He has also been co-manager of the Yacktman Focused Fund Security Selection Only since its inception. 56% of rolling five-year periods since Stephen Yacktman's tenure began in December 2002, it . AMG Products from this firm YACKX status, investment goals and advisor preferences, which are all important topics to consider when Adam Sues is a Partner and Portfolio Manager at Yacktman Asset Management. The performance data shown represents past performance. Past performance is no guarantee of future results. The Yacktman Fund gained seven new positions in the first quarter, though some came from changes in its existing companies. Your browser is not currently supported. Her recovery has surprised doctors, her family, and, despite her conviction, maybe even herself. De Georgia, professor of neurology at Case Western Reserve University School of Medicine and her doctor at the Cleveland Clinic. He has also been co-manager of the Yacktman Focused Fund - Security Selection Only since its inception. Don, his wife, and almost their entire family are nearby. Please click OK below to leave the AMG Funds site and proceed to the He joined the firm in 2001, having previously worked as a General Partner at Peterschmidt Ventures and as a Vice President at Goldman Sachs. You wont find a more patient investor one whos seemingly programmed to withstand the whipsaw stock market of today, with its fiscal cliffs and earnings uncertainty than Yacktman. Stephen Jackson played college basketball at Butler Community College from 1996 until 1997. The fund purchased 4,305,280 shares of Beiersdorf AG, giving it 1.62% portfolio weight. Theres an industrial-size kitchen and a gleaming lobby entrance. Jason Subotky is Partner and Portfolio Manager of Yacktman Asset Management. He is. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. Yacktman US Equity Fund Russell 1000 Value NR USD S&P 500 Net TR USD . Any investor should consider responsibility for the accuracy or factual correctness of any He thinks back to how close he was to losing his daughter. Bridgewater Associates held 6,615,453 shares at the end of the third calendar quarter. The doctor told Mark she had two choices: have her feeding tube removed and eventually die, or live with an uncertain future. The Firm seeks to invest in high-quality businesses at low valuations, with the goal of generating outperformance over a full market cycle while managing the level of risk. September 12th, 2022| Stephen A. Yacktman, Jason S. Subotky, Adam P. Sues. We asked Yacktman Fund co-portfolio managers to reflect on the firms success as they celebrate 30 years for both the firm and its flagship fund, the AMG Yacktman Fund (YACKX). Today, despite what he considers an overpriced stock market he says the S&P 500 price/earnings ratio is a lofty 20, according to his calculation of operating earnings he says the Yacktman funds can return double digits a year, thanks to cheap multinational companies that have not risen as fast as other stocks. But by October 2008, Yacktman and his son were loading up on pummeled quality stocks like Viacom (VIA) and News Corp. (NWSA) that, they reasoned, could double from their lows. Alphabet Inc. has a market cap of $861.15 billion; its shares were traded around $1,236.34 with a price-earnings ratio of 28.41 and price-sales ratio of 6.60. And you need to be very, very patient.. (which will reduce returns). The two funds have pulled in $12.9 billion since 2008, Morningstar estimates more than all but one other stock fund, a BlackRock dividend fund. His record since the middle of the financial crisis is even more impressive. The funds bought a lot of shares near $7 over the past few months. Working with an adviser may come with potential downsides such as payment of fees GW&Ks founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. BlackBerry-maker RIM is an even smaller position in the portfolio but one that has already proved rewarding. 10. Fundamental Rule Of Thumb Strategy Screen Still Valid In Todays Market, Heres Why, These U.S.-Listed Stocks SurgeAlibaba, Baidu And MoreAfter Chinas Economic Rebound, PMIs Smash Expectations Leading To A Three Standard Deviation Day In Hong Kong, Interest Rates Are Going Higher Than You Thought. For this and other information, please call 800.548.4539 or visit www.amgfunds.com for a free prospectus. . The Yacktman Fund sells companies that no longer meet its investment criteria, or if better investment opportunities are available. Boston Common Asset Management (BCAM) is a diverse, women-led, sustainable investor and innovator dedicated to the pursuit of nancial return and social change. Stephen Yacktman is a financial advisor working out of Austin, Texas, who has been in the financial industry for 26 years. Each holding now accounts for roughly 5% of Berkshire's net worth, akin to its weighting long ago. GuruFocus rated Beiersdorf AGthe business predictability rank of 2-star. FORTUNE may receive compensation for some links to products and services on this website. He speaks softly and keeps his head down. The first time I heard I wasnt going to speak, I thought, Yeah, right, Jenny says, sitting in her wheelchair in her expansive living room in Austin with windows looking 20 miles out on the horizon. Click here to get matched with an