The Yacktman Fund (Trades, Portfolio) pared many more holdings than they increased in the first quarter, most of which posted gains year to date, as the managers gathered cash should more opportunities arise this year.
“In early 2016, markets around the globe have begun to collapse and the U.S. stock market posted its worst start of the year in history,” their fourth-quarter letter said.
“We prepared for this environment and continue to have excess cash to deploy as stocks go on sale. We also have a portfolio full of what
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