Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 04/18/2024 $14.39 +$0.03 (+0.21%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 01/02/2013 to 03/31/2024 = $19,028.73 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 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 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 Seeks to provide long-term capital appreciation by primarily investing in international small cap companies. Why Consider May be appropriate for investors looking to gain exposure to non-U.S. small cap companies TimesSquare leverages its wealth of experience investing in international small cap companies, relying on bottom-up research to identify growth businesses with exceptional management, distinct, sustainable competitive advantages and consistent growth Documents Fact Sheet Commentary Summary Prospectus Prospectus SAI 2023 Distributions View All Documents Investment Style TimesSquare International Small Cap Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective TimesSquare International Small Cap Fund is categorized as Mid-Growth. It invests in medium-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 03/31/2024 Overall Rating (of 119) 3 Years (of 119) 5 Years (of 114) 10 Years (of 80) Category Foreign Small/Mid Growth Read Important Investment Disclosures Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER Magnus Larsson is a Director and Portfolio Manager on TimesSquare’s International Small Cap team. Prior to joining TimesSquare in 2012, Mr. Larsson was a Portfolio Manager at Nordea Investment Management where he focused on European small and mid cap equities. Prior to Nordea, he held a similar role at SEB Asset Management as a Portfolio Manager focusing on European small and mid caps. Mr. Larsson's prior experience also includes a Financial Analyst role specializing in small and mid cap equity research with Borsinsikt and a position as an Institutional Equity Sales Director at Beeson Gregory. He holds a BS in economics and business administration from the University of Orebro, Sweden, as well as a BA in social science. David A. Hirsh Director & Portfolio Manager/Analyst David is a Director, Portfolio Manager/Analyst – Europe, and Partner on TimesSquare’s International Small Cap team, which covers Developed, Emerging, and Frontier markets. Prior to joining TimesSquare in 2012, David was a Senior Principal at HawkStone Capital, focusing on Europe. Prior to HawkStone, David worked at Societe Generale, Kepler Equities, and Julius Baer with a focus on small to mid cap European stocks. He holds a BA in international affairs from Lafayette College and is fluent in French. 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 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 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. Expense Ratios Gross Expense Ratio: 1.00% Net Expense Ratio: 1.00% Expense Cap Expiration Date: N/A 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 14, 2023 $0.283100 $0.283100 — — Dec 15, 2022 $0.151400 $0.151400 — — Dec 15, 2021 $0.234900 $0.234900 — — Dec 16, 2020 $0.019000 $0.019000 — — Dec 16, 2019 $0.287600 $0.287600 — — Dec 27, 2018 $0.178100 $0.178100 — — Dec 27, 2017 $0.151300 $0.081100 $0.057900 $0.012300 Dec 27, 2016 $0.241800 $0.079500 $0.011200 $0.151100 Dec 28, 2015 $0.637900 $0.189600 $0.413600 $0.034700 Dec 26, 2014 $0.419300 $0.144300 $0.081600 $0.193400 Dec 26, 2013 $0.488000 $0.393500 $0.094500 — From: To: Risk & Return Statistics As of: 03/31/2024 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. -3.68 -2.58 -0.61 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. 