0001752724-22-128354.txt : 20220527 0001752724-22-128354.hdr.sgml : 20220527 20220527155942 ACCESSION NUMBER: 0001752724-22-128354 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220527 PERIOD START: 20221231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMG FUNDS III CENTRAL INDEX KEY: 0000720309 IRS NUMBER: 222528211 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03752 FILM NUMBER: 22977161 BUSINESS ADDRESS: STREET 1: 680 WASHINGTON BOULEVARD, SUITE 500 CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 2032993500 MAIL ADDRESS: STREET 1: 680 WASHINGTON BOULEVARD, SUITE 500 CITY: STAMFORD STATE: CT ZIP: 06901 FORMER COMPANY: FORMER CONFORMED NAME: MANAGERS FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS GROUP OF FUNDS DATE OF NAME CHANGE: 19910429 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS CAPITAL APPRECIATION FUND DATE OF NAME CHANGE: 19881214 0000720309 S000009865 AMG Veritas Asia Pacific Fund C000027305 Class N MGSEX C000027306 Class I MSEIX NPORT-P 1 primary_doc.xml NPORT-P false 0000720309 XXXXXXXX S000009865 C000027306 C000027305 AMG Funds III 811-03752 0000720309 5493007NETBE5Y5V1962 680 Washington Blvd. Suite 500 Stamford 06901 800-548-4539 AMG Veritas Asia Pacific Fund S000009865 549300OW6V030SGK2657 2022-12-31 2022-03-31 N 149173533.66 220678.68 148952854.98 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N MAX HEALTHCARE INSTITUTE LTD - 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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (unaudited)
March 31, 2022
  Shares Value
Common Stocks - 67.3%    
Communication Services - 4.5%    
Sea, Ltd., ADR (Singapore)* 20,136 $2,412,092
Tencent Holdings, Ltd. (China) 92,239 4,251,696
     
Total Communication Services   6,663,788
Consumer Discretionary - 1.9%    
Alibaba Group Holding, Ltd. (China)* 91,350 1,246,627
JD.com, Inc., Class A (China)* 54,392 1,545,543
     
Total Consumer Discretionary   2,792,170
Consumer Staples - 4.0%    
Kweichow Moutai Co., Ltd., Class A (China) 22,100 5,953,779
Financials - 5.2%    
HDFC Bank, Ltd., ADR (India) 126,816 7,777,625
Health Care - 6.2%    
Adeptus Health, Inc. (United States)1,2 24,574 0
Cochlear, Ltd. (Australia) 15,918 2,657,686
CSL, Ltd. (Australia) 22,974 4,586,587
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A (China) 169,900 1,967,359
     
Total Health Care   9,211,632
Industrials - 11.8%    
Centre Testing International Group Co., Ltd., Class A (China) 544,800 1,684,567
Contemporary Amperex Technology Co., Ltd., Class A (China) 6,700 536,135
Shenzhen Inovance Technology Co., Ltd., Class A (China) 655,297 5,850,963
Sungrow Power Supply Co., Ltd., Class A (China) 194,700 3,265,557
Wuxi Lead Intelligent Equipment Co., Ltd., Class A (China) 689,998 6,302,293
     
Total Industrials   17,639,515
Information Technology - 26.1%    
Hangzhou First Applied Material Co., Ltd., Class A (China) 119,960 2,129,609
Kakao Pay Corp. (South Korea)* 6,970 849,543
MediaTek, Inc. (Taiwan) 50,000 1,556,027
Samsung Electronics Co., Ltd. (South Korea) 235,650 13,484,596
Samsung SDI Co., Ltd. (South Korea) 12,400 6,034,953
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 631,400 12,952,237
Unimicron Technology Corp. (Taiwan) 210,000 1,789,924
     
Total Information Technology   38,796,889
Materials - 4.2%    
LG Chem, Ltd. (South Korea) 10,540 4,605,628
  Shares Value
     
Yunnan Energy New Material Co., Ltd., Class A (China) 48,000 $1,655,723
     
Total Materials   6,261,351
Real Estate - 3.4%    
Goodman Group, REIT (Australia) 300,346 5,104,836
     
Total Common Stocks
(Cost $120,431,166) 		  100,201,585
Participation Notes - 27.9%    
Consumer Discretionary - 3.7%    
Titan Co., Ltd. (CLSA Ltd.), 01/09/23 (India) 100,000 3,331,338
Zomato, Ltd. (CLSA Ltd.), 07/22/26 (India) 2,000,000 2,152,978
     
