Fund Overview Fund Overview Share Class I N I NAV | as of 09/21/2023 $15.11 -$0.18 (-1.18%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 149 Global Large-Stock Value funds as of 08/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/30/2017 to 08/31/2023 = $19,430.34 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. Effective July 1, 2021, the Fund’s primary benchmark changed and the secondary benchmark was removed. The MSCI World Index became the benchmark; previously the Russell 1000® Value Index was the primary benchmark and the S&P 500® was the secondary benchmark. The MCSI World Index is provided for illustrative purposes only, is unmanaged, reflect reinvestment of income and dividends and does not reflect the impact of advisory fees. 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 to generate equity-like rates of return over a full market cycle while managing the level of risk. Why Consider Provides investors exposure to 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 The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to global equity investments Documents Fact Sheet 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 Global Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Yacktman Global Fund is categorized as Mid-Value. It invests in medium-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 08/31/2023 Overall Rating (of 149) 3 Years (of 149) 5 Years (of 141) 10 Years — 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 July 1, 2021, the Fund’s primary benchmark changed and the secondary benchmark was removed. The MSCI World Index became the benchmark; previously the Russell 1000® Value Index was the primary benchmark and the S&P 500® was the secondary benchmark. The MCSI World Index is provided for illustrative purposes only, is unmanaged, reflect reinvestment of income and dividends and does not reflect the impact of advisory fees. 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: 0.97% Net Expense Ratio: 0.93% Expense Cap Expiration Date: 05/01/2024 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 $0.615600 — $0.017600 $0.598000 Dec 15, 2021 $1.338800 $0.570300 $0.101600 $0.666900 Dec 16, 2020 $0.747200 $0.236300 $0.141600 $0.369300 Dec 16, 2019 $0.583000 $0.250600 $0.285600 $0.046800 Dec 27, 2018 $0.085100 $0.065300 $0.006300 $0.013500 Dec 27, 2017 $0.309700 $0.215100 $0.094600 — From: To: Risk & Return Stats As of: 08/31/2023 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. 3.33 0.66 - 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. 18.69 18.83 - 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. 0.52 0.35 - 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. 101.73 92.59 - 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. 92.01 96.95 - 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. 0.96 0.95 - 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. 79.00 83.56 - 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. 8.59 7.70 - View All Characteristics & Stats All Characteristics & Stats Yacktman Global Fund (YFSIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI World Index Fund Assets (Mil.$) $177 Number of Holdings 58 1,512 Weighted Avg. Market Cap (Mil.$) $115,468 $478,656 Median Market Cap (Mil.$) $2,116 $17,474 Weighted Avg. P/E (1-yr Forward EPS) 10.88 17.62 Weighted Avg. P/E (Trailing EPS) 9.18 19.36 PEG Ratio 0.49 1.71 Weighted Avg. P/B 0.76 2.85 EPS Growth (Trailing 3-yr %) 11.85% 13.99% EPS Growth (Trailing 5-yr %) 7.18% 13.97% Forward EPS Growth (1-yr %) -20.16% 4.42% Forward EPS Growth (Long Term %) 4.59% 10.13% Revenue Growth (Trailing 5-yr %) 3.18% 9.02% Return on Equity 11.15% 20.32% Weighted Avg. Dividend Yield 2.61% 2.00% Debt to Equity 38.12 95.32 Trailing 12-Months Portfolio Turnover 7.34% As of: 06/30/2023 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. 