AMG Yacktman Focused Fund

Investor Summary

Led by Stephen Yacktman since 2002, supported by Jason Subotky (since 2009) and Adam Sues (since 2021), providing an average management tenure of 14.57 years. Stephen Andrew Yacktman is registered as an Investment Adviser Representative with no suspensions, disciplinary disclosures, or adverse events reported.

Fund Strategy

The Fund seeks long-term capital appreciation and, to a lesser extent, current income by primarily investing in common stocks of US companies. The fund employs an adaptable, opportunistic value investment strategy with a demonstrated ability to perform well during volatile market periods. The managers implement a 'defense to offense' approach, often maintaining a significant cash position (10%-30%) during rising markets or high valuations, then deploying it into financially strong, stable companies and undervalued cyclical firms during downturns.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
10.25%	10.26%	10.26%

Executive Summary

The AMG Yacktman Focused Fund returned 10.37% in Q1 2026, outperforming both value and growth benchmarks. The fund maintains its disciplined value approach, investing in quality companies at attractive prices while focusing on long-term risk-adjusted returns over full market cycles. Key contributors included Samsung Electronics, which benefited from AI-driven memory demand as capacity constraints drive pricing power for HBM, DRAM and NAND chips. Energy holdings including Canadian Natural Resources, ConocoPhillips, Diamondback and EOG Resources gained from oil price shocks related to Middle East conflict, validating the manager's thesis of using energy as a geopolitical hedge. Microsoft remained a core holding despite SaaSmaggedon headwinds, with the manager confident in its positioning across cloud, enterprise software and gaming. The team emphasizes patience for value recognition, highlighting Warner Bros. Discovery as an example of multi-year value unlock. They continue focusing on underlying business performance rather than momentum, seeking opportunities from market dislocations driven by passive index concentration.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 13 2026	2026 Q1	005930 KS, CNQ, FOXA, MSFT, UHAL, WBD	energy, large cap, long-term, Memory, semiconductors, technology, value	005930.KS CNQ.TO MSFT FOXA UHAL	Yacktman delivered strong Q1 performance through disciplined value investing, with Samsung benefiting from AI memory demand and energy holdings gaining from geopolitical oil shocks. The team maintains high conviction in their patient, risk-focused approach, emphasizing long-term business fundamentals over momentum while capitalizing on market dislocations to add quality companies at attractive valuations.
Feb 4 2026	2025 Q4	005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD	AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value	-	Yacktman's value-focused fund delivered strong 2025 returns driven by Samsung's AI and memory recovery, Korean market reforms, and media sector re-rating. The manager's disciplined approach of buying quality companies below intrinsic value while focusing on normalized free cash flows positions the portfolio well for continued outperformance as structural catalysts unfold.
Aug 7 2025	2025 Q2	CNQ, FOXA, KVUE, MSFT, PEP, SCHW, UHAL	Governance, large cap, risk management, South Korea, technology, value	005935 KS PEP	Yacktman's value-focused fund outperformed value indices in Q2 despite market headwinds. Samsung benefited from Korean governance reforms while Microsoft's cloud strength drove gains. Pepsi and U-Haul faced pressure from tariffs and macro sentiment. The manager remains confident in their risk-adjusted approach, viewing current overvalued markets as historically favorable for their investment strategy.
Mar 31 2025	2025 Q1	005930.KS, 012330.KS, 033780.KS, CNQ, FOXA, GOOGL, MSFT, PG, SCHW, UHAL	Asia, capital protection, large cap, Resilience, technology, Trade Policy, value	-	Yacktman's value-focused approach protected capital in Q1's challenging environment, returning 1.30% while the S&P 500 fell 4.27%. Samsung led performance with attractive valuation and fortress balance sheet, while Fox benefited from administration-driven news viewership. Technology broadly declined on trade policy concerns. The fund maintains conviction in its resilient portfolio positioned for ongoing uncertainty.
Dec 31 2024	2024 Q4	005930.KS, 033780.KS, 2451.TW, AAPL, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, SPOT, UHAL, UMG.AS	Capital Allocation, Concentration, large cap, Media, technology, value	005930.KS BOL.PA UHAL	Yacktman underperformed in Q4 as quality holdings like Samsung and U-Haul lagged despite strong fundamentals. The managers see compelling values reminiscent of post-tech bubble opportunities, with Samsung near book value and Bolloré worth potentially triple current price. They remain extremely positive on portfolio positioning for a market driven by multiple expansion rather than business results.
Apr 15 2024	2024 Q1	005930.KS, 030200.KS, CNQ, CTSH, GOOGL, MSFT, PEP, PG, SCHW, UHAL	Consumer Staples, energy, global, large cap, technology, value	CNQ.TO K BOL.PA	Yacktman's focused value strategy delivered 7.61% in Q1, driven by energy holdings led by Canadian Natural Resources. The fund seeks mispriced, resilient companies globally, recently adding Kellanova post-Kellogg spin-off. Despite headwinds from U-Haul and Cognizant, management maintains high conviction in their approach, viewing current market risks as creating opportunities for patient value investors.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 13 2026

