Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I NAV | as of 10/09/2024 $25.49 +$0.10 (+0.39%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 1,085 Large Value funds as of 09/30/2024 View Morningstar Details Morningstar Medalist Rating as of 02/23/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 07/06/1992 to 09/30/2024 = $246,741.56 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE Effective June 30, 2020, the Yacktman 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 traded 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. Returns for periods shorter than one year are not annualized. 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 a diversified fund seeking to achieve 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 2023 Distributions View All Documents Investment Style Yacktman Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Yacktman Fund is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 09/30/2024 Overall Rating (of 1,085) 3 Years (of 1,085) 5 Years (of 1,031) 10 Years (of 804) Category Large 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 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 traded 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. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.71% Net Expense Ratio: 0.71% Expense Cap Expiration Date: N/A 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 14, 2023 $1.025200 $0.416300 $0.000500 $0.608400 Dec 15, 2022 $1.552700 $0.330100 — $1.222600 Dec 15, 2021 $0.910600 $0.270400 $0.132900 $0.507300 Dec 16, 2020 $2.299800 $0.282400 — $2.017400 Dec 16, 2019 $1.907600 $0.365700 — $1.541900 Dec 27, 2018 $4.393500 $0.435100 — $3.958400 Dec 27, 2017 $2.438400 $0.339300 $0.123300 $1.975800 Dec 27, 2016 $1.832100 $0.405900 $0.011100 $1.415100 Dec 28, 2015 $2.850900 $0.340500 $0.033300 $2.477100 Dec 26, 2014 $1.103100 $0.266600 $0.013500 $0.823000 Dec 26, 2013 $0.879600 $0.210900 $0.124300 $0.544400 Dec 26, 2012 $0.152500 $0.141400 — $0.011100 Jun 27, 2012 $0.233021 $0.110221 — $0.122800 Dec 29, 2011 $0.238422 $0.183662 $0.007310 $0.047450 Dec 30, 2010 $0.603623 $0.152483 $0.016670 $0.434470 Dec 30, 2009 $0.203323 $0.104753 $0.098570 — Dec 30, 2008 $0.216515 $0.177275 $0.039240 — Dec 27, 2007 $2.958892 $0.343432 $0.045260 $2.570200 Dec 28, 2006 $1.224320 $0.297360 $0.017900 $0.909060 Dec 29, 2005 $0.471990 $0.281340 $0.035200 $0.155450 Dec 30, 2004 $1.415770 $0.115130 $0.226660 $1.073980 Dec 30, 2003 $1.161120 $0.175130 $0.216810 $0.769180 Dec 30, 2002 $0.102400 $0.102400 — — Dec 28, 2001 $0.548320 $0.052810 $0.050360 $0.445150 Dec 29, 2000 $0.850850 $0.850850 — — Mar 31, 2000 $0.020000 $0.020000 — — Dec 31, 1999 $0.185750 $0.185750 — — Sep 30, 1999 $0.020000 $0.020000 — — Jun 30, 1999 $0.030000 $0.030000 — — Mar 31, 1999 $0.020000 $0.020000 — — Dec 31, 1998 $2.379880 $2.379880 — — Sep 30, 1998 $0.020000 $0.020000 — — Jun 30, 1998 $0.030000 $0.030000 — — Mar 31, 1998 $0.080000 $0.080000 — — Dec 31, 1997 $1.544040 $1.544040 — — Sep 30, 1997 $0.060000 $0.060000 — — Jun 30, 1997 $0.070000 $0.070000 — — Mar 31, 1997 $0.050000 $0.050000 — — Dec 31, 1996 $1.718540 $1.718540 — — Sep 30, 1996 $0.070000 $0.070000 — — Jun 28, 1996 $0.050000 $0.050000 — — Mar 29, 1996 $0.050000 $0.050000 — — Dec 29, 1995 $0.825960 $0.825960 — — Sep 29, 1995 $0.060000 $0.060000 — — Jun 30, 1995 $0.050000 $0.050000 — — Mar 31, 1995 $0.060000 $0.060000 — — Dec 30, 1994 $0.186040 $0.186040 — — Sep 30, 1994 $0.045000 $0.045000 — — Jun 30, 1994 $0.052000 $0.052000 — — Mar 31, 1994 $0.056000 $0.056000 — — Dec 31, 1993 $0.039000 $0.039000 — — Sep 30, 1993 $0.037000 $0.037000 — — Jun 30, 1993 $0.024000 $0.024000 — — Mar 31, 1993 $0.044000 $0.044000 — — Dec 31, 1992 $0.056500 $0.056500 — — Sep 30, 1992 $0.024300 $0.024300 — — From: To: Risk & Return Statistics As of: 09/30/2024 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. -0.57 1.96 2.27 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. 14.55 16.16 12.96 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. 