6300 Bridgepoint Parkway
Building One, Suite 500
Austin, TX 78730
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Contact
Main Phone: 512-767-6700
Web Site:
http://www.yacktman.com/
Mutual Fund Brand(s)
Yacktman Funds
Research Links
SEC Fund Filings by CIK
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Background:
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Don Yacktman started Yacktman Asset Managementin April 1992 and three months later, launched the Yacktman Fund.The firm's second mutual fund, Yacktman Focused Fund, came outin April 1997. Yacktman Asset Mangement is 100 percent internallyowned.
Steve Yacktman, one of Don's seven children, joined the firm in April 1993, as an analyst and currently serves as vice president, portfolio manager, and co-CIO.
In September 2005, Yacktman Asset Management said goodbye to itshome in Buffalo Grove, Illinois and relocated to Austin, Texas.
Board BattleIn 1998, Don Yacktman engaged in a squabble with the YacktmanFund's three independent directors. The directors -- all of whomwere brought in by Yacktman's then-head of marketing, Jon Carlson -- questionedYacktman about the portfolio's shift into small-cap stocks.
There was also another issue: Don and Steve's board seats at1-800 Contacts, a mail-order company founded by Steve's college roommate. When father-and-son first took the board seats, 1-800 Contacts was aprivately held company. It eventually turned public in February1998, raising concern from the Yacktman Fund directors that the Yacktmans breached the fund's ethics code, which stated thatthe Yacktmans must secure the approval of the directors before sittingon the board of a public company. The warring parties eventually reached a compromise.
Things were also not going well betweenYacktman and Carlson. Yacktman reportedly felt that Carlson wasn't selling enough separate accounts. Separately, the SEC looked at Yacktman's separate account business. In June 1998, Yacktmanousted Carlson from the firm.
Meanwhile, Yacktman's battle with the independent directors was not over. Thethree created a committee and engaged a New York firm to look at the way Yacktman was running the fund. Yacktman on September 15 asked the three directorsto step down and when they didn't, a proxy battle ensued. In December,Yacktman won. He tapped replacements for the three.
FounderDon Yacktman won Morningstar's Fund Manager of the Year award in 1991 and was oneof the nominees for the Fund Manager of the Decade award. The son of a wealthy real estate developer, Yacktmanturned down a job offer from his father and instead took a jobas a bank loan officer. In 1968, he joined Stein Roe & Farnhamand spent 14 years there. In 1982, Yacktman moved to Selected Financial Services, Inc., where he ran Selected American Shares. He left Selected Financial, a unit of Kemper, in 1992 and went on to start his own firm.
source:
"Don Yacktman's Lonely Crusade," Money Magazine, April 1, 1999
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Sponsored Opportunities
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Key People:
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Donald Yacktman
President and Co-Chief Investment Officer, Yacktman Asset Management | Stephen Yacktman
SVP, Portfolio Manager, Co-Chief Investment Officer, Yacktman Asset Management | Jason Subotky
Partner and Portfolio Manager, Yacktman Asset Management | Russell G. Wilkins
Partner and Portfolio Manager, Yacktman Asset Management | Adam Sues
Portfolio Manager, Yacktman Asset Management | Kent Arnett
Chief Compliance Officer, Yacktman Asset Management |
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