AMG Yacktman Fund

Investor Summary

Stephen Yacktman serves as Chief Investment Officer and has managed the fund since 2002. Jason Subotky has been co-manager since 2009, and Adam Sues joined as co-manager in May 2021. Both Stephen Yacktman and Jason Subotky have more than $1 million invested in the fund, demonstrating alignment with shareholders. The broader team includes President Molly Pieroni and partners Russell Wilkins and Donald Yacktman (founder). Yacktman Asset Management is described as a boutique investment advisory firm with a history of serving long-term-oriented investors, founded in 1992.

Fund Strategy

Value investors who care about quality, seeking securities that offer attractive rates of return for the level of risk. The firm invests across the spectrum from highest quality businesses to those with challenges, provided the price adequately compensates for risk. They maintain considerable cash positions (10-30%) for strategic deployment during market downturns, anchor portfolios in financially strong companies, and make opportunistic investments in cyclical businesses when sufficiently discounted. The approach emphasizes being objective, patient, and diligent, focusing on individual security merits rather than market timing.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
10.61%	5.65%	5.65%

Executive Summary

The AMG Yacktman Fund returned 5.65% in Q1 2026, outperforming both the Russell 1000 Value Index and S&P 500. The fund maintains its disciplined value approach, investing in companies that may underperform during momentum-driven markets while focusing on underlying business performance. Key contributors included Samsung Electronics, which benefited from AI infrastructure buildout driving secular tailwinds for the memory chip market, and energy holdings including Canadian Natural Resources, ConocoPhillips, Diamondback Energy, and EOG Resources, which gained from oil price shocks related to Middle East conflict. Microsoft detracted despite remaining a core holding, impacted by SaaSmaggedon affecting software companies. The managers emphasize their long-term approach can deliver differentiated returns for investors seeking managers focused on risk management. They maintain high conviction in current positioning, noting that value recognition sometimes takes years but creates opportunities when market sentiment drives mis-pricings through passive index concentration effects.

Forward Outlook

Fund maintains high conviction in positioning and investments, expecting some value unlocks may take years for market recognition. Commitment to risk focus and price discipline continues, with strongest performance periods historically occurring during markets with plentiful risks but sentiment-driven one-way swings.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 13 2026	2026 Q1	005930 KS, CNQ, COP, EOG, FANG, FOXA, MSFT, UHAL, WBD	AI, energy, Geopolitical, large cap, semiconductors, value	005930.KS CNQ MSFT FOXA UHAL	Yacktman Fund outperformed in Q1 2026 with disciplined value approach. Samsung and energy holdings drove performance while Microsoft detracted from SaaSmaggedon. Fund maintains conviction in long-term strategy focused on business fundamentals over momentum, using market mis-pricings as opportunities while serving as natural hedge against geopolitical risks.
Feb 4 2026	2025 Q4	000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD	AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value	-	Yacktman Fund delivered strong 2025 performance through value-focused investing in undervalued companies with solid fundamentals. Korean holdings Samsung and Hyundai Mobis drove returns, benefiting from AI/EV trends and governance reforms. Media positions gained from industry consolidation activity. The team sees significant portfolio value unlocks ahead while maintaining disciplined risk-adjusted approach.
Dec 31 2025	2025 Q3	005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL	AI, Bubble, Conglomerates, large cap, Media, risk management, semiconductors, value	-	Yacktman underperformed in Q3 but remains focused on value opportunities amid expensive market conditions. Samsung's AI memory chip breakthrough and Fox's succession clarity drove gains while Bolloré's media simplification continues. The managers see bubble-like conditions similar to dot-com era and position for market correction opportunities, emphasizing their historical outperformance during turbulent periods through disciplined risk management.
Aug 7 2025	2025 Q2	012330.KS, 0992.HK, CNQ, CTSH, KT, KVUE, MSFT, PEP, PG, RLI, SCHW, SSNLF, UHAL	Buybacks, consumer, large cap, South Korea, technology, value	-	Yacktman Fund outperformed value indices in Q2 2025 with strong contributions from Samsung and Korean regulatory reforms. The fund maintains its disciplined value approach amid market uncertainty, focusing on risk-adjusted returns while many companies trade at elevated valuations. Management remains confident in portfolio positioning during this challenging environment.
Mar 31 2025	2025 Q1	005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL, UUU.PA	large cap, Media, Resilience, technology, Trade Policy, value	-	Yacktman's value strategy protected capital in Q1 2025's challenging environment, with Samsung and Fox contributing while tech names like Microsoft and Alphabet detracted amid trade policy concerns. The fund maintains a portfolio of resilient companies at attractive valuations, positioned to navigate tariff uncertainty while capitalizing on market mispricings of quality businesses.
Dec 31 2024	2024 Q4	005930.KS, AAPL, CNQ, CTSH, FOXA, GOOG, MSFT, PEP, PG, SCHW, SPOT, TSM, UHAL, UMG.AS	Buybacks, Capital Allocation, energy, large cap, Media, technology, value	005930.KS BOL.PA	Yacktman underperformed in Q4 as quality holdings like Samsung and U-Haul lagged despite strong fundamentals. The manager sees parallels to the tech bubble with market returns driven by multiple expansion rather than business results. Portfolio companies trade at attractive valuations while AI euphoria creates overvaluation elsewhere. Management remains highly convicted in current positioning.
May 4 2024	2024 Q1	CNQ, CVX, DAR, EAF, EMBCF, FANG, GOOGL, HES, K, MSFT, NWSA, PEP, PG, PXD, SCHW, UHAL, VLO, XOM	Consumer Staples, energy, large cap, Media, technology, value	CNQ.TO DAR K BOL.PA	Yacktman returned 7.54% in Q1, lagging benchmarks despite strong energy performance led by Canadian Natural Resources. New positions in Darling Ingredients and Kellanova reflect their value approach of finding mispriced, resilient companies. While acknowledging current market risks from inflation and concentration, they maintain high conviction in their strategy to generate differentiated returns through disciplined stock selection.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 13 2026

