APRIL
2017
AMG Managers Pictet International Fund
1
FACT SHEET
Class N | APINX
ASSET CLASS | INTERNATIONAL EQUITY
Class I | APCTX
Fund highlights
uu
Disciplined, team-based research process seeking long-term capital appreciation
uu
Offers opportunistic all-cap exposure to non-U.S. companies primarily located in
developed markets
uu
Employs a bottom-up fundamental approach that focuses on valuation and buying
companies with a capacity to generate sustainable cash flow growth
Headquarters: Geneva
Founded: 1805
Specialization: International investing
Portfolio Managers
Average annual returns (%)2 (as of 03/31/17)
Fabio Paolini
Swee-Kheng Lee
Benjamin Beneche
3-Year Morningstar Rating
Based on Risk-Adjusted Returns
APINX (Class N)
APCTX (Class I)
Benchmark
As of 5/1/17 was rated four stars for the 3-year
period against 590 Foreign Large Blend funds.
The overall, 5-year and 10-year ratings are not
available since the Fund’s inception data is
04/14/14.
Foreign Large Blend
YTD
1 Yr
3 Yr
5 Yr
Since Incpt
4/14/14
4/14/14
—
9.78
9.93
7.25
9.78
9.93
7.25
12.93
13.14
11.67
—
—
0.50
—
—
5.83
2.23
2.56
0.87
Inception
QTD
YTD
1 Yr
3 Yr
5 Yr
Since Incpt
4/14/14
4/14/14
—
2.94
2.94
2.54
13.01
13.16
9.97
14.04
14.39
11.29
2.55
2.88
0.86
—
—
6.78
3.15
3.47
1.68
Average annual returns (%)2 (as of 04/30/17)
OVERALL MORNINGSTAR RATING
Style
QTD
APINX (Class N)
APCTX (Class I)
Benchmark
TM
Expense Ratios (gross/net): Class N 1.37% / 1.36%, Class I 1.12% / 1.11%
Inception
V
C
Calendar year performance (%)3
G
Top five holdings (%)4 (as of 04/30/17)
Anheuser-Busch InBev SA
GlaxoSmithKline PLC
CK Hutchison Holdings Ltd
Japan Tobacco Inc
Banco Bilbao Vizcaya Argentaria SA
6
Benchmark
4
MSCI EAFE Index
2
Top five countries (%) (as of 04/30/17)
0
-2
¢ APCTX (Class I)
¢ Benchmark
2016
3.03
1.00
2015
6.75
-0.81
Sector weightings (%)5 (as of 04/30/17)
AMG Funds provides access to premier
asset managers through a unique
partnership where the investment
managers are truly independent. We
are not beholden to a single investment
approach or a single manager in delivering
quality investment solutions. This
innovative approach leverages each
manager’s specific expertise to deliver
products that cover the complete asset
class spectrum. Delivering the talents of
all of these portfolio managers under a
consolidated platform allows AMG Funds
to offer unmatched access to specialized
investment expertise.
% of Net
Assets
3.20
2.88
2.86
2.82
2.80
Holding
8
L
M
S
Sector
Fund
Benchmark
Consumer Discretionary
Industrials
Consumer Staples
Health Care
Financials
Telecommunication Services
Information Technology
Energy
Real Estate
Materials
Utilities
Cash & Other
19.65
14.80
13.22
12.59
12.29
8.85
5.36
4.42
2.17
2.11
1.49
3.05
12.37
14.52
11.35
10.74
21.39
4.25
5.70
4.83
3.70
7.81
3.34
0.00
Country
Fund
Index
Japan
United Kingdom
France
Spain
Hong Kong
19.73
17.46
11.61
6.96
6.53
23.09
17.76
10.47
3.44
3.52
Prior to October 1, 2016, the Fund was known as ASTON/Pictet
International Fund.
2
Returns for periods greater than one year are annualized.
3
Performance is shown for the class of shares with the longest track
record. If there are multiple share classes with the same inception
date then performance represents the share class with the lowest
expense ratio. In these cases, the performance of share classes with
higher expenses would result in lower performance than that shown.
