Fund Evaluator:
AMG Veritas China N (MMCFX)
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Best Performing in Greater China Region Over the Last Year
| 72.4% | Fidelity Advisor China Region Z (FIQFX) |
| 72.1% | Fidelity China Region (FHKCX) |
| 61.6% | Oberweis China Opportunities (OBCHX) |
| 26.7% | WCM China Quality Growth Investor (WCQGX) |
| 25.5% | AMG Veritas China N (MMCFX) |
Fund Details
AMG Veritas China N Overview
AMG Veritas China N (MMCFX) is an actively managed International Equity Greater China Region fund. AMG Funds launched the fund in 1994.
The investment seeks to achieve long-term capital appreciation. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of issuers located in China or issuers that are not located in China but derive a majority (over 50%) of their income from China. It primarily invests in equity securities. Under normal circumstances, the adviser considers equity securities to include common and preferred stocks, as well as securities with equity characteristics, including, but not limited to, equity-linked notes and participation notes. The fund is non-diversified.
About AMG Veritas China N (MMCFX)
There are 2 members of the management team with an average tenure of 4.37 years: Xiaoyu Liu (2022), Ezra Sun (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI China NR USD index with a weighting of 100%. AMG Veritas China N has 39 securities in its portfolio. The top 10 holdings constitute 53.7% 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 China N is part of the Equity global asset class and is within the International Equity fund group. AMG Veritas China N has 97.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 97.9% 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 China N has 2.1% of the portfolio in cash.
Assets Under Management
The fund has $42 million in total assets, which is below the $88 million average for the Greater China Region 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.
MMCFX 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 China N expense ratio is high compared to funds in the Greater China Region category. AMG Veritas China N has an expense ratio of 1.14%, which is 10% 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 China N has a portfolio turnover rate of 84%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 73% for the Greater China Region category.
Recently, in the month of June 2026, AMG Veritas China N returned 4.8%, which earned it a grade of B, as the Greater China Region category had an average return of 1.4%. 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 China N has a trailing yield of 0.29%, which is below the 1.81% category average. The fund normally distributes its income none 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 China N Grades
Year to date, the fund has returned 10.6%, 2.8 percentage points worse than the category, which translates into a grade of C. The fund has returned 25.5% over the past year (grade of C), 8.2% over the past three years (grade of D) and -7.1% per year over the past five years (grade of F) and 5.7% per year over the past 10 years (grade of D).
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MMCFX 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 |
|
| MMCFX Return (NAV) | 4.8% | 16.9% | 25.5% | 8.2% | -7.1% | 5.7% |
| MMCFX Grade | B | C | C | D | F | D |
| +/- Category | 3.4% | 2.9% | -7.6% | -7.7% | -4.7% | -2.7% |
| Greater China Region Avg | 1.4% | 14.0% | 33.2% | 15.8% | -2.4% | 8.4% |
| MMCFX Tax Cost Ratio | na | na | 0.1% | 0.3% | 0.2% | 2.8% |
MMCFX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MMCFX Return (NAV) | 10.6% | 27.9% | -0.6% | -18.4% | -26.3% | -1.2% | 17.8% | 27.4% | -5.3% | 24.0% | 17.7% |
| MMCFX Grade | C | D | F | D | B | B | F | D | A | F | A |
| +/- Category | -2.8% | -5.5% | -11.9% | -4.3% | 1.4% | 8.1% | -26.7% | -4.7% | 12.0% | -27.2% | 20.0% |
| Greater China Region Avg | 13.4% | 33.3% | 11.3% | -14.1% | -27.7% | -9.3% | 44.5% | 32.1% | -17.3% | 51.2% | -2.3% |
| Risk Measures | |
| Standard Deviation: | 23.3% |
| Total Risk Index: | 1.91 - High |
| Category Risk Index: | 1.07 - High |
| Category Risk Grade: | F (81% Rank) |
| Beta: | 0.79 |
| R-Squared: | 22% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | None |
| Cap Gains Distribution: | Annually |
| Total Assets: | $46 Mil |
| Fund Total Assets: | $ 42 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 84% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.1 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Sun Ezra (2021), Liu Xiaoyu (2022) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 39 |
| % in Top 10 Holdings: | 53.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 97.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 97.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.1% |
Purchase Information
| Fund Family: | AMG Funds |
| Phone Number: | 800-548-4539 |
| Website: | www.amgfunds.com |
| Status: | Open |
| Inception Date: | June 30, 1994 |
| 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 (%): | 1.14% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.27% |
| Share Class: | AMG Veritas China N |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
