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Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AMG GW&K Municipal Enhanced Yield Fund

GWMZX | Fund

$8.97

$212 M

3.40%

$0.30

0.68%

Vitals

YTD Return

3.6%

1 yr return

9.3%

3 Yr Avg Return

-1.7%

5 Yr Avg Return

1.0%

Net Assets

$212 M

Holdings in Top 10

27.4%

52 WEEK LOW AND HIGH

$9.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.68%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 61.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000,000

IRA

$50,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AMG GW&K Municipal Enhanced Yield Fund

GWMZX | Fund

$8.97

$212 M

3.40%

$0.30

0.68%

GWMZX - Profile

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return -1.7%
  • 5 Yr Annualized Total Return 1.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.25%
DIVIDENDS
  • Dividend Yield 3.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    AMG GW&K Municipal Enhanced Yield Fund
  • Fund Family Name
    AMGFUNDSGR
  • Inception Date
    Feb 24, 2017
  • Shares Outstanding
    N/A
  • Share Class
    Z
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Nancy Angell

Fund Description

In pursuing its investment objective, which is a fundamental policy that may not be changed without shareholder approval, the Fund, under normal circumstances, invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. dollar-denominated fixed income securities that are exempt from federal income tax. This policy is also fundamental and may not be changed without shareholder approval. In addition, up to 50% of the Fund’s net assets, plus the amount of any borrowings for investment purposes, may be invested in securities that are subject to the federal alternative minimum tax.
The Fund may invest up to 35% of its total assets in unrated securities, and may invest up to 50% of its total assets in unrated securities and below investment grade securities (commonly known as “junk bonds” or “high yield securities”). Below investment grade securities are rated below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or below BBB- by S&P Global Ratings (“S&P”) or similarly rated by another nationally recognized statistical rating organization, or unrated but determined by GW&K Investment Management, LLC, the subadviser to the Fund (“GW&K” or the “Subadviser”), to be of comparable credit quality. In cases where the credit ratings agencies have
assigned different credit ratings to the same security, the security will be considered to have the higher credit rating. The Fund may continue to hold securities that are downgraded in credit rating subsequent to their purchase if GW&K believes it would be advantageous to do so. The Fund may invest in bonds of any maturity or duration and does not expect to target any specific range of maturity or duration. The Fund’s average weighted portfolio maturity and duration will vary from time to time depending on the Subadviser’s views on the direction of interest rates.
Although the Fund seeks to be diversified by geography and across sectors of the municipal bond market, the Fund may at times invest a significant portion of its assets in a particular state or region or in a particular sector due to market conditions. GW&K may also allocate a significant portion of the Fund to a specific segment of the municipal bond yield. In particular, the Fund often favors bonds with more than 10 years to maturity that offer higher yields.
Read More

GWMZX - Performance

Return Ranking - Trailing

Period GWMZX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -2.0% 12.4% 84.80%
1 Yr 9.3% 1.0% 18.7% 77.45%
3 Yr -1.7%* -8.8% 3.0% 78.61%
5 Yr 1.0%* -5.0% 3.8% 66.50%
10 Yr N/A* -0.4% 155.6% 60.00%

* Annualized

Return Ranking - Calendar

Period GWMZX Return Category Return Low Category Return High Rank in Category (%)
2023 7.3% -6.2% 7.5% 1.47%
2022 -20.4% -26.9% -3.5% 87.56%
2021 0.3% -1.9% 5.6% 90.40%
2020 2.5% -4.0% 4.2% 7.61%
2019 7.5% -0.7% 9.1% 5.24%

Total Return Ranking - Trailing

Period GWMZX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -2.0% 12.4% 84.80%
1 Yr 9.3% 1.0% 18.7% 77.45%
3 Yr -1.7%* -8.8% 3.0% 78.61%
5 Yr 1.0%* -5.0% 3.8% 66.50%
10 Yr N/A* -0.4% 155.6% 55.63%

* Annualized

Total Return Ranking - Calendar

Period GWMZX Return Category Return Low Category Return High Rank in Category (%)
2023 10.9% -4.1% 10.9% 0.49%
2022 -17.8% -26.9% 4.3% 90.55%
2021 4.0% -1.9% 10.0% 79.29%
2020 6.4% -2.6% 8.2% 7.11%
2019 11.4% -0.7% 1028633.9% 7.33%

NAV & Total Return History

GWMZX - Holdings

Concentration Analysis

GWMZX Category Low Category High GWMZX % Rank
Net Assets 212 M 9.79 K 15.6 B 81.68%
Number of Holdings 75 1 3325 94.53%
Net Assets in Top 10 55.9 M -102 M 3.51 B 76.12%
Weighting of Top 10 27.38% 4.6% 98.8% 11.00%

