Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.548.4539 or visit www.amgfunds.com for a free prospectus. Read it carefully before investing or sending money.
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 Web site atwww.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.
Click here to view Index Definitions. Unlike the Fund, indices are unmanaged, not available for investment and do not incur expenses.
Click here to view the Glossary of Terms
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 metrics.
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. Past performance is no guarantee of future results.
The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.
The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.
For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go tohttps://shareholders.morningstar.com/investor-relations/governance/ Compliance--Disclosure/default.aspx.
The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.
©2024 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.
AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC.
The Harding Loevner Funds are distributed by Quasar Distributors, LLC. AMG Distributors, Inc. provides support on a wholesale basis related to making the Harding Loevner Funds available through various intermediaries. Quasar Distributors, LLC is not affiliated with AMG Funds LLC or AMG Distributors, Inc.
As a seasoned investment professional deeply immersed in the world of finance and asset management, I bring forth a wealth of knowledge and expertise garnered through years of hands-on experience and continuous learning. My insights are rooted in a comprehensive understanding of various investment vehicles, market dynamics, and regulatory frameworks. Let's delve into the concepts mentioned in the provided article:
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Investment Objectives: These outline the goals an investor seeks to achieve through their investment, such as capital appreciation, income generation, or capital preservation. Understanding these objectives is crucial for aligning investment strategies with investor goals.
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Risks: Every investment carries a certain level of risk, including market risk, credit risk, liquidity risk, and geopolitical risk, among others. Investors must assess and manage these risks to protect their capital and achieve desired returns.
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Charges and Expenses: Investment funds incur various charges and expenses, including management fees, administrative costs, and operational expenses. These fees are deducted from the fund's assets and can impact overall returns for investors.
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Prospectus: A prospectus is a legal document provided to potential investors, containing essential information about the investment fund, including its objectives, strategies, risks, fees, and historical performance. Investors are encouraged to review the prospectus carefully before making investment decisions.
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Past Performance: Historical performance data provides insights into how a fund has performed in the past. However, it's essential to remember that past performance is not indicative of future results. Investors should use past performance as one of many factors in their investment decision-making process.
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Net of Expenses: Performance figures presented as "net of expenses" indicate that returns have been adjusted to account for fees and expenses associated with managing the fund. This provides investors with a clearer picture of the actual returns they may expect to receive.
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Morningstar Ratings: Morningstar, a renowned investment research firm, evaluates and rates mutual funds and other investment products based on various criteria, including risk-adjusted returns, fund management, and expenses. These ratings help investors assess the relative performance and quality of different funds within their respective categories.
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Morningstar Analyst Rating: This rating is a subjective evaluation performed by Morningstar's manager research group, assessing funds based on key pillars such as process, performance, people, parent company, and price. Analyst ratings provide additional insights into a fund's potential for delivering positive returns relative to its peers.
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Fund Distribution: Investment funds are typically distributed through intermediaries like AMG Distributors, Inc. or Quasar Distributors, LLC, which facilitate the sale of funds to investors through various channels.
By understanding these concepts and how they interplay in the investment landscape, investors can make more informed decisions tailored to their financial goals and risk tolerance.
