Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I NAV | as of 11/11/2025 $21.65 +$0.17 (+0.79%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 140 Global Large-Stock Value funds as of 10/31/2025 View Morningstar Details Morningstar Medalist Rating as of 02/21/2025 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 07/24/2012 to 10/31/2025 = $41,823.58 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE Effective June 30, 2020, the Yacktman Focused Fund’s primary and secondary benchmarks were changed to the Russell 1000 Value Index becoming the primary benchmark and S&P 500 Index the secondary benchmark from the S&P 500 Index as the primary benchmark and the Russell 1000 Value Index as the secondary benchmark previously. The Russell 1000 Value and the S&P 500 Index are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. The S&P 500 is a widely unmanaged index of market activity based on the aggregate performance of a selected portfolio of publicly trade common stocks and we have included the results of such index to give you a perspective of the historical performance of the U.S. equity market. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks long-term capital appreciation and, to a lesser extent, current income by primarily investing in common stocks of U.S. companies. Why Consider Provides investors exposure to equity and debt securities which the portfolio managers expect to provide strong risk-adjusted results over a full market cycle Subadvised by a seasoned investment team with a long track record and reputation for a disciplined investment approach Investors who seek a manager who focuses on risk and returns will appreciate this active and thoughtful value-oriented approach Documents Fact Sheet Commentary Summary Prospectus Prospectus SAI Annual Report - Class N Semi-Annual Report - Class N Annual Report - Class I Semi-Annual Report - Class I Annual Financial Statements and Other Information Semi-Annual Financial Statements and Other Information Q1 Holdings Q3 Holdings All Holdings Distributions View All Documents Investment Style AMG Yacktman Focused Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective AMG Yacktman Focused Fund is categorized as Large-Value. It invests in large-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2025 Overall Rating (of 140) 3 Years (of 140) 5 Years (of 131) 10 Years (of 113) Category Global Large-Stock Value Read Important Investment Disclosures Stephen A. Yacktman CHIEF INVESTMENT OFFICER, PARTNER, AND PORTFOLIO MANAGER Stephen Yacktman is Chief Investment Officer, Partner, and Portfolio Manager of Yacktman Asset Management. He joined Yacktman Asset Management in 1993 as an analyst and has been co-manager for AMG Yacktman Focused Fund and AMG Yacktman Fund since 2002. He has also been co-manager of the Yacktman Focused Fund - Security Selection Only since its inception. In 2006 he was named Co-Chief Investment Officer and Senior Vice President of Yacktman Asset Management. Mr. Yacktman was a finalist for Morningstar's Domestic-Stock Manager of the Year award in 2011. He graduated from Brigham Young University with an economics degree and MBA. He is a member of the Management Committee of the firm. Jason S. Subotky PARTNER AND PORTFOLIO MANAGER Jason Subotky is Partner and Portfolio Manager of Yacktman Asset Management. He joined the firm in 2001, having previously worked as a General Partner at Peterschmidt Ventures and as a Vice President at Goldman Sachs. Mr. Subotky received a Bachelor of Music from the University of Southern California and an MBA from Brigham Young University. Jason is a co-manager for AMG Yacktman Focused Fund and AMG Yacktman Fund and is a member of the Management Committee. Adam P. Sues PARTNER AND PORTFOLIO MANAGER Adam Sues is a Partner and Portfolio Manager at Yacktman Asset Management. He joined the firm in 2013 and is portfolio manager for the AMG Yacktman Special Opportunities Fund. From 2010-2013, he was the founder and author of Value Uncovered, an investment website focused on value-oriented stock research and fundamental analysis. Mr. Sues holds a BA in business administration from Mount Union College and an MBA from the University of North Carolina Kenan-Flagler Business School. