Yacktman Special Opportunities Fund Class I (YASSX) Class Z (YASLX) September 2018

Transcription

1 Yacktman Special Opportunities Fund Class I (YASSX) Class Z (YASLX) September 2018 FOR INVESTMENT PROFESSIONAL USE ONLY NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

2 QUARTERLY PERFORMANCE () AND EXPENSE RATIOS as of 09/30/2018 Inception Date 1 Mo. Previous Quarter YTD 1 Year 3 Years 5 years 10 Years Life of Fund Gross/Net Expense Ratio () I Share Class (YASSX) 06/30/ /2.34 Z Share Class (YASLX) 06/30/ /2.24 MSCI ACWI All Cap 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 investor's shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns of the Fund are net of expenses, and the returns of the indices exclude expenses. The Fund's Investment Manager has contractually agreed, through at least May 1, 2019, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses. 1Since the inception of the Class I shares on 06/30/2015. CALENDAR YEAR RETURNS YASSX YASLX Benchmark Share Class I (YASSX) Share Class Z (YASLX) Benchmark: MSCI ACWI All Cap Index See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

3 MPT STATISTICS YASSX Benchmark: MSCI ACWI All Cap Index 3 Years Fund Benchmark Alpha Standard Deviation Sharpe Ratio Information Ratio Treynor Ratio () Upside Capture Ratio () Downside Capture Ratio () Beta R-Squared Tracking Error () Max Drawdown See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

4 SECTOR ALLOCATION (EQUITY) Sector Fund MSCI ACWI All Cap Index Industrials Information Technology Communication Services Communication Services Energy Energy Consumer Discretionary Industrials Bonds 9.31 Financials Consumer Staples Materials Consumer Discretionary 7.03 Financials Utilities Health Care Real Estate Other Equities Information Technology 9.31 Bonds 5.69 Consumer Staples Cash & Other The sector allocation chart represents sectors at least 5 Portfolio holdings are subject to change at any time.

5 TOP 10 INDUSTRIES VS BENCHMARK Industry Fund MSCI ACWI All Cap Index IT Services Entertainment Oil, Gas & Consumable Fuels Specialty Retail Diversified Financial Services Technology Hardware, Storage & Peripherals Commercial Services & Supplies Transportation Infrastructure Machinery Energy Equipment & Services in Top 10 Industries Portfolio holdings are subject to change at any time.

6 REGIONAL ALLOCATION Region Fund MSCI ACWI All Cap Index Developed Europe & Middle East North America Pacific Emerging Asia Latin America Europe & Middle East Africa Frontier Africa Asia Europe Latin America Middle East Cash & Other Portfolio holdings are subject to change at any time.

7 COUNTRY ALLOCATION Country Fund MSCI ACWI All Cap Index United States Canada United Kingdom Canada Australia United States Japan South Korea Bermuda Australia Hong Kong Singapore Norway Malaysia Curacao Italy United Kingdom 7.85 Japan France South Africa in Top 15 Countries Portfolio holdings are subject to change at any time.

8 PORTFOLIO CHARACTERISTICS (EQUITY) Holdings Fund MSCI ACWI All Cap Index Fund Assets (Mil.$) $37 Number of Holdings Weighted Avg. Market Cap (Mil.$) $21,162 $138,335 Median Market Cap (Mil.$) $250 $614 Weighted Avg. P/E (1-yr Forward EPS) Weighted Avg. P/E (Trailing EPS) PEG Ratio Weighted Avg. P/B EPS Growth (Trailing 3-yr ) EPS Growth (Trailing 5-yr ) Forward EPS Growth (1-yr ) Forward EPS Growth (Long Term ) Revenue Growth (Trailing 5-yr ) Return on Equity Weighted Avg. Dividend Yield Debt to Equity Trailing 12-Months Portfolio Turnover See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