Top 10 Holdings

  1. Texas Private Activity Bond Surface Transportation Corp 3.90%
  2. Public Authority for Colorado Energy 3.24%
  3. Richland County School District No 2/SC 2.98%
  4. City of Chattanooga TN Electric Revenue 2.68%
  5. Philadelphia Authority for Industrial Development 2.66%
  6. Pennsylvania Economic Development Financing Authority 2.55%
  7. Central Plains Energy Project 2.48%
  8. New York Transportation Development Corp 2.35%
  9. Rhode Island Health and Educational Building Corp 2.34%
  10. Escambia County Health Facilities Authority 2.19%

Asset Allocation

Weighting Return Low Return High GWMZX % Rank
Bonds 		98.59% 0.00% 146.69% 60.29%
Cash 		1.28% -0.64% 100.00% 31.84%
Other 		0.13% -5.59% 5.07% 8.46%
Stocks 		0.00% 0.00% 99.62% 70.59%
Preferred Stocks 		0.00% -47.61% 0.00% 58.21%
Convertible Bonds 		0.00% 0.00% 0.00% 54.73%

Bond Sector Breakdown

Weighting Return Low Return High GWMZX % Rank
Municipal 		99.32% 0.00% 100.00% 29.35%
Derivative 		0.00% -7.53% 2.16% 56.72%
Cash & Equivalents 		0.00% 0.00% 100.00% 74.13%
Securitized 		0.00% 0.00% 22.44% 57.21%
Corporate 		0.00% 0.00% 2.83% 76.62%
Government 		0.00% 0.00% 0.09% 57.71%

Bond Geographic Breakdown

Weighting Return Low Return High GWMZX % Rank
US 		98.59% 0.00% 139.84% 55.72%
Non US 		0.00% 0.00% 13.35% 58.71%

GWMZX - Expenses

Operational Fees

GWMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.68% 0.22% 3.44% 77.83%
Management Fee 0.45% 0.00% 1.41% 29.90%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.35% 75.00%

Sales Fees

GWMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

GWMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GWMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 61.00% 2.00% 121.00% 91.01%

GWMZX - Distributions

Dividend Yield Analysis

GWMZX Category Low Category High GWMZX % Rank
Dividend Yield 3.40% 0.00% 5.94% 75.00%

Dividend Distribution Analysis

GWMZX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

GWMZX Category Low Category High GWMZX % Rank
Net Income Ratio 2.25% 1.11% 5.44% 86.76%

Capital Gain Distribution Analysis

GWMZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

GWMZX - Fund Manager Analysis

Managers

Nancy Angell

Start Date

Tenure

Tenure Rank

Dec 30, 2005

16.43

16.4%

Nancy began her career at GW&K in 1984 and quickly became an integral member of the firm’s Municipal Bond team. She was appointed Co-Director of Fixed Income in 2001, responsible for overseeing all aspects of our management of fixed income assets, including portfolio management, research, and trading. Nancy continues in her role as portfolio manager for all of the firm’s municipal bond strategies. Nancy is a member of the firm’s Management, Investment and ESG Committees. Nancy graduated cum laude from Duke University in 1983 where she received an AB in Economics, and received her MBA with high honors in Finance from Boston University in 1989. She is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts. Nancy sits on the Advisory Committee of Challenge Unlimited at Ironstone Farm.

Martin Tourigny

Start Date

Tenure

Tenure Rank

Dec 30, 2005

16.43

16.4%

Marty is a senior member of the Municipal Bond team at GW&K responsible for portfolio management. He is also a member of the firm’s Investment and Management Committees. Prior to joining GW&K in 1994, he was employed by Mutual Fund Services Company as a Senior Fund Accountant. Marty received his BA in Economics from Boston College in 1991, and Masters in International Economics from Suffolk University in 2002. He is a CFA charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Security Analysts Society, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

John Fox

Start Date

Tenure

Tenure Rank

Dec 30, 2005

16.43

16.4%

John joined GW&K as a member of our Municipal Bond team in 1990 after graduating college and was promoted to portfolio manager in 1995. John was appointed Co-Director of Fixed Income in 2001, responsible for overseeing all aspects of our fixed income operation, including portfolio management, research, and trading. John continues in his role as portfolio manager for all of the firm’s municipal bond strategies. John is a partner in the firm and is also a member of the firm’s Management Committee and Investment Committee. John received a BA in Economics from Boston College and an MBA from Boston University. He is a CFA charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Brian Moreland

Start Date

Tenure

Tenure Rank

Oct 31, 2006

15.59

15.6%

Brian is a Portfolio Manager on the Municipal Bond team and is also a member of the firm’s Investment Committee. Prior to joining GW&K in 1998 as an Operations Specialist, he was employed by First Data Corporation as a Senior Fund Accountant. Brian received his BS in Finance from Boston College in 1997. He earned the CFA designation, is a member of the Boston Municipal Analysts Forum, the National Federation of Municipal Analysts and the CFA Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.55 2.52

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