AMG Yacktman Fund
Schedule of Portfolio Investments (unaudited)
September 30, 2022
Shares | Value | |
Common Stocks - 78.9% | ||
Communication Services - 14.9% | ||
Alphabet, Inc., Class C* | 2,220,000 | $213,453,000 |
Bolloré SA (France) | 97,075,700 | 445,389,038 |
Comcast Corp., Class A | 1,100,000 | 32,263,000 |
Fox Corp., Class A | 2,400,000 | 73,632,000 |
Fox Corp., Class B | 3,100,000 | 88,350,000 |
News Corp., Class A | 8,900,000 | 134,479,000 |
The Walt Disney Co.* | 900,000 | 84,897,000 |
Warner Bros Discovery, Inc.*,1 | 2,900,000 | 33,350,000 |
Total Communication Services | 1,105,813,038 | |
Consumer Discretionary - 4.0% | ||
Booking Holdings, Inc.* | 85,000 | 139,672,850 |
Continental AG (Germany) | 600,000 | 26,624,003 |
eBay, Inc. | 1,250,000 | 46,012,500 |
Hyundai Mobis Co., Ltd. (South Korea) | 550,000 | 72,601,937 |
Rinnai Corp. (Japan) | 180,000 | 12,934,472 |
Total Consumer Discretionary | 297,845,762 | |
Consumer Staples - 15.0% | ||
Associated British Foods PLC (United Kingdom) | 7,700,000 | 107,589,161 |
Beiersdorf AG, ADR (Germany) | 1,064,505 | 20,874,943 |
The Coca-Cola Co. | 1,385,000 | 77,587,700 |
Colgate-Palmolive Co. | 1,100,000 | 77,275,000 |
Hengan International Group Co., Ltd. (China) | 6,935,400 | 31,006,954 |
Ingredion, Inc. | 1,150,000 | 92,598,000 |
KT&G Corp. (South Korea) | 1,452,810 | 87,720,667 |
PepsiCo, Inc. | 1,660,000 | 271,011,600 |
The Procter & Gamble Co. | 1,450,000 | 183,062,500 |
Sysco Corp. | 920,000 | 65,053,200 |
Tyson Foods, Inc., Class A | 1,460,000 | 96,257,800 |
Total Consumer Staples | 1,110,037,525 | |
Energy - 12.7% | ||
Canadian Natural Resources, Ltd. (Canada) | 8,310,000 | 386,996,700 |
ConocoPhillips | 890,000 | 91,082,600 |
Devon Energy Corp.1 | 1,450,000 | 87,188,500 |
Diamondback Energy, Inc. | 685,000 | 82,515,100 |
EOG Resources, Inc. | 780,000 | 87,149,400 |
Pioneer Natural Resources Co.1 | 370,000 | 80,116,100 |
Weatherford International PLC*,2 | 3,900,000 | 125,931,000 |
Total Energy | 940,979,400 | |
Financials - 9.9% | ||
The Bank of New York Mellon Corp. | 2,300,000 | 88,596,000 |
Berkshire Hathaway, Inc., Class B* | 340,000 | 90,786,800 |
Shares | Value | |
The Charles Schwab Corp. | 1,825,000 | $131,162,750 |
First Hawaiian, Inc.1 | 1,530,000 | 37,683,900 |
FirstCash Holdings, Inc. | 460,000 | 33,741,000 |
The Goldman Sachs Group, Inc. | 130,000 | 38,096,500 |
State Street Corp. | 1,900,000 | 115,539,000 |
U.S. Bancorp | 2,800,000 | 112,896,000 |
Wells Fargo & Co. | 2,110,000 | 84,864,200 |
Total Financials | 733,366,150 | |
Health Care - 4.7% | ||
Elevance Health, Inc. | 300,000 | 136,272,000 |
Embecta Corp.1 | 1,600,000 | 46,064,000 |
Johnson & Johnson | 1,000,000 | 163,360,000 |
Total Health Care | 345,696,000 | |
Industrials - 9.7% | ||
AMERCO1 | 330,000 | 168,042,600 |
Armstrong World Industries, Inc. | 735,000 | 58,234,050 |
Brenntag SE (Germany) | 2,700,000 | 163,220,381 |
GrafTech International, Ltd. | 5,000,000 | 21,550,000 |
L3Harris Technologies, Inc. | 355,000 | 73,779,650 |
Lockheed Martin Corp. | 195,000 | 75,326,550 |
Northrop Grumman Corp. | 225,000 | 105,822,000 |
Samsung C&T Corp. (South Korea) | 700,000 | 50,160,532 |
Total Industrials | 716,135,763 | |
Information Technology - 6.5% | ||
Cisco Systems, Inc. | 800,000 | 32,000,000 |
Cognizant Technology Solutions Corp., Class A | 2,800,000 | 160,832,000 |
Corning, Inc. | 1,100,000 | 31,922,000 |
Microsoft Corp. | 900,000 | 209,610,000 |
Oracle Corp. | 700,000 | 42,749,000 |
Samsung Electronics Co., Ltd. (South Korea) | 200,000 | 7,343,851 |
Total Information Technology | 484,456,851 | |
Materials - 1.5% | ||
Reliance Steel & Aluminum Co. | 650,000 | 113,366,500 |
Total Common Stocks (Cost $4,607,549,465) | 5,847,696,989 |
Principal Amount | ||
Corporate Bonds and Notes - 0.9% | ||
Energy - 0.7% | ||
W&T Offshore, Inc. | ||
9.750%, 11/01/233 | $51,359,000 | 50,341,506 |
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AMG Yacktman Fund
Schedule of Portfolio Investments (continued)
