AMG River Road Mid Cap Value Fund
AMG River Road Mid Cap Value Fund
Mid-cap Value
Dec 2024 → Jun 2025
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years · follow all of AMG River Road Mid Cap Value Fund for every strategy.
What it bought and sold
New positions were (market caps and convictions as of the month end after purchase are in parenthesis): leading defense contractor focused on technology services CACI International Inc (Cl A) (CACI, $9.1B market cap, 2.5 conviction); largest military shipbuilder in the U.S. Huntington Ingalls Industries Inc. (HII, $7.7B market cap, 3.0 conviction); automotive and industrial parts distributor Genuine Parts Company (GPC, $15.9B market cap, 2.5 conviction); Sunbelt homebuilder LGI Homes, Inc. (LGIH, $2.4B market cap, 3.5 conviction); and MCO focused on Medicare Advantage plans Humana Inc. (HUM, $31B market cap, 3.0 conviction).
Exited positions were (convictions at the time of sale are in parenthesis): Apollo Global Management Inc.® (APO, 3.0 conviction), Ares Management Corporation (ARES, 2.0 conviction), Royal Gold, Inc. (RGLD, 3.5 conviction), Texas Pacific Land Corporation (TPL, 3.0 conviction), Ulta Beauty Inc. (ULTA, 3.0 conviction), and Madison Square Garden Sports Corp. (Cl A) (MSGS, 3.5 conviction), which were sold for valuation reasons, and Summit Materials, Inc. (Cl A) (SUM, 3.0 conviction), which was exited due to a takeover bid.
Exited positions were (convictions at the time of sale are in parenthesis): Apollo Global Management Inc.® (APO, 3.0 conviction), Ares Management Corporation (ARES, 2.0 conviction), Royal Gold, Inc. (RGLD, 3.5 conviction), Texas Pacific Land Corporation (TPL, 3.0 conviction), Ulta Beauty Inc. (ULTA, 3.0 conviction), and Madison Square Garden Sports Corp. (Cl A) (MSGS, 3.5 conviction), which were sold for valuation reasons, and Summit Materials, Inc. (Cl A) (SUM, 3.0 conviction), which was exited due to a takeover bid.
New positions were (market caps and convictions as of the month end after purchase are in parenthesis): leading defense contractor focused on technology services CACI International Inc (Cl A) (CACI, $9.1B market cap, 2.5 conviction); largest military shipbuilder in the U.S. Huntington Ingalls Industries Inc. (HII, $7.7B market cap, 3.0 conviction); automotive and industrial parts distributor Genuine Parts Company (GPC, $15.9B market cap, 2.5 conviction); Sunbelt homebuilder LGI Homes, Inc. (LGIH, $2.4B market cap, 3.5 conviction); and MCO focused on Medicare Advantage plans Humana Inc. (HUM, $31B market cap, 3.0 conviction).
The two largest net decreases were lululemon® (LULU, 2.5 conviction) and Fairfax Financial Holdings Ltd. (FRFHF, 2.0 conviction).
Exited positions were (convictions at the time of sale are in parenthesis): Apollo Global Management Inc.® (APO, 3.0 conviction), Ares Management Corporation (ARES, 2.0 conviction), Royal Gold, Inc. (RGLD, 3.5 conviction), Texas Pacific Land Corporation (TPL, 3.0 conviction), Ulta Beauty Inc. (ULTA, 3.0 conviction), and Madison Square Garden Sports Corp. (Cl A) (MSGS, 3.5 conviction), which were sold for valuation reasons, and Summit Materials, Inc. (Cl A) (SUM, 3.0 conviction), which was exited due to a takeover bid.
New positions were (market caps and convictions as of the month end after purchase are in parenthesis): leading defense contractor focused on technology services CACI International Inc (Cl A) (CACI, $9.1B market cap, 2.5 conviction); largest military shipbuilder in the U.S. Huntington Ingalls Industries Inc. (HII, $7.7B market cap, 3.0 conviction); automotive and industrial parts distributor Genuine Parts Company (GPC, $15.9B market cap, 2.5 conviction); Sunbelt homebuilder LGI Homes, Inc. (LGIH, $2.4B market cap, 3.5 conviction); and MCO focused on Medicare Advantage plans Humana Inc. (HUM, $31B market cap, 3.0 conviction).