Total Consumer Discretionary   5,484,316
Consumer Staples - 5.4%    
Hindustan Unilever, Ltd. (CLSA Ltd.), 06/30/25 (India) 194,500 5,232,880
Nestle India, Ltd. (CLSA Ltd.), 02/19/25 (India) 12,300 2,811,803
     
Total Consumer Staples   8,044,683
Energy - 3.6%    
Reliance Industries Ltd. (CLSA Ltd.), 06/30/25 (India) 84,000 2,905,357
Sungrow Power Supply Co., Ltd. (UBS Securities LLC), 04/21/22 (China) 146,494 2,457,034
     
Total Energy   5,362,391
Financials - 2.9%    
Kotak Mahindra Bank, Ltd. (CLSA Ltd.), 06/02/25 (India) 187,500 4,306,246
Health Care - 5.8%    
Apollo Hospitals Enterprise, Ltd. (CLSA Ltd.), 05/23/22 (India) 118,000 7,003,000
Max Healthcare Institute, Ltd. (CLSA Ltd.), 04/06/26 (India) 378,000 1,726,502
     
Total Health Care   8,729,502
Information Technology - 4.4%    
Info Edge India, Ltd. (CLSA Ltd.), 12/31/24 (India) 10,000 591,636
Tata Consultancy Services, Ltd. (CLSA Ltd.), 02/25/25 (India) 120,731 5,933,373
     
Total Information Technology   6,525,009
Materials - 2.1%    
Asian Paints, Ltd. (CLSA Ltd.), 06/30/25 (India) 78,500 3,176,441
     
Total Participation Notes
(Cost $39,656,555) 		  41,628,588
Short-Term Investments - 4.7%    
Other Investment Companies - 4.7%    
Dreyfus Government Cash Management Fund, Institutional Shares, 0.19%3 4,573,981 4,573,981
1
AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
  Shares Value
     
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.25%3 2,356,292 $2,356,292
     
Total Short-Term Investments
(Cost $6,930,273) 		  6,930,273
Total Investments - 99.9%
(Cost $167,017,994) 		   148,760,446
    Value
     
Other Assets, less Liabilities - 0.1%    $171,374
Net Assets - 100.0%   $148,931,820
* Non-income producing security.
1 Escrow shares
2 Security's value was determined by using significant unobservable inputs.
3 Yield shown represents the March 31, 2022, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage.
    
ADR American Depositary Receipt
REIT Real Estate Investment Trust
The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of March 31, 2022:
  Level 1   Level 21   Level 3   Total
Investments in Securities
Common Stocks
Information Technology  —    $38,796,889    —    $38,796,889
Industrials  —    17,639,515    —    17,639,515
Health Care  $1,967,359    7,244,273    $0    9,211,632
Financials  7,777,625    —    —    7,777,625
Communication Services  2,412,092    4,251,696    —    6,663,788
Materials  —    6,261,351    —    6,261,351
Consumer Staples  —    5,953,779    —    5,953,779
Real Estate  —    5,104,836    —    5,104,836
Consumer Discretionary  —    2,792,170    —    2,792,170
Participation Notes
Health Care  —    8,729,502    —    8,729,502
Consumer Staples  —    8,044,683    —    8,044,683
Information Technology  —    6,525,009    —    6,525,009
Consumer Discretionary  —    5,484,316    —    5,484,316
Energy  —    5,362,391    —    5,362,391
Financials  —    4,306,246    —    4,306,246
Materials  —    3,176,441    —    3,176,441
Short-Term Investments
Other Investment Companies  6,930,273    —    —    6,930,273
Total Investments in Securities $19,087,349   $129,673,097   $0   $148,760,446
    
   
1 An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.
2
AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
At June 30, 2020, the Level 3 common stock was received as a result of a corporate action. The security's value was determined by using significant unobservable inputs.
For the period ended March 31, 2022, there were no transfers in or out of Level 3. The Fund did not have any purchases and sales of Level 3 securities for the same period.
    
The country allocation in the Schedule of Portfolio Investments at March 31, 2022, was as follows:
Country % of Long-Term
Investments
Australia 8.7
China 27.4
India 33.1
Singapore 1.7
South Korea 17.6
Taiwan 11.5
  100.0
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.
3