AMG Yacktman Funds 2Q Update

AMG Yacktman Focused Fund: Service (YAFFX) | Institutional (YAFIX)

AMG Yacktman Fund: Service (YACKX)

July 27, 2016

An AMG Affiliate

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

Funds Performance
Average Annual Returns (%)1,2 (as of 06/30/16)
QTD

YTD

1 YR

5 YR

10 YR

15 YR

AMG Yacktman Focused Fund

Service Class (YAFFX)

2.23

6.73

7.05

9.35

10.52

11.84

AMG Yacktman Focused Fund

Institutional Class (YAFIX)

2.23

6.79

7.19

AMG Yacktman Fund

Service Class (YACKX)

2.40

6.57

5.92

9.53

10.12

11.22

2.46

3.84

3.99

12.10

7.42

5.75

S&P 500 Index

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance
may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so
that an investors shares, when redeemed, may be worth more or less than their original cost. For performance information through the
most recent month end, please call 800.835.3879 or visit our web site at www.amgfunds.com.

1 Returns

for periods greater than one year are annualized.

performance information shown for periods prior to June 29, 2012 is that of the predecessors to the Funds, the Yacktman Fund and the Yacktman Focused Fund,
which were reorganized into the Funds on June 29, 2012, and were managed by Yacktman Asset Management LP with the same investment objective and substantially
similar investment policies as those of the Funds.
From time to time, the Funds advisor has waived fees or reimbursed expenses, which may have resulted in higher returns.
Data as of June 30, 2016.
2 The

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

Historical Cash Allocation

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Yacktman Fund

Yacktman Focused Fund

Source: AMG Funds.

Data as of June 30, 2016.

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

Performance Following Market Peaks

2 Years Following the Market Peak on March 24, 2000
Cumulative Annualized
Return
Return

03/27/00 to 03/26/02

2 Years Following the Market Peak on October 9, 2007

10/10/07 to 10/09/09

Cumulative Annualized
Return
Return

AMG Yacktman Fund

57.71

25.47

AMG Yacktman Fund

8.31

4.05

AMG Yacktman Focused Fund

46.57

20.98

AMG Yacktman Focused Fund

13.95

6.71

S&P 500 Index

-23.56

-12.52

S&P 500 Index

-28.17

-15.17

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may
be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an
investors shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent
month end, please call 800.835.3879 or visit our web site at www.amgfunds.com.

1 Returns

for periods greater than one year are annualized.

performance information shown is that of the predecessor to the Funds, the Yacktman Focused Fund and the Yacktman Fund, which were reorganized into the Funds on
June 29, 2012, and were managed by Yacktman Asset Management LP with the same investment objective and substantially similar investment policies as those of the Funds.
2 The

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

Positioning
AMG Yacktman Focused Fund (YAFFX, YAFIX)
Top Ten Holdings (%)1

AMG Yacktman Fund (YACKX)

Top Ten Holdings (%)1

Company

% of Net
Assets

Samsung Electronics Co Ltd Preferred

12.8

Proctor & Gamble Co

7.8

Proctor & Gamble Co

11.8

PepsiCo Inc

6.7

Twenty-First Century Fox Inc, Class B

7.7

Twenty-First Century Fox Inc, Class A

6.1

Twenty-First Century Fox Inc, Class A

6.8

Johnson & Johnson

5.0

PepsiCo Inc

6.6

Oracle Corp

4.9

Oracle Corp

4.9

Cisco Systems Inc

4.8

Cisco Systems Inc

4.8

Coca-Cola Co

4.6

Johnson & Johnson

4.8

Sysco Corp

4.5

Coca-Cola Co

4.5

Microsoft Corp

4.1

Sysco Corp

4.4

Samsung Electronics Co Ltd Preferred

3.9

Total %

71.1

Total %

52.4

Company

AMG Yacktman Focused Fund (YAFFX, YAFIX)

Cash Allocation (%)
Cash

17.8

% of Net
Assets

AMG Yacktman Fund (YACKX)

Cash Allocation (%)
Cash

18.4

1 Mention

of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings are subject to change.
Data as of June 30, 2016.

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

Top Contributors/Detractors1 to Performance Second

Quarter
AMG Yacktman Focused Fund (YAFFX, YAFIX)
Top Contributors

AMG Yacktman Fund (YACKX)

Top Contributors

Company

Company

Samsung Electronics Co Ltd Pfd

Johnson & Johnson

Johnson & Johnson

Sysco Corp

Proctor & Gamble Co

Procter & Gamble Co

Sysco Corporation

C. R. Bard Inc

PepsiCo Inc

PepsiCo Inc

AMG Yacktman Focused Fund (YAFFX, YAFIX)

Largest Detractors

AMG Yacktman Fund (YACKX)

Largest Detractors

Company

Company

Twenty-First Century Fox Inc, Class B

Microsoft Corp

Microsoft Corp

Twenty-First Century Fox Inc, Class A

Twenty-First Century Fox Inc, Class A

Avon Products Inc

Avon Products Inc

Twenty-First Century Fox Inc, Class B

Coca-Cola Co

Coca-Cola Co

1 Contributors/Detractors

on an absolute basis.
Data as of June 30, 2016.

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

Wrap-Up

Thank you for attending todays webinar!

Replay available

Additional materials related to todays discussion

Questions? 800-368-4410

Visit our website: www.amgfunds.com

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

Disclosures
Investors should carefully consider the Funds investment objectives, risks, charges and expenses before investing. For this
and ther information, please call 800.835.3879 or visit www.amgfunds.com for a free prospectus. Read it carefully before
investing or sending money.
Any sectors, industries, or securities discussed in this audio commentary should not be perceived as investment recommendations. The views expressed represent
the opinions of the portfolio managers as of July 27, 2016, and are not intended as a forecast or guarantee of future results.
Past performance is not an indication of future results.
The securities discussed in this commentary may no longer be held in a portfolio. It should not be assumed that any of the securities transactions discussed were or
will prove to be profitable or that the investment recommendations that the portfolio managers make in the future will be profitable.
Comments discussed may reflect forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks
exist that forecasts or other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could
cause results to differ materially from expectations, estimates and intentions expressed in such forward-looking statements AMG Funds LLC is an investment advisory
firm offering a wide range of investment disciplines and solutions, including mutual funds, separate account strategies and subadvisory services.
The AMG Yacktman Fund and AMG Yacktman Focused Fund are subject to the risks associated with investments in debt securities, such as default risk and
fluctuations in the perception of the debtors ability to pay its creditors.
High-yield bonds (also known as junk bonds) are subject to additional risks such as the risk of default.
Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income
securities to fall.
Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic
conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.
The Funds can invest in securities of different market capitalizations (small-, mid- and large-capitalizations) and styles (growth vs. value), each of which will react
differently to various market movements.
A greater percentage of the AMG Yacktman Focused Funds holdings may be focused in a smaller number of securities, which may place the Fund at greater risk than
a more diversified fund.
A short-term redemption fee of 2% will be charged on redemptions of Fund shares within 60 days of purchase.
The AMG Yacktman Focused Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a
potentially large impact on performance.
The S&P 500 Index is capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through
changes in the aggregate market value of 500 stocks representing all major industries. Unlike the Fund, the S&P 500 Index is unmanaged, is not available for
investment and does not incur expenses.
The S&P 500 Index is proprietary data of Standard & Poors, a division of McGraw-Hill Companies, Inc. All rights reserved.
AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC.
For more information, call 800.368.4410.

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC
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