0.24 0.56 0.63 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. 74.60 75.45 61.04 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. 86.44 84.55 84.42 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. 0.86 0.86 0.79 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. 93.83 94.20 88.87 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. 4.30 4.67 5.37 View All Characteristics & Statistics All Characteristics & Statistics Yacktman Fund (YACKX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 1000® Value Index Fund Assets (Mil.$) $8,309 Number of Holdings 58 846 Weighted Avg. Market Cap (Mil.$) $369,366 $159,781 Median Market Cap (Mil.$) $35,627 $13,038 Weighted Avg. P/E (1-yr Forward EPS) 15.10 16.34 Weighted Avg. P/E (Trailing EPS) 17.49 19.00 PEG Ratio 0.92 1.49 Weighted Avg. P/B 1.75 2.38 EPS Growth (Trailing 3-yr %) 4.12% 7.26% EPS Growth (Trailing 5-yr %) 7.43% 7.94% Forward EPS Growth (1-yr %) 11.72% 5.95% Forward EPS Growth (Long Term %) 10.52% 9.18% Revenue Growth (Trailing 5-yr %) 7.69% 7.38% Return on Equity 16.95% 15.19% Weighted Avg. Dividend Yield 2.21% 2.18% Debt to Equity 74.95 100.33 Trailing 12-Months Portfolio Turnover 3.25% As of: 06/30/2024 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. -0.57 1.96 2.27 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. 14.55 16.16 12.96 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. 0.24 0.56 0.63 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. 74.60 75.45 61.04 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. 86.44 84.55 84.42 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. 0.86 0.86 0.79 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. 93.83 94.20 88.87 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. 4.30 4.67 5.37 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. -0.43 0.15 0.11 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. 4.15 10.50 10.26 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. -17.51 -21.68 -21.68 As of: 09/30/2024 Market Cap Fund Russell 1000® Value Index Market Cap ($mm) 0 - 1,000 0.36% 0.02% Market Cap ($mm) 1,000 - 1,500 0.00% 0.02% Market Cap ($mm) 1,500 - 2,500 0.00% 0.20% Market Cap ($mm) 2,500 - 5,000 1.09% 1.28% Market Cap ($mm) 5,000 - 10,000 7.03% 5.88% Market Cap ($mm) 10,000 - 25,000 25.58% 14.07% Market Cap ($mm) 25,000 - 50,000 11.63% 16.14% Market Cap ($mm) 50,000 - 100,000 13.43% 16.17% Market Cap ($mm) 100,000 - 200,000 12.09% 23.74% Market Cap ($mm) 200,000 - 28.78% 22.49% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund Russell 1000® Value Index P/E 0-10 6.10% 4.93% P/E 10-15 30.10% 24.14% P/E 15-20 10.96% 15.80% P/E 20-25 16.75% 12.79% P/E 25-Above 35.56% 38.20% P/E – NA 0.53% 4.13% As of: 06/30/2024 Growth Characteristics Fund Russell 1000® Value Index EPS Growth (Trailing 3-yr %) - Negative 31.74% 32.74% EPS Growth (Trailing 3-yr %) 0 - 5 13.84% 9.88% EPS Growth (Trailing 3-yr %) 5 - 10 1.32% 12.16% EPS Growth (Trailing 3-yr %) 10 - 15 15.61% 6.84% EPS Growth (Trailing 3-yr %) 15 - 20 5.85% 7.76% EPS Growth (Trailing 3-yr %) Above 20 27.99% 24.00% EPS Growth (Trailing 3-yr %) - NA 3.65% 6.61% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 Canadian Natural Resources Ltd 7.03% Bollore SE 6.78% Samsung Electronics Co Ltd Preferred 6.11% Microsoft Corp 4.30% Alphabet Inc, Class C 4.15% Charles Schwab Corp 2.84% PepsiCo Inc 2.78% News Corp, Class A 2.65% Procter & Gamble Co 2.58% U-Haul Holding Co Non-Voting 2.13% % in Top 10 Holdings 41.34% View Holding Details Holding Details Yacktman Fund (YACKX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 Canadian Natural Resources Ltd 7.03% Bollore SE 6.78% Samsung Electronics Co Ltd Preferred 6.11% Microsoft Corp 4.30% Alphabet Inc, Class C 4.15% Charles Schwab Corp 2.84% PepsiCo Inc 2.78% News Corp, Class A 2.65% Procter & Gamble Co 2.58% U-Haul Holding Co Non-Voting 2.13% % in Top 10 Holdings 41.34% As of: 06/30/2024 Download All Holdings (PDF) As of: 06/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund CNQ Canadian Natural Resources Ltd Energy S CA USD 16,400,000 35.60 $583,840,000 7.03% BOL Bollore SE Communication Services S FR EUR 95,900,000 5.87 $563,021,644 6.78% 005935 Samsung Electronics Co Ltd Preferred Information Technology S KR KRW 11,050,000 45.92 $507,380,305 6.11% MSFT Microsoft Corp Information Technology S US USD 800,000 446.95 $357,560,000 4.30% GOOG Alphabet Inc, Class C Communication Services S US USD 1,880,000 183.42 $344,829,600 4.15% SCHW Charles Schwab Corp Financials S US USD 3,200,000 73.69 $235,808,000 2.84% PEP PepsiCo Inc Consumer Staples S US USD 1,400,000 164.93 $230,902,000 2.78% NWSA News Corp, Class A Communication Services S US USD 8,000,000 27.57 $220,560,000 2.65% PG Procter & Gamble Co Consumer Staples S US USD 1,300,000 164.92 $214,396,000 2.58% UHAL/B U-Haul Holding Co Non-Voting Industrials S US USD 2,950,000 60.02 $177,059,000 2.13% CTSH Cognizant Technology Solutions Corp, Class A Information Technology S US USD 2,600,000 68.00 $176,800,000 2.13% FANG Diamondback Energy Inc Energy S US USD 800,000 200.19 $160,152,000 1.93% ELV Elevance Health Inc Health Care S US USD 290,000 541.86 $157,139,400 1.89% RS Reliance Inc Materials S US USD 530,000 285.60 $151,368,000 1.82% ABF Associated British Foods PLC Consumer Staples S GB GBP 4,500,000 31.22 $140,507,389 1.69% BRK/B Berkshire Hathaway Inc, Class B Financials S US USD 340,000 406.80 $138,312,000 1.66% STT State Street Corp Financials S US USD 1,800,000 74.00 $133,200,000 1.60% INGR Ingredion Inc Consumer Staples S US USD 1,150,000 114.70 $131,905,000 1.59% BK Bank of New York Mellon Corp Financials S US USD 2,100,000 59.89 $125,769,000 1.51% BNR Brenntag SE Industrials S DE EUR 1,850,000 67.46 $124,800,920 1.50% WFC Wells Fargo & Co Financials S US USD 2,100,000 59.39 $124,719,000 1.50% BKNG Booking Holdings Inc Consumer Discretionary S US USD 31,000 3,961.50 $122,806,500 1.48% EOG EOG Resources Inc Energy S US USD 955,000 125.87 $120,205,850 1.45% JNJ Johnson & Johnson Health Care S US USD 767,682 146.16 $112,204,401 1.35% OLN Olin Corp Materials S US USD 2,205,000 47.15 $103,965,750 1.25% COP ConocoPhillips Energy S US USD 890,000 114.38 $101,798,200 1.23% 012330 Hyundai Mobis Co Ltd Consumer Discretionary S KR KRW 550,000 181.67 $99,920,192 1.20% FOX Fox Corp, Class B Communication Services S US USD 3,100,000 32.02 $99,262,000 1.19% NOC Northrop Grumman Corp Industrials S US USD 225,000 435.95 $98,088,750 1.18% CL Colgate-Palmolive Co Consumer Staples S US USD 1,000,000 97.04 $97,040,000 1.17% 033780 KT&G Corp Consumer Staples S KR KRW 1,452,810 63.90 $92,830,044 1.12% LMT Lockheed Martin Corp Industrials S US USD 195,000 467.10 $91,084,500 1.10% KVUE Kenvue Inc Consumer Staples S US USD 5,000,000 18.18 $90,900,000 1.09% DIS Walt Disney Co Communication Services S US USD 900,000 99.29 $89,361,000 1.08% KO Coca-Cola Co Consumer Staples S US USD 1,385,000 63.65 $88,155,250 1.06% TSN Tyson Foods Inc, Class A Consumer Staples S US USD 1,460,000 57.14 $83,424,400 1.00% AWI Armstrong World Industries Inc Industrials S US USD 735,000 113.24 $83,231,400 1.00% FOXA Fox Corp, Class A Communication Services S US USD 2,400,000 34.37 $82,488,000 0.99% LHX L3Harris Technologies Inc Industrials S US USD 355,000 224.58 $79,725,900 0.96% DVN Devon Energy Corp Energy S US USD 1,610,000 47.40 $76,314,000 0.92% 028260 Samsung C&T Corp Industrials S KR KRW 700,000 102.63 $71,837,597 0.86% K Kellanova Consumer Staples S US USD 1,200,000 57.68 $69,216,000 0.83% 005385 Hyundai Motor Co Consumer Discretionary S KR KRW 523,882 131.58 $68,931,403 0.83% EBAY eBay Inc Consumer Discretionary S US USD 1,250,000 53.72 $67,150,000 0.81% SYY Sysco Corp Consumer Staples S US USD 920,000 71.39 $65,678,800 0.79% ORCL Oracle Corp Information Technology S US USD 400,000 141.20 $56,480,000 0.68% 005387 Hyundai Motor Co Preferred Shares Consumer Discretionary S KR KRW 400,000 132.61 $53,043,705 0.64% GS Goldman Sachs Group Inc Financials S US USD 100,000 452.32 $45,232,000 0.54% TLNE Talen Energy Corp Utilities S US USD 400,000 111.02 $44,408,000 0.53% CMCSA Comcast Corp, Class A Communication Services S US USD 1,100,000 39.16 $43,076,000 0.52% GLW Corning Inc Information Technology S US USD 1,100,000 38.85 $42,735,000 0.51% DAR Darling Ingredients Inc Consumer Staples S US USD 1,005,000 36.75 $36,933,750 0.44% CSCO Cisco Systems Inc Information Technology S US USD 700,000 47.51 $33,257,000 0.40% WBD Warner Bros Discovery Inc Communication Services S US USD 4,400,000 7.44 $32,736,000 0.39% UHAL U-Haul Holding Co Industrials S US USD 330,000 61.73 $20,370,900 0.25% EMBC Embecta Corp Health Care S US USD 1,600,000 12.50 $20,000,000 0.24% 005930 Samsung Electronics Co Ltd Information Technology S KR KRW 200,000 58.85 $11,770,763 0.14% EAF Graftech International Ltd Industrials S US USD 8,000,000 0.97 $7,760,000 0.09% Cash & Equivalents Cash C US USD - - $705,858,347 8.49% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Alphabet Inc, Class C 1 3.85% 20.56% Microsoft Corp 2 4.08% 6.37% News Corp, Class A 3 2.44% 5.31% Fox Corp, Class B 4 1.10% 11.88% Booking Holdings Inc 5 1.36% 9.37% Hyundai Motor Co 6 0.70% 16.62% Hyundai Motor Co Preferred Shares 7 0.54% 19.32% Colgate-Palmolive Co 8 1.09% 8.20% Fox Corp, Class A 9 0.92% 9.91% Elevance Health Inc 10 1.81% 4.72% As of: 06/30/2024 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 7.44% -11.57% Samsung Electronics Co Ltd Preferred 19 6.16% -8.12% Canadian Natural Resources Ltd 18 7.28% -5.65% Brenntag SE 17 1.67% -17.61% Reliance Inc 16 1.89% -14.32% Olin Corp 15 1.39% -19.61% Walt Disney Co 14 1.14% -18.85% U-Haul Holding Co Non-Voting 13 2.19% -9.94% Cognizant Technology Solutions Corp, Class A 12 2.08% -6.93% PepsiCo Inc 11 2.85% -5.24% As of: 06/30/2024 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: 06/30/2024 View Allocation Details Allocation Details Yacktman Fund (YACKX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 1000® Value Index Communication Services 17.76% 4.49% Consumer Staples 16.15% 7.95% Information Technology 14.27% 9.53% Energy 12.54% 8.01% Financials 9.66% 22.87% Industrials 9.07% 14.25% Cash & Other 8.49% 0.00% Consumer Discretionary 4.96% 4.74% Health Care 3.48% 13.91% Materials 3.07% 4.66% Utilities 0.53% 4.98% Real Estate 0.00% 4.60% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 91.51% Bonds 0.00% Cash and Other 8.49% As of: 06/30/2024 Industry Fund Russell 1000® Value Index Oil, Gas & Consumable Fuels 12.54% 7.33% Entertainment 8.25% 1.42% Capital Markets 6.50% 5.51% Technology Hardware, Storage & Peripherals 6.25% 0.45% Food Products 5.56% 1.54% Media 5.36% 1.14% Software 4.98% 1.71% Interactive Media & Services 4.15% 0.04% Beverages 3.84% 1.30% Household Products 3.75% 1.90% % in Top 10 Industries 61.18% 22.34% As of: 06/30/2024 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 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 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. A Fresh Perspective on Energy Yacktman Asset Management’s Adam Sues discusses the firm’s pivot in the energy sector. Read his take on risks and opportunities in the energy industry today. Read Blog Podcast: Resilient Investing with Adam Sues of Yacktman Listen to a recent interview with Adam Sues of Yacktman Asset Management on the “Deconstructing Alpha” podcast where he discusses the history of the firm, Yacktman’s 30th anniversary, and its unique approach to value investing. Listen to Podcast 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: Celebrating 30 Years of Navigating Market Cycles Since 1992, Yacktman Asset Management has navigated multiple market cycles while adhering to a disciplined investment approach. Read More Related products Other Products From Yacktman Asset Management YAFFX Yacktman Focused Fund View Fund Details YFSNX Yacktman Global Fund View Fund Details YASSX 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