The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 12, 2026
The AMG Yacktman Fund returned 7.64% in Q2 2026, underperforming both the Russell 1000 Value Index and S&P 500 Index. The fund's core thesis centers on generating attractive risk-adjusted returns by carefully considering price paid for investments and owning companies at attractive valuations. Samsung Electronics exemplifies this approach, trading at three to four times forward cash flow versus much higher valuations for memory and foundry competitors, allowing participation in AI infrastructure buildout with significant downside protection. Strong performance came from Samsung Electronics and Samsung C&T as memory supply remained extremely tight, and Hyundai Mobis benefited from aftermarket parts and strategic robotics assets. Energy investments including Canadian Natural Resources provided a protective hedge given the war in Iran and supply shocks, despite Q2 pullback with oil price reversal. The fund added Broadridge and Intuit as software companies traded down on AI concerns, evaluating valuations that compensate for potential terminal value risks. The managers feel very good about portfolio positioning to both protect capital and capture opportunities as companies are rerated in a market reaching all-time highs with broad risks.
Generate attractive risk-adjusted returns by investing in quality companies at valuations offering significant downside protection while participating in major growth themes like AI infrastructure buildout.
The fund is navigating a market at all-time highs with a broad array of risks while maintaining focus on attractive valuations and downside protection. The managers continue to evaluate opportunities in software and other sectors as companies are rerated, looking for potential bargains. They feel very good about how the portfolio is positioned to both protect capital and take advantage of attractive opportunities as they present themselves. Active management continues to be under pressure as passive indices become more concentrated, but the fund has participated in major market tailwinds without owning companies at lofty valuations.
Moderate Conviction Bullish
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