AMG River Road Dividend All Cap Value Fund Class N ARDEX

In a filing dated July 20, 2026, River Road Asset Management announced that Brett Leary was added as a comanager on the River Road Dividend All Cap Value strategy effective immediately. Since Leary joined the firm in 2017, he rose through the analyst ranks and started working more closely on this strategy in 2025. Since then, he has been involved in idea generation and fundamental research for the portfolio, so his appointment doesn’t come as much of a surprise. Although he doesn't have much portfolio management experience, Leary joins veteran comanagers Thom Forsha and Andrew McIntosh, so he will have ample time to learn the ropes under their guidance. Leary’s appointment is a welcome decision. While the managers take a long-term approach to investing and often hold only 50-60 stocks, this all-cap portfolio forces the managers to cast a wide net of ideas, so Leary should help reduce some of Forsha and McIntosh’s workload. Furthermore, this strategy has struggled in recent years owing to a combination of stylistic headwinds and inconsistent stock picking, so his fresh perspectives could give this strategy a much-needed jolt. Even so, his promotion does not alter the strategy’s Average People rating or its Morningstar Medalist Ratings.