4
Mention of a specific security should not be considered a
recommendation to buy or a solicitation to sell that security. Holdings
are subject to change.
5
Weights may not equal 100% due to rounding.
1
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 800.835.3879 or visit our website at
www.amgfunds.com.
APRIL | 2017 | AMG Managers Pictet International Fund
ASSET CLASS | INTERNATIONAL EQUITY
Fund facts (as of 04/30/17)
Share Class
Ticker
Class N
Class I
APINX
APCTX
Expense Ratio
(Gross/Net)
1.37% / 1.36%1
1.12% / 1.11%1
Minimum Initial
Investment
$2,000
$100,000
12b–1
Fees
0.25%
—
Characteristics2 (as of 04/30/17)
Net Assets (Mil.$)
# Holdings
1,642.11
—
72
929
Fund
Benchmark
Weighted
Avg. Market Cap (Mil.$)
40,410
56,892
Weighted
Avg. P/E3
18.02
17.37
Trailing 5-Yr EPS
Growth (%)4,5
-2.90
0.41
Risk/reward statistics1,5 (as of 04/30/17)
Ticker
APCTX
1
Upside
Capture Ratio6
98.12
Downside
Capture Ratio6
89.17
Standard
Deviation4
11.61
Alpha6
The Fund's investment manager has contractually agreed, through at least October 1, 2018, to limit
Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense
ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's
expenses.
Investors should carefully consider the Fund’s investment objectives, risks, charges
and expenses before investing. For this and other information, please call 800.835.3879
or visit www.amgfunds.com for a free Prospectus. Read it carefully before investing or
sending money.
Definitions
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.
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.
Downside Capture Ratio: The 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.
Earnings Per Share (EPS): Earnings Per Share (EPS) is a company’s profits per share of common stock.
Information Ratio: 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 portfolio manager. The higher the IR, the more
consistent a manager is.
Price/earnings Ratio (P/E): Price/earnings (or P/E) ratio is a comparison of the company’s closing stock price and its
trailing 12-month earnings per share.
Sharpe Ratio: The Sharpe ratio is calculated using standard deviation and excess return to determine reward per unit of
risk. The higher the Sharpe ratio, the better the portfolio’s historical risk-adjusted performance.
Standard Deviation: Annualized 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.
Tracking Error: Tracking error measures the standard deviation of the excess returns a portfolio generates compared to
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.
Upside Capture Ratio: The 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.
A short-term redemption fee of 2% will be charged on shares held for less than 90 days.
www.amgfunds.com
2.09
Tracking
Error6
3.97
Beta6
0.91
Information
Ratio6
0.51
Sharpe
Ratio
0.23
Characteristics derived from FactSet.
3
Weighted harmonic average.
4
Weighted average.
5
Annualized.
2
Investments in international securities are subject to certain risks of overseas investing including currency fluctuations
and changes in political and economic conditions, which could result in significant market fluctuations.
The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns,
economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in
local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.
Investing in initial public offerings (IPOs) is risky and the prices of stocks purchased in IPOs tend to fluctuate more widely
than stocks of companies that have been publicly traded for a longer period of time. Stocks purchased in IPOs generally do
not have a trading history, and information about the companies may be available for very limited periods.
The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility,
lower trading volume, and less liquidity than the stocks of larger, more established companies.
The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings
patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed
to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index
consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland and the United Kingdom.
Unlike the Fund, the MSCI EAFE Index is unmanaged, is not available for investment and does not incur expenses.
AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC.
© 2017 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar
and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar, its content providers nor the AMG Funds are responsible for any damages or losses arising
from any use of this information. Past performance is no guarantee of future results.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar
Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of
sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent
performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive
3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one
fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall
Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-,
five- and ten-year (if applicable) Morningstar Rating metric. Morningstar Rating is for the share class indicated only (see
ticker); other share classes may have different performance characteristics. The Ranking may reflect the waiver of all or a
portion of the fund’s fees. Without such waiver, the Rankings may have been lower.
Not FDIC Insured | May Lose Value | Not Bank Guaranteed
linkedin.com/company/amg-funds
©2017 AMG Funds LLC. All rights reserved.
043017
FS163