Fund Overview Fund Overview Share Class I I Z NAV | as of 05/20/2022 $12.24 -$0.01 (-0.08%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 60 Foreign Small/Mid Value funds as of 03/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/30/2015 to 04/30/2022 = $19,127.65 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. 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. View Performance Read Important Investment Disclosures Objective The Fund seeks long-term capital appreciation through an intrinsic value-oriented investment approach. Why Consider Provides investors exposure to a portfolio of high conviction investments with the top 10 holdings representing more than 30% of the Fund’s portfolio Maintains a long-term investment horizon and is agnostic to index constituents and sector weights Employs an absolute value approach which includes a fundamental, bottom-up security selection process focused on identifying securities with a meaningful discount to intrinsic value Documents Fact Sheet Commentary - December 2021 Commentary - June 2021 Commentary - December 2020 Commentary - June 2020 Commentary - December 2019 Summary Prospectus Prospectus 2021 Year End Distributions View All Documents Adam P. Sues PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Yacktman Special Opportunities Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Yacktman Special Opportunities Fund is categorized as Small-Value. It invests in small-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 03/31/2022 Overall Rating (of 60) 3 Years (of 60) 5 Years (of 57) 10 Years — Category Foreign Small/Mid Value Read Important Investment Disclosures 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 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: 2.29% Net Expense Ratio: 2.29% 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, 2021 $0.498500 $0.149900 $0.010700 $0.337900 Dec 16, 2020 $0.280800 $0.231100 $0.011600 $0.038100 Dec 16, 2019 $0.749700 $0.206500 $0.085500 $0.457700 Dec 27, 2018 $0.960900 $0.114000 $0.173000 $0.673900 Dec 27, 2017 $0.579200 $0.139000 $0.115900 $0.324300 Dec 27, 2016 $0.305200 $0.305200 — — Dec 28, 2015 $0.355300 $0.225500 $0.129800 — From: To: 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. 0.41 -0.11 - 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. 22.92 18.67 - 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. 0.41 0.42 - 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. 108.08 90.15 - 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. 102.58 95.19 - 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. 1.14 1.04 - 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. 80.86 77.88 - 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. 10.33 8.80 - View All Characteristics & Stats All Characteristics & Stats Yacktman Special Opportunities Fund (YASSX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI ACWI All Cap Index Fund Assets (Mil.$) $126 Number of Holdings 53 15,598 Weighted Avg. Market Cap (Mil.$) $6,460 $362,863 Median Market Cap (Mil.$) $262 $734 Weighted Avg. P/E (1-yr Forward EPS) 10.17 16.44 Weighted Avg. P/E (Trailing EPS) 9.28 17.32 PEG Ratio 1.27 1.23 Weighted Avg. P/B 1.14 2.58 EPS Growth (Trailing 3-yr %) 14.10% 13.15% EPS Growth (Trailing 5-yr %) 1.81% 16.06% Forward EPS Growth (1-yr %) 7.29% 10.04% Forward EPS Growth (Long Term %) 7.63% 13.62% Revenue Growth (Trailing 5-yr %) 5.07% 9.37% Return on Equity 7.67% 19.53% Weighted Avg. Dividend Yield 1.97% 1.83% Debt to Equity 44.63 89.00 Trailing 12-Months Portfolio Turnover 11.04% As of: 03/31/2022 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. 0.41 -0.11 - 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. 