNER AND PORTFOLIO MANAGER Joe serves as a portfolio manager for GW&K’s Small Cap Growth Strategy and is a member of the firm’s Investment Committee. He is also a research analyst focused on our Small Cap Core and Small/Mid Cap Core Strategies. Joe is a seasoned investor with expertise in a number of industries including extensive experience in Information Technology. Prior to joining GW&K in 2008, Joe held research analyst positions at Citizens Funds and Needham & Company, and was a research associate at Tucker Anthony. Joe received an AB in Economics from Harvard College. He has earned the CFA® designation and is a member of the CFA Institute and the CFA Society Boston. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns 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 800.548.4539. 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. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.10% Net Expense Ratio: 0.87% Expense Cap Expiration Date: 03/01/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2022 $0.268400 — — $0.268400 Mar 24, 2021 $10.027500 — $5.902400 $4.125100 Dec 16, 2020 $1.017200 — — $1.017200 Dec 30, 2015 $0.002700 — $0.001000 $0.001700 Dec 30, 2014 $0.535900 — $0.308500 $0.227400 Dec 30, 2013 $2.059200 $0.025500 $1.679500 $0.354200 Dec 28, 2012 $0.891200 — $0.804200 $0.087000 From: To: Risk & Return Statistics As of: 02/29/2024 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 5.43 2.05 -0.49 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.48 21.98 20.22 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.01 0.38 0.34 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 108.78 99.68 94.06 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 92.20 97.13 100.17 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.93 0.93 0.99 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 93.22 94.09 91.52 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 5.57 5.54 5.89 View All Characteristics & Statistics All Characteristics & Statistics GW&K Small/Mid Cap Growth Fund (ACWIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500™ Growth Index Fund Assets (Mil.$) $41 Number of Holdings 77 1,268 Weighted Avg. Market Cap (Mil.$) $8,646 $6,629 Median Market Cap (Mil.$) $7,343 $1,678 Weighted Avg. P/E (1-yr Forward EPS) 24.58 21.23 Weighted Avg. P/E (Trailing EPS) 26.05 24.41 PEG Ratio 1.71 1.34 Weighted Avg. P/B 3.73 4.86 EPS Growth (Trailing 3-yr %) 20.00% 18.81% EPS Growth (Trailing 5-yr %) 16.84% 19.69% Forward EPS Growth (1-yr %) 1.99% 5.30% Forward EPS Growth (Long Term %) 12.70% 14.21% Revenue Growth (Trailing 5-yr %) 15.72% 15.02% Return on Equity 13.85% 10.34% Weighted Avg. Dividend Yield 0.55% 0.60% Debt to Equity 67.48 93.20 Trailing 12-Months Portfolio Turnover 21.04% As of: 12/31/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 5.43 2.05 -0.49 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.48 21.98 20.22 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.01 0.38 0.34 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 108.78 99.68 94.06 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 92.20 97.13 100.17 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.93 0.93 0.99 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 93.22 94.09 91.52 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 5.57 5.54 5.89 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. 