Fund appreciating 11.3% and Yacktman Focused Fund
) Service Class appreciating 10.7%, compared to the S&P 500 which was up 13.7%. While the results lagged the S&P 500, we are happy to have achieved solid performance while keeping a strong focus on managing the level of risk in the Funds. Long-term results, which is how we judge our performance, continue to be strong in absolute terms compared to the S&P 500.
As our investors know, our goal is to achieve solid, risk-adjusted returns over a full market cycle. In the last few years, the U.S. stock market has rallied sharply, largely from multiple expansion; it seems some people are forgetting about cycles and becoming careless about risk. During these times, we continue to strongly focus on risk management. Continue Reading »