9 TOP HOLDINGS (EQUITY) TOP 10 CONTRIBUTORS TOP 10 DETRACTORS IMF Bentham Ltd 5.82 Fund Holdings Avg. Weight Total Return Fund Holdings Avg. Weight Total Return Samsung Electronics Co Ltd Preferred 5.40 Computer Services Inc 4.90 Ocean Wilsons Holdings Ltd 4.75 Reading International Inc 4.24 Colabor Group Inc Fixed 6.00 Oct Pardee Resources Co Inc 3.72 JAKKS Pacific Inc Fixed 4.88 Jun A 3.62 Boustead Singapore Ltd 3.54 CB Industrial Product Holding Bhd 3.34 in Top 10 Holdings America's Car-Mart, Inc Aggreko plc Webstep AS Otelco Inc. Class A HLS Therapeutics, Inc Computer Services, Inc Boustead Singapore Limited Judges Scientific plc Mitani Corporation CMI Limited Lamprell plc Catering International Services CB Industrial Product Holding Bhd Cambria Automobiles Plc Master Drilling Group Ltd Apetit Oyj Marshall Motor Holdings plc Reckon Limited Twenty-First Century Fox, Inc. Class B Hargreaves Services plc Portfolio holdings and characteristics are subject to change at any time. The Top 10 Contributors and Top 10 Detractors are determined based on the stock's contribution to the Fund's return during the specified quarter.

10 MARKET CAP Market Cap Fund MSCI ACWI All Cap Index Market Cap ($mm) 0-1, Market Cap ($mm) 1,000-1, Market Cap ($mm) 1,500-2, Market Cap ($mm) 2,500-5, Market Cap ($mm) 5,000-10, Market Cap ($mm) 10,000-25, Market Cap ($mm) 25,000-50, Market Cap ($mm) 50, , Market Cap ($mm) 100, , Market Cap ($mm) 200, Market Cap NA

11 DISCLOSURES & GLOSSARY Investors should carefully consider the Fund s investment objectives, risks, charges and expenses before investing. For this and other information, please call or visit for a free prospectus. Read it carefully before investing or sending money. 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 investor s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call or visit our website at From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. The Fund s investment management fees are subject to a performance adjustment, which could increase or reduce the investment management fees paid by the Fund. The prospect of a positive or negative performance adjustment may create an incentive for the Fund s portfolio manager to take greater risks with the Fund s portfolio. In addition, because performance adjustments are based upon past performance, a shareholder may pay a higher or lower management fee for performance that occurred prior to the shareholder s investment in the Fund. The performance adjustment could increase the Investment Manager s fee (and, in turn, the Subadvisor s fee) even if the Fund s shares lose value during the performance period provided that the Fund outperformed its benchmark index, and could decrease the Investment Manager s fee (and, in turn, the Subadvisor s fee) even if the Fund s shares increase in value during the performance period provided that the Fund underperformed its benchmark index. The Fund may suffer significant losses on assets that it sells short. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor s ability to pay its creditors. 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. The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses. 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. The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets. The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-u.s. Dollar investment when converted back to U.S. Dollars. A greater percentage of the Fund s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund. High-yield bonds (also known as junk bonds ) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. The issuers of the Fund's holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers. The Fund invests in large-capitalization companies that may underperform other stock funds (such as funds that focus on small- and medium-capitalization companies) when stocks of large-capitalization companies are out of favor. The Fund is subject to the special risks associated with investments in micro-cap companies, such as relatively short earnings history, competitive conditions, less publicly available corporate information, and reliance on a

12 limited number of products. The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products. Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time. A short-term redemption fee of 2 will be charged on shares held for less than 60 days. Top Ten Holdings: Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Future Holdings Risk: Any sectors, industries or securities discussed should not be perceived as investment recommendations. The views expressed represent the opinions of AMG Funds LLC and are not intended as a forecast or guarantee of future results. Any securities discussed may no longer be held in an account s portfolio. Both current and future portfolio holdings are subject to risk. It should not be assumed that any of the securities transactions discussed were or will prove to be profitable, or that the investment recommendations we make in the future will be profitable. Data Sources: BoNY, FactSet, Bloomberg and ICE Data Analytics. The MSCI ACWI All Cap Index captures large, mid, small and micro cap representation across 23 Developed Markets (DM) countries and large, mid and small cap representation across 23 Emerging Markets (EM) countries. With 14,544 constituents, the index is comprehensive, covering approximately 99 of the global equity investment opportunity. Please go to msci.com for the most current list of countries represented by the index. Unlike the Fund, the Index is unmanaged, is not available for investment and does not incur expenses. AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC PT368-SUP