AMG Yacktman Global Fund
Schedule of Portfolio Investments (unaudited)
September 30, 2022
Shares | Value | |
Common Stocks - 85.3% | ||
Communication Services - 18.0% | ||
Alphabet, Inc., Class C* | 20,000 | $1,923,000 |
Bolloré SA (France) | 2,860,000 | 13,121,849 |
Fox Corp., Class B | 130,000 | 3,705,000 |
News Corp., Class A | 130,000 | 1,964,300 |
Reading International, Inc., Class A* | 320,000 | 1,052,800 |
Tohokushinsha Film Corp. (Japan) | 200,000 | 888,850 |
The Walt Disney Co.* | 10,000 | 943,300 |
Total Communication Services | 23,599,099 | |
Consumer Discretionary - 10.7% | ||
Booking Holdings, Inc.* | 1,000 | 1,643,210 |
Car Mate Manufacturing Co., Ltd. (Japan) | 52,500 | 314,499 |
Continental AG (Germany) | 10,000 | 443,733 |
Daewon San Up Co., Ltd. (South Korea) | 96,817 | 336,508 |
Dong Ah Tire & Rubber Co., Ltd. (South Korea) | 100,000 | 811,214 |
HI-LEX Corp. (Japan) | 700,000 | 5,001,217 |
Hyundai Home Shopping Network Corp. (South Korea) | 70,000 | 2,319,132 |
Hyundai Mobis Co., Ltd. (South Korea) | 20,000 | 2,640,071 |
Rinnai Corp. (Japan) | 8,000 | 574,865 |
Total Consumer Discretionary | 14,084,449 | |
Consumer Staples - 11.2% | ||
Associated British Foods PLC (United Kingdom) | 125,000 | 1,746,577 |
Hengan International Group Co., Ltd. (China) | 37,000 | 165,420 |
Ingredion, Inc. | 8,500 | 684,420 |
KT&G Corp. (South Korea) | 120,000 | 7,245,600 |
Naked Wines PLC (United Kingdom)* | 256,424 | 237,959 |
PepsiCo, Inc. | 13,000 | 2,122,380 |
The Procter & Gamble Co. | 14,000 | 1,767,500 |
Sysco Corp. | 10,000 | 707,100 |
Total Consumer Staples | 14,676,956 | |
Energy - 10.5% | ||
Amplify Energy Corp.* | 115,000 | 755,550 |
Canadian Natural Resources, Ltd. (Canada) | 170,000 | 7,916,900 |
Total Energy Services, Inc. (Canada) | 950,000 | 4,442,755 |
Weatherford International PLC* | 20,000 | 645,800 |
Total Energy | 13,761,005 | |
Financials - 3.5% | ||
The Bank of New York Mellon Corp. | 10,000 | 385,200 |
The Charles Schwab Corp. | 30,000 | 2,156,100 |
State Street Corp. | 25,000 | 1,520,250 |
Shares | Value | |
U.S. Bancorp | 13,000 | $524,160 |
Total Financials | 4,585,710 | |
Health Care - 1.4% | ||
Johnson & Johnson | 10,000 | 1,633,600 |
Kissei Pharmaceutical Co., Ltd. (Japan) | 9,400 | 166,986 |
Total Health Care | 1,800,586 | |
Industrials - 21.2% | ||
AMERCO | 6,000 | 3,055,320 |
Brenntag SE (Germany) | 40,000 | 2,418,080 |
CB Industrial Product Holding Bhd (Malaysia) | 10,500,000 | 2,436,448 |
Compagnie de L'Odet SA (France) | 4,500 | 5,058,396 |
Komelon Corp. (South Korea) | 80,000 | 498,558 |
Mitsuboshi Belting, Ltd. (Japan) | 2,965 | 61,799 |
MSC Industrial Direct Co., Inc., Class A | 7,000 | 509,670 |
Ocean Wilsons Holdings, Ltd. (Bermuda) | 400,000 | 3,706,946 |
Parker Corp. (Japan) | 150,000 | 503,868 |
Rix Corp. (Japan) | 60,000 | 812,044 |
Sam Yung Trading Co., Ltd. (South Korea) | 60,000 | 524,965 |
Samsung C&T Corp. (South Korea) | 86,000 | 6,162,580 |
Yuasa Trading Co., Ltd. (Japan) | 90,000 | 2,178,002 |
Total Industrials | 27,926,676 | |
Information Technology - 5.7% | ||
CAC Holdings Corp. (Japan) | 240,000 | 2,360,237 |
Cognizant Technology Solutions Corp., Class A | 25,000 | 1,436,000 |
Hochiki Corp. (Japan) | 160,000 | 1,424,703 |
INFOvine Co., Ltd. (South Korea) | 20,000 | 309,508 |
Microsoft Corp. | 7,000 | 1,630,300 |
Oracle Corp. | 6,000 | 366,420 |
Total Information Technology | 7,527,168 | |
Materials - 3.1% | ||
KISCO Holdings Co., Ltd. (South Korea) | 70,000 | 603,219 |
Kohsoku Corp. (Japan) | 90,000 | 958,902 |
Nihon Parkerizing Co., Ltd. (Japan) | 250,000 | 1,610,842 |