22.92 18.67 - 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. 0.41 0.42 - 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. 108.08 90.15 - 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. 102.58 95.19 - 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. 1.14 1.04 - 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. 80.86 77.88 - 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. 10.33 8.80 - 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. 0.08 -0.03 - 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. 8.25 7.54 - 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. -32.00 -35.29 - As of: 04/30/2022 Market Cap Fund MSCI ACWI All Cap Index Market Cap ($mm) 0 - 1,000 87.60% 2.14% Market Cap ($mm) 1,000 - 1,500 4.10% 1.11% Market Cap ($mm) 1,500 - 2,500 1.78% 2.23% Market Cap ($mm) 2,500 - 5,000 1.01% 4.52% Market Cap ($mm) 5,000 - 10,000 1.00% 6.86% Market Cap ($mm) 10,000 - 25,000 3.07% 12.74% Market Cap ($mm) 25,000 - 50,000 0.00% 13.68% Market Cap ($mm) 50,000 - 100,000 0.00% 14.52% Market Cap ($mm) 100,000 - 200,000 0.00% 12.18% Market Cap ($mm) 200,000 - 1.45% 30.00% Market Cap – NA 0.00% 0.00% As of: 03/31/2022 Valuation Characteristics Fund MSCI ACWI All Cap Index P/E 0-10 25.48% 13.11% P/E 10-15 20.80% 12.64% P/E 15-20 9.77% 12.55% P/E 20-25 6.26% 12.07% P/E 25-Above 19.03% 45.07% P/E – NA 18.66% 4.57% As of: 03/31/2022 Growth Characteristics Fund MSCI ACWI All Cap Index EPS Growth (Trailing 3-yr %) - Negative 17.32% 21.19% EPS Growth (Trailing 3-yr %) 0 - 5 0.00% 8.50% EPS Growth (Trailing 3-yr %) 5 - 10 7.74% 10.68% EPS Growth (Trailing 3-yr %) 10 - 15 6.18% 9.19% EPS Growth (Trailing 3-yr %) 15 - 20 9.62% 7.23% EPS Growth (Trailing 3-yr %) Above 20 23.88% 34.07% EPS Growth (Trailing 3-yr %) - NA 35.25% 9.15% As of: 03/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2022 Omni Bridgeway Ltd 10.43% Total Energy Services Inc 10.25% Trecora Resources 7.12% Italian Wine Brands SpA 4.83% Legacy Housing Corp 3.96% Texhong Textile Group Ltd 3.78% Brickability Group PLC 3.62% Naked Wines PLC 3.54% B&S Group Sarl 144A 2.93% AMERCO 2.85% % in Top 10 Holdings 53.31% View Holding Details Holding Details Yacktman Special Opportunities Fund (YASSX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2022 Omni Bridgeway Ltd 10.43% Total Energy Services Inc 10.25% Trecora Resources 7.12% Italian Wine Brands SpA 4.83% Legacy Housing Corp 3.96% Texhong Textile Group Ltd 3.78% Brickability Group PLC 3.62% Naked Wines PLC 3.54% B&S Group Sarl 144A 2.93% AMERCO 2.85% % in Top 10 Holdings 53.31% As of: 03/31/2022 Download All Holdings (PDF) As of: 03/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund OBL Omni Bridgeway Ltd Financials S AU AUD 4,650,000.00 2.82 $13,107,742.23 10.43% TOT Total Energy Services Inc Energy S CA CAD 2,065,300.00 6.24 $12,885,925.69 10.25% TREC Trecora Resources Materials S US USD 1,058,000.00 8.46 $8,950,680.00 7.12% IWB Italian Wine Brands SpA Consumer Staples S IT EUR 162,128.00 37.48 $6,077,219.08 4.83% LEGH Legacy Housing Corp Consumer Discretionary S US USD 232,100.00 21.46 $4,980,866.00 3.96% 2678 Texhong Textile Group Ltd Consumer Discretionary S HK HKD 3,850,000.00 1.23 $4,751,948.74 3.78% BRCK Brickability Group PLC Materials S GB GBP 3,705,000.00 1.23 $4,550,713.49 3.62% WINE Naked Wines PLC Consumer Staples S GB GBP 945,000.00 4.71 $4,451,752.06 3.54% BSGR B&S Group Sarl 144A Consumer Discretionary S LU EUR 470,000.00 7.84 $3,682,724.07 2.93% UHAL AMERCO Industrials S US USD 6,000.00 596.94 $3,581,640.00 2.85% HSP Hargreaves Services PLC Energy S GB GBP 420,176.00 7.51 $3,157,235.24 2.51% 002810 Sam Yung Trading Co Ltd Industrials S KR KRW 250,000.00 11.77 $2,943,276.66 2.34% OCN Ocean Wilsons Holdings Ltd Industrials S BM