Donald Yacktman

Donald Yacktman founded Yacktman Asset Management in Austin, Texas, having previously worked at Selected American Shares and other value-oriented investment firms. His flagship Yacktman Fund focuses on concentrated positions in consumer brand businesses — including Coca-Cola, News Corp, Procter & Gamble, and other similar franchises — that generate consistent free cash flow with durable competitive advantages. Yacktman's approach is patient and contrarian: he willingly holds high cash levels when he cannot find attractive opportunities and concentrates heavily when valuations are attractive. His fund has won multiple Morningstar Manager of the Year awards. His son Stephen Yacktman now manages the fund, maintaining the same value-oriented discipline developed over decades. The successful transfer of investment leadership from father to son represents a rare instance of a value investing approach and culture being reliably transmitted across generations, ensuring continuity for the firm's long-term investors.