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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Yacktman delivered 7.64% in Q2 2026, underperforming benchmarks but maintaining disciplined value approach. Samsung Electronics drove performance trading at three to four times cash flow versus competitors, enabling AI infrastructure participation with downside protection."
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.
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