GBP 211,000.00 13.23 $2,792,421.76 2.22% CBP CB Industrial Product Holding Bhd Industrials S MY MYR 6,380,800.00 0.36 $2,297,931.74 1.83% BOCS Boustead Singapore Ltd Industrials S SG SGD 3,108,400.00 0.72 $2,244,217.33 1.79% PDER Pardee Resources Co Energy S US USD 6,773.00 258.80 $1,752,852.40 1.39% DELFI Delfi Ltd Consumer Staples S SG SGD 3,080,000.00 0.56 $1,738,443.94 1.38% 005935 Samsung Electronics Co Ltd Preferred Information Technology S KR KRW 32,500.00 51.82 $1,684,002.15 1.34% ARG Amerigo Resources Ltd Materials S CA CAD 1,125,000.00 1.47 $1,655,801.30 1.32% VVO Vivo Energy PLC 144A Consumer Discretionary S GB GBP 900,000.00 1.79 $1,615,001.31 1.28% 092730 NeoPharm Co Ltd Consumer Staples S KR KRW 76,000.00 20.72 $1,574,903.45 1.25% RDI Reading International Inc, Class A Communication Services S US USD 361,100.00 4.28 $1,545,508.00 1.23% HZN Horizon Oil Ltd Energy S AU AUD 16,426,846.00 0.09 $1,536,526.11 1.22% LINK Link Net Tbk PT Communication Services S ID IDR 4,981,300.00 0.30 $1,487,887.00 1.18% EPM Evolution Petroleum Corp Energy S US USD 205,000.00 6.79 $1,391,950.00 1.11% AMPY Amplify Energy Corp Energy S US USD 240,000.00 5.50 $1,320,000.00 1.05% 001940 KISCO Holdings Co Ltd Materials S KR KRW 87,500.00 14.56 $1,274,183.54 1.01% 4212 Sekisui Jushi Corp Industrials S JP JPY 86,500.00 14.46 $1,250,634.95 0.99% EAF Graftech International Ltd Industrials S US USD 123,000.00 9.62 $1,183,260.00 0.94% ODET Cie de L'Odet SE Industrials S FR EUR 950.00 1,224.73 $1,163,491.87 0.93% 093190 Bixolon Co Ltd Information Technology S KR KRW 215,000.00 5.37 $1,155,478.70 0.92% ANORA Anora Group Oyj Consumer Staples S FI EUR 115,450.00 9.73 $1,123,905.75 0.89% MDI Master Drilling Group Ltd Materials S ZA ZAR 1,178,934.00 0.93 $1,093,211.68 0.87% 3183 WIN-Partners Co Ltd Health Care S JP JPY 129,000.00 8.18 $1,055,474.03 0.84% COSCO Cosco Capital Inc Consumer Staples S PH PHP 10,769,300.00 0.10 $1,028,125.27 0.82% 282690 Dong Ah Tire & Rubber Co Ltd Consumer Discretionary S KR KRW 90,400.00 10.06 $909,314.96 0.72% 049430 Komelon Corp Industrials S KR KRW 84,571.00 10.23 $864,771.61 0.69% 6489 Maezawa Industries Inc Industrials S JP JPY 140,000.00 5.43 $759,968.33 0.60% 5122 Okamoto Industries Inc Materials S JP JPY 23,000.00 31.92 $734,271.49 0.58% 251970 Pumtech Korea Co Ltd Materials S KR KRW 42,500.00 15.09 $641,401.30 0.51% HME Hemisphere Energy Corp Energy S CA CAD 523,400.00 1.21 $632,191.34 0.50% 7833 IFIS Japan Ltd Information Technology S JP JPY 90,000.00 5.50 $494,952.94 0.39% 4628 SK Kaken Co Ltd Materials S JP JPY 1,600.00 301.05 $481,682.27 0.38% 8066 Mitani Corp Industrials S JP JPY 30,500.00 15.17 $462,543.66 0.37% MXG Maxim Power Corp Utilities S CA CAD 140,000.00 2.92 $408,750.95 0.33% WSTEP Webstep AS 144A Information Technology S NO NOK 109,671.00 3.63 $398,629.24 0.32% RKN Reckon Ltd Information Technology S AU AUD 549,500.00 0.67 $368,015.81 0.29% CATO Cato Corp, Class A Consumer Discretionary S US USD 23,000.00 14.66 $337,180.00 0.27% LAM Lamprell PLC Energy S AE GBP 763,599.00 0.38 $290,899.53 0.23% LOV Spark Networks SE ADR Communication Services S DE USD 86,000.00 2.79 $239,940.00 0.19% HLS HLS Therapeutics Inc [CA] Health Care S CA CAD 14,660.00 12.16 $178,244.21 0.14% ECL Excelsior Capital Ltd Industrials S AU AUD 25,531.00 1.27 $32,486.63 0.03% HLX Helix Energy Solutions Group Inc Fixed 4.13% Sep 2023 Corporate B US USD 500,000.00 102.54 $512,722.41 0.41% Cash & Equivalents Cash C US USD 0.00 0.00 $8,880,625.99 7.06% Fund Holdings Sort order Avg. Weight Total Return Total Energy Services Inc 1 9.32% 30.81% Omni Bridgeway Ltd 2 8.88% 6.66% Hargreaves Services PLC 3 2.29% 36.86% CB Industrial Product Holding Bhd 4 1.75% 30.71% Amplify Energy