AMG TimesSquare Mid Cap Growth Fund
Growth With a Conscience
The AMG TimesSquare Mid Cap Growth Fund seeks to outperform the Russell Midcap® Growth Index and its peer group in a risk-controlled manner by investing in growth companies positioned in the mid cap* "sweet spot" of the U.S. equity market.
The Fund's portfolio of typically 60–80 holdings delivers broad exposure to the mid cap growth opportunity set while moderating single-stock risk, and a strict sell discipline to govern position management. Positions are actively managed within a disciplined framework, with adjustments made as price targets are reached, valuations evolve, fundamentals shift, or more attractive opportunities arise.
*The Fund typically invests in companies within the market cap range of the Russell Midcap® Index at time of purchase. This capitalization range will change over time.
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: TMDPX | Class I: TQMIX | Class Z: TMDIX
Inception Date
03/04/2005
Firm Assets*
$7.2 B
U.S. Mid Cap Strategy Assets
$4.1 B
Fund Assets
$1.5 B
Holdings
60-80 stocks
Style
Growth
Benchmark
Russell Mid Cap® Growth
*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)
1.07% / 1.07%
Class I Expense Ratio (Gross/Net)
0.92% / 0.92%
Class Z Expense Ratio (Gross/Net)
0.87% / 0.87%
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
Mid Cap Growth
Rated against 458 Mid Cap Growth funds as of 05/31/2026
Overall Morningstar rating is 4 stars, as of May 31, 2026, vs. 458 funds. TMDPX was rated against the following numbers of Mid Cap Growth category funds over the following time periods: 458 funds in the last three years, 440 funds in the last five years and 375 funds in the last ten years. With respect to these Mid Cap Growth funds, TMDPX received a Morningstar Rating of 3 stars for the three-year period, 4 stars for the five-year period and 4 stars for the ten-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.
Portfolio & Risk Characteristics – Three Year
| Fund | Russell Mid Cap® Growth | |
| Alpha | -2.28 | - |
| Beta | 0.81 | 1.00 |
| Information Ratio | -0.63 | - |
| Sharpe Ratio | 0.25 | 0.36 |
| Active Share | 75% | - |
| Market Cap (Wtd. Avg) | $35.9 B | $38.6 B |
| 12-Month Turnover (%) | 50.3% | - |
Holdings
| Fund (%) | |
| EMCOR | 3.70 |
| Monolithic Power Sys. | 3.63 |
| Cencora | 3.17 |
| Curtiss-Wright | 2.70 |
| Carpenter Technology | 2.69 |
| Cheniere Energy | 2.58 |
| Comfort Systems | 2.47 |
| Interactive Brokers | 2.33 |
| Insmed | 2.30 |
| IDEXX Laboratories | 2.21 |
| Top 10 Total | 27.78 |
Sector Allocation
| Fund (%) | Russell Mid Cap® Growth (%) | |
| Communication Services | 2.34 | 4.97 |
| Consumer Discretionary | 9.82 | 21.14 |
| Consumer Staples | 3.68 | 1.67 |
| Energy | 5.68 | 4.11 |
| Financials | 5.93 | 8.51 |
| Health Care | 13.39 | 14.87 |
| Industrials | 25.99 | 24.56 |
| Information Technology | 23.70 | 15.51 |
| Materials | 1.57 | 0.38 |
| Real Estate | 2.28 | 1.38 |
| Utilities | 1.84 | 2.91 |
Performance
| QTR | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception* | |
| Class Z (TMDIX) | -7.79 | 3.99 | 8.83 | 4.52 | 11.04 | 9.86 |
| Class N (TMDPX) | -7.75 | 4.13 | 9.00 | 4.67 | - | 10.74 |
| Class I (TQMIX) | -7.75 | 4.23 | 9.06 | 4.74 | 11.26 | 10.07 |
| Russell Mid Cap® Growth | -6.35 | 9.56 | 12.74 | 5.38 | 11.69 | 9.95 |
*Since 03/04/2005 for the Fund’s Class Z Shares, Since 03/04/2005 for the Fund's Class N Shares, Since 02/24/2017 for the Fund’s Class I Shares, and Since 03/04/2005 for the Russell Mid Cap Growth 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. 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
TimesSquare Capital Management, LLC (“TimesSquare”) is an investment adviser registered with the U.S. Securities and Exchange Commission and is majority owned by Affiliated Managers Group, Inc.
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.
Russell Midcap® Growth Index: The Russell Midcap® Growth Index measures the performance of the Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. Effective March 24, 2025, Russell U.S. Style Indexes apply the RIC 22.5/45 capping methodology if index weights breach the thresholds as of the quarterly review pricing dates.
Russell Investment Group is the source and owner of the Russell Index data contained herein and all trademarks and copyrights related thereto.
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.
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 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.
AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC.
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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