17.89 20.61 17.28 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. -0.43 - 0.14 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. 76.42 86.48 91.46 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. 98.32 101.22 100.00 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 0.99 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. 89.06 91.38 89.16 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. 6.04 6.05 5.69 View All Characteristics & Statistics All Characteristics & Statistics TimesSquare International Small Cap Fund (TCMIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Small Cap Index Fund Assets (Mil.$) $169 Number of Holdings 80 2,159 Weighted Avg. Market Cap (Mil.$) $4,077 $3,043 Median Market Cap (Mil.$) $3,721 $1,299 Weighted Avg. P/E (1-yr Forward EPS) 18.55 13.94 Weighted Avg. P/E (Trailing EPS) 20.82 14.71 PEG Ratio 1.69 1.09 Weighted Avg. P/B 2.78 1.37 EPS Growth (Trailing 3-yr %) 17.00% 9.12% EPS Growth (Trailing 5-yr %) 11.65% 6.49% Forward EPS Growth (1-yr %) 7.86% 4.08% Forward EPS Growth (Long Term %) 13.84% 10.58% Revenue Growth (Trailing 5-yr %) 7.27% 5.01% Return on Equity 16.43% 10.77% Weighted Avg. Dividend Yield 1.74% 2.83% Debt to Equity 61.14 71.37 Trailing 12-Months Portfolio Turnover 76.61% As of: 03/31/2024 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. -3.68 -2.58 -0.61 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. 17.89 20.61 17.28 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. -0.43 - 0.14 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. 76.42 86.48 91.46 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. 98.32 101.22 100.00 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 0.99 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. 89.06 91.38 89.16 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. 6.04 6.05 5.69 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. -0.60 -0.48 -0.15 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. -8.24 -0.05 2.49 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. -41.09 -41.09 -41.09 As of: 03/31/2024 Market Cap Fund MSCI EAFE Small Cap Index Market Cap ($mm) 0 - 1,000 8.94% 13.09% Market Cap ($mm) 1,000 - 1,500 7.63% 12.29% Market Cap ($mm) 1,500 - 2,500 12.78% 20.40% Market Cap ($mm) 2,500 - 5,000 45.96% 37.63% Market Cap ($mm) 5,000 - 10,000 20.50% 16.55% Market Cap ($mm) 10,000 - 25,000 4.20% 0.00% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.05% As of: 03/31/2024 Valuation Characteristics Fund MSCI EAFE Small Cap Index P/E 0-10 3.37% 16.50% P/E 10-15 14.88% 18.60% P/E 15-20 25.38% 16.20% P/E 20-25 15.59% 14.36% P/E 25-Above 35.48% 27.99% P/E – NA 5.30% 6.35% As of: 03/31/2024 Growth Characteristics Fund MSCI EAFE Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 12.89% 30.76% EPS Growth (Trailing 3-yr %) 0 - 5 8.55% 7.32% EPS Growth (Trailing 3-yr %) 5 - 10 4.82% 5.15% EPS Growth (Trailing 3-yr %) 10 - 15 9.95% 7.02% EPS Growth (Trailing 3-yr %) 15 - 20 9.05% 5.18% EPS Growth (Trailing 3-yr %) Above 20 38.84% 29.71% EPS Growth (Trailing 3-yr %) - NA 15.91% 14.85% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2024 Steadfast Group Ltd 2.82% Saab AB 2.65% Rakuten Bank Ltd 2.62% Siegfried Holding Ag 2.55% Nippon Gas Co Ltd 2.31% Arcadis NV 2.16% Internet Initiative Japan Inc 2.15% Bodycote PLC 2.03% Technip Energies NV 1.97% Organo Corp 1.94% % in Top 10 Holdings 23.22% View Holding Details Holding Details TimesSquare International Small Cap Fund (TCMIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2024 Steadfast Group Ltd 2.82% Saab