Fund Overview

Fund Overview

Share Class

I

NAV | as of 05/23/2022

$22.73
+$0.41 (+1.79%)

Morningstar | Style Box

V B G L M S

Overall Morningstar Rating


Rated against 1146 Large Value funds as of 03/31/2022

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Morningstar Analyst Rating

as of 8/27/2021 Download Analyst Rating Report

Growth of $10,000 (Hypothetical)

Since Inception 07/06/1992 to 04/30/2022 = $197,677.64

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.

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 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 800.835.3879. 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 less than one year are not annualized.

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

Stephen A. Yacktman

CHIEF INVESTMENT OFFICER, PARTNER, AND PORTFOLIO MANAGER

Jason S. Subotky

PARTNER AND PORTFOLIO MANAGER

Adam P. Sues

PARTNER AND PORTFOLIO MANAGER

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing 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 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 800.835.3879. 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 less 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

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
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

Risk & Return Stats

As of: 04/30/2022

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.
2.82 3.98 2.48
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.
16.47 13.63 11.34
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.
0.63 0.75 0.93
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.
76.83 74.53 58.52
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.
76.33 73.86 78.25
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.
0.83 0.77 0.76
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.
93.49 89.54 86.82
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.
5.32 5.81 5.30
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 03/31/2022

Samsung Electronics Co Ltd Preferred 6.16%
Canadian Natural Resources Ltd 6.07%
Bollore SE 5.47%
PepsiCo Inc 3.42%
Alphabet Inc, Class C 3.34%
Microsoft Corp 2.99%
Cognizant Technology Solutions Corp, Class A 2.70%
Brenntag SE 2.39%
Procter & Gamble Co 2.38%
Sysco Corp 2.28%
% in Top 10 Holdings 37.20%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Equity)

As of: 03/31/2022

View Allocation Details

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, 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.

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).

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An Investment Built for Full Market Cycles

Market cycles are usually defined in hindsight, after they've occurred or once the next cycle begins. Few investors can clearly articulate the current market cycle of where the market is and where it's going. But managers who can lead through full market cycles over and over again with consistency have a greater likelihood of helping investors achieve their long term goals.

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About

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.

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More Funds From Yacktman Asset Management

YAFFX

Yacktman Focused 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

Founded

1992


Headquarters

Austin, TX


Affiliate Since

2012

Discover how the boutique advantage helps generate alpha.

Learn More About AMG