Corp 5 0.86% 76.85% Trecora Resources 6 7.62% 4.70% Pardee Resources Co 7 1.38% 26.86% Amerigo Resources Ltd 8 1.27% 29.03% Evolution Petroleum Corp 9 1.11% 35.85% Horizon Oil Ltd 10 0.85% 40.34% As of: 03/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Naked Wines PLC 20 3.92% -46.24% Italian Wine Brands SpA 19 5.21% -19.61% Legacy Housing Corp 18 4.90% -18.93% AMERCO 17 3.04% -17.80% Brickability Group PLC 16 3.53% -8.65% Anora Group Oyj 15 1.08% -20.72% Graftech International Ltd 14 1.09% -18.62% Texhong Textile Group Ltd 13 3.51% -5.96% Samsung Electronics Co Ltd Preferred 12 1.54% -12.82% Sekisui Jushi Corp 11 1.08% -18.59% As of: 03/31/2022 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: 03/31/2022 View Allocation Details Allocation Details Yacktman Special Opportunities Fund (YASSX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI All Cap Index Energy 18.27% 4.39% Industrials 15.57% 10.63% Materials 15.42% 5.51% Consumer Discretionary 12.95% 11.73% Consumer Staples 12.72% 6.59% Financials 10.43% 14.44% Cash & Other 7.06% 0.00% Information Technology 3.26% 21.12% Communication Services 2.60% 7.51% Health Care 0.98% 11.59% Bonds 0.41% 0.00% Utilities 0.33% 2.87% Futures 0.00% 0.00% Other Equities 0.00% 0.00% Real Estate 0.00% 3.62% As of: 03/31/2022 Investment Allocation 03/31/2022 Stocks 92.53% Bonds 0.41% Cash and Other 7.06% As of: 03/31/2022 Country Fund MSCI ACWI All Cap Index United States 20.33% 59.99% Canada 12.54% 3.28% Australia 11.97% 2.22% United Kingdom 10.96% 3.97% South Korea 8.79% 1.43% Italy 4.83% 0.63% Japan 4.17% 5.97% Hong Kong 3.78% 0.71% Singapore 3.17% 0.41% Luxembourg 2.93% 0.00% Bermuda 2.22% 0.00% Malaysia 1.83% 0.18% Indonesia 1.18% 0.20% France 0.93% 2.58% Finland 0.89% 0.27% % in Top 15 Countries 90.52% 81.84% As of: 03/31/2022 Region Fund MSCI ACWI All Cap Index Developed 74.07% 88.94% Europe & Middle East 18.12% 16.26% North America 32.87% 63.27% Pacific 23.08% 9.41% Emerging 13.72% 11.06% Asia 12.62% 8.59% Latin America 0.00% 1.03% Europe & Middle East 0.23% 0.99% Africa 0.87% 0.46% 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 12.21% 0.00% As of: 03/31/2022 Industry Fund MSCI ACWI All Cap Index Energy Equipment & Services 10.48% 0.29% Diversified Financial Services 10.43% 0.99% Chemicals 8.09% 2.40% Oil, Gas & Consumable Fuels 7.79% 4.10% Beverages 5.73% 1.45% Food & Staples Retailing 4.36% 1.49% Household Durables 3.96% 0.66% Textiles, Apparel & Luxury Goods 3.78% 1.27% Construction Materials 3.62% 0.34% Metals & Mining 3.20% 2.30% % in Top 10 Industries 61.44% 15.29% As of: 03/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach AMG Yacktman Special Opportunities 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: Absolute value, investing in undervalued businesses based on intrinsic value rather than relative value versus a benchmark or peer group Bottom-up, fundamental stock research and business analysis Thorough examination of company history over long periods Estimation of normalized earnings and business quality High conviction ideas resulting in a concentrated portfolio Long-term time horizon with an investment goal of achieving attractive risk-adjusted returns over a full business cycle Additional Fund Highlight Maintains a long-term investment horizon and is agnostic to index constituents and sector weights 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 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 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 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 Read Important Investment Disclosures Founded 1992 Headquarters Austin, TX Affiliate Since 2012 Discover how the boutique advantage helps generate alpha. Learn More About AMG