0.99 0.30 -0.13 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 0.22 8.98 6.97 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -30.45 -30.45 -30.65 As of: 02/29/2024 Market Cap Fund Russell 2500™ Growth Index Market Cap ($mm) 0 - 1,000 1.36% 5.67% Market Cap ($mm) 1,000 - 1,500 0.00% 4.53% Market Cap ($mm) 1,500 - 2,500 4.32% 10.01% Market Cap ($mm) 2,500 - 5,000 15.01% 28.04% Market Cap ($mm) 5,000 - 10,000 48.61% 30.04% Market Cap ($mm) 10,000 - 25,000 30.70% 21.71% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.01% As of: 12/31/2023 Valuation Characteristics Fund Russell 2500™ Growth Index P/E 0-10 6.80% 4.15% P/E 10-15 3.11% 6.55% P/E 15-20 3.69% 7.93% P/E 20-25 7.71% 9.08% P/E 25-Above 61.95% 47.95% P/E – NA 16.74% 24.33% As of: 12/31/2023 Growth Characteristics Fund Russell 2500™ Growth Index EPS Growth (Trailing 3-yr %) - Negative 16.48% 12.94% EPS Growth (Trailing 3-yr %) 0 - 5 5.95% 3.71% EPS Growth (Trailing 3-yr %) 5 - 10 10.21% 5.33% EPS Growth (Trailing 3-yr %) 10 - 15 5.39% 4.60% EPS Growth (Trailing 3-yr %) 15 - 20 5.70% 3.53% EPS Growth (Trailing 3-yr %) Above 20 34.71% 34.56% EPS Growth (Trailing 3-yr %) - NA 21.56% 35.33% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 Atkore Inc 2.39% Five Below Inc 2.37% Manhattan Associates Inc 2.36% Entegris Inc 2.35% RBC Bearings Inc 2.31% Globant SA 2.30% CyberArk Software Ltd 2.13% Texas Roadhouse Inc, Class A 2.09% SiteOne Landscape Supply Inc 2.04% Azenta Inc 2.03% % in Top 10 Holdings 22.37% View Holding Details Holding Details GW&K Small/Mid Cap Growth Fund (ACWIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 Atkore Inc 2.39% Five Below Inc 2.37% Manhattan Associates Inc 2.36% Entegris Inc 2.35% RBC Bearings Inc 2.31% Globant SA 2.30% CyberArk Software Ltd 2.13% Texas Roadhouse Inc, Class A 2.09% SiteOne Landscape Supply Inc 2.04% Azenta Inc 2.03% % in Top 10 Holdings 22.37% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund MANH Manhattan Associates Inc Information Technology S US USD 4,370 253.33 $1,107,052 2.67% ENTG Entegris Inc Information Technology S US USD 7,700 134.36 $1,034,572 2.49% CYBR CyberArk Software Ltd Information Technology S IL USD 3,840 263.76 $1,012,838 2.44% ATKR Atkore Inc Industrials S US USD 5,938 169.40 $1,005,897 2.42% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 6,718 149.37 $1,003,468 2.42% FIVE Five Below Inc Consumer Discretionary S US USD 4,342 200.68 $871,353 2.10% RBC RBC Bearings Inc Industrials S US USD 3,182 272.83 $868,145 2.09% GLOB Globant SA Information Technology S AR USD 3,824 223.17 $853,402 2.06% SITE SiteOne Landscape Supply Inc Industrials S US USD 4,913 168.48 $827,742 2.00% AZTA Azenta Inc Health Care S US USD 12,252 65.15 $798,218 1.92% MEDP Medpace Holdings Inc Health Care S US USD 1,996 397.52 $793,450 1.91% IEX IDEX Corp Industrials S US USD 2,979 235.90 $702,746 1.69% MTDR Matador Resources Co, Class A Energy S US USD 10,965 63.15 $692,440 1.67% BURL Burlington Stores Inc Consumer Discretionary S US USD 3,311 205.10 $679,086 1.64% ACHC Acadia Healthcare Co Inc Health Care S US USD 8,085 83.45 $674,693 1.63% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 4,923 134.80 $663,620 1.60% HLI Houlihan Lokey Inc, Class A Financials S US USD 5,080 128.66 $653,593 1.58% PCTY Paylocity Holding Corp Industrials S US USD 3,823 168.61 $644,596 1.55% NTRA Natera Inc Health Care S US USD 7,438 86.49 $643,313 1.55% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 6,835 88.33 $603,736 1.46% AGIO Agios Pharmaceuticals Inc Health Care S US USD 18,344 32.32 $592,878 1.43% HQY HealthEquity Inc Health Care S US USD 7,172 82.61 $592,479 1.43% CHDN Churchill Downs Inc Consumer Discretionary S US USD 4,838 121.87 $589,607 1.42% PFGC Performance Food Group Co Consumer Staples S US USD 7,622 76.77 $585,141 1.41% CGNX Cognex Corp Information Technology S US USD 14,765 39.45 $582,479 1.40% NBIX Neurocrine Biosciences Inc Health Care S US USD 4,455 130.40 $580,932 1.40% ITCI Intra-Cellular Therapies Inc Health Care S US USD 8,262 69.52 $574,374 1.38% INSM Insmed Inc Health Care S US USD 20,530 27.72 $569,092 1.37% CRNX Crinetics Pharmaceuticals Inc Health Care S US USD 13,855 40.94 $567,224 1.37% BAH Booz Allen Hamilton Holding Corp, Class A Industrials S US USD 3,785 147.71 $559,082 