Exited positions were (convictions at the time of sale are in parenthesis): Apollo Global Management Inc.® (APO, 3.0 conviction), Ares Management Corporation (ARES, 2.0 conviction), Royal Gold, Inc. (RGLD, 3.5 conviction), Texas Pacific Land Corporation (TPL, 3.0 conviction), Ulta Beauty Inc. (ULTA, 3.0 conviction), and Madison Square Garden Sports Corp. (Cl A) (MSGS, 3.5 conviction), which were sold for valuation reasons, and Summit Materials, Inc. (Cl A) (SUM, 3.0 conviction), which was exited due to a takeover bid.
Exited positions were (convictions at the time of sale are in parenthesis): Apollo Global Management Inc.® (APO, 3.0 conviction), Ares Management Corporation (ARES, 2.0 conviction), Royal Gold, Inc. (RGLD, 3.5 conviction), Texas Pacific Land Corporation (TPL, 3.0 conviction), Ulta Beauty Inc. (ULTA, 3.0 conviction), and Madison Square Garden Sports Corp. (Cl A) (MSGS, 3.5 conviction), which were sold for valuation reasons, and Summit Materials, Inc. (Cl A) (SUM, 3.0 conviction), which was exited due to a takeover bid.
We trimmed the position as it approached its assessed value.
Exited positions were (convictions at the time of sale are in parenthesis): Apollo Global Management Inc.® (APO, 3.0 conviction), Ares Management Corporation (ARES, 2.0 conviction), Royal Gold, Inc. (RGLD, 3.5 conviction), Texas Pacific Land Corporation (TPL, 3.0 conviction), Ulta Beauty Inc. (ULTA, 3.0 conviction), and Madison Square Garden Sports Corp. (Cl A) (MSGS, 3.5 conviction), which were sold for valuation reasons, and Summit Materials, Inc. (Cl A) (SUM, 3.0 conviction), which was exited due to a takeover bid.
Exited positions were (convictions at the time of sale are in parenthesis): Apollo Global Management Inc.® (APO, 3.0 conviction), Ares Management Corporation (ARES, 2.0 conviction), Royal Gold, Inc. (RGLD, 3.5 conviction), Texas Pacific Land Corporation (TPL, 3.0 conviction), Ulta Beauty Inc. (ULTA, 3.0 conviction), and Madison Square Garden Sports Corp. (Cl A) (MSGS, 3.5 conviction), which were sold for valuation reasons, and Summit Materials, Inc. (Cl A) (SUM, 3.0 conviction), which was exited due to a takeover bid.
The largest new position added during the quarter was CACI International Inc. (Cl A) (CACI).
The two largest increases (convictions noted in parenthesis) were Expeditors International of Washington Inc. (EXPD, 2.5 conviction) and GE HealthCare Technologies Inc. (GEHC, 2.5 conviction).
The two largest increases (convictions noted in parenthesis) were Expeditors International of Washington Inc. (EXPD, 2.5 conviction) and GE HealthCare Technologies Inc. (GEHC, 2.5 conviction).
New positions were (market caps and convictions as of the month end after purchase are in parenthesis): leading defense contractor focused on technology services CACI International Inc (Cl A) (CACI, $9.1B market cap, 2.5 conviction); largest military shipbuilder in the U.S. Huntington Ingalls Industries Inc. (HII, $7.7B market cap, 3.0 conviction); automotive and industrial parts distributor Genuine Parts Company (GPC, $15.9B market cap, 2.5 conviction); Sunbelt homebuilder LGI Homes, Inc. (LGIH, $2.4B market cap, 3.5 conviction); and MCO focused on Medicare Advantage plans Humana Inc. (HUM, $31B market cap, 3.0 conviction).
Also held
Its investment theses
- CACI International Inc.Jun 2025CACI International Inc. is a leading provider of technology services for national security and government modernization, experiencing strong growth and financial stability despite recent market sell-offs.
- CACI International Inc.Dec 2024CACI International Inc. is a leading provider of technology services for national security, poised for growth despite market overreactions to government efficiency recommendations.