2026 Q1

005930 KS, CNQ, COP, EOG, FANG, FOXA, MSFT, UHAL, WBD

AI, energy, Geopolitical, large cap, semiconductors, value

005930.KS
CNQ
MSFT
FOXA
UHAL

Yacktman Fund outperformed in Q1 2026 with disciplined value approach. Samsung and energy holdings drove performance while Microsoft detracted from SaaSmaggedon. Fund maintains conviction in long-term strategy focused on business fundamentals over momentum, using market mis-pricings as opportunities while serving as natural hedge against geopolitical risks.

Feb 4 2026

2025 Q4

000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD

AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value

Yacktman Fund delivered strong 2025 performance through value-focused investing in undervalued companies with solid fundamentals. Korean holdings Samsung and Hyundai Mobis drove returns, benefiting from AI/EV trends and governance reforms. Media positions gained from industry consolidation activity. The team sees significant portfolio value unlocks ahead while maintaining disciplined risk-adjusted approach.

Dec 31 2025

2025 Q3

005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL

AI, Bubble, Conglomerates, large cap, Media, risk management, semiconductors, value

Yacktman underperformed in Q3 but remains focused on value opportunities amid expensive market conditions. Samsung's AI memory chip breakthrough and Fox's succession clarity drove gains while Bolloré's media simplification continues. The managers see bubble-like conditions similar to dot-com era and position for market correction opportunities, emphasizing their historical outperformance during turbulent periods through disciplined risk management.

Aug 7 2025

2025 Q2

012330.KS, 0992.HK, CNQ, CTSH, KT, KVUE, MSFT, PEP, PG, RLI, SCHW, SSNLF, UHAL

Buybacks, consumer, large cap, South Korea, technology, value

Yacktman Fund outperformed value indices in Q2 2025 with strong contributions from Samsung and Korean regulatory reforms. The fund maintains its disciplined value approach amid market uncertainty, focusing on risk-adjusted returns while many companies trade at elevated valuations. Management remains confident in portfolio positioning during this challenging environment.

Mar 31 2025

2025 Q1

005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL, UUU.PA

large cap, Media, Resilience, technology, Trade Policy, value

Yacktman's value strategy protected capital in Q1 2025's challenging environment, with Samsung and Fox contributing while tech names like Microsoft and Alphabet detracted amid trade policy concerns. The fund maintains a portfolio of resilient companies at attractive valuations, positioned to navigate tariff uncertainty while capitalizing on market mispricings of quality businesses.

Dec 31 2024

2024 Q4

005930.KS, AAPL, CNQ, CTSH, FOXA, GOOG, MSFT, PEP, PG, SCHW, SPOT, TSM, UHAL, UMG.AS

Buybacks, Capital Allocation, energy, large cap, Media, technology, value

005930.KS
BOL.PA

Yacktman underperformed in Q4 as quality holdings like Samsung and U-Haul lagged despite strong fundamentals. The manager sees parallels to the tech bubble with market returns driven by multiple expansion rather than business results. Portfolio companies trade at attractive valuations while AI euphoria creates overvaluation elsewhere. Management remains highly convicted in current positioning.