2026 Q1

005930 KS, CNQ, FOXA, MSFT, UHAL, WBD

energy, large cap, long-term, Memory, semiconductors, technology, value

005930.KS
CNQ.TO
MSFT
FOXA
UHAL

Yacktman delivered strong Q1 performance through disciplined value investing, with Samsung benefiting from AI memory demand and energy holdings gaining from geopolitical oil shocks. The team maintains high conviction in their patient, risk-focused approach, emphasizing long-term business fundamentals over momentum while capitalizing on market dislocations to add quality companies at attractive valuations.

Feb 4 2026

2025 Q4

005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD

AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value

Yacktman's value-focused fund delivered strong 2025 returns driven by Samsung's AI and memory recovery, Korean market reforms, and media sector re-rating. The manager's disciplined approach of buying quality companies below intrinsic value while focusing on normalized free cash flows positions the portfolio well for continued outperformance as structural catalysts unfold.

Aug 7 2025

2025 Q2

CNQ, FOXA, KVUE, MSFT, PEP, SCHW, UHAL

Governance, large cap, risk management, South Korea, technology, value

005935 KS
PEP

Yacktman's value-focused fund outperformed value indices in Q2 despite market headwinds. Samsung benefited from Korean governance reforms while Microsoft's cloud strength drove gains. Pepsi and U-Haul faced pressure from tariffs and macro sentiment. The manager remains confident in their risk-adjusted approach, viewing current overvalued markets as historically favorable for their investment strategy.

Mar 31 2025

2025 Q1

005930.KS, 012330.KS, 033780.KS, CNQ, FOXA, GOOGL, MSFT, PG, SCHW, UHAL

Asia, capital protection, large cap, Resilience, technology, Trade Policy, value

Yacktman's value-focused approach protected capital in Q1's challenging environment, returning 1.30% while the S&P 500 fell 4.27%. Samsung led performance with attractive valuation and fortress balance sheet, while Fox benefited from administration-driven news viewership. Technology broadly declined on trade policy concerns. The fund maintains conviction in its resilient portfolio positioned for ongoing uncertainty.

Dec 31 2024

2024 Q4

005930.KS, 033780.KS, 2451.TW, AAPL, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, SPOT, UHAL, UMG.AS

Capital Allocation, Concentration, large cap, Media, technology, value

005930.KS
BOL.PA
UHAL

Yacktman underperformed in Q4 as quality holdings like Samsung and U-Haul lagged despite strong fundamentals. The managers see compelling values reminiscent of post-tech bubble opportunities, with Samsung near book value and Bolloré worth potentially triple current price. They remain extremely positive on portfolio positioning for a market driven by multiple expansion rather than business results.

Apr 15 2024

2024 Q1

005930.KS, 030200.KS, CNQ, CTSH, GOOGL, MSFT, PEP, PG, SCHW, UHAL

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

CNQ.TO
K
BOL.PA

Yacktman's focused value strategy delivered 7.61% in Q1, driven by energy holdings led by Canadian Natural Resources. The fund seeks mispriced, resilient companies globally, recently adding Kellanova post-Kellogg spin-off. Despite headwinds from U-Haul and Cognizant, management maintains high conviction in their approach, viewing current market risks as creating opportunities for patient value investors.

