Investment Letters
On a quarterly basis our investment committee, led by Brian Yacktman, writes and distributes a client letter that highlights investment research and discussions on positions within the firm's strategies. Although the focus for our investment committee is on individual companies, we will also occasionally discuss and share our opinion on the macro economy as we deem appropriate. Please find below the archive for our previous letters sent to our clients. A careful study of the letters will provide further insight into our firm's investment philosophy, style, and approach.
Q1 2019 Client Letter
Posted: April 30, 2019
Q4 2018 Client Letter
Posted: January 25, 2019
Q3 2018 Client Letter
Posted: October 31, 2018
Q2 2018 Client Letter
Posted: July 31, 2018
Q1 2018 Client Letter
Posted: April 30, 2018
Q4 2017 Client Letter
Posted: December 31, 2017
Q3 2017 Client Letter
Posted: September 30, 2017
Q2 2017 Client Letter
Posted: July 26, 2017
Q1 2017 Client Letter
Posted: March 31, 2017
Q4 2016 Client Letter
Posted: January 30, 2017
Q3 2016 Client Letter
Posted: October 28, 2016
Q2 2016 Client Letter
Posted: July 29, 2016
Q1 2016 Client Letter
Posted: April 29, 2016
Q4 2015 Client Letter
Posted: January 29, 2016
Q3 2015 Client Letter
Posted: October 27, 2015
Q2 2015 Client Letter
Posted: June 30, 2015
Q1 2015 Client Letter
Posted: March 31, 2015
Q4 2014 Client Letter
Posted: December 31, 2014
Q3 2014 Client Letter
Posted: September 30, 2014
Q2 2014 Client Letter
Posted: June 30, 2014
Q1 2014 Client Letter
Posted: March 31, 2014
Q4 2013 Client Letter
Posted: December 31, 2013
Q3 2013 Client Letter
Posted: September 30, 2013
Q2 2013 Client Letter
Posted: June 30, 2013
Q1 2013 Client Letter
Posted: March 31, 2013
Q4 2012 Client Letter
Posted: December 31, 2012
Q3 2012 Client Letter
Posted: September 30, 2012
Q2 2012 Client Letter
Posted: June 30, 2012
Q1 2012 Client Letter
Posted: March 31, 2012
Q4 2011 Client Letter
Posted: December 31, 2011
Q3 2011 Client Letter
Posted: September 30, 2011
Q2 2011 Client Letter
Posted: June 30, 2011
Q1 2011 Client Letter
Posted: March 31, 2011
Q4 2010 Client Letter
Posted: December 31, 2010
Q3 2010 Client Letter
Posted: September 30, 2010
Q2 2010 Client Letter
Posted: June 30, 2010
Q1 2010 Client Letter
Posted: March 31, 2010
Q4 2009 Client Letter
Posted: December 31, 2009
Q3 2009 Client Letter
Posted: September 30, 2009
Q2 2009 Client Letter
Posted: June 30, 2009
Q1 2009 Client Letter
Posted: March 31, 2009
Q4 2008 Client Letter
Posted: December 31, 2008
Q3 2008 Client Letter
Posted: September 30, 2008
Q2 2008 Client Letter
Posted: June 30, 2008