Fund Evaluator:
AMG Veritas Asia Pacific N (MGSEX)
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Best Performing in Pacific/Asia ex-Japan Stk Over the Last Year
| 93.0% | Matthews Asia Innovators Investor (MATFX) |
| 77.9% | AMG Veritas Asia Pacific N (MGSEX) |
| 63.8% | Fidelity Advisor Emerging Asia Z (FIQPX) |
| 63.0% | Fidelity Emerging Asia (FSEAX) |
| 57.4% | Matthews Pacific Tiger Investor (MAPTX) |
Fund Details
AMG Veritas Asia Pacific N Overview
AMG Veritas Asia Pacific N (MGSEX) is an actively managed International Equity Pacific/Asia ex-Japan Stk fund. AMG Funds launched the fund in 1984.
The investment seeks to provide long-term capital appreciation. The fund principally invests in equity securities listed or traded on exchanges in the Asia Pacific region (excluding Japan). Under normal circumstances, it invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of issuers located in the Asia Pacific region (excluding Japan). The adviser considers equity securities to include common and preferred stocks, depositary receipts, and securities with equity characteristics, including, but not limited to, equity-linked securities and participatory notes.
About AMG Veritas Asia Pacific N (MGSEX)
There are 1 members of the management team with an average tenure of 5.28 years: Ezra Sun (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI AC Asia Pac Ex JPN NR USD index with a weighting of 100%. AMG Veritas Asia Pacific N has 41 securities in its portfolio. The top 10 holdings constitute 63.0% 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 Veritas Asia Pacific N is part of the Equity global asset class and is within the International Equity fund group. AMG Veritas Asia Pacific N has 97.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 97.5% 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 Asia Pacific N has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $132 million in total assets, which is below the $317 million average for the Pacific/Asia ex-Japan Stk 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.
MGSEX 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 Asia Pacific N expense ratio is high compared to funds in the Pacific/Asia ex-Japan Stk category. AMG Veritas Asia Pacific N has an expense ratio of 1.17%, which is 4% lower than its category average, making the fund expense ratio grade a C. 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 Asia Pacific N has a portfolio turnover rate of 132%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 79% for the Pacific/Asia ex-Japan Stk category.
Recently, in the month of June 2026, AMG Veritas Asia Pacific N returned -1.6%, which earned it a grade of D, as the Pacific/Asia ex-Japan Stk category had an average return of 0.7%. 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 Veritas Asia Pacific N has a trailing yield of 0.09%, which is below the 0.80% 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 Asia Pacific N Grades
Year to date, the fund has returned 47.2%, 18.2 percentage points better than the category, which translates into a grade of A. The fund has returned 77.9% over the past year (grade of A), 30.0% over the past three years (grade of B) and 7.0% per year over the past five years (grade of B) and 13.7% per year over the past 10 years (grade of B).
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MGSEX 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 |
|
| MGSEX Return (NAV) | -1.6% | 36.8% | 77.9% | 30.0% | 7.0% | 13.7% |
| MGSEX Grade | D | A | A | B | B | B |
| +/- Category | -2.3% | 9.0% | 30.4% | 7.4% | 2.6% | 2.2% |
| Pacific/Asia ex-Japan Stk Avg | 0.7% | 27.8% | 47.5% | 22.6% | 4.4% | 11.5% |
| MGSEX Tax Cost Ratio | na | na | 0.1% | 0.1% | 0.1% | 2.3% |
MGSEX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MGSEX Return (NAV) | 47.2% | 41.6% | 7.2% | -4.8% | -27.9% | 3.2% | 38.7% | 25.7% | -3.8% | 20.3% | 13.1% |
| MGSEX Grade | A | A | D | F | D | A | C | D | A | F | A |
| +/- Category | 18.2% | 14.2% | -5.5% | -6.6% | -5.3% | 12.3% | -7.7% | -1.6% | 9.7% | -24.0% | 9.8% |
| Pacific/Asia ex-Japan Stk Avg | 29.0% | 27.4% | 12.7% | 1.8% | -22.6% | -9.1% | 46.5% | 27.3% | -13.5% | 44.3% | 3.3% |
| Risk Measures | |
| Standard Deviation: | 22.8% |
| Total Risk Index: | 1.87 - High |
| Category Risk Index: | 1.24 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 1.37 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $154 Mil |
| Fund Total Assets: | $ 132 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 132% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.3 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Sun Ezra (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 41 |
| % in Top 10 Holdings: | 63.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 97.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | AMG Funds |
| Phone Number: | 800-548-4539 |
| Website: | www.amgfunds.com |
| Status: | Open |
| Inception Date: | June 1, 1984 |
| 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 (%): | 1.22% |
| Share Class: | AMG Veritas Asia Pacific N |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