3.33 0.66 - 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. 18.69 18.83 - 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. 0.52 0.35 - 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. 101.73 92.59 - 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. 92.01 96.95 - 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. 0.96 0.95 - 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. 79.00 83.56 - 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. 8.59 7.70 - 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 - - 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. 10.09 7.04 - 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. -23.91 -24.69 - As of: 08/31/2023 Market Cap Fund MSCI World Index Market Cap ($mm) 0 - 1,000 32.53% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 0.00% 0.00% Market Cap ($mm) 2,500 - 5,000 2.90% 0.43% Market Cap ($mm) 5,000 - 10,000 3.91% 3.57% Market Cap ($mm) 10,000 - 25,000 32.73% 12.18% Market Cap ($mm) 25,000 - 50,000 3.91% 16.05% Market Cap ($mm) 50,000 - 100,000 7.35% 16.64% Market Cap ($mm) 100,000 - 200,000 1.54% 14.49% Market Cap ($mm) 200,000 - 15.13% 36.63% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund MSCI World Index P/E 0-10 46.37% 12.10% P/E 10-15 15.40% 9.73% P/E 15-20 3.96% 10.72% P/E 20-25 2.23% 8.19% P/E 25-Above 19.24% 56.00% P/E – NA 12.79% 3.26% As of: 06/30/2023 Growth Characteristics Fund MSCI World Index EPS Growth (Trailing 3-yr %) - Negative 40.00% 19.44% EPS Growth (Trailing 3-yr %) 0 - 5 4.22% 9.80% EPS Growth (Trailing 3-yr %) 5 - 10 4.29% 7.83% EPS Growth (Trailing 3-yr %) 10 - 15 2.25% 11.01% EPS Growth (Trailing 3-yr %) 15 - 20 6.23% 14.06% EPS Growth (Trailing 3-yr %) Above 20 40.94% 32.62% EPS Growth (Trailing 3-yr %) - NA 2.07% 5.24% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 Bollore SE 9.71% Samsung Electronics Co Ltd Preferred 9.12% Canadian Natural Resources Ltd 7.01% Cie de L'Odet SE 4.33% Total Energy Services Inc 3.94% Samsung C&T Corp 3.92% KT&G Corp 3.56% HI-LEX Corp 3.45% Hyundai Motor Co 2.81% Ocean Wilsons Holdings Ltd 2.76% % in Top 10 Holdings 50.59% View Holding Details Holding Details Yacktman Global Fund (YFSIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 Bollore SE 9.71% Samsung Electronics Co Ltd Preferred 9.12% Canadian Natural Resources Ltd 7.01% Cie de L'Odet SE 4.33% Total Energy Services Inc 3.94% Samsung C&T Corp 3.92% KT&G Corp 3.56% HI-LEX Corp 3.45% Hyundai Motor Co 2.81% Ocean Wilsons Holdings Ltd 2.76% % in Top 10 Holdings 50.59% As of: 06/30/2023 Download All Holdings (PDF) As of: 06/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund BOL Bollore SE Communication Services S FR EUR 2,750,000 6.24 $17,149,740 9.71% 005935 Samsung Electronics Co Ltd Preferred Information Technology S KR KRW 355,000 45.38 $16,109,654 9.12% CNQ Canadian Natural Resources Ltd Energy S CA USD 220,000 56.26 $12,377,200 7.01% ODET Cie de L'Odet SE Industrials S FR EUR 4,500 1,698.89 $7,645,021 4.33% TOT Total Energy Services Inc Energy S CA CAD 1,050,000 6.64 $6,966,975 3.94% 028260 Samsung C&T Corp Industrials S KR KRW 86,000 80.48 $6,921,618 3.92% 033780 KT&G Corp Consumer Staples S KR KRW 100,000 62.82 $6,281,650 3.56% 7279 HI-LEX Corp Consumer Discretionary S JP JPY 730,000 8.36 $6,100,508 3.45% 005385 Hyundai Motor Co Consumer Discretionary S KR KRW 60,000 82.76 $4,965,858 2.81% OCN Ocean Wilsons Holdings Ltd Industrials S BM GBP 400,000 12.19 $4,876,800 2.76% 012330 Hyundai Mobis Co Ltd Consumer Discretionary S KR KRW 25,000 177.05 $4,426,175 2.51% 057050 Hyundai Home Shopping Network Corp