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Yacktman Asset Management LP
Yacktman Asset Management, founded by Donald Yacktman in 1992, runs ~$6.8B in concentrated value equity strategies.
Yacktman Asset Management LP
Donald Yacktman, previously a portfolio manager at American Funds, launched Yacktman Asset Management in 1992 and registered the Yacktman Fund in 1993. The firm is a value-investment boutique, rooted in the discipline of buying businesses below intrinsic value, and has been family-led since inception; Donald's son Stephen Yacktman serves as President and co-portfolio manager, alongside Jason Subotky. The firm invests primarily in US large-cap public equities, with a concentrated portfolio of 20–30 holdings. Sectors include consumer defensive, media, financials, and technology. The flagship Yacktman Fund's largest disclosed positions as of 2024 included Coca-Cola, Comcast, and Alphabet. The team pursues long-term buy-and-hold investments and does not engage in direct private equity or venture capital. The geographic focus is overwhelmingly North America, with some exposure to multinationals domiciled in Europe. Yacktman managed approximately $6.8 billion in assets as of Barron's 2023 reporting. The firm's team remains small, with fewer than 10 investment professionals, and operates out of a single Austin, Texas office. There is no known operating company, philanthropic arm, or multi-family office structure connected to Yacktman; the firm functions purely as a registered investment adviser and mutual fund manager. May 2024: The Yacktman Focused Fund closed its first full year with a net return of +18.2% (per Morningstar). A structural differentiator is the firm's unusual fee model—a fulcrum fee arrangement that adjusts charges up or down based on long-term performance relative to the S&P 500. This structure, disclosed in regulatory filings, aligns manager and investor incentives more tightly than typical flat-rate management fees.
General information
Firm type
Asset Manager
Year founded
1992
AUM
~$6.8 billion (per Barron's, 2023)
Location
Region
North America
Country
United States
City
Austin
Corporate office
Austin, TX, United States
Principals
Donald Yacktman
Founder
Stephen Yacktman
Portfolio Manager, President
Jason Subotky
Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions at Yacktman Asset Management?
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.
Is Yacktman structured as a family office or a registered investment adviser?
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).
What investment methodology does Yacktman use?
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).
Does Yacktman participate in private markets or direct deals?
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).
What geographic and sector focus does Yacktman maintain?
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).
What is Yacktman's fee structure?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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