AMG TimesSquare International Small Cap Fund
On the Ground. In the Market. Finding Quality.
The AMG TimesSquare International Small Cap Fund seeks to generate competitive risk-adjusted returns against the MSCI EAFE Small Cap (Net) Index and its peer group. Investing in growth companies across developed global markets, where limited analyst coverage, local-language barriers, and geographic distance persist, provides an alpha generation opportunity.
A portfolio of typically 65–85 stocks delivers broad exposure to the international small cap opportunity set while moderating single-stock risk, and a strict sell discipline governs position management throughout the holding period. The strategy is offered through separately managed accounts, a collective investment trust, and a mutual fund, providing institutional investors, retirement plans, and financial intermediaries with flexibility in implementation.
Portfolio Managers
The TimesSquare Investment Approach
Seeking Companies With:
Quality management
- Alignment of interests with shareholders
- Experience and integrity
- Meaningful proportion of net worth tied to company
Distinct, sustainable competitive advantage
- Proprietary products and services
- Demonstrated franchise value
- High barriers to entry
- Relatively few competitors
Strong, consistent growth
- Both top line and bottom line
- Strong probability of retaining or widening margins
- High proportion of recurring revenues
- Sales to many customers in multiple markets
Fund Facts
Class N: TCMPX | Class I: TQTIX | Class Z: TCMIX
Inception Date
01/02/2013
Firm Assets*
$7.2 B
International Small Cap Strategy Assets
$1.0 B
Fund Assets
$109 M
Holdings
65-85 stocks
Style
Growth
Benchmark
MSCI EAFE SC
*Includes Assets Under Management (AUM) and Assets Under Advisory (AUA).
Class N Investment Min.
$2,000
Class I Investment Min.
$100,000
Class Z Investment Min.
$5,000,000
Class N Expense Ratio (Gross/Net)
1.36% / 1.30%
Class I Expense Ratio (Gross/Net)
1.17% / 1.11%
Class Z Expense Ratio (Gross/Net)
1.11% / 1.05%
The Fund’s Investment Manager has contractually agreed, through May 1, 2026, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses.
Morningstar Ratings
International Small Cap
Rated against 105 Foreign Small/Mid Growth funds as of 05/31/2026
Overall Morningstar rating is 3 stars, as of May 31, 2026, vs. 105 funds. TCMPX was rated against the following numbers of Foreign Small/Mid Growth category funds over the following time periods: 105 funds in the last three years, 93 funds in the last five years and 80 funds in the last ten years. With respect to these Foreign Small/Mid Growth funds, TCMPX received a Morningstar Rating of 3 stars for the three-year period, 3 stars for the five-year period and 2 stars for the ten-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.
Geographic Revenue Exposures
| REGION/COUNTRY | FUND (%) |
| Africa & Middle East | 4.6 |
| Americas | 16.7 |
| Asia/Pacific Ex-Japan | 15.3 |
| Europe | 33.2 |
| Japan | 25.3 |
Holdings
| FUND (%) | |
| Technip Energies | 2.61 |
| Ringkjobing | 2.57 |
| Azbil | 2.56 |
| ALS | 2.47 |
| Sumitomo Bakelite | 2.34 |
| Greencore | 2.19 |
| Imdex | 2.14 |
| Accton Technology | 2.05 |
| Nippon Gas | 2.04 |
| Daiei Kankyo | 1.97 |
| Top 10 Total | 22.94 |
Sector Allocation
| FUND (%) | MSCI EAFE SC (%) | |
| Communication Services | 1.32 | 4.02 |
| Consumer Discretionary | 6.56 | 11.49 |
| Consumer Staples | 5.52 | 5.64 |
| Energy | 3.34 | 3.84 |
| Financials | 12.48 | 12.97 |
| Health Care | 3.72 | 5.33 |
| Industrials | 31.41 | 23.42 |
| Information Technology | 16.79 | 8.51 |
| Materials | 8.05 | 11.31 |
| Real Estate | 4.03 | 10.60 |
| Utilities | 2.04 | 2.87 |
Country Allocation
| FUND (%) | MSCI World SC (%) | |
| Africa & Middle East | 2.2 | 4.9 |
| Americas | 2.2 | 0.0 |
| Asia/Pacific Ex Japan | 8.7 | 15.1 |
| Europe | 46.4 | 43.4 |
| Japan | 34.4 | 36.6 |
| Emerging | 6.0 | 0.0 |
Performance
| QTR | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception* | |
| Class Z | -2.53 | 19.82 | 9.11 | 0.75 | 4.52 | 6.36 |
| Class N | -2.47 | 20.07 | 9.32 | 0.92 | - | 4.72 |
| Class I | -2.47 | 20.07 | 9.38 | 0.99 | 4.77 | 6.60 |
| MSCI World SC | -1.26 | 25.55 | 12.65 | 4.43 | 7.42 | 7.78 |
*Since 1/02/2013 for the Fund’s Class Z Shares, Since 1/02/2013 for the Fund's Class N Shares, Since 02/24/2017 for the Fund’s Class I Shares, and Since 1/02/2013 for the MSCI EAFE Small Cap Index.
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. 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. Returns for periods shorter than one year are not annualized.
News & Insights
Documents
TimesSquare Capital Management, LLC (“TimesSquare”) is a registered investment adviser that is owned by the former equity management team of TimesSquare Capital Management, Inc. (“TimesSquare Inc.”) and Affiliated Managers Group, Inc. TimesSquare was formed to manage TimesSquare Inc.’s growth equity investment advisory business which was sold to TimesSquare in a transaction that closed on November 19, 2004.
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 wealth.amg.com for a free prospectus. Read it carefully before investing or sending money.
The MSCI EAFE Small Cap Index covers all investable small cap securities with a market capitalization below that of the companies in the MSCI Standard Indices of developed markets, excluding the U.S. and Canada. Please go to msci.com for the most current list of countries represented by the index.
Actively managed portfolios are subject to the risk that security selection or focus on securities in a particular style, market sector or group of companies may cause a portfolio to incur losses or underperform the market. There can be no guarantee that active management will produce the desired result.
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.
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 Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.
The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.
Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.
Market Risk—Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health
The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.
The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.
Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.
Market Risk—Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.
The sector allocation chart represents sectors at least 5%.
Portfolio holdings and characteristics are subject to change at any time.
Top Ten Holdings: Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security.
Future Holdings Risk: Any sectors, industries or securities discussed should not be perceived as investment recommendations. The views expressed represent the opinions of AMG Funds LLC and are not intended as a forecast or guarantee of future results. Any securities discussed may no longer be held in an account’s portfolio. Both current and future portfolio holdings are subject to risk. It should not be assumed that any of the securities transactions discussed were or will prove to be profitable, or that the investment recommendations we make in the future will be profitable.
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.
©2026 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.
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