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Summary
- As of September 30, AMG River Road Dividend All Cap Value Fund was meaningfully overweight (>5%) in one sector and meaningfully underweight (>-5%) in two sectors.
- Artificial intelligence enthusiasm and the Federal Reserve Board’s (the Fed’s) decision pushed the market higher in Q3 despite lingering inflation.
- Growth continued to outpace value stocks by a wide margin in the Russell 3000®; small cap stocks led.
- The…
Summary
- As of September 30, AMG River Road Dividend All Cap Value Fund was meaningfully overweight (>5%) in one sector and meaningfully underweight (>-5%) in two sectors.
- Artificial intelligence enthusiasm and the Federal Reserve Board’s (the Fed’s) decision pushed the market higher in Q3 despite lingering inflation.
- Growth continued to outpace value stocks by a wide margin in the Russell 3000®; small cap stocks led.
- The strategy’s focus on lower beta, dividend payers were a headwind, but performance was broadly negative across the portfolio.
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Performance Drivers
Artificial intelligence (AI) enthusiasm and the Federal Reserve Board’s (the Fed’s) decision pushed the market higher in Q3 despite lingering inflation.
Growth continued to outpace value stocks by a wide margin in
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Quick Insights
Sector allocation detracted from relative results, with communication services and energy sectors producing the largest negative contributions due to underweight and negative stock selection.
Despite AI infrastructure’s impact, skepticism and value discipline prompted a significant reduction in AI exposure during Q3 to manage risk.
As of September 30, the Fund is meaningfully overweight energy and utilities, underweight financials and communication services, with cash at 1.7% of assets.