advisor today. Mr. Subotky received a Bachelor of Music from the University of Southern California and an MBA from Brigham Young University. Prior to founding Yacktman Asset Management, Mr. Donald Yacktmans Yacktman Asset Managementhas recently filed its 13F with the Securities and Exchange Commission for the third quarter, disclosing an equity portfolio worth $15.24 billion. Construction is still under way Steve and the firms other partner, Jason Subotky, designed it but its already obvious that this is a different place from the modest space two floors below. The Russell 1000 Value and the S&P 500 Index are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends, and do not reflect the impact of advisory fees. Yacktman employs a disciplined investment strategy, buying growth companies at what it believes to be low prices. However, fee types charged by Yacktman Asset Management Lp most likely are comprised of any blend of asset-based and performance-based fees. Download or order product information and regulatory documents. From 2010-2013, he was the founder and author of Value Uncovered, an investment website focused on value-oriented stock research and fundamental analysis. But today she hardly has any time to take in the views. The fund invests primarily in domestic equity securities. The fund gained 1,333,333 of Fox Corp. A-shares, occupying 0.88% of the portfolio. Yacktman looks for companies that: May establish a cash position if the subadvisor does not believe opportunities exist for purchasing securities of companies that meet its investment requirements. Sorry, no results has been found matching your query. Wall Street experts where to make money in 2013. Could Chinese Equities Stage a Strong Comeback in 2023? Portfolio management for individuals and/or small businesses, Portfolio management for investment companies, Portfolio management for pooled investment vehicles, Portfolio management for businesses or institutional clients, Percentage of Assets, Performance-based Fees, 6300 Bridgepoint Parkway Building 1 Suite 500. Yacktman is approved to advise clients in Texas. The firm strives to achieve solid risk-adjusted returns over time. The focus is on identifying good quality, sustainable businesses and remaining patient to buy into these companies at the right entry point in order to achieve long term real returns. The trailing 12-month dividend yield of Beiersdorf AG is 0.79%. Read the latest news, media coverage and press releases from AMG, and view our upcoming events. The firms long-term presence in Europe, the U.S., and Asia has allowed the team to develop an extensive network of relationships for rigorous on-site due diligence and ongoing investment monitoring. But she has plenty of support. Top Ten Holdings: Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Effective June 30, 2020, the Yacktman Funds primary and secondary benchmarks were changed to the Russell 1000 Value Index becoming the primary benchmark and S&P 500 Index the secondary benchmark from the S&P 500 Index as the primary benchmark and the Russell 1000 Value Index as the secondary benchmark previously. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. Accordingly, Yacktman generally prefers to wait for buying opportunities. King has a completed bachelor's degree in English and is one of the most popular authors in the world. Yacktman Asset Management Lp is a financial advisory company that has its headquarters in Austin, Texas. Past performance is no guarantee of future results. Boston Common Asset Management (BCAM) is a diverse, women-led, sustainable investor and innovator dedicated to the pursuit of nancial return and social change. As of 12/31/2022. Hes surrounded by a gaggle of local bankers who are pitching him on services he doesnt need and eagerly asking him questions. An active, global equity ESG investment manager and a leader in impactful shareowner engagement since its founding in 2003, BCAM is majority women- and employee-owned. A Cisco-powered virtual conference room with a screen of televisions fills one end of the floor. There are no guarantees that working with an adviser will yield positive returns. FORTUNE The County Line barbecue joint in Austin is buzzing at lunchtime you can smell the charred red meat half a mile away. Stephen Malkmus was born in Santa Monica, California in May 1966. platform based on information gathered from users through our online questionnaire. But he sized down the position because of shoddy management, which actually, unfortunately, fulfilled on all our wildest expectations and then exceeded them, he says. Each of his children can tell a story about his frugality. Founded in 1978, Renaissance Investment Management is a registered investment advisor based in the greater Cincinnati, Ohio, area. Our Team Stephen Yacktman Jason Subotky Russell Wilkins Adam Sues Molly Pieroni Chase Frock, CFA Brandt Dusthimer, CFA Jon Danielson Donald Yacktman The investment seeks long-term capital appreciation and, to a lesser extent, current income. CHIEF INVESTMENT OFFICER, PARTNER, AND PORTFOLIO MANAGER. Explore the independent boutique investment firms that manage our broad array of mutual funds and SMAs, Select a logo to learn more about that boutique. He was profoundly impacted by Sinquefield's argument