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns Effective June 30, 2020, the Yacktman Focused Fund’s primary and secondary benchmarks were changed to the Russell 1000 Value Index becoming the primary benchmark and S&P 500 Index the secondary benchmark from the S&P 500 Index as the primary benchmark and the Russell 1000 Value Index as the secondary benchmark previously. The Russell 1000 Value and the S&P 500 Index are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. The S&P 500 is a widely unmanaged index of market activity based on the aggregate performance of a selected portfolio of publicly trade common stocks and we have included the results of such index to give you a perspective of the historical performance of the U.S. equity market. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Expense Ratios Gross Expense Ratio: 1.07% Net Expense Ratio: 1.07% Expense Cap Expiration Date: N/A The Fund’s Investment Manager has contractually agreed, through May 1, 2025, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 16, 2024 $1.928500 $0.404900 $0.040800 $1.482800 Dec 14, 2023 $0.929000 $0.285000 $0.042900 $0.601100 Dec 15, 2022 $1.416100 $0.250900 — $1.165200 Dec 15, 2021 $1.036300 $0.199200 $0.126800 $0.710300 Dec 16, 2020 $2.302200 $0.189800 $0.017800 $2.094600 Dec 16, 2019 $2.931200 $0.292200 $0.026700 $2.612300 Dec 27, 2018 $3.982800 $0.355200 — $3.627600 Dec 27, 2017 $2.544200 $0.252200 $0.089700 $2.202300 Dec 27, 2016 $2.365900 $0.342800 $0.014600 $2.008500 Dec 28, 2015 $4.883600 $0.296000 $0.221400 $4.366200 Dec 26, 2014 $2.035900 $0.227000 $0.165700 $1.643200 Dec 26, 2013 $0.945400 $0.175600 $0.171000 $0.598800 Dec 26, 2012 $0.149700 $0.106600 — $0.043100 From: To: Risk & Return Statistics As of: 10/31/2025 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 1.85 0.43 2.52 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 11.43 14.49 13.16 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.69 0.65 0.65 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 84.11 84.51 82.11 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 70.65 78.61 66.44 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.76 0.86 0.78 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 75.12 85.84 82.64 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.61 5.93 6.49 View All Characteristics & Statistics All Characteristics & Statistics AMG Yacktman Focused Fund (YAFIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 1000® Value Index Fund Assets (Mil.$) $2,612 Number of Holdings 42 Weighted Avg. Market Cap (Mil.$) $361,106 $339,022 Median Market Cap (Mil.$) $35,633 $14,761 Weighted Avg. P/E (1-yr Forward EPS) 13.47 18.58 Weighted Avg. P/E (Trailing EPS) 14.53 21.06 PEG Ratio 1.57 1.94 Weighted Avg. P/B 1.13 2.79 EPS Growth (Trailing 3-yr %) -9.49% 9.80% EPS Growth (Trailing 5-yr %) 2.42% 12.16% Forward EPS Growth (1-yr %) 3.35% 5.74% Forward EPS Growth (Long Term %) 9.55% 8.82% Revenue Growth (Trailing 5-yr %) 6.83% 8.90% Return on Equity 13.29% 17.56% Weighted Avg. Dividend Yield 2.64% 1.88% Debt to Equity 52.29 99.94 Trailing 12-Months Portfolio Turnover 3.80% As of: 09/30/2025 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 1.85 0.43 2.52 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 11.43 14.49 13.16 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.69 0.65 0.65 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 