AB 2.65% Rakuten Bank Ltd 2.62% Siegfried Holding Ag 2.55% Nippon Gas Co Ltd 2.31% Arcadis NV 2.16% Internet Initiative Japan Inc 2.15% Bodycote PLC 2.03% Technip Energies NV 1.97% Organo Corp 1.94% % in Top 10 Holdings 23.22% As of: 03/31/2024 Download All Holdings (PDF) As of: 03/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SDF Steadfast Group Ltd Financials S AU AUD 1,247,943 3.83 $4,781,552 2.82% SAABB Saab AB Industrials S SE SEK 50,560 88.95 $4,497,459 2.65% 5838 Rakuten Bank Ltd Financials S JP JPY 222,660 19.96 $4,443,601 2.62% SFZN Siegfried Holding Ag Health Care S CH CHF 4,240 1,021.10 $4,329,453 2.55% 8174 Nippon Gas Co Ltd Utilities S JP JPY 232,210 16.84 $3,910,919 2.31% ARCAD Arcadis NV Industrials S NL EUR 59,870 61.24 $3,666,419 2.16% 3774 Internet Initiative Japan Inc Communication Services S JP JPY 195,120 18.67 $3,643,393 2.15% BOY Bodycote PLC Industrials S GB GBP 392,839 8.76 $3,443,180 2.03% TE Technip Energies NV Energy S FR EUR 132,070 25.30 $3,341,003 1.97% 6368 Organo Corp Industrials S JP JPY 66,190 49.59 $3,282,370 1.94% 9336 Daiei Kankyo Co Ltd Industrials S JP JPY 185,320 17.53 $3,248,757 1.92% 5842 Integral Corp Financials S JP JPY 128,910 24.88 $3,206,751 1.89% OR Osisko Gold Royalties Ltd Materials S CA CAD 191,440 16.41 $3,141,790 1.85% 6141 DMG Mori Co Ltd Industrials S JP JPY 117,010 26.44 $3,093,306 1.83% SPIE SPIE SA Industrials S FR EUR 81,550 37.59 $3,065,508 1.81% DPLM Diploma PLC Industrials S GB GBP 63,210 46.97 $2,969,067 1.75% 4527 Rohto Pharmaceutical Co Ltd Consumer Staples S JP JPY 142,450 19.43 $2,767,786 1.63% SOP Sopra Steria Group Information Technology S FR EUR 11,163 242.34 $2,705,278 1.60% NEX Nexans SA Industrials S FR EUR 25,680 104.54 $2,684,622 1.58% RILBA Ringkjoebing Landbobank A/S Financials S DK DKK 14,910 175.33 $2,614,225 1.54% VIS Viscofan SA Consumer Staples S ES EUR 40,720 63.57 $2,588,494 1.53% CYBR CyberArk Software Ltd Information Technology S IL USD 9,410 265.63 $2,499,578 1.48% R3NK RENK Group AG Industrials S DE EUR 62,730 39.77 $2,494,547 1.47% AUTO Auto Trader Group PLC 144A Communication Services S GB GBP 277,020 8.83 $2,446,340 1.44% UTG UNITE Group PLC Real Estate S GB GBP 196,240 12.37 $2,427,544 1.43% DHG Dalata Hotel Group PLC Consumer Discretionary S IE EUR 498,146 4.86 $2,421,099 1.43% 8972 KDX Realty Investment Corp, Class A Real Estate S JP JPY 2,220 1,062.89 $2,359,622 1.39% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 207,940 11.12 $2,312,293 1.36% 9744 MEITEC Group Holdings Inc Industrials S JP JPY 119,300 19.33 $2,306,603 1.36% IPS IPSOS SA Communication Services S FR EUR 32,540 70.50 $2,294,056 1.35% 1910 Samsonite International SA 144A Consumer Discretionary S US HKD 597,710 3.79 $2,264,646 1.34% HUH1V Huhtamaki Oyj Materials S FI EUR 53,890 41.89 $2,257,546 1.33% TATE Tate & Lyle PLC Consumer Staples S GB GBP 289,354 7.79 $2,255,160 1.33% 8111 Goldwin Inc Consumer Discretionary S JP JPY 35,160 63.67 $2,238,699 1.32% QTCOM Qt Group Oyj Information Technology S FI EUR 26,180 82.53 $2,160,554 1.27% CRW Craneware PLC Health Care S GB GBP 76,100 27.77 $2,113,092 1.25% MRL Merlin Properties Socimi SA Real Estate S ES EUR 192,550 10.76 $2,071,619 1.22% SAVE Nordnet AB publ Financials S SE SEK 112,537 18.35 $2,064,878 1.22% GAW Games Workshop Group PLC Consumer Discretionary S GB GBP 16,060 126.72 $2,035,121 1.20% AMBUB Ambu A/S, Class B Health Care S DK DKK 119,380 16.46 $1,964,760 1.16% 3543 KOMEDA Holdings Co Ltd Consumer Discretionary S JP JPY 110,110 17.81 $1,961,347 1.16% AFN Ag Growth International Inc Industrials S CA CAD 42,750 