Consumer Discretionary S KR KRW 120,000 34.80 $4,175,475 2.36% FOX Fox Corp, Class B Communication Services S US USD 130,000 31.89 $4,145,700 2.35% 8074 Yuasa Trading Co Ltd Industrials S JP JPY 130,000 30.54 $3,970,084 2.25% UHAL/B U-Haul Holding Co Non-Voting Industrials S US USD 70,000 50.67 $3,546,900 2.01% ABF Associated British Foods PLC Consumer Staples S GB GBP 125,000 25.32 $3,165,359 1.79% BNR Brenntag SE Industrials S DE EUR 40,000 78.02 $3,120,724 1.77% 4725 CAC Holdings Corp Information Technology S JP JPY 240,000 11.95 $2,867,171 1.62% NWSA News Corp, Class A Communication Services S US USD 130,000 19.50 $2,535,000 1.43% 7459 Medipal Holdings Corp Health Care S JP JPY 150,000 16.35 $2,452,692 1.39% GOOG Alphabet Inc, Class C Communication Services S US USD 20,000 120.97 $2,419,400 1.37% UNTC Unit Corp Energy S US USD 50,000 47.88 $2,394,000 1.35% MSFT Microsoft Corp Information Technology S US USD 7,000 340.54 $2,383,780 1.35% 4212 Sekisui Jushi Corp Industrials S JP JPY 140,000 15.90 $2,226,081 1.26% CBP CB Industrial Product Holding Bhd Industrials S MY MYR 10,500,000 0.20 $2,114,622 1.20% 6745 Hochiki Corp Information Technology S JP JPY 160,000 12.42 $1,987,647 1.12% 4095 Nihon Parkerizing Co Ltd Materials S JP JPY 250,000 7.46 $1,864,376 1.06% 282690 Dong Ah Tire & Rubber Co Ltd Consumer Discretionary S KR KRW 200,000 9.01 $1,801,717 1.02% SCHW Charles Schwab Corp Financials S US USD 30,000 56.68 $1,700,400 0.96% PG Procter & Gamble Co Consumer Staples S US USD 11,000 151.74 $1,669,140 0.94% PEP PepsiCo Inc Consumer Staples S US USD 9,000 185.22 $1,666,980 0.94% CTSH Cognizant Technology Solutions Corp, Class A Information Technology S US USD 25,000 65.28 $1,632,000 0.92% STT State Street Corp Financials S US USD 20,000 73.18 $1,463,600 0.83% 3950 Pack Corp Materials S JP JPY 70,000 20.83 $1,457,974 0.83% 7525 Rix Corp Industrials S JP JPY 60,000 22.54 $1,352,505 0.77% WFRD Weatherford International PLC Energy S US USD 20,000 66.42 $1,328,400 0.75% JNJ Johnson & Johnson Health Care S US USD 8,000 165.52 $1,324,160 0.75% 2329 Tohokushinsha Film Corp Communication Services S JP JPY 200,000 6.57 $1,313,923 0.74% 7504 Kohsoku Corp Materials S JP JPY 90,000 14.29 $1,285,959 0.73% 002810 Sam Yung Trading Co Ltd Industrials S KR KRW 120,000 10.10 $1,212,066 0.69% 001940 KISCO Holdings Co Ltd Materials S KR KRW 70,000 13.91 $973,368 0.55% DIS Walt Disney Co Communication Services S US USD 10,000 89.28 $892,800 0.51% RDI Reading International Inc, Class A Communication Services S US USD 320,000 2.65 $848,000 0.48% 9845 Parker Corp Industrials S JP JPY 172,500 4.83 $832,386 0.47% AMPY Amplify Energy Corp Energy S US USD 115,000 6.77 $778,550 0.44% CON Continental AG Consumer Discretionary S DE EUR 10,000 75.55 $755,504 0.43% 7607 Shinwa Co Ltd Industrials S JP JPY 45,900 16.32 $749,180 0.42% 004365 Sebang Co Ltd Preferred Industrials S KR KRW 106,126 5.72 $607,437 0.34% 090435 Amorepacific Corp Preferred Consumer Staples S KR KRW 25,000 23.97 $599,357 0.34% 049430 Komelon Corp Industrials S KR KRW 80,000 7.17 $573,640 0.32% 5947 Rinnai Corp Consumer Discretionary S JP JPY 24,000 21.82 $523,568 0.30% 005710 Daewon San Up Co Ltd Consumer Discretionary S KR KRW 96,817 4.71 $456,019 0.26% 115310 INFOvine Co Ltd Information Technology S KR KRW 20,000 17.59 $351,886 0.20% UHAL U-Haul Holding Co Industrials S US USD 6,000 55.32 $331,920 0.19% 7297 Car Mate Manufacturing Co Ltd Consumer Discretionary S JP JPY 52,500 5.96 $313,140 0.18% WINE Naked Wines PLC Consumer Staples S GB GBP 256,424 1.20 $308,863 0.17% 051905 LG H&H Co Ltd Preferred Consumer Staples S KR KRW 2,100 142.60 $299,470 0.17% 4547 Kissei Pharmaceutical Co Ltd Health Care S JP JPY 9,400 