Yacktman Focused Fund 2Q15 Commentary

Yacktman Focused Fund 2Q15 Commentary

Yacktman Focused Fund 2Q15 Commentary for the second quarter ended June 30, 2015.

The AMG Yacktman Focused Fund (Service Class) returned -2.6% for the second quarter of 2015, compared with 0.3% for the benchmark, the S&P 500 Index. For the 12 months ending June 30, 2015, the Fund returned -0.1%, while the benchmark returned 7.4%.

This year, the Russell 1000® Value, which is an index representative of Large Cap Value, has lagged the Russell 1000® Growth Index by nearly 5% in the first half of the year. More than 30% of the Russell 1000 Value stocks are now greater than 20% below their 52-week high. We think the underperformance is mostly attributable to the short-term race for growth over value that often happens towards the end of an aging and expensive bull market.

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