QUARTER	THEMES	TAGS
2026 Q1	Memory Samsung's memory business remains among the top three players alongside SK Hynix and Micron. The AI infrastructure buildout has provided a secular tailwind to the historically cyclical memory chip market, with capacity constraints driving up prices for memory chips including HBM, DRAM and NAND.	Memory Semiconductors AI DRAM NAND
	Oil Energy companies in the portfolio contributed strongly to performance as beneficiaries of oil price shocks from Middle East conflict. The manager initially invested in energy when valuations suffered through COVID-19 crisis and ESG initiatives weighed on sentiment, designing these investments as a natural hedge against geopolitical risks.	Oil Energy Geopolitical Natural Gas Exploration & Production
	AI The artificial intelligence infrastructure buildout has provided a secular tailwind to memory chips. However, the SaaSmaggedon market reaction hit software companies including Microsoft, though the manager believes Microsoft is well-positioned across cloud infrastructure, enterprise software, gaming, and LinkedIn ownership.	AI Cloud Enterprise Software Infrastructure
	Value The manager maintains discipline investing in companies that may underperform during momentum-driven markets, focusing on underlying business performance and long-term risk-adjusted returns. They highlight value unlocks like Warner Bros. Discovery and emphasize patience for step changes in valuation that many investors lack.	Value Long-term Risk-adjusted Patience
2025 Q4	AI Manager views AI as a classic capital cycle bubble comparable to past infrastructure booms. Sees massive capital spending with improbable returns, creative financing, and accounting gimmickry reminiscent of telecom bubble.	Artificial Intelligence Data Centers Capital Cycle Bubble Infrastructure
	Value Portfolio trades at 12.2x earnings with 8.2% earnings yield versus S&P 500 at 26x earnings. Active value management through trimming expensive positions and adding to undervalued holdings drove 41.4% net returns.	Value Investing Earnings Yield Active Management Undervalued Price to Earnings
	Gold Gold mining companies Kinross and Newmont delivered exceptional returns with gold reaching $5,000 per ounce. Mining profitability surged with net margins reaching 30%+ levels and strong balance sheets.	Gold Mining Precious Metals Commodity Cycle Mining Profitability
	Berkshire Hathaway Warren Buffett stepped down as CEO with Greg Abel taking over. Manager provides detailed analysis of Berkshire's businesses and succession planning while maintaining bullish long-term view on the company.	Berkshire Hathaway Warren Buffett Succession Conglomerate
	Dollar Stores Increased allocation to retailers including Dollar General, Dollar Tree, and Five Below from 17.1% to 25.9% of portfolio. Tariff announcements created volatility and buying opportunities in the retail sector.	Retail Dollar Stores Consumer Discretionary Tariffs
2025 Q2	Value Yacktman approaches investing with an owner's mindset, evaluating underlying fundamentals and analyzing company performance across economic environments. They require the price paid to compensate for risks and seek to produce strong, risk-adjusted returns over a market cycle. Historically, environments following lofty valuations like today's market have been when Yacktman produces its most attractive returns.	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. New regulations require companies to significantly improve governance practices, and the equity market should respond accordingly.	Korean discount Governance Regulatory reform Value-Up program MSCI reclassification
2025 Q1	Value The fund focuses on identifying compelling opportunities when companies become overly punished by the market, offering attractive mis-pricings. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value compared to peers like Apple, TSMC, and Micron.	Mispricing Valuation Undervalued Attractive Unlocking
	Resilience The portfolio is composed of resilient companies well-positioned to navigate dynamic environments and withstand uncertainty. Yacktman's investment approach has historically protected capital in down markets and challenging environments.	Capital Protection Defensive Fortress Withstand Navigate
	Trade Policy The market continues to react to various tariff announcements from the U.S. administration and subsequent responses from trading counterparties. Companies and investors are managing through acute uncertainty with cascading impacts that may be vast and long-lasting.	Tariffs Administration Uncertainty Cascading Trading
2024 Q4	Value The fund focuses on companies trading at compelling valuations, with Samsung available near tangible book value and Bolloré valued at potentially two-to-three times current market price. The portfolio represents some of the best values the managers can recall in the current market environment.	Value Undervalued Mispricing Book Value Valuation
	AI Alphabet and Microsoft participated in artificial intelligence euphoria while producing strong underlying performance. The managers acknowledge AI could be transformative long-term but note many company valuations are priced for perfection in adjacent industries.	AI Technology Artificial Intelligence Microsoft Alphabet
	Buybacks Samsung announced plans for a large share buyback which the managers view as an astute capital allocation decision given the company's value and conservative capitalization with net cash representing about a third of market value.	Buybacks Capital Allocation Samsung Share Repurchase
	Media Fox performed well across multiple business dimensions with Fox News posting strong results and the viewership pendulum swinging back their way. Bolloré holds positions in leading media companies including Vivendi which is simplifying its structure through spin-offs.	Media Fox Vivendi Broadcasting Entertainment
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 represents the first energy investment in over a decade, followed by domestic exploration and production companies added in mid-2022.	Oil Natural Gas Exploration & Production Energy Trading Oil Sands
	Value The fund focuses on investing in resilient companies that are mispriced in today's market. They seek hidden value in predictable segments that offer attractive discounts, strong margins, and growth attributes. The strategy emphasizes finding undervalued opportunities with strong fundamentals.	Quality Resilience Dividends Buybacks