45.30 $1,936,540 1.14% IDR Indra Sistemas SA Information Technology S ES EUR 92,970 20.72 $1,926,766 1.14% CAR CAR Group Ltd Communication Services S AU AUD 79,714 23.51 $1,873,747 1.11% 2175 SMS Co Ltd Industrials S JP JPY 107,980 17.20 $1,857,031 1.10% HAG Hensoldt AG Industrials S DE EUR 39,200 46.92 $1,839,405 1.09% ROR Rotork PLC Industrials S GB GBP 426,840 4.15 $1,772,327 1.05% NVMI Nova Ltd Information Technology S IL USD 9,820 177.38 $1,741,872 1.03% 3038 Kobe Bussan Co Ltd Consumer Staples S JP JPY 70,988 24.50 $1,739,438 1.03% HWDN Howden Joinery Group PLC Industrials S GB GBP 151,633 11.45 $1,735,771 1.02% TOP Topdanmark A/S Financials S DK DKK 40,091 42.67 $1,710,602 1.01% 2345 Accton Technology Corp Information Technology S TW TWD 118,610 14.33 $1,699,742 1.00% ALQ ALS Ltd Industrials S AU AUD 198,670 8.55 $1,698,678 1.00% FBK FinecoBank Banca Fineco SpA Financials S IT EUR 102,933 14.98 $1,541,607 0.91% IPH IPH Ltd Industrials S AU AUD 373,760 4.11 $1,536,262 0.91% IMD Imdex Ltd Materials S AU AUD 1,009,350 1.52 $1,531,412 0.90% DAN Danieli & C Officine Meccaniche SpA Industrials S IT EUR 41,600 35.49 $1,476,557 0.87% 6526 Socionext Inc Information Technology S JP JPY 53,180 27.31 $1,452,611 0.86% 4373 Simplex Holdings Inc Information Technology S JP JPY 73,980 18.46 $1,365,759 0.81% TOY Spin Master Corp 144A Consumer Discretionary S CA CAD 53,210 25.59 $1,361,529 0.80% PSI Pason Systems Inc Energy S CA CAD 107,830 11.55 $1,245,034 0.73% CIE CIE Automotive SA Consumer Discretionary S ES EUR 42,937 28.68 $1,231,432 0.73% ACX Acerinox SA Materials S ES EUR 111,890 10.98 $1,228,739 0.73% VRLA Verallia SA 144A Materials S FR EUR 30,720 38.88 $1,194,361 0.70% AMP Amplifon SpA Health Care S IT EUR 28,355 36.45 $1,033,616 0.61% GXI Gerresheimer AG Health Care S DE EUR 8,470 112.57 $953,486 0.56% 9468 Kadokawa Corp Communication Services S JP JPY 53,740 17.57 $944,231 0.56% JUN3 Jungheinrich AG Industrials S DE EUR 24,930 37.00 $922,353 0.54% 7649 Sugi Holdings Co Ltd Consumer Staples S JP JPY 52,521 17.08 $896,935 0.53% SAFE Safestore Holdings PLC Real Estate S GB GBP 92,180 9.54 $879,541 0.52% KWS Keywords Studios PLC Information Technology S IE GBP 52,190 16.43 $857,648 0.51% PAGS Pagseguro Digital Ltd, Class A Financials S BR USD 58,900 14.28 $841,092 0.50% 7716 Nakanishi Inc Health Care S JP JPY 53,000 15.69 $831,676 0.49% BCG Baltic Classifieds Group PLC Communication Services S LT GBP 280,400 2.84 $795,070 0.47% 2150 Carenet Inc Health Care S JP JPY 184,830 4.26 $788,038 0.47% 9090 AZ-COM MARUWA Holdings Inc Industrials S JP JPY 83,180 8.95 $744,824 0.44% FNOX Fortnox AB Information Technology S SE SEK 115,260 6.25 $720,006 0.42% 4419 Finatext Holdings Ltd Information Technology S JP JPY 114,300 6.15 $702,785 0.41% VALMT Valmet OYJ Industrials S FI EUR 23,060 26.32 $607,037 0.36% IP Interpump Group SpA Industrials S IT EUR 10,557 48.74 $514,515 0.30% Cash & Equivalents Cash C US USD - - $3,352,440 1.98% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Saab AB 1 2.41% 47.67% RENK Group AG 2 0.66% 74.04% Rakuten Bank Ltd 3 2.08% 36.29% DMG Mori Co Ltd 4 1.79% 40.12% Hensoldt AG 5 0.97% 74.06% Socionext Inc 6 0.91% 55.01% Integral Corp 7 1.57% 32.24% Organo Corp 8 1.84% 23.39% CyberArk Software Ltd 9 1.53% 21.26% Lawson, Inc. 10 0.82% 31.43% As of: 03/31/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Carenet Inc 20 0.57% -43.70% Keywords Studios PLC 19 1.17% -22.37% Kobe Bussan Co Ltd 18 0.99% -16.44% Adventure, Inc. 17 0.33% -37.83% SMS Co Ltd 16 1.14% -16.31% Safestore Holdings PLC 15 1.03% -13.51% Internet