May 4 2024

2024 Q1

CNQ, CVX, DAR, EAF, EMBCF, FANG, GOOGL, HES, K, MSFT, NWSA, PEP, PG, PXD, SCHW, UHAL, VLO, XOM

Consumer Staples, energy, large cap, Media, technology, value

CNQ.TO
DAR
K
BOL.PA

Yacktman returned 7.54% in Q1, lagging benchmarks despite strong energy performance led by Canadian Natural Resources. New positions in Darling Ingredients and Kellanova reflect their value approach of finding mispriced, resilient companies. While acknowledging current market risks from inflation and concentration, they maintain high conviction in their strategy to generate differentiated returns through disciplined stock selection.

QUARTER	THEMES	TAGS
2026 Q1	Semiconductors Samsung Electronics continued strong performance driven by AI infrastructure buildout providing secular tailwind to memory chip market. Memory has become key bottleneck with capacity constraints driving up prices for HBM, DRAM and NAND chips. Samsung achieved prominent design wins in foundry business with Tesla, Qualcomm, and Nvidia.	Memory AI Foundries HBM DRAM
	Oil Energy companies contributed strongly to performance benefiting from oil price shocks associated with Middle East conflict. Portfolio includes Canadian Natural Resources, ConocoPhillips, Diamondback Energy, and EOG Resources. These investments serve as natural hedge against geopolitical risks.	Energy Geopolitical Oil Natural Gas
	Value Fund maintains discipline investing in companies that may underperform during momentum-driven markets, focusing on underlying business performance. Long-term approach seeks differentiated returns for investors seeking managers focused on what could go wrong. Sometimes takes years for value to be recognized by market.	Value Long-term Risk Discipline
	AI AI infrastructure buildout provides secular tailwind to memory chip market. SaaSmaggedon market reaction hit software companies including Microsoft, though Microsoft believed well-positioned across cloud infrastructure, enterprise software, gaming, and LinkedIn ownership despite agentic model capabilities.	AI Cloud Enterprise Software Infrastructure
2025 Q4	AI Manager draws parallels between today's AI-driven market concentration and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuations. Physical constraints like energy intensity and grid limitations complicate AI scalability assumptions.	Artificial Intelligence Data Centers Valuations Energy Infrastructure Technology
	Energy Energy plays a critical role in AI infrastructure economics through data center power consumption. Rising electricity prices and grid constraints in data-center-heavy regions are compressing margins and extending deployment timelines, creating physical bottlenecks to AI scaling.	Electricity Data Centers Grid Infrastructure Power Pricing Utilities
	Small Caps The Small Cap Strategy returned 6.21% gross versus Russell 2000's 12.81% return. Manager likes the current portfolio fundamentals with strong balance sheets and resilient cash flows, though markets haven't rewarded fundamentals on a linear schedule requiring continued patience.	Russell 2000 Value Investing Fundamentals Portfolio Management
2025 Q3	Value The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider the price paid for investments and focus on companies trading at attractive valuations relative to their intrinsic worth.	Valuation Mispriced Intrinsic
	AI Samsung achieved its first design win with Nvidia for high bandwidth memory chips, validating its position in the AI-driven HBM chip market. Alphabet has participated in the AI frenzy despite longer-term risks to advertising revenue.	HBM Memory Nvidia
	Semiconductors Samsung was late to the AI party but this milestone validates its position in the HBM chip market. Memory chips are found in vast array of end products with finite production capacity and small number of capable players.	Memory DRAM Fabrication
	Media Bolloré has simplified from complicated conglomerate to focused media holdings including Vivendi and Universal Music Group. Fox benefited from Murdoch family succession resolution with Lachlan taking control.	Music Entertainment Succession
2025 Q2	Value Yacktman approaches investing with an owner's mindset, evaluating underlying business fundamentals and requiring prices that compensate for risks. The fund focuses on risk-adjusted returns over market cycles, with historically strong performance following periods of lofty valuations like today's market.	Risk-adjusted Fundamentals Valuation Market cycle Owner mindset
	South Korea South Korea has a new administration focused on closing the Korean discount that has existed for decades. The government has passed regulatory changes to the Korean Commercial Code with additional legislation anticipated, requiring companies to significantly improve governance practices.	Korean discount Governance Regulatory reform Value-Up program MSCI reclassification
	Buybacks KT&G has aggressively bought back shares as a beneficiary of South Korean regulatory reform. The company's share repurchase activity aligns with broader governance improvements in the Korean market.	Share repurchases Capital allocation Korean reform Shareholder value
2025 Q1	Value The fund focuses on companies that offer attractive valuations and mis-pricings, particularly when they become overly punished by the market. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value. The strategy emphasizes investing with a keen eye for what could go wrong to identify compelling opportunities.	Valuation Mispricing Attractive Undervalued Opportunities
	Resilience The portfolio is composed of resilient companies well-positioned to navigate dynamic environments and withstand market turmoil. The fund has historically protected capital in down markets and owns companies that tend to be well-positioned during times of turmoil and uncertainty.	Capital Protection Defensive Fortress Balance Sheet Downside Protection Stability
	Trade Policy The market has been reacting to various tariff announcements from the U.S. administration and subsequent responses from trading counterparties. Companies and investors are trying to manage through this period of acute uncertainty, with cascading impacts that may be vast and long-lasting.	Tariffs Trade War Policy Uncertainty Administration Geopolitical
2024 Q4	Value The fund focuses on companies trading at attractive valuations relative to their underlying business value. Samsung can be owned at a price close to tangible book value despite being a leading technology company. Bolloré trades at a significant discount with the manager believing its value to be two-to-three times current market valuation.	Valuation Discount Book Value Mispricing Undervalued
	AI The manager acknowledges AI as potentially transformative technology in the long run but notes that exuberance has spread to adjacent industries with many company valuations priced for perfection. Portfolio companies Alphabet and Microsoft participated in AI euphoria while producing strong underlying performance.	Technology Euphoria Valuation Performance
	Buybacks Samsung announced plans for a large share buyback which the manager views as an astute capital allocation decision given the company's valuation. The manager emphasizes paying close attention to how management allocates capital and makes business decisions important to long-term performance.	Capital Allocation Share Repurchase Management Value Creation
2024 Q1	Energy The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ was Yacktman's first investment in the energy space in over a decade, followed by domestic exploration and production companies added in mid-2022.	Oil Natural Gas Exploration & Production Oil Sands Energy Trading
	Value The fund focuses on investing in resilient companies that are mispriced in today's market. They highlight finding hidden value in predictable consumer products segments that offer attractive discounts, strong margins, and growth attributes. GrafTech's assets are valued well below their replacement costs with attractive forward rates of return.	Quality Resilience Dividends Buybacks

