Yacktman Asset Management is a boutique investment firm located in Austin, Texas. Since 1992, the firm has navigated multiple market cycles while adhering to a disciplined investment approach led by Stephen Yacktman, Chief Investment Officer. The firm strives to achieve solid risk-adjusted returns over time.
AMG Funds From This Firm
The Fund seeks long-term capital appreciation and, to a lesser extent, current income by primarily investing in common stocks of U.S. companies.
Yacktman Asset Management is a boutique investment advisory firm that has a history of serving long-term-oriented investors. 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. 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.
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 the firm purchases stocks, it generally searches for companies it believes to possess one or more of three main attributes:
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
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. Accordingly, Yacktman generally prefers to wait for buying opportunities. Such opportunities do not always occur in correlation with overall market performance trends
Market cycles are usually defined in hindsight, after they've occurred or once the next cycle begins. Few investors can clearly articulate the current market cycle of where the market is and where it's going. But managers who can lead through full market cycles over and over again with consistency have a greater likelihood of helping investors achieve their long term goals.
Barron's worked with Morningstar to find the best active managers who successfully navigated market downturns. They reviewed 15-year risk-adjusted returns to determine the funds. The AMG Yacktman Fund (YACKX) topped their list.
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