Fund Evaluator:
AMG Veritas Global Real Return I (BLUEX)
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Best Performing in Long-Short Equity Over the Last Year
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Fund Details
AMG Veritas Global Real Return I Overview
AMG Veritas Global Real Return I (BLUEX) is an actively managed Nontraditional Equity Long-Short Equity fund. AMG Funds launched the fund in 1991.
The investment seeks to deliver real returns over the medium and longer term. The fund primarily invests in equity securities listed or traded on exchanges. The adviser intends to invest primarily in developed markets and economies, although it may invest in emerging markets. It may invest up to 25% of its net assets in emerging market countries. The fund will generally invest in mid-to large-capitalization companies, although the fund may also invest in small-capitalization companies. It is non-diversified.
About AMG Veritas Global Real Return I (BLUEX)
There are 3 members of the management team with an average tenure of 4.47 years: Ian Clark (2023), Mike Moore (2021), Andrew Headley (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and Bloomberg US Treasury US TIPS TR USD index with a weighting of 100%. AMG Veritas Global Real Return I has 31 securities in its portfolio. The top 10 holdings constitute 48.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
AMG Veritas Global Real Return I is part of the Equity global asset class and is within the Nontraditional Equity fund group. AMG Veritas Global Real Return I has 46.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 50.7%. There is 46.0% 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 Veritas Global Real Return I has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $88 million in total assets, which is below the $352 million average for the Long-Short Equity 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.
BLUEX 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 Veritas Global Real Return I expense ratio is high compared to funds in the Long-Short Equity category. AMG Veritas Global Real Return I has an expense ratio of 1.17%, which is 47% 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 Veritas Global Real Return I has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of July 2026, AMG Veritas Global Real Return I returned 5.0%, which earned it a grade of B, as the Long-Short Equity category had an average return of 2.6%. 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 Veritas Global Real Return I has a trailing yield of 0.32%, which is below the 1.15% 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 Veritas Global Real Return I Grades
Year to date, the fund has returned -1.5%, 9.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.2% over the past year (grade of F), 3.8% over the past three years (grade of F) and 1.0% per year over the past five years (grade of F) and 9.7% per year over the past 10 years (grade of B).
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BLUEX 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 |
|
| BLUEX Return (NAV) | 5.0% | 4.8% | 1.2% | 3.8% | 1.0% | 9.7% |
| BLUEX Grade | B | B | F | F | F | B |
| +/- Category | 2.4% | 1.2% | -12.9% | -8.1% | -7.8% | 1.8% |
| Long-Short Equity Avg | 2.6% | 3.6% | 14.1% | 11.9% | 8.8% | 7.9% |
| BLUEX Tax Cost Ratio | na | na | 0.1% | 0.1% | 0.7% | 2.5% |
BLUEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BLUEX Return (NAV) | -1.5% | 4.5% | 7.2% | 14.3% | -14.2% | 3.4% | 34.6% | 35.2% | -5.0% | 27.9% | 5.9% |
| BLUEX Grade | F | D | D | B | F | F | A | A | C | A | C |
| +/- Category | -9.0% | -7.0% | -6.1% | 1.3% | -10.3% | -17.7% | 28.8% | 21.9% | 2.9% | 16.2% | -1.4% |
| Long-Short Equity Avg | 7.5% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 9.1% |
| Total Risk Index: | 0.74 - Below Average |
| Category Risk Index: | 0.85 - Below Average |
| Category Risk Grade: | B (39% Rank) |
| Beta: | 0.40 |
| R-Squared: | 34% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $88 Mil |
| Fund Total Assets: | $ 89 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.4 years | |||
| Average Tenure: 4.5 years | |||
| Managers (Year): Moore Mike (2021), Headley Andrew (2021), Clark Ian (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 31 |
| % in Top 10 Holdings: | 48.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 46.0% |
Portfolio Allocation |
|
| Domestic Stock: | 50.7% |
| Foreign Stock: | 46.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | AMG Funds |
| Phone Number: | 800-548-4539 |
| Website: | www.amgfunds.com |
| Status: | Open |
| Inception Date: | January 10, 1991 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 1.17% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | AMG Veritas Global Real Return I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
