Donald Yacktman and Kenneth Heebner both crushed fund rivals over the past 13 years, racking up big gains in an era when stocks went sideways. The difference is Yacktman gave investors a smooth ride, Heebner anything but.
Wally Weitz, the mutual-fund manager who beat 90 percent of rivals in the past five years by buying stocks he deemed cheap, says bargains are so scarce these days that he’s letting his cash holdings swell.
Donald Yacktman, whose $21 billion mutual-fund firm was BlackBerry’s fifth-largest investor last year, sold almost half his holdings in the smartphone maker in the weeks before the debut of its ballyhooed BlackBerry 10.
Donald Yacktman, whose $19 billion mutual-fund firm has outperformed 99 percent of its peers over the past five years, says he’s cut his stake again in BlackBerry because it’s too expensive given its prospects.
Yacktman Asset Management, the money manager founded by Donald Yacktman, said it’s supporting a proposal by Carl Icahn that would scuttle the planned leveraged buyout of Dell Inc. by its founder, Michael Dell.
Affiliated Managers Group Inc., the company that owns stakes in more than two dozen money managers, agreed to buy Yacktman Asset Management Co., the Austin, Texas- based firm founded in 1992 by Donald Yacktman.
News Corp.’s fifth-largest shareholder Donald Yacktman said he was underwhelmed by the financial results of the company’s publishing spinoff, which is poised to become a publicly traded business next year.