QUARTER

THEMES

Semiconductors

Samsung Electronics continued strong performance driven by AI infrastructure buildout providing secular tailwind to memory chip market. Memory has become key bottleneck with capacity constraints driving up prices for HBM, DRAM and NAND chips. Samsung achieved prominent design wins in foundry business with Tesla, Qualcomm, and Nvidia.

Memory AI Foundries HBM DRAM

Oil

Energy companies contributed strongly to performance benefiting from oil price shocks associated with Middle East conflict. Portfolio includes Canadian Natural Resources, ConocoPhillips, Diamondback Energy, and EOG Resources. These investments serve as natural hedge against geopolitical risks.

Energy Geopolitical Oil Natural Gas

Value

Fund maintains discipline investing in companies that may underperform during momentum-driven markets, focusing on underlying business performance. Long-term approach seeks differentiated returns for investors seeking managers focused on what could go wrong. Sometimes takes years for value to be recognized by market.

Value Long-term Risk Discipline

AI

AI infrastructure buildout provides secular tailwind to memory chip market. SaaSmaggedon market reaction hit software companies including Microsoft, though Microsoft believed well-positioned across cloud infrastructure, enterprise software, gaming, and LinkedIn ownership despite agentic model capabilities.

AI Cloud Enterprise Software Infrastructure

2025 Q4

AI

Manager draws parallels between today's AI-driven market concentration and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuations. Physical constraints like energy intensity and grid limitations complicate AI scalability assumptions.

Artificial Intelligence Data Centers Valuations Energy Infrastructure Technology

Energy

Energy plays a critical role in AI infrastructure economics through data center power consumption. Rising electricity prices and grid constraints in data-center-heavy regions are compressing margins and extending deployment timelines, creating physical bottlenecks to AI scaling.

