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.
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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 financial expert with extensive knowledge in investment analysis and fund management, I've delved into the intricacies of the provided article to shed light on its key concepts. My expertise in the field allows me to decipher the nuances and implications embedded in the information. Here's a breakdown of the essential concepts touched upon in the article:
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Investment Considerations:
- Investors are advised to thoroughly assess the Fund's investment objectives, risks, charges, and expenses before making any investment decisions.
- A call to action is provided, encouraging potential investors to reach out via phone or visit the official website for a comprehensive and free prospectus.
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Performance Data:
- The article emphasizes that past performance is showcased, serving as a reference point for potential investors. However, it is explicitly stated that past performance is not indicative of future results.
- Recognition is given to the inherent volatility in investment returns, with the reminder that an investor's shares may be worth more or less than the original cost upon redemption.
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Fees and Expenses:
- The advisor has, at times, waived fees or reimbursed expenses, potentially impacting the fund's returns.
- Returns and yields of the Fund are presented net of expenses, differentiating them from the returns and yields of indices, which exclude expenses.
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Morningstar Ratings:
- Morningstar provides a rating system based on a Risk-Adjusted Return measure, considering factors such as sales charges, loads, and redemption fees.
- The Overall Morningstar Rating is a weighted average of three-, five-, and ten-year performance metrics. Ratings range from 1 to 5 stars, with 5 stars representing the top 10% in each category.
- Morningstar Analyst Rating is a subjective evaluation that considers five key pillars: process, performance, people, parent, and price. The scale includes Gold, Silver, Bronze, Neutral, and Negative ratings.
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Methodology and Evaluation:
- Morningstar's evaluation process involves both quantitative and qualitative factors. For actively managed strategies, people and process carry a significant weight.
- The Analyst Rating reflects the Manager Research Group's expectation of a fund's ability to deliver positive alpha relative to benchmarks.
- Continuous monitoring and reevaluation occur at least every 14 months.
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Disclaimers and Legal Information:
- Various disclaimers emphasize the proprietary nature of Morningstar's information, the potential risks associated with relying solely on ratings, and the absence of guarantees regarding the accuracy, completeness, or timeliness of the information.
- Past performance is explicitly declared as no guarantee of future results.
In conclusion, this article serves as a comprehensive guide for potential investors, providing insights into the fund's historical performance, evaluation methodologies by Morningstar, and crucial considerations regarding fees and risks. It's a valuable resource for those seeking to make informed investment decisions.
