About Yacktman A history of outperformance Seeks to Mitigate Market Risk Not Your Average Large Cap Equity Fund Contact Us Since 1992, Yacktman Asset Management has navigated multiple market cycles while adhering to a proven philosophy of value investing. The world is a risky place. These last several years show that the unexpected often happens very quickly. Few active managers have the experience, patience, and long-term track record of Yacktman. Managers who can lead through full market cycles consistently have a greater likelihood of helping investors achieve their long-term goals. Yacktman’s tried and true strategy has benefited clients’ investment objectives for 30 years. As a boutique investment manager with a history of serving long-term-oriented investors, Yacktman Asset Management seeks to invest in high-quality businesses at low valuations. Yacktman’s goal is to generate outperformance over full market cycles with a keen eye on risk. The Firm aims to be objective, diligent, and make decisions based on the merits of individual securities rather than trying to forecast the macro environment. Featured Articles Citywire: Manager Profile Yacktman PMs discuss their eclectic approach to value and how they manage the storied fund. Read PDF Turning Over Rocks in both Sales & 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 Mutual Fund Observer: 21st Century Champions Yacktman and Yacktman Focused are almost freakishly successful…They’re sort of the (pre-2020) New England Patriots of investing. Read PDF Average annual returns (%)1 (as of 03/31/2023) Expense Ratios (gross/net): Class I 0.71% / 0.71% 1 The performance information shown for periods prior to June 29, 2012, is that of the predecessor to the Fund, The Yacktman Fund, which was reorganized into the Fund on June 29, 2012, and was managed by Yacktman Asset Management LP with the same investment objective and substantially similar investment policies as those of the Fund. 2 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 SP 500® Index the secondary benchmark from the SP 500® Index as the primary benchmark and the Russell 1000® Value Index as the secondary benchmark previously. 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. Navigating Full Market Cycles Few active managers have been as consistent as Yacktman over the long term. The Yacktman PM team manages the Fund with a durable investment philosophy and process that’s withstood many market environments and crises. Source: FactSet. As of March 31, 2023. Performance measured from first full calendar year of performance. Fund inception date was July 6, 1992. 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. The chart illustrates the performance of a hypothetical $1,000,000 investment made in the Fund. This chart is not intended to imply any future performance of the Fund. Seeks to Mitigate Market Risk The Fund performed remarkably well during periods of overall market decline. The same applies to periods of market euphoria such as 2000-2002 before the tech bubble burst. There were similar outcomes in the 2008-2009 period prior to the Global Financial Crisis. Historically, Yacktman’s performance tends to be strongest during periods of market dislocation where the Fund’s risk management process has taken advantage of opportunities. 5-Year Rolling Returns by Market Type (1993-2022) Source: FactSet. As of March 31, 2023. Down markets: 5-yr average return below 0%, Normal markets: 5-yr average return 0%-10%, Robust markets: 5-yr average return above 10%.There is no assurance that the Fund will mitigate market risk or achieve its investment goals. There is no guarantee that this investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for a long term, especially during periods of downturns in the market. Investing involves risk, including the possible loss of principal. Inception date of Yacktman Fund (YACKX) is 07/06/1992. 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. The Fund holds a historically high conviction, benchmark agnostic portfolio. Portfolio managers are unafraid to hold cash and cash equivalent holdings depending on their view of the market and available ideas. Yacktman Fund Historical Cash and Cash Equivalent Levels (1992-2022) Source: Morningstar and FactSet. As of March 31, 2023. Cash and cash equivalent level sources are Morningstar (1992-2005) and AMG Funds (2005-2022). Past performance is no guarantee of future results. Investing involves risk, including possible loss of principal. Yacktman Fund Historical Cash and Cash Equivalent Levels. Not Your Average Large Cap Value Manager In a world of heavily indexed U.S. large cap equity investments, Yacktman offers something very different: an absolute return-oriented manager that looks nothing like the benchmark. The Yacktman Fund is truly concentrated, has a high active share, and takes outsized positions, where appropriate. Source: FactSet. As of March 31, 2023. Mention of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings are subject to change. Past performance is no guarantee of future results. The Yacktman Team Stephen A. Yacktman CHIEF INVESTMENT OFFICER, PARTNER, AND PORTFOLIO MANAGER Started at Yacktman: 1993 Jason S. Subotky PARTNER AND PORTFOLIO MANAGER Started at Yacktman: 2001 Adam P. Sues PARTNER AND PORTFOLIO MANAGER Started at Yacktman: 2013 Contact AMGAdvisor Line: 800.368.4410 Email: clientservice@amg.com Download Celebrating Thirty Years of Navigating Market Cycles Click to DownloadLearn MoreWe invite you to explore Yacktman’s approach and philosophy. Explore Yacktman IMPORTANT INFORMATION Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.548.4539 or visit amgfunds.com for a free Prospectus. Read it carefully before investing or sending money. The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products. Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time. Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets. The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall. High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers. The S&P 500® Index is a capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Diversification does not ensure a profit or protect against a loss. This does not constitute investment advice or an investment recommendation. The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 3000® Value Index. The CBOE Volatility Index (VIX) is a measure of expected price fluctuations in the S&P 500 Index options over the next 30 days. The indices are unmanaged, are not available for direct investment, and do not incur expenses. Market Risk—Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters, or public health issues, or in response to events that affect particular industries or companies. © 2023 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar, its content providers nor the AMG Funds are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Not FDIC Insured | May Lose Value | Not Bank Guaranteed AMG Funds are distributed by AMG Distributors, Inc., is a member of FINRA/SIPC.