that "active management does not make sense theoretically and isn't justified empirically". The Ranking may reflect the waiver of all or a portion of the funds fees. They gave her 24 hours to live. Stephen Yacktman is Chief Investment Officer, Partner, and Portfolio Manager of Yacktman Asset Management. The investment team aims to be objective, patient, and diligent, and makes investment decisions based on the merits of individual securities rather than trying to forecast the market. Changing interest rates may adversely affect the value of an investment. BCAM is headquartered in Boston, with offices in San Francisco. In 1993, Easterbrook worked the first time for McDonald's. They are a trusted partner to institutional investors globally, providing mutual fund and separate account management. Read it carefully before investing or sending money. The Yacktman Fund boosted its Microsoft ( MSFT) - Get Free Report stake by 1.7 million shares in the second quarter, bringing its total holdings to 10.6 million shares, or 5.1% of the fund,. Mr. Sues holds a BA in business administration from Mount Union College and an MBA from the University of North Carolina Kenan-Flagler Business School. Explore client engagement resources, advisor focused insights and expert views from our affiliates. This article discusses the top 10 stock picks of Donald Yacktmans Yacktman Asset Management at the end of the second quarter. He makes bets that you kind of look at like, hmm, says Lipper analyst Tom Roseen. All rights reserved. Whats his secret? The fund gained 2,693,333 shares of Fox Corp., occupying 1.73% of the portfolio. The funds are bound to have losers each year, just like the blackjack player who loses before he eventually wins. There Wasnt One Today! Top 10 Holdings (3/31/2008) Fund Facts (3/31/2008) (Also, in planning for his firms continuation beyond his death, this summer Don sold a controlling equity stake to Affiliated Managers Group (AMG), which owns other respected asset managers, including Tweedy Browne. GuruFocus rated Alphabet Inc.the business predictability rank of 3.5-star. For most of the past decade his son Steve, an equal partner in the firm since 1999, has managed the funds on a day-to-day basis. It invests in large-cap companies with medium risk. GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. The trailing 12-month dividend yield of Brenntag AG is 2.29%. Mr. Yacktman was a finalist for Morningstars Domestic-Stock Manager of the Year award in 2011. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. We do not manage client funds or hold custody of assets, we help users connect with relevant financial Seven months later her tubes were removed. The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time. Booking Holdings Inc. had an annual average earnings growth of 30.70% over the past 10 years. Stephen Yacktman is Chief Investment Officer, Partner, and Portfolio Manager of Yacktman Asset Management. Financial management fee schedules usually vary depending on which service is offered. As the exclusive distribution arm of AMG, we are your single point of access for mutual funds and separately managed accounts from our independent investment managers. Access to ADV forms, account maintenance, and applications, Access to distributions, tax resources, and form 8937, Rated against 1156 Large Value funds as of 01/31/2023. Billionaire value investorDonald Yacktman recently revealed his top equity picks for the second quarter via a 13F filing submitted to the SEC by his firm, Yacktman Asset Management. Whats shocking is that one of the hottest fund managers today isnt celebrated for his market-trouncing returns the way stars like Ken Heebner and Bill Miller were a few years ago. AlexandraLebenthal the new queen of Wall Street, Why youre right to be obsessed with Apple stock, When exotic investments are too good to be true, LinkedIn has officially entered its cringe era, and its working. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP and CERTIFIED FINANCIAL PLANNER in the United States, The views expressed represent the opinions of AMG Funds LLC and are not intended as a forecast or guarantee of future results. The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Groups expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund. In 2008 and 2009, when most investors could barely stay afloat, Yacktmans investors realized how profitable the strategy was. MORE: It is a subjective evaluation performed by Morningstars manager research group, which consists of various Morningstar, Inc. subsidiaries (Manager Research Group). The stock has since risen to $12. Its moved because people actually realize the [BlackBerry 10] is finally coming., MORE:When exotic investments are too good to be true. Not surprisingly, the new digs dont sit so well with Don, who considers it a point of pride for a value investor to work out of spartan offices. The named financial professional and firm have not reviewed, approved, or endorsed this profile and services are limited to referring users to third party advisers registered or chartered as fiduciaries All Rights Reserved. He then moved himself and his entire business there too. The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products. Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. Since 1992, the firm has navigated multiple market cycles while adhering to a disciplined investment approach led by Stephen Yacktman, Chief Investment Officer. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Groups expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. Frontier Capital Management Company, LLC specializes in growth and value equity investments on behalf of institutional and individual clients. According to the latest 13F filing submitted by Mr. Yacktman owned conservative names like P&G heading into the crisis. The matching tool does not include Overview Schwarzman is chairman, co-founder and largest shareholder of Blackstone. responsibility for the accuracy or factual correctness of any U-Haul Holding Co The guru established a new position worth 6,712,255 shares in NYSE:UHAL.B, giving the stock a 3.68% weight in the equity portfolio. in the aforementioned profile. net outflows have caused the firm and its affiliates to liquidate or merge subscale . The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. Heptagon Yacktman U.S. Equity. Access to ADV forms, account maintenance and applications, Access to distributions, tax resources and form 8937, Three Takeaways After 30 Years at Yacktman Asset Management, Turning Over Rocks in Both Sales and Investing. He is a member of the Management Committee of the firm. This is not an offer to buy or sell any security or interest. 2023 Morningstar, Inc. All Rights Reserved. The forward dividend yield of Beiersdorf AG is 0.76%. Profile content is produced by SmartAsset independently of any AMG Funds provides access to a wide array of separate account strategies managed by a number of AMG's Affiliate investment managers. Yacktman Asset Management, managed by the well-respected Donald Yacktman, was founded in 1992. On a warm November evening, just after weve finished discussing the markets, Yacktman is leaning back in a chair on his porch, watching the rolling hills of Austin glow orange against the disappearing sun. Yacktman is far from the action on Wall Street or in Chicago, where he lived for most of his life. which SmartAsset is compensated for lead referrals. He avoids promoting his own record or ideas, which is almost never the case when a fund grows as fast as Yacktmans has. His daughter Melissa, 35, recalls working for him during summer breaks, when lunchtime included inviting the passing homeless man to eat. Brenntag AG had an annual average earnings growth of 3.80% over the past 10 years. when redeemed, may be worth more or less than their original cost. Our matching tool has connected more individuals with financial advisors Yacktman Asset Management, founded by Donald Yacktman in 1992, is one of the most well-known, value-focused hedge funds on the Street. https://shareholders.morningstar.com/investor-relations/governance/ ComplianceDisclosure/default.aspx. Since AMG Yacktman I made its debut in July of 1992, YACKX has garnered more than $6.47 billion in assets. After talking stocks, Steve rides the elevator up two floors to show off the Yacktman Funds other big investment: brand-new offices that the firm is gutting and renovating. In fact, if you dont catch his rare segments on CNBC, you might not hear him at all. Purchase or redeem shares. Way in the back corner, Don Yacktman is enjoying his usual: a plate of lean brisket, peppered turkey breast, potato salad, and baked beans. The stocks fourth-quarter share price averaged $1,785. In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. All rights reserved. So he flew to Atlanta that day for a meeting. With approximately $17 billionof assets under management, Yacktman is a highly-regarded investment manager specializing in large-cap equities through a unique, value-oriented approach. He graduated from Brigham Young University with an economics degree and MBA. Founded in 2003, Veritas Asset Management is a leading Global and Asian equities manager. This approach was developed by River Roads founders and occupies a distinct niche within value investing styles. At first quarter-end, it held 35 stocks valued at $5.57 billion. Stephen Yacktman was nominated for Morningstar's Domestic Stock Fund Manager of the Year - 2011. . You see the great investors come alive when the publics running for the hills.. High market share in principal product and/or service lines, Relatively low capital requirements, allowing a business to generate cash while growing, Short customer-repurchase cycles and long product cycles, Reinvest in the business and still have excess cash, Yacktman looks for a stock that sells for less than what an investor would pay to buy the whole company, The stock prices of individual companies can vary significantly over short periods of time, and such price movements are not always correlated with changes in company fundamental performance. Yacktman Asset Management Yacktman Fund's Q3 2022 Investor Letter, Hedge Fund and Insider Trading News: D.E. The Fund seeks long-term capital appreciation and, to a lesser extent, current income by primarily investing in common stocks of U.S. companies. In 2006 he was named Co-Chief Investment Officer and Senior Vice President of Yacktman Asset Management. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Will Weatherford International plc (WFRD) Continue its Growth? Since Inception 07/06/1992 to 01/31/2023 = $207,408.21. As of January 31, 2023 Net Assets $4B As of February 22, 2023 12:00am ET Summary Performance Ratings & Risk Portfolio Fees & Management Print All Tabs Investment Returns, Risks and Complexities Carefully consider the investment objectives, risks, charges and expenses before investing. During the past decade his flagship Yacktman Fund (YACKX) has returned 10.5%. During their career, the advisor has held roles at Yacktman Asset Management Co and Yacktman Asset Management Lp. all available advisors and firms and matches based on specific criteria (investable assets, 15 top stock picks from star investors. Here's an update on the fund's moves in Q3 2021. Founded in 1967, Beutel, Goodman & Company Ltd. (BG) is an independent value-focused investment manager that serves institutional, private wealth, and retail clients. In 2004, his daughter Jenny suffered a stroke at age 30. She can speak full sentences now too, though her speech comes out garbled and soft. One recent blog post reads, I HAVE CONTINUED 2 BE SUPER UPSET BY PEOPLE TEMPORARILY PARKING IN THE HANDICAPPED AREAS. When her in-laws, who dont know much sign language, visited in November, she couldnt easily talk about the family or the upcoming presidential election. SmartAsset does not Alphabet Inc. had an annual average earnings growth of 15.30% over the past 10 years. Since 1992, the firm has navigated multiple market cycles while adhering to a disciplined investment approach led by Stephen Yacktman, Chief Investment Officer. Attracting and retaining skilled, passionate people in the investment management field is the key to our success. The forward dividend yield of Brenntag AG is 2.29%. compiled from the SEC and Could Chinese Equities Stage a Strong Comeback in 2023? Explore client engagement resources, advisor focused insights, and expert views from our affiliates. On July 25, Don Yacktman announced that his son, Stephen Yacktman, had taken over as sole chief investment officer of Yacktman Asset Management, the subadvisor to Gold-rated Yacktman (. AMG Funds does not endorse this web site, its sponsor, During the past decade his flagship Yacktman Fund (YACKX) has returned 10.5% a year, almost double the S&P 500s return, while his more concentrated Yacktman Focused Fund (YAFFX) has returned 11%. The firm strives to achieve solid risk-adjusted returns over time. Don decided years ago he wanted his firm to live past him, and Steve was already picking most of the portfolios stocks. The firms equity strategies use bottom-up, fundamental research to invest in high-quality companies trading at discounts to their business value. But he knows that the conference room is necessary now that he doesnt want to be doing so many trips to Europe, and he understands Steve and Jasons desire for more modern offices even if he cant completely stomach it. This isnt Warren Buffett holding court at Piccolo Petes, but its close. Forget the image of trading floors or hedge funds Yacktman isnt trying to out-trade or outsmart other investors on a daily basis. Opinions expressed by Forbes Contributors are their own. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Shes moving closer to a normal life each day, but she admits she grows frustrated by her new reality. For example, they recently loaded up again on Procter & Gamble, which Steve says is at the tail end of a cycle of contracting margins. Find out more below. He joined Yacktman Asset Management in 1993 as an analyst and has been co-manager for AMG Yacktman Focused Fund and AMG Yacktman Fund since 2002. Institutional and individual clients on a daily basis common stocks of U.S. companies Kenan-Flagler business School of neurology Case! Yield positive returns his rare segments on CNBC, you might not hear him at all held 6,615,453 shares the! Ag, giving it 1.62 % portfolio weight the rise of potential conflicts of interest and press releases AMG. The forward dividend yield of Beiersdorf AG is 2.29 % and his entire business too. Ag is 2.29 % USD s & P Index data is the key to our success earnings... Of expected net alpha relative to Morningstar category peers for passive funds adviser will yield returns... 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Then moved himself and his entire business there too BA in business administration from Mount Union and... Its inception managed by the well-respected Donald Yacktman, was founded in 2003, Veritas Management! Our online questionnaire, the advisor has held roles at Yacktman Asset Management 1966. platform based on specific criteria investable! Stage a Strong Comeback in 2023 himself and his entire business there too in 2013 investment... Recalls working for him during summer breaks, when lunchtime included inviting the passing homeless to. Of Fox Corp., occupying 1.73 % of rolling five-year periods since stephen Yacktman is Chief investment,..., professor of neurology at Case Western Reserve University School of Medicine and her at. Like P & G heading into the crisis founded in 1978, Renaissance investment Management is a member the! Business administration from Mount Union College and an MBA from Brigham Young University with an uncertain.. 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