84.11 84.51 82.11 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 70.65 78.61 66.44 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.76 0.86 0.78 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 75.12 85.84 82.64 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.61 5.93 6.49 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. - -0.16 0.15 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 10.47 11.11 11.05 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -7.91 -19.17 -21.00 As of: 10/31/2025 Market Cap Fund Russell 1000® Value Index Market Cap ($mm) 0 - 1,000 1.88% 0.00% Market Cap ($mm) 1,000 - 1,500 0.73% 0.01% Market Cap ($mm) 1,500 - 2,500 0.00% 0.10% Market Cap ($mm) 2,500 - 5,000 1.45% 0.91% Market Cap ($mm) 5,000 - 10,000 3.24% 4.37% Market Cap ($mm) 10,000 - 25,000 27.12% 11.93% Market Cap ($mm) 25,000 - 50,000 15.23% 12.40% Market Cap ($mm) 50,000 - 100,000 11.82% 17.13% Market Cap ($mm) 100,000 - 200,000 7.96% 18.29% Market Cap ($mm) 200,000 - 30.56% 34.87% Market Cap – NA 0.00% 0.00% As of: 09/30/2025 Valuation Characteristics Fund Russell 1000® Value Index P/E 0-10 10.03% 2.51% P/E 10-15 39.95% 12.65% P/E 15-20 7.58% 21.47% P/E 20-25 9.50% 17.82% P/E 25-Above 32.08% 43.30% P/E – NA 0.87% 2.26% As of: 09/30/2025 Growth Characteristics Fund Russell 1000® Value Index EPS Growth (Trailing 3-yr %) - Negative 59.40% 33.26% EPS Growth (Trailing 3-yr %) 0 - 5 12.68% 11.48% EPS Growth (Trailing 3-yr %) 5 - 10 1.79% 8.65% EPS Growth (Trailing 3-yr %) 10 - 15 8.75% 7.67% EPS Growth (Trailing 3-yr %) 15 - 20 9.31% 11.78% EPS Growth (Trailing 3-yr %) Above 20 6.50% 22.87% EPS Growth (Trailing 3-yr %) - NA 1.56% 4.28% As of: 09/30/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2025 Samsung Electronics Co Ltd Preferred 15.63% Bollore SE 8.90% Canadian Natural Resources Ltd 8.32% Microsoft Corp 4.56% Hyundai Mobis Co Ltd 3.67% U-Haul Holding Co Non-Voting 3.20% Fox Corp, Class B 3.18% Charles Schwab Corp 3.07% Hyundai Motor Co 2.85% PepsiCo Inc 2.47% % in Top 10 Holdings 55.84% View Holding Details Holding Details AMG Yacktman Focused Fund (YAFIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2025 Samsung Electronics Co Ltd Preferred 15.63% Bollore SE 8.90% Canadian Natural Resources Ltd 8.32% Microsoft Corp 4.56% Hyundai Mobis Co Ltd 3.67% U-Haul Holding Co Non-Voting 3.20% Fox Corp, Class B 3.18% Charles Schwab Corp 3.07% Hyundai Motor Co 2.85% PepsiCo Inc 2.47% % in Top 10 Holdings 55.84% As of: 09/30/2025 Download All Holdings (PDF) As of: 09/30/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 005935 Samsung Electronics Co Ltd Preferred Information Technology S KR KRW 8,600,000 47.46 $408,164,724 15.63% BOL Bollore SE Communication Services S FR EUR 41,000,000 5.67 $232,516,520 8.90% CNQ Canadian Natural Resources Ltd Energy S CA USD 6,800,000 31.96 $217,328,000 8.32% MSFT Microsoft Corp Information Technology S US USD 230,000 517.95 $119,128,500 4.56% 012330 Hyundai Mobis Co Ltd Consumer Discretionary S KR KRW 450,000 212.75 $95,739,695 3.67% UHAL/B U-Haul Holding Co Non-Voting Industrials S US USD 1,640,000 50.90 $83,476,000 3.20% FOX Fox Corp, Class B Communication Services S US USD 1,450,000 57.29 $83,070,500 3.18% SCHW Charles Schwab Corp Financials S US USD 840,000 95.47 $80,194,800 3.07% 005385 Hyundai Motor Co Consumer Discretionary S KR KRW 640,000 116.27 $74,414,569 2.85% PEP PepsiCo Inc Consumer Staples S US USD 460,000 140.44 $64,602,400 2.47% PG Procter & Gamble Co Consumer Staples S US USD 380,000 153.65 $58,387,000 2.24% 028260 Samsung C&T Corp Industrials S KR KRW 440,000 131.69 $57,942,338 2.22% 033780 KT&G Corp Consumer Staples S KR KRW 600,000 95.26 $57,154,911 2.19% JNJ Johnson & Johnson Health Care S US USD 280,000 185.42 $51,917,600 1.99% 005387 Hyundai Motor Co Preferred Shares Consumer