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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Yacktman Fund underperformed in Q3 but maintains value discipline amid expensive market valuations and multiple risk factors. Samsung's Nvidia HBM design win validates AI positioning while Bolloré's simplification story remains intact despite near-term weakness."
The AMG Yacktman Fund returned 5.12% in Q3 2025, underperforming both the Russell 1000 Value Index and S&P 500. The managers believe the current market environment is full of risks including geopolitical tensions, regulatory changes, leverage, supply chain disruptions, and tariffs, with many quality companies trading at extremely expensive valuations. The fund maintains its value-oriented approach, seeking opportunities where company value is misunderstood and price fairly compensates for risks. Key contributors included Samsung, which achieved its first Nvidia design win for HBM chips, validating its AI market position, along with Alphabet and Fox. Detractors included Bolloré, despite an intact thesis around its simplified structure and Universal Music Group holdings, and U-Haul, which continues disciplined capital allocation in self-storage expansion. The managers draw on over 30 years of experience managing through various market cycles and believe their portfolio is well-positioned to protect capital and deliver differentiated risk-adjusted returns during potential market corrections.
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