AMG Yacktman Fund

Don Yacktman

Part of Yacktman Asset Management

These are AMG Yacktman Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. An equity fund that buys quality at a discount — companies with commanding market share, dependable cash generation, and management that treats shareholders fairly, bought only when the price leaves room to earn — this is the diversified member of a two-strategy family. The sibling Focused Fund is free to concentrate into a thinner book and reach into foreign shares; this fund stays primarily in U.S. common stocks and spreads its bets across a wider set of names, though still far fewer than most mainstream funds. Don Yacktman launched it in 1992, the same year he founded the firm, and ran it himself for more than two decades, thinking in terms of a handful of high-conviction names held for years rather than traded. Patience is the house calling card. When the market offers nothing cheap, the fund is comfortable sitting in cash rather than reaching for mediocre ideas, a discipline that left it holding large reserves ahead of the 2007 downturn and ready to buy when prices finally fell to its standards. Don Yacktman handed day-to-day management to his son Stephen in 2016, after Stephen had co-managed the fund for well over a decade. Stephen, now chief investment officer, runs it today alongside Jason Subotky and Adam Sues; the founder stays on in an advisory capacity.

Stock Value

$5.47B