Principal Amount | Value | |
Industrials - 0.2% | ||
Weatherford International, Ltd. (Bermuda) | ||
11.000%, 12/01/243 | $16,723,000 | $17,015,652 |
Total Corporate Bonds and Notes (Cost $64,210,069) | 67,357,158 |
Shares | ||
Preferred Stocks - 5.6% | ||
Consumer Discretionary - 0.7% | ||
Hyundai Motor Co., 5.600% (South Korea) | 400,000 | 23,255,662 |
Hyundai Motor Co., 6.380% (South Korea) | 523,882 | 30,627,748 |
Total Consumer Discretionary | 53,883,410 | |
Information Technology - 4.9% | ||
Samsung Electronics Co., Ltd., 2.100% (South Korea) | 11,050,000 | 358,936,009 |
Total Preferred Stocks (Cost $304,566,646) | 412,819,419 |
Shares | Value | |
Short-Term Investments - 14.2% | ||
Other Investment Companies - 14.2% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 2.75%4 | 335,642,193 | $335,642,193 |
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.75%4 | 716,060,036 | 716,060,036 |
Total Short-Term Investments (Cost $1,051,702,229) | 1,051,702,229 | |
Total Investments - 99.6% (Cost $6,028,028,409) | 7,379,575,795 | |
Other Assets, less Liabilities - 0.4% | 28,755,168 | |
Net Assets - 100.0% | $7,408,330,963 |
* | Non-income producing security. |
1 | Some of these securities, amounting to $35,670,920 or 0.5% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See below for more information. |
2 | Affiliated issuer. See summary of affiliated investment transaction for details. |
3 | 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 $67,357,158 or 0.9% of net assets. |
4 | 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. |
ADR | American Depositary Receipt |
The following schedule shows the value of affiliated investments at September 30, 2022.
Affiliated Issuers | Number of shares | Purchases | Sales | Net realized gain (loss) for the period | Net change in appreciation (depreciation) | Amount of Dividends or Interest | Value |
Weatherford International PLC | 3,900,000 | — | — | — | $17,823,000 | — | $125,931,000 |
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AMG Yacktman 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 | |||||||
Consumer Staples | $883,720,743 | $226,316,782 | — | $1,110,037,525 | |||
Communication Services | 660,424,000 | 445,389,038 | — | 1,105,813,038 | |||
Energy | 940,979,400 | — | — | 940,979,400 | |||
Financials | 733,366,150 | — | — | 733,366,150 | |||
Industrials | 502,754,850 | 213,380,913 | — | 716,135,763 | |||
Information Technology | 477,113,000 | 7,343,851 | — | 484,456,851 | |||
Health Care | 345,696,000 | — | — | 345,696,000 | |||
Consumer Discretionary | 185,685,350 | 112,160,412 | — | 297,845,762 | |||
Materials | 113,366,500 | — | — | 113,366,500 | |||
Corporate Bonds and Notes† | — | 67,357,158 | — | 67,357,158 | |||
Preferred Stocks† | — | 412,819,419 | — | 412,819,419 | |||
Short-Term Investments | |||||||
Other Investment Companies | 1,051,702,229 | — | — | 1,051,702,229 | |||
Total Investments in Securities | $5,894,808,222 | $1,484,767,573 | — | $7,379,575,795 |
† | 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 | 0.3 |
Canada | 6.1 |
China | 0.5 |
France | 7.0 |
Germany | 3.3 |
Japan | 0.2 |
South Korea | 10.0 |
United Kingdom | 1.7 |
United States | 70.9 |
100.0 |
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AMG Yacktman Fund
Schedule of Portfolio Investments (continued)
The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of securities loaned on positions held, cash collateral and securities collateral received at September 30, 2022, were as follows:
Securities Loaned | Cash Collateral Received | Securities Collateral Received | Total Collateral Received | |
$35,670,920 | — | $37,257,930 | $37,257,930 |
The following table summarizes the securities received as collateral for securities lending at September 30, 2022:
Collateral Type | Coupon Range | Maturity Date Range | |
U.S. Treasury Obligations | 0.000%-5.250% | 10/31/22-11/15/51 |
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.
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