QUARTER

THEMES

Memory

Samsung's memory business remains among the top three players alongside SK Hynix and Micron. The AI infrastructure buildout has provided a secular tailwind to the historically cyclical memory chip market, with capacity constraints driving up prices for memory chips including HBM, DRAM and NAND.

Memory Semiconductors AI DRAM NAND

Oil

Energy companies in the portfolio contributed strongly to performance as beneficiaries of oil price shocks from Middle East conflict. The manager initially invested in energy when valuations suffered through COVID-19 crisis and ESG initiatives weighed on sentiment, designing these investments as a natural hedge against geopolitical risks.

Oil Energy Geopolitical Natural Gas Exploration & Production

AI

The artificial intelligence infrastructure buildout has provided a secular tailwind to memory chips. However, the SaaSmaggedon market reaction hit software companies including Microsoft, though the manager believes Microsoft is well-positioned across cloud infrastructure, enterprise software, gaming, and LinkedIn ownership.

AI Cloud Enterprise Software Infrastructure

Value

The manager maintains discipline investing in companies that may underperform during momentum-driven markets, focusing on underlying business performance and long-term risk-adjusted returns. They highlight value unlocks like Warner Bros. Discovery and emphasize patience for step changes in valuation that many investors lack.

Value Long-term Risk-adjusted Patience

2025 Q4

AI

Manager views AI as a classic capital cycle bubble comparable to past infrastructure booms. Sees massive capital spending with improbable returns, creative financing, and accounting gimmickry reminiscent of telecom bubble.

Artificial Intelligence Data Centers Capital Cycle Bubble Infrastructure

Value

Portfolio trades at 12.2x earnings with 8.2% earnings yield versus S&P 500 at 26x earnings. Active value management through trimming expensive positions and adding to undervalued holdings drove 41.4% net returns.

Value Investing Earnings Yield Active Management Undervalued Price to Earnings

Gold

Gold mining companies Kinross and Newmont delivered exceptional returns with gold reaching $5,000 per ounce. Mining profitability surged with net margins reaching 30%+ levels and strong balance sheets.

Gold Mining Precious Metals Commodity Cycle Mining Profitability

Berkshire Hathaway

Warren Buffett stepped down as CEO with Greg Abel taking over. Manager provides detailed analysis of Berkshire's businesses and succession planning while maintaining bullish long-term view on the company.

Berkshire Hathaway Warren Buffett Succession Conglomerate

Dollar Stores

Increased allocation to retailers including Dollar General, Dollar Tree, and Five Below from 17.1% to 25.9% of portfolio. Tariff announcements created volatility and buying opportunities in the retail sector.

Retail Dollar Stores Consumer Discretionary Tariffs

2025 Q2

Value

Yacktman approaches investing with an owner's mindset, evaluating underlying fundamentals and analyzing company performance across economic environments. They require the price paid to compensate for risks and seek to produce strong, risk-adjusted returns over a market cycle. Historically, environments following lofty valuations like today's market have been when Yacktman produces its most attractive returns.

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. New regulations require companies to significantly improve governance practices, and the equity market should respond accordingly.

Korean discount Governance Regulatory reform Value-Up program MSCI reclassification

2025 Q1

Value

The fund focuses on identifying compelling opportunities when companies become overly punished by the market, offering attractive mis-pricings. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value compared to peers like Apple, TSMC, and Micron.

Mispricing Valuation Undervalued Attractive Unlocking

Resilience

The portfolio is composed of resilient companies well-positioned to navigate dynamic environments and withstand uncertainty. Yacktman's investment approach has historically protected capital in down markets and challenging environments.

Capital Protection Defensive Fortress Withstand Navigate

Trade Policy

The market continues to react to various tariff announcements from the U.S. administration and subsequent responses from trading counterparties. Companies and investors are managing through acute uncertainty with cascading impacts that may be vast and long-lasting.

Tariffs Administration Uncertainty Cascading Trading

2024 Q4

Value

The fund focuses on companies trading at compelling valuations, with Samsung available near tangible book value and Bolloré valued at potentially two-to-three times current market price. The portfolio represents some of the best values the managers can recall in the current market environment.

