- ISIN
- US00170J7550
- CUSIP
- 00170J755
- Issuer
- AMG
- Inception Date
- Jun 29, 1994
- Category
- China Equities
- Min. Investment
- $2,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
MMCFX Performance Chart
AMG Veritas China Fund (MMCFX) is up 9.0% since the beginning of the year. MMCFX is currently trading at $19 per share. Investors who bought $1,000 worth of MMCFX shares 5 years ago would now be looking at an investment worth $714.
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Returns By Period
AMG Veritas China Fund (MMCFX) has returned 9.00% so far this year and 26.72% over the past 12 months. Over the last ten years, MMCFX has returned 5.59% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
AMG Veritas China Fund
- 1D
- 3.02%
- 1M
- 3.93%
- YTD
- 9.00%
- 6M
- 8.69%
- 1Y
- 26.72%
- 3Y*
- 5.18%
- 5Y*
- -6.52%
- 10Y*
- 5.59%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MMCFX Monthly Returns History
Based on dividend-adjusted daily data since Jul 7, 1994, MMCFX's average daily return is +0.04%, while the average monthly return is +0.88%. At this rate, an investment would double in approximately 6.6 years.
Historically, 59% of months were positive and 41% were negative. The best month was Feb 2000 with a return of +25.8%, while the worst month was Mar 2020 at -24.3%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 6 months.
On a daily basis, MMCFX closed higher 52% of trading days. The best single day was Mar 24, 2020 with a return of +8.4%, while the worst single day was Oct 26, 1999 at -17.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.24% | -0.89% | -8.43% | 8.47% | 2.77% | 3.36% | 9.00% | ||||||
| 2025 | 1.48% | 8.75% | 1.74% | -5.21% | 2.02% | 3.75% | 4.20% | 8.07% | 11.55% | -4.45% | -4.98% | -0.48% | 27.88% |
| 2024 | -11.26% | 7.12% | 0.99% | 3.56% | 1.17% | -3.10% | -3.20% | -2.77% | 21.85% | -5.65% | -5.58% | -0.15% | -0.59% |
| 2023 | 10.70% | -10.52% | 3.09% | -4.72% | -10.63% | 4.33% | 11.41% | -9.77% | -3.74% | -3.35% | -0.62% | -3.15% | -18.35% |
| 2022 | -7.28% | -2.52% | -11.45% | -7.41% | 5.03% | 10.52% | -1.91% | -6.67% | -10.23% | -12.44% | 16.72% | 1.98% | -26.33% |
| 2021 | 4.32% | 10.44% | 2.05% | 2.98% | -0.58% | 1.18% | -8.14% | -4.70% | -5.70% | 3.43% | -1.41% | -2.94% | -0.49% |
Benchmark Metrics
AMG Veritas China Fund has an annualized alpha of 0.73%, beta of 0.91, and R2 of 0.52 versus S&P 500 Index. Calculated based on daily prices since July 07, 1994.
- This fund participated in 110.07% of S&P 500 Index downside but only 104.06% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 0.91 and R2 of 0.52, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 0.73%
- Beta
- 0.91
- R²
- 0.52
- Upside Capture
- 104.06%
- Downside Capture
- 110.07%
Expense Ratio
MMCFX has a high expense ratio of 1.14%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MMCFX ranks 16 for risk / return — in the bottom 16% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for AMG Veritas China Fund (MMCFX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MMCFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.37 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 2.78 | -1.40 |
| Martin ratioReturn relative to average drawdown | 2.98 | 12.44 | -9.46 |
Dividends
Dividend History
AMG Veritas China Fund provided a 0.30% dividend yield over the last twelve months, with an annual payout of $0.06 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.06 | $0.06 | $0.18 | $0.11 | $0.00 | $26.45 | $2.12 | $3.69 | $8.65 | $5.71 | $0.14 | $4.52 |
Dividend yield | 0.30% | 0.32% | 1.34% | 0.83% | 0.00% | 114.57% | 4.66% | 9.14% | 25.03% | 12.44% | 0.35% | 12.74% |
Monthly Dividends
The table displays the monthly dividend distributions for AMG Veritas China Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 | $0.06 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.18 | $0.18 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.11 | $0.11 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $26.45 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $26.45 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the AMG Veritas China Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the AMG Veritas China Fund was 70.40%, occurring on Oct 9, 2002. Recovery took 2690 trading sessions.
The current AMG Veritas China Fund drawdown is 32.96%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Dot-com crash2000–2002 | -70.40%Oct 2002 | 2y 7mo | 10y 8mo | 13y 3moMar 2000 - Jun 2013 |
2024 bear market2024 | -57.48%Feb 2024 | 2y 10mo | — | 5y 3moMar 2021 - now |
1998 bear market1998 | -52.24%Oct 1998 | 12mo 3d | 8mo 2d | 1y 8moOct 1997 - Jun 1999 |
COVID crash2020 | -44.89%Mar 2020 | 1y 6mo | 7mo 27d | 2y 2moSep 2018 - Nov 2020 |
2016 bear market2016 | -30.93%Feb 2016 | 7mo 22d | 10mo 1d | 1y 5moJun 2015 - Dec 2016 |
Drawdown Indicators
| MMCFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -56.78% | -13.62% |
Max Drawdown (1Y)Largest decline over 1 year | -18.42% | -9.10% | -9.32% |
Max Drawdown (3Y)Largest decline over 3 years | -29.01% | -18.90% | -10.11% |
Max Drawdown (5Y)Largest decline over 5 years | -57.12% | -25.43% | -31.69% |
Max Drawdown (10Y)Largest decline over 10 years | -57.48% | -33.92% | -23.56% |
Current DrawdownCurrent decline from peak | -32.96% | -1.80% | -31.16% |
Average DrawdownAverage peak-to-trough decline | -26.68% | -10.71% | -15.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.53% | 2.03% | +6.50% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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