1.35% CACI CACI International Inc, Class A Industrials S US USD 1,490 374.85 $558,527 1.35% LKQ LKQ Corp Consumer Discretionary S US USD 10,409 52.29 $544,287 1.31% RPM RPM International Inc Materials S US USD 4,698 115.35 $541,914 1.31% POOL Pool Corp Consumer Discretionary S US USD 1,356 398.12 $539,851 1.30% EVR Evercore Inc, Class A Financials S US USD 2,878 187.08 $538,416 1.30% ITT ITT Inc Industrials S US USD 4,162 126.14 $524,995 1.27% DSGX Descartes Systems Group Inc Information Technology S CA USD 5,972 86.67 $517,593 1.25% ROCK Gibraltar Industries Inc Industrials S US USD 6,659 77.45 $515,740 1.24% EGP EastGroup Properties Inc Real Estate S US USD 2,880 175.69 $505,987 1.22% PCOR Procore Technologies Inc Information Technology S US USD 6,300 78.03 $491,589 1.19% GMED Globus Medical Inc, Class A Health Care S US USD 8,868 53.99 $478,783 1.15% GGG Graco Inc Industrials S US USD 5,207 91.26 $475,191 1.15% CCCS CCC Intelligent Solutions Holdings Inc Information Technology S US USD 40,361 11.71 $472,627 1.14% HALO Halozyme Therapeutics Inc Health Care S US USD 11,819 39.81 $470,514 1.13% OVV Ovintiv Inc Energy S US USD 9,357 49.41 $462,329 1.11% CHX ChampionX Corp Energy S US USD 14,555 31.06 $452,078 1.09% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 8,709 51.72 $450,429 1.09% EXP Eagle Materials Inc Materials S US USD 1,769 253.55 $448,530 1.08% ZBRA Zebra Technologies Corp, Class A Information Technology S US USD 1,578 279.48 $441,019 1.06% TTC Toro Co Industrials S US USD 4,751 92.31 $438,565 1.06% GTLS Chart Industries Inc Industrials S US USD 3,000 142.86 $428,580 1.03% PNFP Pinnacle Financial Partners Inc Financials S US USD 5,175 82.72 $428,076 1.03% ATR AptarGroup Inc Materials S US USD 3,040 140.46 $426,998 1.03% CHE Chemed Corp Health Care S US USD 674 626.13 $422,012 1.02% NDSN Nordson Corp Industrials S US USD 1,550 265.65 $411,758 0.99% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 1,950 208.83 $407,219 0.98% VCYT Veracyte Inc Health Care S US USD 17,000 23.55 $400,350 0.97% AVNT Avient Corp Materials S US USD 9,849 40.48 $398,688 0.96% RLI RLI Corp Financials S US USD 2,713 146.45 $397,319 0.96% SLAB Silicon Laboratories Inc Information Technology S US USD 2,883 137.54 $396,528 0.96% SUI Sun Communities Inc Real Estate S US USD 2,956 133.76 $395,395 0.95% TYL Tyler Technologies Inc Information Technology S US USD 894 437.14 $390,803 0.94% SM SM Energy Co Energy S US USD 8,838 43.77 $386,839 0.93% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 1,086 325.88 $353,906 0.85% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 6,182 56.34 $348,294 0.84% MKTX MarketAxess Holdings Inc Financials S US USD 1,568 213.41 $334,627 0.81% POWI Power Integrations Inc Information Technology S US USD 4,466 71.46 $319,140 0.77% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 14,340 21.93 $314,476 0.76% RPD Rapid7 Inc Information Technology S US USD 5,238 58.58 $306,842 0.74% PYCR Paycor HCM Inc Industrials S US USD 14,470 21.12 $305,606 0.74% DNUT Krispy Kreme Inc Consumer Discretionary S US USD 23,020 12.94 $297,879 0.72% SSNC SS&C Technologies Holdings Inc Industrials S US USD 4,315 63.76 $275,124 0.66% IART Integra LifeSciences Holdings Corp Health Care S US USD 6,999 36.91 $258,333 0.62% MTN Vail Resorts Inc Consumer Discretionary S US USD 1,045 230.31 $240,674 0.58% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 2,093 114.86 $240,402 0.58% PHAT Phathom Pharmaceuticals Inc Health Care S US USD 19,748 10.70 $211,304 0.51% CYRX CryoPort Inc Health Care S US USD 7,428 17.67 $131,253 0.32% ICUI ICU Medical Inc Health Care S US USD 918 109.23 $100,273 0.24% Cash & Equivalents Cash C US USD - - $358,437 0.86% Fund Holdings Sort order Avg. Weight Total Return Five Below Inc 1 2.25% 32.48% CyberArk Software Ltd 2 1.97% 33.75% Entegris Inc 3 2.19% 