The Pack Corp. (Japan) | 60,000 | 919,206 |
Total Materials | 4,092,169 | |
Total Common Stocks (Cost $119,243,157) | 112,053,818 |
Principal Amount | ||
Corporate Bonds and Notes - 0.7% | ||
Energy - 0.6% | ||
W&T Offshore, Inc. | ||
9.750%, 11/01/231 | $806,000 | 790,032 |
1
AMG Yacktman Global Fund
Schedule of Portfolio Investments (continued)
Principal Amount | Value | |
Industrials - 0.1% | ||
Weatherford International, Ltd. (Bermuda) | ||
11.000%, 12/01/241 | $174,000 | $177,045 |
Total Corporate Bonds and Notes (Cost $946,168) | 967,077 |
Shares | ||
Preferred Stocks - 11.0% | ||
Consumer Discretionary - 2.4% | ||
Hyundai Motor Co., 6.380% (South Korea) | 55,000 | 3,215,469 |
Consumer Staples - 0.9% | ||
Amorepacific Corp., 2.550% (South Korea) | 25,000 | 729,137 |
LG Household & Health Care, Ltd., 4.110% (South Korea) | 2,100 | 481,118 |
Total Consumer Staples | 1,210,255 | |
Information Technology - 7.7% | ||
Samsung Electronics Co., Ltd., 2.100% (South Korea) | 310,000 | 10,069,698 |
Total Preferred Stocks (Cost $20,461,922) | 14,495,422 |
Shares | Value | |
Short-Term Investments - 2.7% | ||
Other Investment Companies - 2.7% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 2.75%2 | 2,312,481 | $2,312,481 |
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.75%2 | 1,193,131 | 1,193,131 |
Total Short-Term Investments (Cost $3,505,612) | 3,505,612 | |
Total Investments - 99.7% (Cost $144,156,859) | 131,021,929 | |
Other Assets, less Liabilities - 0.3% | 378,285 | |
Net Assets - 100.0% | $131,400,214 |
* | Non-income producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the value of these securities amounted to $967,077 or 0.7% of net assets. |
2 | Yield shown represents the September 30, 2022, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. |
2
AMG Yacktman Global Fund
Schedule of Portfolio Investments (continued)
The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of September 30, 2022:
Level 1 | Level 21 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks | |||||||
Industrials | $7,271,936 | $20,654,740 | — | $27,926,676 | |||
Communication Services | 9,588,400 | 14,010,699 | — | 23,599,099 | |||
Consumer Staples | 5,281,400 | 9,395,556 | — | 14,676,956 | |||
Consumer Discretionary | 1,957,709 | 12,126,740 | — | 14,084,449 | |||
Energy | 13,761,005 | — | — | 13,761,005 | |||
Information Technology | 3,432,720 | 4,094,448 | — | 7,527,168 | |||
Financials | 4,585,710 | — | — | 4,585,710 | |||
Materials | — | 4,092,169 | — | 4,092,169 | |||
Health Care | 1,633,600 | 166,986 | — | 1,800,586 | |||
Corporate Bonds and Notes† | — | 967,077 | — | 967,077 | |||
Preferred Stocks† | — | 14,495,422 | — | 14,495,422 | |||
Short-Term Investments | |||||||
Other Investment Companies | 3,505,612 | — | — | 3,505,612 | |||
Total Investments in Securities | $51,018,092 | $80,003,837 | — | $131,021,929 |
† | All corporate bonds and notes and preferred stocks held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes and preferred stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments. |
1 | An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets. |
For the period ended September 30, 2022, there were no transfers in or out of Level 3.
The country allocation in the Schedule of Portfolio Investments at September 30, 2022, was as follows:
Country | % of Long-Term Investments |
Bermuda | 3.1 |
Canada | 9.7 |
China | 0.1 |
France | 14.3 |
Germany | 2.2 |
Japan | 13.9 |
Malaysia | 1.9 |
South Korea | 28.2 |
United Kingdom | 1.6 |
United States | 25.0 |
100.0 |
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.
3