Initiative Japan Inc 14 2.08% -7.93% Arcos Dorados Holdings Inc, Class A 13 1.35% -11.89% AZ-COM MARUWA Holdings Inc 12 0.75% -16.98% Accton Technology Corp 11 1.01% -15.10% As of: 03/31/2024 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 Regional Allocation As of: 03/31/2024 View Allocation Details Allocation Details TimesSquare International Small Cap Fund (TCMIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Small Cap Index Industrials 30.33% 23.40% Financials 12.51% 12.28% Information Technology 10.52% 9.56% Consumer Discretionary 9.34% 12.98% Health Care 7.09% 5.94% Communication Services 7.08% 4.05% Consumer Staples 6.05% 6.39% Materials 5.52% 9.80% Real Estate 4.57% 10.09% Energy 2.71% 3.09% Utilities 2.31% 2.37% Cash & Other 1.98% 0.00% Other Equities 0.00% 0.05% As of: 03/31/2024 Investment Allocation 03/31/2024 Stocks 98.02% Bonds 0.00% Cash and Other 1.98% As of: 03/31/2024 Country Fund MSCI EAFE Small Cap Index Japan 28.20% 34.81% United Kingdom 13.03% 14.68% France 9.02% 3.81% Australia 6.74% 9.42% Spain 5.34% 1.94% Canada 4.54% 0.00% Sweden 4.30% 5.92% Denmark 3.71% 2.16% Germany 3.66% 4.54% Finland 2.97% 1.18% Italy 2.69% 3.48% Switzerland 2.55% 4.41% Israel 2.50% 2.92% Netherlands 2.16% 1.60% Ireland 1.93% 0.31% % in Top 15 Countries 93.34% 91.18% As of: 03/31/2024 Region Fund MSCI EAFE Small Cap Index Developed 94.69% 100.00% Europe & Middle East 53.88% 51.88% North America 5.87% 0.00% Pacific 34.94% 48.12% Emerging 1.50% 0.00% Asia 1.00% 0.00% Latin America 0.50% 0.00% Europe & Middle East 0.00% 0.00% Africa 0.00% 0.00% Frontier 0.47% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.47% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.34% 0.00% As of: 03/31/2024 Industry Fund MSCI EAFE Small Cap Index Machinery 11.53% 7.22% Professional Services 6.53% 1.78% Banks 5.07% 4.90% IT Services 4.46% 2.39% Hotels, Restaurants & Leisure 3.95% 2.99% Insurance 3.83% 2.19% Aerospace & Defense 3.74% 0.40% Commercial Services & Supplies 3.73% 2.01% Metals & Mining 3.48% 3.53% Software 3.17% 1.81% % in Top 10 Industries 49.49% 29.22% As of: 03/31/2024 Read Important Investment Disclosures About the Affiliate About TimesSquare Capital Management TimesSquare is a growth equity specialist. They are a trusted partner to institutional investors globally, providing mutual fund and separate account management. Reliance on in-depth, research-driven strategies has historically produced strong results across products and market cycles. Learn More About TimesSquare Capital Management's Approach FOUNDED 2000 AMG AFFILIATE SINCE 2004 HEADQUARTERS New York, NY Portfolio Managers Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER Read full bio David A. Hirsh Director & Portfolio Manager/Analyst Read full bio Investment Approach Investment Approach TimesSquare International Small Cap Fund The Fund seeks to outperform the MSCI EAFE Small Cap Index over a full market cycle. TimesSquare’s international investment team uses a bottom up, fundamental research-intensive approach to identify international small cap stocks with the greatest potential to achieve price appreciation over a 12- to 18-month horizon. The Fund invests in companies with market capitalizations less than $5 billion at time of purchase. Related products Other Products From TimesSquare Capital Management TQENX TimesSquare Emerging Markets Small Cap Fund View Fund Details TSYNX TimesSquare Global Small Cap Fund View Fund Details TMDPX TimesSquare Mid Cap Growth Fund View Fund Details TSCPX TimesSquare Small Cap Growth 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