27.69% Burlington Stores Inc 4 1.37% 43.74% Texas Roadhouse Inc, Class A 5 2.00% 27.62% Azenta Inc 6 1.86% 29.79% RBC Bearings Inc 7 2.18% 21.68% Intra-Cellular Therapies Inc 8 1.33% 37.49% Globant SA 9 2.18% 20.28% Manhattan Associates Inc 10 3.35% 8.93% As of: 12/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return ChampionX Corp 20 1.53% -17.85% Paylocity Holding Corp 19 1.81% -9.27% Chart Industries Inc 18 0.98% -19.39% HealthEquity Inc 17 1.40% -9.24% CCC Intelligent Solutions Holdings Inc 16 1.07% -14.68% Bio-Rad Laboratories Inc, Class A 15 0.92% -9.92% Matador Resources Co, Class A 14 1.82% -4.16% Phathom Pharmaceuticals Inc 13 0.46% -11.96% Ovintiv Inc 12 0.89% -7.23% LKQ Corp 11 1.36% -3.03% As of: 12/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 12/31/2023 View Allocation Details Allocation Details GW&K Small/Mid Cap Growth Fund (ACWIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Growth Index Health Care 21.86% 21.05% Industrials 21.76% 19.58% Information Technology 20.57% 21.21% Consumer Discretionary 15.65% 13.41% Financials 6.03% 8.54% Energy 4.54% 4.05% Materials 4.29% 3.64% Real Estate 2.34% 1.55% Cash & Other 1.63% 0.00% Consumer Staples 1.34% 3.78% Communication Services 0.00% 2.09% Utilities 0.00% 1.11% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 98.37% Bonds 0.00% Cash and Other 1.63% As of: 12/31/2023 Industry Fund Russell 2500™ Growth Index Software 9.75% 12.56% Machinery 9.58% 4.29% Biotechnology 9.16% 9.50% Semiconductors & Semiconductor Equipment 5.86% 3.48% Specialty Retail 5.67% 2.93% Professional Services 5.51% 3.75% Hotels, Restaurants & Leisure 5.17% 4.11% Life Sciences Tools & Services 4.74% 2.07% Capital Markets 3.97% 3.08% Health Care Providers & Services 3.81% 3.16% % in Top 10 Industries 63.22% 48.93% As of: 12/31/2023 Read Important Investment Disclosures About the Affiliate About GW&K Investment Management GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. Learn More About GW&K Investment Management's Approach FOUNDED 1974 AMG AFFILIATE SINCE 2008 HEADQUARTERS Boston, MA Portfolio Managers Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Read full bio Joseph C. Craigen, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach GW&K Small/Mid Cap Growth Fund The Fund primarily invests in small and mid cap growth companies. The Fund identifies new investments based on five attributes: Company Management: The Fund seeks companies with experienced, tenured, high-quality management Growth Profile: The Fund favors companies with business models that have typically delivered consistent long-term growth Market Positioning: The Fund targets leading companies in attractive and defensible niche markets Financial Strength: The Fund invests in companies with strong financial characteristics Valuation: The Fund will seek attractive valuation relative to industry, peers, and own company history The Fund will ordinarily invest in approximately 55-85 stocks. GW&K intends for the Fund’s portfolio to be diversified as to companies and industries. Additional Fund Highlight Risk management parameters, including exposure limits for each company and diversification of sector and growth profiles, are embedded in the portfolio construction process. Related products Other Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund View Fund Details MFDAX GW&K Enhanced Core Bond ESG Fund View Fund Details MGFIX GW&K ESG Bond Fund View Fund Details MGGBX GW&K High Income Fund View Fund Details MECAX GW&K International Small Cap Fund View Fund Details GWMTX GW&K Municipal Bond Fund View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund View Fund Details GWETX GW&K Small Cap Core Fund View Fund Details SKSEX GW&K Small Cap Value Fund View Fund Details GWGVX GW&K Small/Mid Cap Core Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS