0001752724-22-274120.txt : 20221129 0001752724-22-274120.hdr.sgml : 20221129 20221129130936 ACCESSION NUMBER: 0001752724-22-274120 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221129 DATE AS OF CHANGE: 20221129 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: 221430769 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 2022-09-30 N 113381800.38 1223286.27 112158514.11 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 1134771.08000000 N Luzhou Laojiao Co Ltd N/A Luzhou Laojiao Co Ltd 000000000 20000.00000000 NS 649810.78000000 0.579368213957 Long EC CORP CN N 2 N N N Sungrow Power Supply Co Ltd 30030052IWC7RGVFG505 Sungrow Power Supply Co Ltd 000000000 161700.00000000 NS 2504835.59000000 2.233299549192 Long EC CORP CN N 2 N N N HDFC Bank Ltd 335800ZQ6I4E2JXENC50 HDFC Bank Ltd 40415F101 76816.00000000 NS USD 4487590.72000000 4.001114632812 Long EC CORP IN N 1 N N N INOVANCE N/A Shenzhen Inovance Technology Co Ltd 000000000 830297.00000000 NS 6715804.34000000 5.987779343629 Long EC CORP CN N 2 N N N Tencent Holdings Ltd 254900N4SLUMW4XUYY11 Tencent Holdings Ltd 000000000 92239.00000000 NS 3115493.88000000 2.777759588491 Long EC CORP CN N 2 N N N TSMC 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co Ltd 000000000 320400.00000000 NS 4247027.69000000 3.786629774565 Long EC CORP TW N 2 N N N Unimicron Technology Corp N/A Unimicron Technology Corp 000000000 55000.00000000 NS 201338.92000000 0.179512827534 Long EC CORP TW N 2 N N N NetEase Inc 5299004AF4DSJDB0PA32 NetEase Inc 000000000 100000.00000000 NS 1508943.48000000 1.345366860441 Long EC CORP CN N 2 N N N HKEX 213800YTVSXYQN17BW16 Hong Kong Exchanges & Clearing Ltd 000000000 15000.00000000 NS 512736.22000000 0.457153185443 Long EC CORP HK N 2 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 Samsung Electronics Co Ltd 000000000 89650.00000000 NS 3291881.04000000 2.935025544981 Long EC CORP KR N 2 N N N TITAN CO LTD - 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PNOTE 5493007IW5N37IKRPM32 HINDUSTAN UNILEVER LTD - PNOTE 000000000 134500.00000000 NS USD 4435715.58000000 3.954863003667 Long EC CORP IN N 2 N N N CTI N/A Centre Testing International Group Co Ltd 000000000 544800.00000000 NS 1560253.97000000 1.391115050320 Long EC CORP CN N 2 N N N Infosys Ltd 335800TYLGG93MM7PR89 Infosys Ltd 456788108 60000.00000000 NS USD 1018200.00000000 0.907822297825 Long EC CORP IN N 1 N N N Sea Ltd 529900OM6JLLW44YKI15 Sea Ltd 81141R100 20136.00000000 NS USD 1128622.80000000 1.006274743345 Long EC CORP SG N 1 N N N NESTLE INDIA LTD - PNOTE 3358008SYYY9CPWH5D94 NESTLE INDIA LTD - PNOTE 000000000 6300.00000000 NS USD 1477643.74000000 1.317460160492 Long EC CORP IN N 2 N N N NARI Technology Co Ltd N/A NARI Technology Co Ltd 000000000 399998.00000000 NS 1394941.19000000 1.243722958590 Long EC CORP CN N 2 N N N Kweichow Moutai Co Ltd N/A Kweichow Moutai Co Ltd 000000000 28600.00000000 NS 7526984.00000000 6.711023286754 Long EC CORP CN N 2 N N N RELIANCE INDUSTRIES LTD-PNOTE 5493003UOETFYRONLG31 RELIANCE INDUSTRIES LTD-PNOTE 000000000 84000.00000000 NS USD 2437854.55000000 2.173579571149 Long EC CORP IN N 2 N N N 2022-11-28 AMG Funds III Thomas Disbrow Thomas Disbrow Principal Financial Officer XXXX NPORT-EX 2 8900251AMG093022.htm
AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (unaudited)
September 30, 2022
  Shares Value
Common Stocks - 63.7%    
Communication Services - 5.1%    
NetEase, Inc. (China) 100,000 $1,508,943
Sea, Ltd., ADR (Singapore)* 20,136 1,128,623
Tencent Holdings, Ltd. (China) 92,239 3,115,494
     
Total Communication Services   5,753,060
Consumer Discretionary - 9.6%    
Alibaba Group Holding, Ltd. (China)* 251,350 2,508,307
JD.com, Inc., Class A (China) 99,392 2,507,479
Meituan, Class B (China)*,1 275,000 5,779,526
     
Total Consumer Discretionary   10,795,312
Consumer Staples - 7.3%    
Kweichow Moutai Co., Ltd., Class A (China) 28,600 7,526,984
Luzhou Laojiao Co., Ltd., Class A (China) 20,000 649,811
     
Total Consumer Staples   8,176,795
Financials - 5.3%    
ASX, Ltd. (Australia) 20,000 920,465
HDFC Bank, Ltd., ADR (India) 76,816 4,487,591
Hong Kong Exchanges & Clearing, Ltd. (Hong Kong) 15,000 512,736
     
Total Financials   5,920,792
Health Care - 7.5%    
Cochlear, Ltd. (Australia) 15,918 1,977,296
CSL, Ltd. (Australia) 28,974 5,269,419
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A (China) 127,400 1,132,823
     
Total Health Care   8,379,538
Industrials - 15.4%    
Centre Testing International Group Co., Ltd., Class A (China) 544,800 1,560,254
NARI Technology Co., Ltd. (China) 399,998 1,394,941
Shenzhen Inovance Technology Co., Ltd., Class A (China) 830,297 6,715,804
Sungrow Power Supply Co., Ltd., Class A (China) 161,700 2,504,836
Wuxi Lead Intelligent Equipment Co., Ltd., Class A (China) 773,998 5,136,375
     
Total Industrials   17,312,210
Information Technology - 8.3%    
Infosys, Ltd., Sponsored ADR (India) 60,000 1,018,200
Samsung Electronics Co., Ltd. (South Korea) 89,650 3,291,881
Samsung SDI Co., Ltd. (South Korea) 1,400 526,601
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 320,400 4,247,028
Unimicron Technology Corp. (Taiwan) 55,000 201,339
     
Total Information Technology   9,285,049
  Shares Value
Materials - 2.3%    
LG Chem, Ltd. (South Korea) 7,040 $2,599,417
Real Estate - 2.9%    
Goodman Group, REIT (Australia) 317,346 3,207,357
     
Total Common Stocks
(Cost $102,961,944) 		  71,429,530
Participation Notes - 25.1%    
Consumer Discretionary - 4.2%    
Titan Co., Ltd. (CLSA Ltd.), 01/09/23 (India) 100,000 3,179,738
Zomato, Ltd. (CLSA Ltd.), 07/22/26 (India) 2,000,000 1,513,436
     
Total Consumer Discretionary   4,693,174
Consumer Staples - 5.3%    
Hindustan Unilever, Ltd. (CLSA Ltd.), 06/30/25 (India) 134,500 4,435,715
Nestle India, Ltd. (CLSA Ltd.), 02/19/25 (India) 6,300 1,477,644
     
Total Consumer Staples   5,913,359
Energy - 2.2%    
Reliance Industries Ltd. (CLSA Ltd.), 06/30/25 (India) 84,000 2,437,854
Financials - 3.7%    
Kotak Mahindra Bank, Ltd. (CLSA Ltd.), 06/02/25 (India) 187,500 4,161,467
Health Care - 4.4%    
Apollo Hospitals Enterprise, Ltd. (CLSA Ltd.), 08/12/22 (India) 58,000 3,103,198
Max Healthcare Institute, Ltd. (CLSA Ltd.), 04/06/26 (India) 378,000 1,884,990
     
Total Health Care   4,988,188
Information Technology - 2.4%    
Info Edge India, Ltd. (CLSA Ltd.), 12/31/24 (India) 10,000 469,995
Tata Consultancy Services, Ltd. (CLSA Ltd.), 02/25/25 (India) 60,731 2,225,724
     
Total Information Technology   2,695,719
Materials - 2.9%    
Asian Paints, Ltd. (CLSA Ltd.), 06/30/25 (India) 78,500 3,209,208
     
Total Participation Notes
(Cost $28,492,580) 		  28,098,969
Short-Term Investments - 11.0%    
Other Investment Companies - 11.0%    
Dreyfus Government Cash Management Fund, Institutional Shares, 2.75%2 8,143,757 8,143,757
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.75%2 4,214,425 4,214,425
     
Total Short-Term Investments
(Cost $12,358,182) 		  12,358,182
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AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
    Value
     
Total Investments - 99.8%
(Cost $143,812,706) 		   $111,886,681
Other Assets, less Liabilities - 0.2%    203,915
Net Assets - 100.0%   $112,090,596
* Non-income producing security.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the value of this security amounted to $5,779,526 or 5.2% of net assets.
2 Yield shown represents the September 30, 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 September 30, 2022:
  Level 1   Level 21   Level 3   Total
Investments in Securities
Common Stocks
Industrials  —    $17,312,210    —    $17,312,210
Consumer Discretionary  —    10,795,312    —    10,795,312
Information Technology  $1,018,200    8,266,849    —    9,285,049
Health Care  —    8,379,538    —    8,379,538
Consumer Staples  —    8,176,795    —    8,176,795
Financials  4,487,591    1,433,201    —    5,920,792
Communication Services  1,128,623    4,624,437    —    5,753,060
Real Estate  —    3,207,357    —    3,207,357
Materials  —    2,599,417    —    2,599,417
Participation Notes†  —    28,098,969    —    28,098,969
Short-Term Investments
Other Investment Companies  12,358,182    —    —    12,358,182
Total Investments in Securities $18,992,596   $92,894,085   —   $111,886,681
    
   
† All participation notes held in the Fund are Level 2 securities. For a detailed breakout of participation notes by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.
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.
For the period ended September 30, 2022, there were no transfers in or out of Level 3.  During the period, the Fund sold one Level 3 security, Adeptus Health, Inc., for $3,450. The realized loss was $(194,251).
2
AMG Veritas Asia Pacific Fund
Schedule of Portfolio Investments (continued)
The country allocation in the Schedule of Portfolio Investments at September 30, 2022, was as follows:
Country % of Long-Term
Investments
Australia 11.4
China 42.2
Hong Kong 0.5
India 33.8
Singapore 1.1
South Korea 6.5
Taiwan 4.5
  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