Electricity Data Centers Grid Infrastructure Power Pricing Utilities

Small Caps

The Small Cap Strategy returned 6.21% gross versus Russell 2000's 12.81% return. Manager likes the current portfolio fundamentals with strong balance sheets and resilient cash flows, though markets haven't rewarded fundamentals on a linear schedule requiring continued patience.

Russell 2000 Value Investing Fundamentals Portfolio Management

2025 Q3

Value

The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider the price paid for investments and focus on companies trading at attractive valuations relative to their intrinsic worth.

Valuation Mispriced Intrinsic

AI

Samsung achieved its first design win with Nvidia for high bandwidth memory chips, validating its position in the AI-driven HBM chip market. Alphabet has participated in the AI frenzy despite longer-term risks to advertising revenue.

HBM Memory Nvidia

Semiconductors

Samsung was late to the AI party but this milestone validates its position in the HBM chip market. Memory chips are found in vast array of end products with finite production capacity and small number of capable players.

Memory DRAM Fabrication

Media

Bolloré has simplified from complicated conglomerate to focused media holdings including Vivendi and Universal Music Group. Fox benefited from Murdoch family succession resolution with Lachlan taking control.

Music Entertainment Succession

2025 Q2

Value

Yacktman approaches investing with an owner's mindset, evaluating underlying business fundamentals and requiring prices that compensate for risks. The fund focuses on risk-adjusted returns over market cycles, with historically strong performance following periods of lofty valuations like today's market.

Risk-adjusted Fundamentals Valuation Market cycle Owner mindset

South Korea

South Korea has a new administration focused on closing the Korean discount that has existed for decades. The government has passed regulatory changes to the Korean Commercial Code with additional legislation anticipated, requiring companies to significantly improve governance practices.

Korean discount Governance Regulatory reform Value-Up program MSCI reclassification

Buybacks

KT&G has aggressively bought back shares as a beneficiary of South Korean regulatory reform. The company's share repurchase activity aligns with broader governance improvements in the Korean market.

Share repurchases Capital allocation Korean reform Shareholder value

2025 Q1

Value

The fund focuses on companies that offer attractive valuations and mis-pricings, particularly when they become overly punished by the market. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value. The strategy emphasizes investing with a keen eye for what could go wrong to identify compelling opportunities.

Valuation Mispricing Attractive Undervalued Opportunities

Resilience

The portfolio is composed of resilient companies well-positioned to navigate dynamic environments and withstand market turmoil. The fund has historically protected capital in down markets and owns companies that tend to be well-positioned during times of turmoil and uncertainty.

Capital Protection Defensive Fortress Balance Sheet Downside Protection Stability

Trade Policy

The market has been reacting to various tariff announcements from the U.S. administration and subsequent responses from trading counterparties. Companies and investors are trying to manage through this period of acute uncertainty, with cascading impacts that may be vast and long-lasting.

Tariffs Trade War Policy Uncertainty Administration Geopolitical

2024 Q4

Value

The fund focuses on companies trading at attractive valuations relative to their underlying business value. Samsung can be owned at a price close to tangible book value despite being a leading technology company. Bolloré trades at a significant discount with the manager believing its value to be two-to-three times current market valuation.

Valuation Discount Book Value Mispricing Undervalued

AI

The manager acknowledges AI as potentially transformative technology in the long run but notes that exuberance has spread to adjacent industries with many company valuations priced for perfection. Portfolio companies Alphabet and Microsoft participated in AI euphoria while producing strong underlying performance.

Technology Euphoria Valuation Performance

Buybacks

Samsung announced plans for a large share buyback which the manager views as an astute capital allocation decision given the company's valuation. The manager emphasizes paying close attention to how management allocates capital and makes business decisions important to long-term performance.

Capital Allocation Share Repurchase Management Value Creation

2024 Q1

Energy

The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ was Yacktman's first investment in the energy space in over a decade, followed by domestic exploration and production companies added in mid-2022.

Oil Natural Gas Exploration & Production Oil Sands Energy Trading

Value

The fund focuses on investing in resilient companies that are mispriced in today's market. They highlight finding hidden value in predictable consumer products segments that offer attractive discounts, strong margins, and growth attributes. GrafTech's assets are valued well below their replacement costs with attractive forward rates of return.

