Fund Overview Fund Overview Share Class I I Z NAV | as of 12/06/2023 $10.76 -$0.05 (-0.46%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 06/30/2015 to 11/30/2023 = $16,871.75 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 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. 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 Commentary - Q4 2022 Commentary - Q2 2022 Commentary - Q4 2021 Commentary - Q2 2021 Commentary - Q4 2020 Commentary - Q2 2020 Commentary - Q4 2019 Commentary - Q2 2019 Commentary - Q4 2018 Commentary - Q2 2018 Commentary - Q4 2017 Commentary - Q2 2017 Commentary - Q4 2016 Commentary - Q2 2016 Commentary - Q4 2015 Commentary - Q2 2015 Commentary - Q4 2014 Summary Prospectus Prospectus Annual Report Semi-Annual Report SAI Q1 Holdings Q3 Holdings All Holdings 2023 Distributions Estimates 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 10/31/2023 Overall Rating (of 43) 3 Years (of 43) 5 Years (of 40) 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 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. Expense Ratios Gross Expense Ratio: 2.01% Net Expense Ratio: 1.97% 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 $0.099100 — — $0.099100 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: 11/30/2023 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. -0.79 -3.72 - 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. 18.52 21.93 - 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. 0.10 0.12 - 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. 94.06 87.18 - 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. 100.53 104.04 - 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. 0.99 1.07 - 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. 76.18 80.42 - 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. 9.04 9.79 - 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.$) $75 Number of Holdings 45 15,705 Weighted Avg. Market Cap (Mil.$) $6,210 $360,369 Median Market Cap (Mil.$) $263 $609 Weighted Avg. P/E (1-yr Forward EPS) 8.16 15.97 Weighted Avg. P/E (Trailing EPS) 7.92 16.93 PEG Ratio 1.91 1.40 Weighted Avg. P/B 0.91 2.36 EPS Growth (Trailing 3-yr %) 13.30% 16.12% EPS Growth (Trailing 5-yr %) 14.04% 13.67% Forward EPS Growth (1-yr %) 7.55% 3.25% Forward EPS Growth (Long Term %) 8.38% 11.80% Revenue Growth (Trailing 5-yr %) 3.17% 9.83% Return on Equity 11.05% 18.41% Weighted Avg. Dividend Yield 4.23% 2.18% Debt to Equity 41.94 88.05 Trailing 12-Months Portfolio Turnover 26.02% As of: 09/30/2023 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. -0.79 -3.72 - 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. 18.52 21.93 - 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. 0.10 0.12 - 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. 94.06 87.18 - 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. 100.53 104.04 - 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. 0.99 1.07 - 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. 76.18 80.42 - 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. 9.04 9.79 - 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. -0.15 -0.42 - 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. 1.92 2.55 - 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. -26.54 -32.00 - As of: 11/30/2023 Market Cap Fund MSCI ACWI All Cap Index Market Cap ($mm) 0 - 1,000 87.73% 2.37% Market Cap ($mm) 1,000 - 1,500 0.62% 1.22% Market Cap ($mm) 1,500 - 2,500 0.00% 2.15% Market Cap ($mm) 2,500 - 5,000 0.00% 4.70% Market Cap ($mm) 5,000 - 10,000 3.49% 7.03% Market Cap ($mm) 10,000 - 25,000 6.70% 12.49% Market Cap ($mm) 25,000 - 50,000 0.00% 13.36% Market Cap ($mm) 50,000 - 100,000 0.00% 14.19% Market Cap ($mm) 100,000 - 200,000 0.00% 12.81% Market Cap ($mm) 200,000 - 1.46% 29.68% Market Cap – NA 0.00% 0.01% As of: 09/30/2023 Valuation Characteristics Fund MSCI ACWI All Cap Index P/E 0-10 48.78% 14.30% P/E 10-15 22.05% 14.47% P/E 15-20 11.08% 12.20% P/E 