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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, AMG Yacktman Focused Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Yacktman generates risk-adjusted returns by owning quality companies at attractive valuations. Samsung Electronics at 3-4x cash flow provides AI infrastructure exposure with downside protection."
The AMG Yacktman Focused Fund returned 10.76% in Q2 2026, underperforming both benchmarks but maintaining year-to-date outperformance versus the Russell 1000 Value Index. The fund's core philosophy centers on generating attractive risk-adjusted returns by carefully considering the price paid for investments. Samsung Electronics exemplifies this approach, trading at 3-4x forward cash flow versus much higher valuations for memory and foundry competitors, allowing participation in AI infrastructure buildout with significant downside protection. Energy investments including Canadian Natural Resources provide a protective hedge given geopolitical risks from the Iran conflict and associated supply shocks. South Korean holdings benefit from governance improvements under the value up program. The fund added positions in Broadridge and Intuit after software companies traded down on AI concerns, identifying valuations that compensate for potential terminal value risks. The managers are navigating a market at all-time highs with concentrated passive indices while maintaining focus on both capital protection and opportunistic deployment as companies are rerated.
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