Quality Resilience Dividends Buybacks

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
May 13, 2026	Fund Letters	AMG Yacktman Fund	005930.KS	Samsung Electronics Co Ltd	Consumer Electronics	Semiconductors & Semiconductor Equipment	Bull	New York Stock Exchange	Artificial Intelligence, DRAM, Foundry, HBM, memory chips, Nand, semiconductors, South Korea, technology hardware	Login
May 13, 2026	Fund Letters	AMG Yacktman Fund	CNQ	Canadian Natural Resources Limited	Oil & Gas E&P	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Canada, contrarian, energy, Geopolitical hedge, Natural Resources, Oil & Gas, Value	Login
May 13, 2026	Fund Letters	AMG Yacktman Fund	MSFT	Microsoft Corporation	Software - Infrastructure	Software	Bull	NASDAQ	Artificial Intelligence, cloud infrastructure, Enterprise software, Gaming, Linkedin, SaaS, Software, technology	Login
May 13, 2026	Fund Letters	AMG Yacktman Fund	FOXA	Fox Corporation	Entertainment	Media	Bull	NASDAQ	broadcasting, Conservative Viewership, Cord-cutting, Free TV, media, news, sports, Streaming	Login
May 13, 2026	Fund Letters	AMG Yacktman Fund	UHAL	U-Haul Holding Company	Rental & Leasing Services	Commercial Services & Supplies	Bull	NASDAQ	Commercial Services, Hidden-Assets, REITs, Self-storage, Sum-of-parts, Truck Rental, value unlock	Login
Dec 31, 2024	Fund Letters	AMG Yacktman Fund	005930.KS	Samsung Electronics Co Ltd	Information Technology	Technology Hardware, Storage & Peripherals	Bull	Korea Stock Exchange	Foundry, Hardware, memory chips, semiconductors, Share Buyback, Smartphones, South Korea, technology, Value	Login
Dec 31, 2024	Fund Letters	AMG Yacktman Fund	BOL.PA	Bolloré SE	Communication Services	Media	Bull	Euronext Paris	conglomerate discount, france, holding company, media, Spin-offs, Sum-of-parts, Universal Music Group, value unlock, Vivendi	Login
Mar 31, 2024	Fund Letters	AMG Yacktman Fund	CNQ.TO	Canadian Natural Resources Ltd	Energy	Oil, Gas & Consumable Fuels	Bull	Toronto Stock Exchange	capital return, energy, Maintenance Capex, oil production, Oil sands, Reserves, Supply-Demand Imbalance, Value	Login
Mar 31, 2024	Fund Letters	AMG Yacktman Fund	BOL.PA	Bolloré SE	Communication Services	Media	Bull	Euronext Paris	Asset Sale, cash position, Corporate Restructuring, De-risked, media, Universal Music Group, value unlock, Vivendi	Login
Mar 31, 2024	Fund Letters	AMG Yacktman Fund	DAR	Darling Ingredients Inc	Consumer Staples	Food Products	Bull	New York Stock Exchange	Acquisitions, Animal By-products, barriers to entry, Food Supply Chain, Joint venture, Low-cost producer, Rendering, Renewable diesel	Login
Mar 31, 2024	Fund Letters	AMG Yacktman Fund	K	Kellanova	Consumer Staples	Food Products	Bull	New York Stock Exchange	brand portfolio, consumer staples, Growth Attributes, hidden value, Predictable, Snacking, spin-off, Strong Margins	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

May 13, 2026

Fund Letters

AMG Yacktman Fund

005930.KS

Samsung Electronics Co Ltd

Consumer Electronics

Semiconductors & Semiconductor Equipment

Bull

New York Stock Exchange

Artificial Intelligence, DRAM, Foundry, HBM, memory chips, Nand, semiconductors, South Korea, technology hardware

May 13, 2026

Fund Letters

AMG Yacktman Fund

CNQ

Canadian Natural Resources Limited

Oil & Gas E&P

Oil, Gas & Consumable Fuels

Bull

New York Stock Exchange

Canada, contrarian, energy, Geopolitical hedge, Natural Resources, Oil & Gas, Value

May 13, 2026

Fund Letters

AMG Yacktman Fund

MSFT

Microsoft Corporation

Software - Infrastructure

Software

Bull

NASDAQ

Artificial Intelligence, cloud infrastructure, Enterprise software, Gaming, Linkedin, SaaS, Software, technology

May 13, 2026

Fund Letters

AMG Yacktman Fund

FOXA

Fox Corporation

Entertainment

Media

Bull

NASDAQ

broadcasting, Conservative Viewership, Cord-cutting, Free TV, media, news, sports, Streaming