20-25 0.00% 8.88% P/E 25-Above 2.74% 45.89% P/E – NA 15.35% 4.26% As of: 09/30/2023 Growth Characteristics Fund MSCI ACWI All Cap Index EPS Growth (Trailing 3-yr %) - Negative 28.21% 17.78% EPS Growth (Trailing 3-yr %) 0 - 5 1.96% 6.77% EPS Growth (Trailing 3-yr %) 5 - 10 0.62% 9.84% EPS Growth (Trailing 3-yr %) 10 - 15 1.99% 8.28% EPS Growth (Trailing 3-yr %) 15 - 20 6.28% 11.76% EPS Growth (Trailing 3-yr %) Above 20 39.83% 39.78% EPS Growth (Trailing 3-yr %) - NA 21.10% 5.79% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Total Energy Services Inc 6.27% U-Haul Holding Co Non-Voting 5.95% Omni Bridgeway Ltd 5.22% Unit Corp 5.19% Legacy Housing Corp 3.89% Delfi Ltd 3.81% Italian Wine Brands SpA 3.50% Brickability Group PLC 3.36% Macfarlane Group PLC 3.23% Texhong International Group Ltd 3.10% % in Top 10 Holdings 43.50% View Holding Details Holding Details Yacktman Special Opportunities Fund (YASSX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Total Energy Services Inc 6.27% U-Haul Holding Co Non-Voting 5.95% Omni Bridgeway Ltd 5.22% Unit Corp 5.19% Legacy Housing Corp 3.89% Delfi Ltd 3.81% Italian Wine Brands SpA 3.50% Brickability Group PLC 3.36% Macfarlane Group PLC 3.23% Texhong International Group Ltd 3.10% % in Top 10 Holdings 43.50% As of: 09/30/2023 Download All Holdings (PDF) As of: 09/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund TOT Total Energy Services Inc Energy S CA CAD 681,800 6.89 $4,698,434 6.27% UHAL/B U-Haul Holding Co Non-Voting Industrials S US USD 85,000 52.39 $4,453,150 5.95% OBL Omni Bridgeway Ltd Financials S AU AUD 3,400,000 1.15 $3,907,271 5.22% UNTC Unit Corp Energy S US USD 71,000 54.70 $3,883,700 5.19% LEGH Legacy Housing Corp Consumer Discretionary S US USD 150,000 19.41 $2,911,500 3.89% DELFI Delfi Ltd Consumer Staples S SG SGD 3,075,000 0.93 $2,853,375 3.81% IWB Italian Wine Brands SpA Consumer Staples S IT EUR 130,916 20.02 $2,620,811 3.50% BRCK Brickability Group PLC Materials S GB GBP 4,190,000 0.60 $2,515,212 3.36% MACF Macfarlane Group PLC Industrials S GB GBP 1,825,175 1.32 $2,416,182 3.23% 2678 Texhong International Group Ltd Consumer Discretionary S HK HKD 4,200,000 0.55 $2,322,515 3.10% ODET Cie de L'Odet SE Industrials S FR EUR 1,600 1,450.72 $2,321,147 3.10% HSP Hargreaves Services PLC Energy S GB GBP 374,842 5.36 $2,010,030 2.68% HZN Horizon Oil Ltd Energy S AU AUD 16,000,000 0.12 $1,841,697 2.46% AXL Arrow Exploration Corp Energy S CA GBP 7,500,000 0.24 $1,830,150 2.44% CRMT America's Car-Mart Inc Consumer Discretionary S US USD 20,000 90.99 $1,819,800 2.43% 5122 Okamoto Industries Inc Materials S JP JPY 39,000 33.90 $1,322,135 1.77% FILA Fila SpA Industrials S IT EUR 165,000 7.90 $1,303,442 1.74% OCN Ocean Wilsons Holdings Ltd Industrials S BM GBP 110,000 11.79 $1,296,733 1.73% 4212 Sekisui Jushi Corp Industrials S JP JPY 74,000 15.93 $1,179,061 1.57% HME Hemisphere Energy Corp Energy S CA CAD 1,150,000 0.96 $1,100,681 1.47% AMRK A-Mark Precious Metals Inc Financials S US USD 37,000 29.33 $1,085,210 1.45% 001940 KISCO Holdings Co Ltd Materials S KR KRW 63,902 16.70 $1,067,269 1.43% 092730 NeoPharm Co Ltd Consumer Staples S KR KRW 55,000 18.89 $1,038,767 1.39% AMPY Amplify Energy Corp Energy S US USD 140,000 7.35 $1,029,000 1.37% BSGR B&S Group Sarl 144A Consumer Discretionary S LU EUR 275,000 3.71 $1,019,057 1.36% IDB Italian Design Brands SpA Consumer Discretionary S IT EUR 101,380 9.75 $988,237 1.32% 005935 Samsung Electronics Co Ltd Preferred Information Technology S KR KRW 24,000 40.29 $966,875 1.29% 6458 Sinko Industries Ltd Industrials S JP JPY 65,000 14.79 $961,085 1.28% NORAM Noram Drilling AS Energy S NO NOK 195,000 4.87 $949,438 1.27% WINE Naked Wines PLC Consumer Staples S GB GBP 1,350,000 0.68 $919,334 1.23% ARG Amerigo Resources Ltd Materials S CA CAD 975,000 0.94 $911,651 1.22% 002810 Sam Yung Trading Co Ltd Industrials S KR KRW 85,000 9.31 $791,070 1.06% 6489 Maezawa Industries Inc Industrials