Value Undervalued Mispricing Book Value Valuation

AI

Alphabet and Microsoft participated in artificial intelligence euphoria while producing strong underlying performance. The managers acknowledge AI could be transformative long-term but note many company valuations are priced for perfection in adjacent industries.

AI Technology Artificial Intelligence Microsoft Alphabet

Buybacks

Samsung announced plans for a large share buyback which the managers view as an astute capital allocation decision given the company's value and conservative capitalization with net cash representing about a third of market value.

Buybacks Capital Allocation Samsung Share Repurchase

Media

Fox performed well across multiple business dimensions with Fox News posting strong results and the viewership pendulum swinging back their way. Bolloré holds positions in leading media companies including Vivendi which is simplifying its structure through spin-offs.

Media Fox Vivendi Broadcasting Entertainment

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 represents the first energy investment in over a decade, followed by domestic exploration and production companies added in mid-2022.

Oil Natural Gas Exploration & Production Energy Trading Oil Sands

Value

The fund focuses on investing in resilient companies that are mispriced in today's market. They seek hidden value in predictable segments that offer attractive discounts, strong margins, and growth attributes. The strategy emphasizes finding undervalued opportunities with strong fundamentals.

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 Focused Fund	005930.KS	Samsung Electronics Co Ltd	Consumer Electronics	Semiconductors & Semiconductor Equipment	Bull	New York Stock Exchange	AI infrastructure, Cyclical Recovery, DRAM, Foundry, HBM, memory chips, Nand, semiconductors, South Korea, technology hardware	Login
May 13, 2026	Fund Letters	AMG Yacktman Focused Fund	CNQ.TO	Canadian Natural Resources Limited	Oil & Gas E&P	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Canada, contrarian, Cyclical Recovery, energy, ESG Headwinds, Geopolitical hedge, Natural Resources, Oil & Gas, value investing	Login
May 13, 2026	Fund Letters	AMG Yacktman Focused Fund	MSFT	Microsoft Corporation	Software - Infrastructure	Software	Bull	NASDAQ	AI disruption, cloud infrastructure, core holding, Enterprise software, Gaming, Linkedin, platform, SaaS, Software, technology	Login
May 13, 2026	Fund Letters	AMG Yacktman Focused Fund	FOXA	Fox Corporation	Entertainment	Media	Bull	NASDAQ	broadcasting, Conservative Viewership, Content, Cord-cutting, Fox News, Free TV, media, Sports Content, Streaming, Tubi	Login
May 13, 2026	Fund Letters	AMG Yacktman Focused Fund	UHAL	U-Haul Holding Company	Rental & Leasing Services	Road & Rail	Bull	NASDAQ	Asset Recognition, Hidden-Assets, Owner operator, REITs, Self-storage, Sum-of-parts, Transportation, Truck Rental, value unlock	Login
Aug 7, 2025	Fund Letters	Stephen Yacktman	005935 KS	Samsung Electronics Co Ltd Preferred	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NYSE	buybacks, discount, Foundry, Governance, Memory, Smartphones	Login
Aug 7, 2025	Fund Letters	Stephen Yacktman	PEP	PepsiCo, Inc.	Consumer Staples	Soft Drinks	Bull	NASDAQ	branded, dividends, Pricing, resilience, Staples, tariffs	Login
Dec 31, 2024	Fund Letters	AMG Yacktman Focused Fund	005930.KS	Samsung Electronics Co Ltd	Technology Hardware & Equipment	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 Focused Fund	BOL.PA	Bolloré SE	Media & Entertainment	Media	Bull	Euronext Paris	conglomerate, Corporate Restructuring, france, media, net cash, Sum-of-parts, Universal Music Group, value unlock, Vivendi	Login
Dec 31, 2024	Fund Letters	AMG Yacktman Focused Fund	UHAL	U-Haul Holding Co	Transportation	Trucking	Bull	NASDAQ	Business Owner Mentality, capital allocation, market share, Self-storage, Transportation, Truck Rental, value creation	Login
Mar 31, 2024	Fund Letters	AMG Yacktman Focused Fund	K	Kellanova	Consumer Staples	Food Products	Bull	New York Stock Exchange	brand portfolio, consumer staples, growth, hidden value, Snacks, spin-off, Strong Margins, Value	Login
Mar 31, 2024	Fund Letters	AMG Yacktman Focused Fund	BOL.PA	Bolloré SE	Communication Services	Media	Bull	Euronext Paris	Asset Sale, cash position, Corporate Simplification, holding company, media, Universal Music Group, value unlock, Vivendi	Login
Mar 31, 2024	Fund Letters	AMG Yacktman Focused Fund	CNQ.TO	Canadian Natural Resources Ltd	Energy	Oil, Gas & Consumable Fuels	Bull	Toronto Stock Exchange	Canada, capital return, energy, Low Maintenance Capex, Oil & Gas, Oil sands, Reserves, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

