Yacktman Asset Management LP

Decisions are made by co-portfolio managers Stephen Yacktman (President) and Jason Subotky. Founder Donald Yacktman remains involved but has transitioned day-to-day management to the next generation (per public filings). The team uses a bottom-up value process centered on discounted cash flow analysis.

Yacktman operates as an RIA and mutual fund manager, not a family office. The Yacktman family holds substantial personal capital in the firm's funds, but the business model serves external institutional and retail clients through the Yacktman Fund, Yacktman Focused Fund, and separate accounts (per SEC Form ADV).

The firm is a strict value investor. Managers target large-cap US companies with durable competitive moats, minimal debt, and strong free cash flow, purchased at a discount to intrinsic value. Portfolio turnover is low—the average holding period exceeds 5 years (per Morningstar).

No. Yacktman exclusively invests in publicly traded equities. It does not make venture capital, private equity, or real estate direct investments. Capital is deployed through the firm's mutual fund structures and separately managed accounts (per the firm's prospectus).

Yacktman invests primarily in US-listed companies, though underlying revenues can be global. Top sector allocations historically include consumer defensive, communication services, and financials. The firm avoids technology high-growth stocks unless they meet value criteria—Alphabet is a rare exception (per shareholder letters).

The Yacktman Focused Fund uses a fulcrum fee—an incentive-based structure where the management fee adjusts up or down based on the fund's performance relative to the S&P 500. The base fee is lower than industry averages, but can increase if outperformance persists (per SEC filings). That alignment is rare among traditional mutual funds.