Yacktman Focused Fund – Security Selection Only

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Daily Pricing 02/24/2017
N
NAV: $10.21
NAV $ Change: $-0.01
NAV % Change: -0.10%
YTD Return (as of 01/31/2017)
- at NAV

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses.Unlike the Fund, the Index listed is unmanaged, is not available for investment and does not incur expenses. 

AMG Funds

Fund Facts

Investment Style: Large Cap Core Value
Benchmark(s): S&P 500 Index
Subadvisor(s): Yacktman Asset Management LP

Share Class Facts

Share Class: N
Ticker: YFSNX
Inception Date: 1/31/2017
Expense Ratio:
(Gross / Net)
1.65% / 1.25%
Minimum Investment:
Initial / Subsequent
$2,000 / $100
Minimum IRA Investment:
Initial / Subsequent
$500 / $100

The Fund's investment manager has contractually agreed, through at least May 1, 2018, to limit Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses.

Fund Focus

AMG Yacktman Focused Fund – Security Selection Only seeks to generate equity-like rates of return over a full market cycle while managing the level of risk. Under normal circumstances, at least 95% of the Fund’s assets will be invested in securities. The Fund is non-diversified and mainly invests in common stocks of the United States companies of any size, some, but not all of which, pay dividends. The Fund may also invest in foreign equity securities, including emerging market securities, and debt securities. For hedging and investment purposes, the Fund may engage in short sales of securities, including short sales of securities the Fund does not own.Yacktman employs a disciplined investment strategy, buying growth companies at what it believes to be low prices. Yacktman believes this approach combines the best features of "growth" and "value" investing. When they purchase stocks, they generally search for companies they believe to possess one or more of the following three attributes: (1) good business; (2) shareholder-oriented management; or (3) low purchase price.

Good Business

A good business may contain one or more of the following:

  • High market share in principal product and/or service lines
  • A high cash return on tangible assets
  • Relatively low capital requirements allowing a business to generate cash while growing
  • Short customer repurchase cycles and long product cycles
  • Unique franchise characteristics

Shareholder-Oriented Management

Yacktman believes a shareholder-oriented management does not overcompensate itself and wisely allocates the cash the company generates. Yacktman looks for companies that:

  • Reinvest in the business and still have excess cash
  • Make synergistic acquisitions
  • Buy back stock

Low Purchase Price

  • 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.

Where This Fund May Fit As Part Of Your Asset Allocation

The Fund may be appropriate for your overall investment allocation if you are:

  • Looking to gain exposure to domestic and foreign equity securities
  • Seeking to generate equity like rates of return over a full market cycle while managing the level of risk
  • Willing to accept short-term volatility of returns
Disclosure

Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

Risks

A short-term redemption fee of 2% will be charged on redemptions of fund shares within 60 days of purchase.

The Fund may invest greater than 5% of its assets in money market securities, cash, or cash equivalents as a temporary defensive measure in response to adverse market, economic, political or other conditions.

The Fund may suffer significant losses on assets that it sells short. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short.

The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.

The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund.

High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. The issuers of the Fund's holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.

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. These risks are magnified in emerging markets.

The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

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.

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.

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