2 Yacktman Funds to Slow Inflows
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Yacktman (YACKX) and Yacktman Focused (YAFFX), which have Morningstar Analyst Ratings of Gold and Silver, respectively, will close to new investors after Dec. 30, 2013, according to a filing on Monday from the fund's advisor, Managers AMG Funds. Existing shareholders may continue to buy shares in both funds. Additionally, the minimum initial investment in Yacktman Focused's institutional share class has been lowered to $100,000 from $1 million.
The decision to close the funds follows five years of tremendous asset growth. Yacktman's asset base was about $300 million five years ago and Yacktman Focused's was well below $100 million. Now the two funds have $25 billion in combined assets and nearly $30 billion firmwide. The funds benefited from strong equity markets since then, as well as robust inflows following excellent relative performance in 2008 and 2009, and again in 2011. Over the past five years, Yacktman has collected an estimated $9.2 billion and Focused has absorbed $8.5 billion.
Morningstar Fund Analysts does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.