Yacktman Fund’s 10.37% Q1 Return Crushes S&P 500 – AMG Analysis

Yachtman Asset Management’s Yacktman Focused Fund returned 10.37% in the first quarter of 2026. The Russell 1000 Value Index gained 2.10% over the same period. The S&P 500 Index lost 4.33%. The fund’s 14.7-percentage-point outperformance places it among the top large-cap value managers for the quarter. The full letter is available for download from the firm’s website.

How the Fund Delivered a 10.37% Return While the S&P 500 Fell

The letter does not disclose specific holdings in the public summary. Three facts stand out. First, a 10.37% return during a drawdown in broad equities requires heavy exposure to sectors that rose or held ground. Energy, financials, and selected consumer staples typically outperform when inflation persists and rates stay elevated. Second, the Yacktman Focused Fund follows a concentrated, high-conviction value approach, holding 30–40 stocks selected for strong free cash flow and durable competitive advantages. Third, the manager’s historical overweight in those sectors suggests the portfolio avoided the tech-heavy losses that dragged the S&P 500 lower.

The performance gap between the fund and the Russell 1000 Value Index is also instructive. That index rose just 2.10%, meaning the fund more than quadrupled its benchmark’s return. Active stock selection within the value universe, rather than simple sector beta, likely drove the result. Without a full holdings list, investors must rely on the fund’s style consistency and the macro environment to project repeatability.

What the Fund’s Performance Means for Affiliated Managers Group

Affiliated Managers Group (AMG) is the parent entity that houses the Yacktman Focused Fund alongside other boutique asset managers. The fund’s strong return directly benefits AMG because it increases assets under management and generates performance fees. AMG’s earnings report, due in late April, will reflect any fee revenue tied to the quarter’s outperformance.

AMG stock carries an Alpha Score of 57 out of 100 on AlphaScala, a Moderate rating. The score indicates balanced fundamentals with no extreme tail risks. The Financial Services sector faces persistent pressure from fee compression and passive fund flows. AMG’s exposure to high-conviction active managers like Yachtman provides a potential differentiation. Investors should watch whether the Q1 letter drives new subscriptions into the Yacktman Focused Fund, which would boost management fees in the second half of the year.

The next concrete catalyst for AMG is the fund’s semi-annual portfolio disclosure, scheduled for July 2026. That report will reveal the exact positions that powered the 10.37% return. It will also allow analysts to assess whether the manager has shifted exposure heading into the second quarter. A repeat of relative strength would reinforce the value-case for AMG. A reversal would test the durability of the fund’s strategy in a different macro regime.