The AMG Yacktman Fund (Trades, Portfolio) (“Fund”) returned 4.1% for the first quarter of 2016 compared with 1.4% appreciation for the benchmark, the S&P 500 Index. For the 12 months ending March 31, 2016, the Fund returned 1.6% versus the benchmark return of 1.8%.
The U.S. markets dropped sharply in January and early February before staging a strong rebound which took the S&P 500 Index modestly higher for the first three months of 2016. We produced solid outperformance in the quarter, with the Fund appreciating 4.1% compared to the S&P 500, which was up 1.4%. We achieved this outperformance, in large part, by holding up much better than the market during the decline and then capturing a solid percentage of the recovery. Protecting our Fund holders during difficult periods by our constant focus on quality, price and risk has been a key component of our strong long-term results. Continue Reading »