GWMEX: AMG GW&K Municipal Enhanced Yield I

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GWMEX AMG GW&K Municipal Enhanced Yield I


Profile

GWMEX - Profile

Vitals

  • YTD Return -7.8%
  • 3 Yr Annualized Return -0.8%
  • 5 Yr Annualized Return -1.8%
  • Net Assets $256 M
  • Holdings in Top 10 28.5%

52 WEEK LOW AND HIGH

$9.36
$8.84
$10.64

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.73%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 40.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $100,000
  • IRA $25,000

Fund Classification


Distributions

  • YTD Total Return -7.8%
  • 3 Yr Annualized Total Return 2.0%
  • 5 Yr Annualized Total Return 2.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.91%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    AMG GW&K Municipal Enhanced Yield Fund
  • Fund Family Name
    AMG Funds
  • Inception Date
    Dec 30, 2005
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Martin Tourigny

Fund Description

The fund 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. It 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 high yield securities.


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Categories

Performance

GWMEX - Performance

Return Ranking - Trailing

Period GWMEX Return Category Return Low Category Return High Rank in Category (%)
YTD -7.8% -25.7% 196.2% 97.19%
1 Yr -3.9% -24.6% 191.4% 93.01%
3 Yr -0.8%* -7.9% 8.6% 79.36%
5 Yr -1.8%* -6.0% 11.4% 94.50%
10 Yr 0.4%* -5.4% 3.9% 28.67%

* Annualized

Return Ranking - Calendar

Period GWMEX Return Category Return Low Category Return High Rank in Category (%)
2019 7.4% -4.3% 18.3% 7.28%
2018 -5.6% -11.7% 4.6% 94.35%
2017 6.5% -6.0% 8.3% 0.52%
2016 -6.7% -7.8% 7.7% 99.77%
2015 -0.7% -18.3% 3.0% 40.88%

Total Return Ranking - Trailing

Period GWMEX Return Category Return Low Category Return High Rank in Category (%)
YTD -7.8% -25.7% 196.2% 97.19%
1 Yr -3.9% -24.6% 191.4% 93.01%
3 Yr 2.0%* -7.9% 10.7% 9.19%
5 Yr 2.4%* -6.0% 11.4% 2.38%
10 Yr 5.1%* -5.4% 6.7% 0.50%

* Annualized

Total Return Ranking - Calendar

Period GWMEX Return Category Return Low Category Return High Rank in Category (%)
2019 8.0% -4.3% 18.3% 5.77%
2018 -0.1% -11.7% 6.5% 7.84%
2017 9.8% -6.0% 10.4% 0.17%
2016 0.7% -7.8% 10.7% 32.72%
2015 4.2% -12.6% 4.2% 0.05%

NAV & Total Return History


Holdings

GWMEX - Holdings

Concentration Analysis

GWMEX Category Low Category High GWMEX % Rank
Net Assets 256 M 640 K 259 B 69.15%
Number of Holdings 58 1 17723 91.79%
Net Assets in Top 10 85.9 M -216 M 24.5 B 58.21%
Weighting of Top 10 28.50% 2.4% 100.0% 31.94%

Top 10 Holdings

  1. TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV 5% 3.71%
  2. WEST VIRGINIA ST HOSP FIN AUTH HOSP REV 5% 3.23%
  3. CALIFORNIA MUN FIN AUTH REV 5% 2.92%
  4. NEW JERSEY ECONOMIC DEV AUTH REV 5% 2.91%
  5. CHICAGO ILL O HARE INTL ARPT REV 5% 2.76%
  6. TEXAS TRANSN COMMN CENT TEX TPK SYS REV 5% 2.71%
  7. CENTRAL PLAINS ENERGY PROJ NEB GAS PROJ REV 5% 2.71%
  8. NEW YORK TRANSN DEV CORP SPL FAC REV 5% 2.61%
  9. COLORADO HEALTH FACS AUTH REV 5% 2.53%
  10. MINNEAPOLIS MINN HEALTH CARE SYS REV 5% 2.42%

Asset Allocation

Weighting Return Low Return High GWMEX % Rank
Bonds
98.34% 80.16% 159.74% 38.84%
Cash
1.66% -59.74% 19.74% 53.35%
Stocks
0.00% -0.38% 24.73% 76.78%
Preferred Stocks
0.00% 0.00% 7.43% 79.23%
Other
0.00% -4.02% 28.26% 73.94%
Convertible Bonds
0.00% 0.00% 7.24% 87.58%

Bond Sector Breakdown

Weighting Return Low Return High GWMEX % Rank
Municipal
98.34% 0.00% 100.11% 26.31%
Cash & Equivalents
1.66% -29.57% 39.95% 59.94%
Derivative
0.00% -0.83% 31.05% 78.91%
Securitized
0.00% 0.00% 98.30% 89.96%
Corporate
0.00% 0.00% 99.29% 91.76%
Government
0.00% -2.21% 122.41% 91.00%

Bond Geographic Breakdown

Weighting Return Low Return High GWMEX % Rank
US
98.34% 61.83% 156.78% 24.62%
Non US
0.00% -26.61% 26.76% 94.92%

Expenses

GWMEX - Expenses

Operational Fees

GWMEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.73% 0.01% 34.57% 54.08%
Management Fee 0.45% 0.00% 1.10% 71.15%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.50% 83.25%

Sales Fees

GWMEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

GWMEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

GWMEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 40.00% 0.00% 489.00% 48.09%

Distributions

GWMEX - Distributions

Dividend Yield Analysis

GWMEX Category Low Category High GWMEX % Rank
Dividend Yield 0.00% 0.00% 3.70% 81.10%

Dividend Distribution Analysis

GWMEX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

GWMEX Category Low Category High GWMEX % Rank
Net Income Ratio 2.91% -0.20% 6.30% 30.54%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

GWMEX - Fund Manager Analysis

Managers

Martin Tourigny


Start Date

Tenure

Tenure Rank

Dec 30, 2005

14.26

14.3%

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.

Nancy Angell


Start Date

Tenure

Tenure Rank

Dec 30, 2005

14.26

14.3%

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.

John Fox


Start Date

Tenure

Tenure Rank

Dec 30, 2005

14.26

14.3%

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

13.42

13.4%

Brian T. Moreland, CFA, joined Gannett Welsh & Kotler, LLC as an Operations Specialist in 1998, and joined the Municipal Bond investment team in 1999. He has been a Partner since 2017, and was previously a Principal from 2013 to 2017, a Vice President from 2006 to 2013, and an Assistant Vice President from 2002 to 2006. 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
0.01 33.35 7.41 0.25