S JP JPY 115,000 6.82 $784,737 1.05% 282690 Dong Ah Tire & Rubber Co Ltd Consumer Discretionary S KR KRW 74,000 8.38 $620,126 0.83% 093190 Bixolon Co Ltd Information Technology S KR KRW 137,500 4.26 $586,420 0.78% MDI Master Drilling Group Ltd Materials S ZA ZAR 700,000 0.69 $482,841 0.64% 251970 Pumtech Korea Co Ltd Materials S KR KRW 25,000 18.90 $472,385 0.63% MXG Maxim Power Corp Utilities S CA CAD 140,000 3.36 $470,017 0.63% PDER Pardee Resources Co Energy S US USD 1,990 235.00 $467,650 0.62% 8066 Mitani Corp Industrials S JP JPY 44,000 9.38 $412,796 0.55% 049430 Komelon Corp Industrials S KR KRW 60,000 6.28 $376,764 0.50% BOCS Boustead Singapore Ltd Industrials S SG SGD 600,000 0.62 $372,496 0.50% CBP CB Industrial Product Holding Bhd Industrials S MY MYR 1,500,000 0.23 $351,419 0.47% 4628 SK Kaken Co Ltd Materials S JP JPY 7,500 45.77 $343,282 0.46% RDI Reading International Inc, Class A Communication Services S US USD 130,000 2.12 $275,600 0.37% Cash & Equivalents Cash C US USD - - $8,542,785 11.41% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Unit Corp 1 4.00% 19.61% Horizon Oil Ltd 2 2.48% 24.66% Total Energy Services Inc 3 7.42% 4.88% Hargreaves Services PLC 4 3.26% 10.49% Okamoto Industries Inc 5 1.48% 27.05% KISCO Holdings Co Ltd 6 1.10% 20.11% Maezawa Industries Inc 7 1.12% 19.17% U-Haul Holding Co Non-Voting 8 5.72% 3.45% Noram Drilling AS 9 1.13% 9.34% CB Industrial Product Holding Bhd 10 0.72% 16.33% As of: 09/30/2023 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 Omni Bridgeway Ltd 20 7.43% -33.39% Naked Wines PLC 19 1.52% -43.05% Legacy Housing Corp 18 3.83% -16.30% Texhong International Group Ltd 17 3.72% -16.03% Brickability Group PLC 16 3.77% -14.46% Italian Wine Brands SpA 15 3.69% -13.23% Cie de L'Odet SE 14 3.21% -14.61% Amerigo Resources Ltd 13 1.68% -18.02% Italian Design Brands SpA 12 0.73% -22.10% Arrow Exploration Corp 11 2.15% -10.63% As of: 09/30/2023 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: 09/30/2023 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 23.78% 5.21% Industrials 22.73% 11.44% Consumer Discretionary 12.93% 11.38% Cash & Other 11.41% 0.00% Consumer Staples 9.92% 6.87% Materials 9.50% 4.94% Financials 6.67% 15.52% Information Technology 2.07% 20.44% Utilities 0.63% 2.61% Communication Services 0.37% 7.05% Health Care 0.00% 11.64% Real Estate 0.00% 2.91% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 88.59% Bonds 0.00% Cash and Other 11.41% As of: 09/30/2023 Country Fund MSCI ACWI All Cap Index United States 21.26% 60.73% Canada 12.03% 2.94% United Kingdom 10.50% 3.86% South Korea 7.90% 1.37% Australia 7.68% 1.97% Japan 6.68% 6.28% Italy 6.56% 0.69% Singapore 4.31% 0.40% Hong Kong 3.10% 0.57% France 3.10% 2.73% Bermuda 1.73% 0.00% Luxembourg 1.36% 0.00% Norway 1.27% 0.25% South Africa 0.64% 0.34% Malaysia 0.47% 0.17% % in Top 15 Countries 88.59% 82.3% As of: 09/30/2023 Region Fund MSCI ACWI All Cap Index Developed 76.48% 89.00% Europe & Middle East 21.42% 16.04% North America 33.30% 63.67% Pacific 21.76% 9.29% Emerging 9.02% 11.00% Asia 8.37% 8.62% Latin America 0.00% 0.95% Europe & Middle East 0.00% 1.07% Africa 0.64% 0.35% 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 14.50% 0.00% As of: 09/30/2023 Industry Fund MSCI ACWI All Cap Index Oil, Gas & Consumable Fuels 16.24% 4.80% Energy Equipment & Services 7.54% 0.41% Financial Services 6.67% 2.65% Ground Transportation 5.95% 1.06% Household Durables 5.21% 0.67% Trading Companies & Distributors 4.83% 0.84% Food Products 3.81% 1.62% Beverages 3.50% 1.52% Construction Materials 3.36% 0.38% Metals & Mining 3.29% 1.91% % in Top 10 Industries 60.4% 15.86% As of: 09/30/2023 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 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 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 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 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