Fund Evaluator:
AMG GW&K Municipal Enhanced Yield N (GWMNX)
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Best Performing in High Yield Muni Over the Last Year
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Fund Details
AMG GW&K Municipal Enhanced Yield N Overview
AMG GW&K Municipal Enhanced Yield N (GWMNX) is an actively managed Municipal Bond High Yield Muni fund. AMG Funds launched the fund in 2009.
The investment seeks to provide investors with a high level of current income that is exempt from federal income tax; capital appreciation is also an objective, but is secondary to income. 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.
About AMG GW&K Municipal Enhanced Yield N (GWMNX)
There are 4 members of the management team with an average tenure of 16.17 years: Brian Moreland (2006), Martin Tourigny (2005), Kara South (2022), John Fox (2005). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal BAA TR USD index with a weighting of 100%. AMG GW&K Municipal Enhanced Yield N has 82 securities in its portfolio. The top 10 holdings constitute 30.7% 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 Municipal Enhanced Yield N is part of the Fixed Income global asset class and is within the Municipal Bond fund group. AMG GW&K Municipal Enhanced Yield N has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.7% (96.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AMG GW&K Municipal Enhanced Yield N has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $816 million average for the High Yield Muni 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.
GWMNX 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 Municipal Enhanced Yield N expense ratio is high compared to funds in the High Yield Muni category. AMG GW&K Municipal Enhanced Yield N has an expense ratio of 0.99%, which is 1% higher than its category average, making the fund expense ratio grade a D. 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 Municipal Enhanced Yield N has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 50% for the High Yield Muni category.
Recently, in the month of June 2026, AMG GW&K Municipal Enhanced Yield N returned 1.2%, which earned it a grade of D, as the High Yield Muni category had an average return of 1.2%. 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 Municipal Enhanced Yield N has a trailing yield of 3.29%, which is below the 4.36% category average. The fund normally distributes its income monthly 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 Municipal Enhanced Yield N Grades
Year to date, the fund has returned 3.4%, 0.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 8.6% over the past year (grade of B), 4.1% over the past three years (grade of F) and -0.4% per year over the past five years (grade of F) and 1.8% per year over the past 10 years (grade of F).
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GWMNX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GWMNX Return (NAV) | 1.2% | 4.0% | 8.6% | 4.1% | -0.4% | 1.8% |
| GWMNX Grade | D | A | B | F | F | F |
| +/- Category | -0.0% | 0.8% | 1.2% | -0.8% | -1.3% | -0.8% |
| High Yield Muni Avg | 1.2% | 3.3% | 7.5% | 4.9% | 0.8% | 2.7% |
| GWMNX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | 0.3% |
GWMNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GWMNX Return (NAV) | 3.4% | 2.2% | 2.2% | 10.5% | -18.2% | 3.6% | 6.0% | 10.9% | -0.6% | 9.5% | 0.1% |
| GWMNX Grade | D | D | F | A | F | F | A | A | F | A | F |
| +/- Category | -0.0% | -0.2% | -3.1% | 3.8% | -5.0% | -1.9% | 2.1% | 1.7% | -2.5% | 1.5% | -1.4% |
| High Yield Muni Avg | 3.4% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 8.4% |
| Total Risk Index: | 0.69 - Below Average |
| Category Risk Index: | 1.31 - High |
| Category Risk Grade: | F (97% Rank) |
| Beta: | 1.47 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $161 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 36% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 20.5 years | |||
| Average Tenure: 16.2 years | |||
| Managers (Year): Tourigny Martin (2005), Fox John (2005), Moreland Brian (2006), South Kara (2022) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 82 |
| % in Top 10 Holdings: | 30.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.7% |
| 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: | July 27, 2009 |
| 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: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | AMG GW&K Municipal Enhanced Yield I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