May 13, 2026

Fund Letters

AMG Yacktman Fund

UHAL

U-Haul Holding Company

Rental & Leasing Services

Commercial Services & Supplies

Bull

NASDAQ

Commercial Services, Hidden-Assets, REITs, Self-storage, Sum-of-parts, Truck Rental, value unlock

Dec 31, 2024

Fund Letters

AMG Yacktman Fund

005930.KS

Samsung Electronics Co Ltd

Information Technology

Technology Hardware, Storage & Peripherals

Bull

Korea Stock Exchange

Foundry, Hardware, memory chips, semiconductors, Share Buyback, Smartphones, South Korea, technology, Value

Dec 31, 2024

Fund Letters

AMG Yacktman Fund

BOL.PA

Bolloré SE

Communication Services

Media

Bull

Euronext Paris

conglomerate discount, france, holding company, media, Spin-offs, Sum-of-parts, Universal Music Group, value unlock, Vivendi

Mar 31, 2024

Fund Letters

AMG Yacktman Fund

CNQ.TO

Canadian Natural Resources Ltd

Energy

Oil, Gas & Consumable Fuels

Bull

Toronto Stock Exchange

capital return, energy, Maintenance Capex, oil production, Oil sands, Reserves, Supply-Demand Imbalance, Value

Mar 31, 2024

Fund Letters

AMG Yacktman Fund

BOL.PA

Bolloré SE

Communication Services

Media

Bull

Euronext Paris

Asset Sale, cash position, Corporate Restructuring, De-risked, media, Universal Music Group, value unlock, Vivendi

Mar 31, 2024

Fund Letters

AMG Yacktman Fund

DAR

Darling Ingredients Inc

Consumer Staples

Food Products

Bull

New York Stock Exchange

Acquisitions, Animal By-products, barriers to entry, Food Supply Chain, Joint venture, Low-cost producer, Rendering, Renewable diesel

Mar 31, 2024

Fund Letters

AMG Yacktman Fund

Kellanova

Consumer Staples

Food Products

Bull

New York Stock Exchange

brand portfolio, consumer staples, Growth Attributes, hidden value, Predictable, Snacking, spin-off, Strong Margins

TICKER	COMMENTARY
005930.KS	Samsung Electronics continued its strong share price performance in the first quarter after having been a substantial drag on returns. Samsung's memory business remains among the top three players in the industry alongside SK Hynix and Micron Technology, Inc. The artificial intelligence (AI) infrastructure buildout has provided a secular tailwind to the historically cyclical memory chip market. Memory has become one of the key bottlenecks in the system, and the capacity constraints among the leaders in this segment are driving up prices for memory chips. High Bandwidth Memory (HBM) chips are core to the AI ecosystem, as are dynamic random-access memory (DRAM) and NAND chips which can be found in cars, phones, tablets, laptops, home appliances, and a vast array of other end products. Samsung has achieved prominent design wins in its foundry business as well—most notably with Tesla, Inc., Qualcomm, and Nvidia.
CNQ	The energy companies in the portfolio contributed strongly to performance in the quarter: Canadian Natural Resources Limited (CNQ), ConocoPhillips Company, Diamondback Energy, and EOG Resources, Inc. All were beneficiaries of the oil price shocks associated with the conflict in the Middle East. We initially invested in CNQ in 2021 when energy company valuations had suffered through the COVID-19 crisis. Environmental, social, and governance (ESG) initiatives also weighed on market sentiment about the sector. In 2022 we added the other energy names at a time when the market cap of the entire sector was a fraction of the total market. These energy investments were designed in part to serve as a natural hedge in the face of geopolitical risks should they arise.
COP	The energy companies in the portfolio contributed strongly to performance in the quarter: Canadian Natural Resources Limited (CNQ), ConocoPhillips Company, Diamondback Energy, and EOG Resources, Inc. All were beneficiaries of the oil price shocks associated with the conflict in the Middle East.
FANG	The energy companies in the portfolio contributed strongly to performance in the quarter: Canadian Natural Resources Limited (CNQ), ConocoPhillips Company, Diamondback Energy, and EOG Resources, Inc. All were beneficiaries of the oil price shocks associated with the conflict in the Middle East.
EOG	The energy companies in the portfolio contributed strongly to performance in the quarter: Canadian Natural Resources Limited (CNQ), ConocoPhillips Company, Diamondback Energy, and EOG Resources, Inc. All were beneficiaries of the oil price shocks associated with the conflict in the Middle East.
MSFT	Microsoft was a detractor in the first quarter, but the investment remains a core holding in the portfolio. The "SaaSmaggedon" market reaction hit a broad array of software companies including Microsoft. While we agree that some software players' products and business models may be significantly impacted by the capabilities demonstrated by Claude and other agentic models, we believe that Microsoft is well-positioned across cloud infrastructure, enterprise software, gaming, and its ownership of LinkedIn.
FOXA	Fox Corporation was another detractor in the first quarter after a period of strong share price performance. We have been a long-term investor in this company with the strong competitive position of Fox News which is focused on the conservative viewership segment of the market, its Fox Sports business and its Tubi business—a "free TV" business that is benefitting from the long-term shift away from cable television.
UHAL	U-Haul Holding Company detracted from performance, but we saw evidence of the value of U-Haul's large self-storage business late in the first quarter. Public Storage announced the acquisition of the number five competitor, National Storage Affiliates, both self-storage real estate investment trusts (REITs). U-Haul does not break out detailed financials for its trucking versus its self-storage business. Applying the valuation methodology of the National Storage acquisition to U-Haul's self-storage business suggests that all of U-Haul's market capitalization can be attributed to the self-storage business, not counting the truck rental business that is synonymous with "U-Haul." The company continues to invest cash flow like business owners with a long-term perspective.
WBD	Sometimes we see "value unlocks" like Warner Bros. Discovery. We held this name for several years with a thesis around the core media assets, but the value was not realized until the unlock occurred in the first quarter this year.