Discretionary S KR KRW 428,620 118.74 $50,895,650 1.95% CTSH Cognizant Technology Solutions Corp, Class A Information Technology S US USD 600,000 67.07 $40,242,000 1.54% NWSA News Corp, Class A Communication Services S US USD 1,250,000 30.71 $38,387,500 1.47% WBD Warner Bros Discovery Inc, Class A Communication Services S US USD 1,899,500 19.53 $37,097,235 1.42% INGR Ingredion Inc Consumer Staples S US USD 300,000 122.11 $36,633,000 1.40% GOOG Alphabet Inc, Class C Communication Services S US USD 150,000 243.55 $36,532,500 1.40% BNR Brenntag SE Industrials S DE EUR 550,000 59.92 $32,957,439 1.26% TSN Tyson Foods Inc, Class A Consumer Staples S US USD 590,000 54.30 $32,037,000 1.23% KVUE Kenvue Inc Consumer Staples S US USD 1,850,000 16.23 $30,025,500 1.15% DIS Walt Disney Co Communication Services S US USD 240,000 114.50 $27,480,000 1.05% 8074 Yuasa Trading Co Ltd Industrials S JP JPY 800,000 34.21 $27,370,695 1.05% RS Reliance Inc Materials S US USD 95,000 280.83 $26,678,850 1.02% KO Coca-Cola Co Consumer Staples S US USD 380,000 66.32 $25,201,600 0.96% OLN Olin Corp Materials S US USD 995,000 24.99 $24,865,050 0.95% EBAY eBay Inc Consumer Discretionary S US USD 270,000 90.95 $24,556,500 0.94% LHX L3Harris Technologies Inc Industrials S US USD 75,000 305.41 $22,905,750 0.88% LMT Lockheed Martin Corp Industrials S US USD 45,000 499.21 $22,464,450 0.86% COP ConocoPhillips Energy S US USD 230,000 94.59 $21,755,700 0.83% FANG Diamondback Energy Inc Energy S US USD 150,000 143.10 $21,465,000 0.82% NOC Northrop Grumman Corp Industrials S US USD 35,000 609.32 $21,326,200 0.82% ODET Cie de L'Odet SE Industrials S FR EUR 12,846 1,604.08 $20,606,071 0.79% EOG EOG Resources Inc Energy S US USD 170,000 112.12 $19,060,400 0.73% 4095 Nihon Parkerizing Co Ltd Materials S JP JPY 1,868,100 9.25 $17,275,656 0.66% 057050 Hyundai Home Shopping Network Corp Consumer Discretionary S KR KRW 439,418 39.01 $17,143,837 0.66% 051905 LG H&H Co Ltd Preferred Consumer Staples S KR KRW 118,000 81.97 $9,672,469 0.37% 090435 Amorepacific Corp Preferred Consumer Staples S KR KRW 250,000 29.36 $7,339,954 0.28% EAF GrafTech Global Enterprises Inc Fixed 9.88% Dec 2029 144A Corporate B US USD 15,200,000 85.25 $12,958,000 0.50% EAF GrafTech Finance Inc Fixed 4.63% Dec 2029 144A Corporate B US USD 17,800,000 70.03 $12,465,635 0.48% Cash & Equivalents Cash C US USD - - $218,317,558 8.36% WBD 12 C12 WBD US 12/19/25 C12 Options O US USD -9,995 7.66 -$7,656,170 -0.29% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Samsung Electronics Co Ltd Preferred 1 14.06% 29.59% Warner Bros Discovery Inc, Class A 2 0.98% 70.42% Alphabet Inc, Class C 3 1.32% 37.38% Johnson & Johnson 4 1.87% 22.01% Fox Corp, Class B 5 3.05% 11.36% eBay Inc 6 1.21% 22.42% Canadian Natural Resources Ltd 7 8.33% 3.16% Samsung C&T Corp 8 2.18% 10.02% Olin Corp 9 0.84% 25.15% Microsoft Corp 10 4.48% 4.25% As of: 09/30/2025 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Bollore SE 20 9.25% -9.27% Kenvue Inc 19 1.45% -21.94% Cognizant Technology Solutions Corp, Class A 18 1.66% -13.78% U-Haul Holding Co Non-Voting 17 3.34% -6.32% Ingredion Inc 16 1.52% -9.59% Brenntag SE 15 1.35% -9.34% Reliance Inc 14 1.10% -10.27% Walt Disney Co 13 1.13% -7.67% Cie de L'Odet SE 12 0.83% -8.76% Procter & Gamble Co 11 2.27% -3.10% As of: 09/30/2025 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 09/30/2025 View Allocation Details Allocation Details AMG Yacktman Focused Fund (YAFIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 1000® Value Index Information Technology 21.73% 10.47% Communication Services 17.42% 8.07% Consumer Staples 12.29% 7.56% Industrials 11.07% 13.09% Energy 10.70% 5.94% Consumer Discretionary 10.06% 7.70% Cash & Other 8.36% 0.00% Financials 3.07% 22.64% Materials 2.63% 4.12% Health Care 1.99% 11.70% Bonds 0.68% Real Estate 