May 13, 2026

Fund Letters

AMG Yacktman Focused Fund

005930.KS

Samsung Electronics Co Ltd

Consumer Electronics

Semiconductors & Semiconductor Equipment

Bull

New York Stock Exchange

AI infrastructure, Cyclical Recovery, DRAM, Foundry, HBM, memory chips, Nand, semiconductors, South Korea, technology hardware

May 13, 2026

Fund Letters

AMG Yacktman Focused Fund

CNQ.TO

Canadian Natural Resources Limited

Oil & Gas E&P

Oil, Gas & Consumable Fuels

Bull

New York Stock Exchange

Canada, contrarian, Cyclical Recovery, energy, ESG Headwinds, Geopolitical hedge, Natural Resources, Oil & Gas, value investing

May 13, 2026

Fund Letters

AMG Yacktman Focused Fund

MSFT

Microsoft Corporation

Software - Infrastructure

Software

Bull

NASDAQ

AI disruption, cloud infrastructure, core holding, Enterprise software, Gaming, Linkedin, platform, SaaS, Software, technology

May 13, 2026

Fund Letters

AMG Yacktman Focused Fund

FOXA

Fox Corporation

Entertainment

Media

Bull

NASDAQ

broadcasting, Conservative Viewership, Content, Cord-cutting, Fox News, Free TV, media, Sports Content, Streaming, Tubi

May 13, 2026

Fund Letters

AMG Yacktman Focused Fund

UHAL

U-Haul Holding Company

Rental & Leasing Services

Road & Rail

Bull

NASDAQ

Asset Recognition, Hidden-Assets, Owner operator, REITs, Self-storage, Sum-of-parts, Transportation, Truck Rental, value unlock

Aug 7, 2025

Fund Letters

Stephen Yacktman

005935 KS

Samsung Electronics Co Ltd Preferred

Information Technology

Technology Hardware, Storage & Peripherals

Bull

NYSE

buybacks, discount, Foundry, Governance, Memory, Smartphones

Aug 7, 2025

Fund Letters

Stephen Yacktman

PEP

PepsiCo, Inc.

Consumer Staples

Soft Drinks

Bull

NASDAQ

branded, dividends, Pricing, resilience, Staples, tariffs

Dec 31, 2024

Fund Letters

AMG Yacktman Focused Fund

005930.KS

Samsung Electronics Co Ltd

Technology Hardware & Equipment

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 Focused Fund

BOL.PA

Bolloré SE

Media & Entertainment

Media

Bull

Euronext Paris

conglomerate, Corporate Restructuring, france, media, net cash, Sum-of-parts, Universal Music Group, value unlock, Vivendi

Dec 31, 2024

Fund Letters

AMG Yacktman Focused Fund

UHAL

U-Haul Holding Co

Transportation

Trucking

Bull

NASDAQ

Business Owner Mentality, capital allocation, market share, Self-storage, Transportation, Truck Rental, value creation

Mar 31, 2024

Fund Letters

AMG Yacktman Focused Fund

Kellanova

Consumer Staples

Food Products

Bull

New York Stock Exchange

brand portfolio, consumer staples, growth, hidden value, Snacks, spin-off, Strong Margins, Value

Mar 31, 2024

Fund Letters

AMG Yacktman Focused Fund

BOL.PA

Bolloré SE

Communication Services

Media

Bull

Euronext Paris

Asset Sale, cash position, Corporate Simplification, holding company, media, Universal Music Group, value unlock, Vivendi

Mar 31, 2024

Fund Letters

AMG Yacktman Focused Fund

CNQ.TO

Canadian Natural Resources Ltd

Energy

Oil, Gas & Consumable Fuels

Bull

Toronto Stock Exchange

Canada, capital return, energy, Low Maintenance Capex, Oil & Gas, Oil sands, Reserves, Value

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	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.
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

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.

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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