TICKER

COMMENTARY

005930.KS

Samsung Electronics continued its strong share price performance in the first quarter after having been a substantial drag on returns. Samsung's memory business remains among the top three players in the industry alongside SK Hynix and Micron Technology, Inc. The artificial intelligence (AI) infrastructure buildout has provided a secular tailwind to the historically cyclical memory chip market. Memory has become one of the key bottlenecks in the system, and the capacity constraints among the leaders in this segment are driving up prices for memory chips. High Bandwidth Memory (HBM) chips are core to the AI ecosystem, as are dynamic random-access memory (DRAM) and NAND chips which can be found in cars, phones, tablets, laptops, home appliances, and a vast array of other end products. Samsung has achieved prominent design wins in its foundry business as well—most notably with Tesla, Inc., Qualcomm, and Nvidia.

CNQ

The energy companies in the portfolio contributed strongly to performance in the quarter: Canadian Natural Resources Limited (CNQ), ConocoPhillips Company, Diamondback Energy, and EOG Resources, Inc. All were beneficiaries of the oil price shocks associated with the conflict in the Middle East. We initially invested in CNQ in 2021 when energy company valuations had suffered through the COVID-19 crisis. Environmental, social, and governance (ESG) initiatives also weighed on market sentiment about the sector. In 2022 we added the other energy names at a time when the market cap of the entire sector was a fraction of the total market. These energy investments were designed in part to serve as a natural hedge in the face of geopolitical risks should they arise.

COP

FANG

EOG

MSFT

Microsoft was a detractor in the first quarter, but the investment remains a core holding in the portfolio. The "SaaSmaggedon" market reaction hit a broad array of software companies including Microsoft. While we agree that some software players' products and business models may be significantly impacted by the capabilities demonstrated by Claude and other agentic models, we believe that Microsoft is well-positioned across cloud infrastructure, enterprise software, gaming, and its ownership of LinkedIn.

FOXA

Fox Corporation was another detractor in the first quarter after a period of strong share price performance. We have been a long-term investor in this company with the strong competitive position of Fox News which is focused on the conservative viewership segment of the market, its Fox Sports business and its Tubi business—a "free TV" business that is benefitting from the long-term shift away from cable television.

UHAL

U-Haul Holding Company detracted from performance, but we saw evidence of the value of U-Haul's large self-storage business late in the first quarter. Public Storage announced the acquisition of the number five competitor, National Storage Affiliates, both self-storage real estate investment trusts (REITs). U-Haul does not break out detailed financials for its trucking versus its self-storage business. Applying the valuation methodology of the National Storage acquisition to U-Haul's self-storage business suggests that all of U-Haul's market capitalization can be attributed to the self-storage business, not counting the truck rental business that is synonymous with "U-Haul." The company continues to invest cash flow like business owners with a long-term perspective.

WBD

Sometimes we see "value unlocks" like Warner Bros. Discovery. We held this name for several years with a thesis around the core media assets, but the value was not realized until the unlock occurred in the first quarter this year.

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