0.00% 4.18% Utilities 0.00% 4.54% As of: 09/30/2025 Investment Allocation 09/30/2025 Stocks 90.96% Bonds 0.97% Cash and Other 8.06% As of: 09/30/2025 Industry Fund Russell 1000® Value Index Technology Hardware, Storage & Peripherals 15.63% 0.63% Entertainment 11.37% 1.31% Oil, Gas & Consumable Fuels 10.70% 5.45% Automobiles 4.80% 0.44% Media 4.65% 0.79% Software 4.56% 1.73% Automobile Components 3.67% 0.16% Beverages 3.44% 1.29% Ground Transportation 3.20% 1.21% Capital Markets 3.07% 6.03% % in Top 10 Industries 65.09% 19.04% As of: 09/30/2025 Read Important Investment Disclosures About the Affiliate About Yacktman Asset Management Yacktman Asset Management is a boutique investment firm located in Austin, Texas. Since 1992, the firm has navigated multiple market cycles while adhering to a disciplined investment approach led by Stephen Yacktman, Chief Investment Officer. The firm strives to achieve solid risk-adjusted returns over time. Learn More About Yacktman Asset Management's Approach FOUNDED 1992 AMG AFFILIATE SINCE 2012 HEADQUARTERS Austin, TX Portfolio Managers Stephen A. Yacktman CHIEF INVESTMENT OFFICER, PARTNER, AND PORTFOLIO MANAGER Read full bio Jason S. Subotky PARTNER AND PORTFOLIO MANAGER Read full bio Adam P. Sues PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach AMG Yacktman Focused Fund The Fund seeks long-term capital appreciation, and, to a lesser extent, current income. The Fund is non-diversified and mainly invests in common stocks of United States companies of any size, some, but not all of which, pay dividends. Yacktman employs a disciplined investment strategy, buying growth companies at what it believes to be low prices. Yacktman believes this approach combines the best features of “growth” and “value” investing. When they purchase stocks, they generally search for companies they believe to possess one or more of the following three attributes: Good Business High market share in principal product and/or service lines A high cash return on tangible assets Relatively low capital requirements allowing a business to generate cash while growing Short customer repurchase cycles and long product cycles Unique franchise characteristics Shareholder-Oriented Management Yacktman believes a shareholder-oriented management does not overcompensate itself and wisely allocates the cash the company generates. Yacktman looks for companies that: Reinvest in the business and still have excess cash Make synergistic acquisitions Buy back stock Low Purchase Price Yacktman looks for a stock that sells for less than what an investor would pay to buy the whole company The stock prices of individual companies can vary significantly over short periods of time, and such price movements are not always correlated with changes in company fundamental performance. Accordingly, Yacktman generally prefers to wait for buying opportunities. Such opportunities do not always occur in correlation with overall market performance trends Additional Fund Highlight May establish a cash position if the subadvisor does not believe opportunities exist for purchasing securities of companies that meet its investment requirements. Additionally, for hedging purposes, the Fund may engage in short sales of securities, including short sales of securities the Fund does not own. Yacktman Quarterly Update During this presentation, the Yacktman Asset Management team discussed quarterly updates to the AMG Yacktman Fund (YACKX) and the AMG Yacktman Focused Fund (YAFFX, YAFIX). View Webcast Yacktman: An Investment Built for Full Market Cycles Read More Related products Other Products From Yacktman Asset Management YACKX AMG Yacktman Fund View Fund Details YFSNX AMG Yacktman Global Fund View Fund Details YASSX AMG Yacktman Special Opportunities Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS