Fund Overview Fund Overview Share Class N N I NAV | as of 06/02/2023 $19.19 +$0.35 (+1.86%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 1135 Large Value funds as of 04/30/2023 View Morningstar Details Morningstar Analyst Rating as of 8/27/2021 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 05/01/1997 to 05/31/2023 = $108,041.36 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. 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 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 or visit our website at amgfunds.com. 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. View Performance 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 2022 Year End Distributions View All Documents Stephen A. Yacktman CHIEF INVESTMENT OFFICER, PARTNER, AND PORTFOLIO MANAGER See Our Approach Read Bio Jason S. Subotky PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Adam P. Sues PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Yacktman Focused Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Yacktman Focused Fund is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 04/30/2023 Overall Rating (of 1135) 3 Years (of 1135) 5 Years (of 1087) 10 Years (of 806) 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 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 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 or visit our website at amgfunds.com. 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: 1.26% Net Expense Ratio: 1.26% 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 15, 2022 $1.377500 $0.212300 — $1.165200 Dec 15, 2021 $0.996000 $0.158900 $0.126800 $0.710300 Dec 16, 2020 $2.266600 $0.154200 $0.017800 $2.094600 Dec 16, 2019 $2.889900 $0.250900 $0.026700 $2.612300 Dec 27, 2018 $3.938700 $0.311100 — $3.627600 Dec 27, 2017 $2.498100 $0.206100 $0.089700 $2.202300 Dec 27, 2016 $2.325100 $0.302900 $0.014600 $2.007600 Dec 28, 2015 $4.815800 $0.236200 $0.221100 $4.358500 Dec 26, 2014 $1.981500 $0.176600 $0.165300 $1.639600 Dec 26, 2013 $0.907900 $0.138700 $0.171100 $0.598100 Dec 26, 2012 $0.134900 $0.091700 — $0.043200 Jun 27, 2012 $0.104371 $0.071331 — $0.033040 Dec 29, 2011 $0.210692 $0.118482 $0.038120 $0.054090 Dec 30, 2010 $0.360131 $0.104101 $0.022920 $0.233110 Dec 30, 2009 $0.097679 $0.050719 $0.046960 — Dec 30, 2008 $0.725215 $0.155335 $0.195770 $0.374110 Dec 27, 2007 $2.575404 $0.231444 $0.268530 $2.075430 Dec 28, 2006 $1.377640 $0.214070 — $1.163570 Dec 29, 2005 $0.581860 $0.220570 $0.057870 $0.303420 Dec 30, 2004 $2.073800 $0.030090 $0.287310 $1.756400 Dec 30, 2003 $0.166650 $0.065650 — $0.101000 Dec 30, 2002 $0.075840 $0.075840 — — Dec 28, 2001 $0.090960 $0.090960 — — Dec 29, 2000 $0.116650 $0.116650 — — Mar 31, 2000 $0.030000 $0.030000 — — Dec 31, 1999 $0.037870 $0.037870 — — Sep 30, 1999 $0.030000 $0.030000 — — Jun 30, 1999 $0.010000 $0.010000 — — Mar 31, 1999 $0.030000 $0.030000 — — Dec 31, 1998 $0.062740 $0.062740 — — Sep 30, 1998 $0.010000 $0.010000 — — Jun 30, 1998 $0.020000 $0.020000 — — Mar 31, 1998 $0.010000 $0.010000 — — Dec 31, 1997 $0.280600 $0.280600 — — Sep 30, 1997 $0.030000 $0.030000 — — Jun 30, 1997 $0.020000 $0.020000 — — From: To: Risk & Return Stats As of: 05/31/2023 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. 2.25 4.02 2.35 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. 16.43 16.36 13.13 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. 0.73 0.52 0.64 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. 87.02 79.85 62.77 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. 82.72 82.25 83.83 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. 0.93 0.83 0.81 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. 92.16 90.28 84.79 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. 4.75 6.04 5.90 View All Characteristics & Stats All Characteristics & Stats Yacktman Focused Fund (YAFFX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 1000® Value Index Fund Assets (Mil.$) $3,550 Number of Holdings 53 849 Weighted Avg. Market Cap (Mil.$) $240,107 $154,728 Median Market Cap (Mil.$) $32,065 $11,716 Weighted Avg. P/E (1-yr Forward EPS) 13.61 14.57 Weighted Avg. P/E (Trailing EPS) 9.71 16.00 PEG Ratio 0.97 1.38 Weighted Avg. P/B 1.44 2.20 EPS Growth (Trailing 3-yr %) 17.93% 12.34% EPS Growth (Trailing 5-yr %) 19.03% 12.91% Forward EPS Growth (1-yr %) -20.28% -0.36% Forward EPS Growth (Long Term %) 7.21% 8.34% Revenue Growth (Trailing 5-yr %) 6.82% 7.36% Return on Equity 20.39% 15.82% Weighted Avg. Dividend Yield 2.44% 2.27% Debt to Equity 75.92 90.11 Trailing 12-Months Portfolio Turnover 9.53% As of: 03/31/2023 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. 2.25 4.02 2.35 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. 16.43 16.36 13.13 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. 0.73 0.52 0.64 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. 87.02 79.85 62.77 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. 82.72 82.25 83.83 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. 0.93 0.83 0.81 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. 92.16 90.28 84.79 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. 4.75 6.04 5.90 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. 0.34 0.53 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. 12.96 10.21 10.38 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. -19.33 -21.04 -21.04 As of: 05/31/2023 Market Cap Fund Russell 1000® Value Index Market Cap ($mm) 0 - 1,000 1.81% 0.02% Market Cap ($mm) 1,000 - 1,500 0.00% 0.02% Market Cap ($mm) 1,500 - 2,500 0.00% 0.14% Market Cap ($mm) 2,500 - 5,000 2.18% 1.89% Market Cap ($mm) 5,000 - 10,000 7.96% 6.46% Market Cap ($mm) 10,000 - 25,000 29.87% 13.95% Market Cap ($mm) 25,000 - 50,000 11.57% 17.46% Market Cap ($mm) 50,000 - 100,000 14.60% 13.99% Market Cap ($mm) 100,000 - 200,000 3.51% 21.20% Market Cap ($mm) 200,000 - 28.51% 24.86% Market Cap – NA 0.00% 0.00% As of: 03/31/2023 Valuation Characteristics Fund Russell 1000® Value Index P/E 0-10 48.79% 16.82% P/E 10-15 15.83% 11.64% P/E 15-20 1.59% 14.62% P/E 20-25 9.87% 13.75% P/E 25-Above 20.80% 36.19% P/E – NA 3.11% 6.98% As of: 03/31/2023 Growth Characteristics Fund Russell 1000® Value Index EPS Growth (Trailing 3-yr %) - Negative 21.43% 22.08% EPS Growth (Trailing 3-yr %) 0 - 5 1.32% 8.35% EPS Growth (Trailing 3-yr %) 5 - 10 6.38% 14.20% EPS Growth (Trailing 3-yr %) 10 - 15 8.57% 10.92% EPS Growth (Trailing 3-yr %) 15 - 20 7.73% 5.38% EPS Growth (Trailing 3-yr %) Above 20 53.28% 33.80% EPS Growth (Trailing 3-yr %) - NA 1.29% 5.27% As of: 03/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2023 Samsung Electronics Co Ltd Preferred 9.67% Bollore SE 8.88% Canadian Natural Resources Ltd 6.53% Microsoft Corp 4.47% KT&G Corp 3.01% Associated British Foods PLC 2.91% Alphabet Inc, Class C 2.84% PepsiCo Inc 2.82% Brenntag SE 2.65% Fox Corp, Class B 2.65% % in Top 10 Holdings 46.42% View Holding Details Holding Details Yacktman Focused Fund (YAFFX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2023 Samsung Electronics Co Ltd Preferred 9.67% Bollore SE 8.88% Canadian Natural Resources Ltd 6.53% Microsoft Corp 4.47% KT&G Corp 3.01% Associated British Foods PLC 2.91% Alphabet Inc, Class C 2.84% PepsiCo Inc 2.82% Brenntag SE 2.65% Fox Corp, Class B 2.65% % in Top 10 Holdings 46.42% As of: 03/31/2023 Download All Holdings (PDF) As of: 03/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 005935 Samsung Electronics Co Ltd Preferred Information Technology S KR KRW 8,250,000 41.61 $343,320,490 9.67% BOL Bollore SE Communication Services S FR EUR 51,000,000 6.18 $315,263,818 8.88% CNQ Canadian Natural Resources Ltd Energy S CA USD 4,190,000 55.35 $231,916,500 6.53% MSFT Microsoft Corp Information Technology S US USD 550,000 288.30 $158,565,000 4.47% 033780 KT&G Corp Consumer Staples S KR KRW 1,660,000 64.27 $106,684,772 3.01% ABF Associated British Foods PLC Consumer Staples S GB GBP 4,300,000 24.00 $103,191,020 2.91% GOOG Alphabet Inc, Class C Communication Services S US USD 970,000 104.00 $100,880,000 2.84% PEP PepsiCo Inc Consumer Staples S US USD 550,000 182.30 $100,265,000 2.82% BNR Brenntag SE Industrials S DE EUR 1,250,000 75.26 $94,070,284 2.65% FOX Fox Corp, Class B Communication Services S US USD 3,000,000 31.31 $93,930,000 2.65% BKNG Booking Holdings Inc Consumer Discretionary S US USD 32,000 2,652.41 $84,877,120 2.39% PG Procter & Gamble Co Consumer Staples S US USD 550,000 148.69 $81,779,500 2.30% RS Reliance Steel & Aluminum Co Materials S US USD 310,000 256.74 $79,589,400 2.24% CTSH Cognizant Technology Solutions Corp, Class A Information Technology S US USD 1,300,000 60.93 $79,209,000 2.23% UHAL/B U-Haul Holding Co Non-Voting Industrials S US USD 1,431,000 51.85 $74,197,350 2.09% WFRD Weatherford International PLC Energy S US USD 1,200,000 59.35 $71,220,000 2.01% SCHW Charles Schwab Corp Financials S US USD 1,335,000 52.38 $69,927,300 1.97% JNJ Johnson & Johnson Health Care S US USD 420,000 155.00 $65,100,000 1.83% NWSA News Corp, Class A Communication Services S US USD 3,685,000 17.27 $63,639,950 1.79% STT State Street Corp Financials S US USD 800,000 75.69 $60,552,000 1.71% INGR Ingredion Inc Consumer Staples S US USD 540,000 101.73 $54,934,200 1.55% NOC Northrop Grumman Corp Industrials S US USD 110,000 461.72 $50,789,200 1.43% 005385 Hyundai Motor Co Consumer Discretionary S KR KRW 661,380 72.70 $48,081,727 1.35% LMT Lockheed Martin Corp Industrials S US USD 95,000 472.73 $44,909,350 1.26% 012330 Hyundai Mobis Co Ltd Consumer Discretionary S KR KRW 260,000 166.09 $43,183,332 1.22% EBAY eBay Inc Consumer Discretionary S US USD 950,000 44.37 $42,151,500 1.19% TSN Tyson Foods Inc, Class A Consumer Staples S US USD 700,000 59.32 $41,524,000 1.17% FANG Diamondback Energy Inc Energy S US USD 305,000 135.17 $41,226,850 1.16% COP ConocoPhillips Energy S US USD 400,000 99.21 $39,684,000 1.12% EOG EOG Resources Inc Energy S US USD 345,000 114.63 $39,547,350 1.11% 028260 Samsung C&T Corp Industrials S KR KRW 460,000 83.28 $38,308,142 1.08% PXD Pioneer Natural Resources Co Energy S US USD 165,000 204.24 $33,699,600 0.95% LHX L3Harris Technologies Inc Industrials S US USD 170,000 196.24 $33,360,800 0.94% DVN Devon Energy Corp Energy S US USD 650,000 50.61 $32,896,500 0.93% 005387 Hyundai Motor Co Preferred Shares Consumer Discretionary S KR KRW 438,620 73.87 $32,399,656 0.91% BRK/B Berkshire Hathaway Inc, Class B Financials S US USD 100,000 308.77 $30,877,000 0.87% DIS Walt Disney Co Communication Services S US USD 300,000 100.13 $30,039,000 0.85% BK Bank of New York Mellon Corp Financials S US USD 650,000 45.44 $29,536,000 0.83% KO Coca-Cola Co Consumer Staples S US USD 470,000 62.03 $29,154,100 0.82% WBD Warner Bros Discovery Inc Communication Services S US USD 1,900,000 15.10 $28,690,000 0.81% ORCL Oracle Corp Information Technology S US USD 250,000 92.92 $23,230,000 0.65% 8074 Yuasa Trading Co Ltd Industrials S JP JPY 800,000 28.64 $22,910,276 0.65% 051905 LG H&H Co Ltd Preferred Consumer Staples S KR KRW 118,000 190.70 $22,502,838 0.63% 057050 Hyundai Home Shopping Network Corp Consumer Discretionary S KR KRW 600,000 37.20 $22,321,163 0.63% 4095 Nihon Parkerizing Co Ltd Materials S JP JPY 1,868,100 7.52 $14,042,059 0.40% UHAL U-Haul Holding Co Industrials S US USD 159,000 59.65 $9,484,350 0.27% 090435 Amorepacific Corp Preferred Consumer Staples S KR KRW 250,000 34.16 $8,540,301 0.24% NWS News Corp, Class B Communication Services S US USD 200,000 17.43 $3,486,000 0.10% MSFT Microsoft Corp Fixed 2.38% May 2023 Corporate B US USD 19,000,000 99.82 $18,965,236 0.53% PEP PepsiCo Inc Fixed 0.75% May 2023 Corporate B US USD 14,623,000 99.67 $14,574,302 0.41% MSFT Microsoft Corp Fixed 2.00% Aug 2023 Corporate B US USD 11,500,000 98.99 $11,383,774 0.32% WFRD Weatherford International Ltd Fixed 11.00% Dec 2024 144A Corporate B US USD 3,160,000 102.61 $3,242,405 0.09% EAF GrafTech Finance Inc Fixed 4.63% Dec 2028 144A Corporate B US USD 2,400,000 83.39 $2,001,264 0.06% Cash & Equivalents Cash C US USD - - $244,952,415 6.90% EBAY 7 C50 EBAY US 07/21/23 C50 Options O US USD -9,500 0.92 -$874,000 -0.02% WBD 7 C15 WBD US 07/21/23 C15 Options O US USD -19,000 1.83 -$3,477,000 -0.10% BKNG 7 C2460 BKNG US 07/21/23 C2460 Options O US USD -320 322.10 -$10,307,200 -0.29% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Bollore SE 1 8.02% 10.96% Microsoft Corp 2 3.86% 20.43% Associated British Foods PLC 3 2.74% 26.53% Booking Holdings Inc 4 2.14% 31.62% Reliance Steel & Aluminum Co 5 2.01% 27.17% Alphabet Inc, Class C 6 2.58% 17.21% Samsung Electronics Co Ltd Preferred 7 9.74% 4.22% Brenntag SE 8 2.55% 17.96% Weatherford International PLC 9 2.11% 16.56% Warner Bros Discovery Inc 10 0.74% 59.28% As of: 03/31/2023 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 Charles Schwab Corp 20 1.87% -36.95% KT&G Corp 19 3.23% -10.78% Northrop Grumman Corp 18 1.42% -15.16% Johnson & Johnson 17 1.88% -11.82% LG H&H Co Ltd Preferred 16 0.73% -25.40% ConocoPhillips 15 1.21% -15.29% Devon Energy Corp 14 1.02% -16.68% US Bancorp 13 0.80% -16.62% EOG Resources Inc 12 1.16% -10.49% U-Haul Holding Co Non-Voting 11 2.24% -5.64% As of: 03/31/2023 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: 03/31/2023 View Allocation Details Allocation Details Yacktman Focused Fund (YAFFX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 1000® Value Index Communication Services 17.91% 8.65% Information Technology 17.02% 7.97% Consumer Staples 15.45% 7.61% Energy 13.81% 7.95% Industrials 10.37% 10.91% Consumer Discretionary 7.69% 5.94% Cash & Other 6.90% 0.00% Financials 5.38% 20.06% Materials 2.64% 4.48% Health Care 1.83% 16.35% Bonds 1.00% Real Estate 0.00% 4.49% Utilities 0.00% 5.60% As of: 03/31/2023 Investment Allocation 03/31/2023 Stocks 92.10% Bonds 1.41% Cash and Other 6.49% As of: 03/31/2023 Industry Fund Russell 1000® Value Index Oil, Gas & Consumable Fuels 11.80% 7.30% Entertainment 10.53% 2.14% Technology Hardware, Storage & Peripherals 9.67% 0.31% Food Products 5.62% 1.98% Software 5.12% 1.90% Media 4.54% 1.40% Capital Markets 4.51% 4.78% Beverages 3.65% 0.99% Aerospace & Defense 3.64% 2.52% Trading Companies & Distributors 3.30% 0.22% % in Top 10 Industries 62.38% 23.54% As of: 03/31/2023 Read Important Investment Disclosures 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 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 Turning Over Rocks in Both Sales and Investing Yacktman Portfolio Manager Adam Sues discusses timeless lessons from an early sales job that informed and inspired his early interest in value investing. Read Blog CityWire Reprint: Yacktman PMs Discuss Their Eclectic Approach to Value Jason Subotky and Adam Sues discuss their eclectic approach to value and how they manage their storied fund. READ MORE About About Yacktman Asset Management Background 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 More Products From Yacktman Asset Management YACKX Yacktman Fund The Fund seeks long-term capital appreciation and, to a lesser extent, current income by primarily investing in common stocks of U.S. companies. View Fund Details YFSNX Yacktman Global Fund The Fund seeks to generate equity-like rates of return over a full market cycle while managing the level of risk. View Fund Details YASSX Yacktman Special Opportunities Fund The Fund seeks long-term capital appreciation through an intrinsic value-oriented investment approach. View Fund Details Read Important Investment Disclosures Founded 1992 Headquarters Austin, TX Affiliate Since 2012 Discover how the boutique advantage helps generate alpha. Learn More About AMG