20.03 $188,268 0.11% Cash & Equivalents Cash C US USD - - $7,908,544 4.48% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Samsung Electronics Co Ltd Preferred 1 8.77% 9.57% Cie de L'Odet SE 2 4.31% 9.84% Ocean Wilsons Holdings Ltd 3 2.58% 16.40% Hyundai Motor Co 4 2.72% 14.69% Total Energy Services Inc 5 3.76% 9.33% Medipal Holdings Corp 6 1.33% 20.00% Microsoft Corp 7 1.26% 18.30% Canadian Natural Resources Ltd 8 7.17% 2.88% Alphabet Inc, Class C 9 1.33% 16.32% News Corp, Class A 10 1.35% 12.91% As of: 06/30/2023 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 HI-LEX Corp 20 3.63% -7.77% CB Industrial Product Holding Bhd 19 1.33% -16.17% Hyundai Home Shopping Network Corp 18 2.44% -6.70% Amorepacific Corp Preferred 17 0.41% -29.75% Samsung C&T Corp 16 4.09% -3.48% Reading International Inc, Class A 15 0.55% -18.46% KT&G Corp 14 3.67% -2.49% CAC Holdings Corp 13 1.72% -4.26% KISCO Holdings Co Ltd 12 0.61% -10.69% U-Haul Holding Co Non-Voting 11 2.07% -2.22% As of: 06/30/2023 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 Regional Allocation As of: 06/30/2023 View Allocation Details Allocation Details Yacktman Global Fund (YFSIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI World Index Industrials 22.68% 11.00% Communication Services 16.59% 7.00% Information Technology 14.34% 22.23% Energy 13.50% 4.55% Consumer Discretionary 13.31% 11.12% Consumer Staples 7.92% 7.38% Cash & Other 4.48% 0.00% Materials 3.16% 4.13% Health Care 2.24% 12.79% Financials 1.79% 14.61% Real Estate 0.00% 2.41% Utilities 0.00% 2.78% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 95.52% Bonds 0.00% Cash and Other 4.48% As of: 06/30/2023 Country Fund MSCI World Index South Korea 28.16% 0.00% United States 17.58% 69.38% Japan 16.69% 6.14% France 14.03% 3.40% Canada 10.95% 3.21% Bermuda 2.76% 0.00% Germany 2.19% 2.36% United Kingdom 1.97% 4.04% Malaysia 1.20% 0.00% % in Top 9 Countries 95.53% 88.53% As of: 06/30/2023 Region Fund MSCI World Index Developed 63.41% 100.00% Europe & Middle East 18.19% 18.14% North America 28.53% 72.59% Pacific 16.69% 9.27% Emerging 29.36% 0.00% Asia 29.36% 0.00% Latin America 0.00% 0.00% Europe & Middle East 0.00% 0.00% Africa 0.00% 0.00% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 7.24% 0.00% As of: 06/30/2023 Industry Fund MSCI World Index Entertainment 11.43% 1.21% Technology Hardware, Storage & Peripherals 9.12% 5.71% Oil, Gas & Consumable Fuels 8.80% 4.31% Automobile Components 7.84% 0.29% Trading Companies & Distributors 5.17% 0.80% Energy Equipment & Services 4.69% 0.24% Air Freight & Logistics 4.33% 0.56% Industrial Conglomerates 3.92% 1.00% Media 3.78% 0.69% Tobacco 3.56% 0.61% % in Top 10 Industries 62.64% 15.42% As of: 06/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach Yacktman Global Fund The Fund seeks to benefit from a flexible investment mandate resulting in a broad opportunity set for generating new ideas. The unconstrained, global investment universe includes all market capitalizations. The investment process focuses on: 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 Yacktman is not limited by geographic constraints and sources investment ideas both within the U.S. and overseas 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 A World of Opportunity While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the U.S. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. Read More Keep Calm and Remain Diversified A short- and long-term review on the power of diversification. 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 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 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 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