Fund Evaluator:
AMG GW&K Small/Mid Cap Growth I (ACWIX)
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Fund Details
AMG GW&K Small/Mid Cap Growth I Overview
AMG GW&K Small/Mid Cap Growth I (ACWIX) is an actively managed U.S. Equity Small Growth fund. AMG Funds launched the fund in 2011.
The investment seeks to provide long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of small- and mid-capitalization companies. The manager currently defines small- and mid-capitalization companies to be those with market capitalizations at the time of purchase within the range of capitalizations of companies in the Russell 2500® Growth Index. The subadviser seeks to identify quality companies with growth oriented characteristics.
About AMG GW&K Small/Mid Cap Growth I (ACWIX)
There are 2 members of the management team with an average tenure of 5.37 years: Daniel Miller (2021), Joseph Craigen (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 2500 Growth TR USD index with a weighting of 100%. AMG GW&K Small/Mid Cap Growth I has 87 securities in its portfolio. The top 10 holdings constitute 22.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
AMG GW&K Small/Mid Cap Growth I is part of the Equity global asset class and is within the U.S. Equity fund group. AMG GW&K Small/Mid Cap Growth I has 1.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 93.9%. There is 1.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AMG GW&K Small/Mid Cap Growth I has 4.3% of the portfolio in cash.
Assets Under Management
The fund has $11 million in total assets, which is below the $431 million average for the Small Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ACWIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AMG GW&K Small/Mid Cap Growth I expense ratio is high compared to funds in the Small Growth category. AMG GW&K Small/Mid Cap Growth I has an expense ratio of 0.87%, which is 26% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AMG GW&K Small/Mid Cap Growth I has a portfolio turnover rate of 33%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Small Growth category.
Recently, in the month of July 2026, AMG GW&K Small/Mid Cap Growth I returned -5.4%, which earned it a grade of B, as the Small Growth category had an average return of -6.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
AMG GW&K Small/Mid Cap Growth I has a trailing yield of 0.00%, which is below the 0.06% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AMG GW&K Small/Mid Cap Growth I Grades
Year to date, the fund has returned 13.6%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 25.0% over the past year (grade of C), 13.4% over the past three years (grade of B) and 6.3% per year over the past five years (grade of B) and 11.7% per year over the past 10 years (grade of B).
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ACWIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ACWIX Return (NAV) | -5.4% | 2.9% | 25.0% | 13.4% | 6.3% | 11.7% |
| ACWIX Grade | B | D | C | B | B | B |
| +/- Category | 1.3% | -0.8% | 2.3% | 1.0% | 3.0% | 0.6% |
| Small Growth Avg | -6.7% | 3.7% | 22.7% | 12.4% | 3.3% | 11.2% |
| ACWIX Tax Cost Ratio | na | na | 2.6% | 0.9% | 0.6% | 1.8% |
ACWIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ACWIX Return (NAV) | 13.6% | 11.2% | 9.4% | 21.4% | -22.2% | 14.3% | 45.9% | 20.5% | -5.0% | 19.0% | -5.2% |
| ACWIX Grade | C | B | F | A | A | B | B | F | C | D | F |
| +/- Category | -0.1% | 3.2% | -6.1% | 4.6% | 5.7% | 3.8% | 4.1% | -9.4% | -0.9% | -5.1% | -15.4% |
| Small Growth Avg | 13.6% | 8.0% | 15.5% | 16.7% | -27.9% | 10.5% | 41.8% | 29.9% | -4.1% | 24.1% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 17.4% |
| Total Risk Index: | 1.42 - High |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (15% Rank) |
| Beta: | 1.12 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $42 Mil |
| Fund Total Assets: | $ 12 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 33% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.4 years | |||
| Average Tenure: 5.4 years | |||
| Managers (Year): Miller Daniel (2021), Craigen Joseph (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 87 |
| % in Top 10 Holdings: | 22.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.8% |
Portfolio Allocation |
|
| Domestic Stock: | 93.9% |
| Foreign Stock: | 1.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.3% |
Purchase Information
| Fund Family: | AMG Funds |
| Phone Number: | 800-548-4539 |
| Website: | www.amgfunds.com |
| Status: | Open |
| Inception Date: | June 1, 2011 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $25,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.87% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.18% |
| Share Class: | AMG GW&K Small/Mid Cap Growth N |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
