Microsoft (MSFT) was Hurt by the “SaaSmaggedon” Market Reaction

Yachtman Asset Management released its first-quarter 2026 investor letter for its AMG “Yacktman Focused Fund”. A copy of the letter is available to download here.  The Fund returned 10.37% for the first quarter, outperforming both the Russell 1000® Value Index and the S&P 500 Index, which returned 2.10% and -4.33%, respectively. The U.S. markets continue to post new highs, with the S&P 500® having compounded at mid-twenties percent returns from 2023 to 2025. The letter noted that there are no indications of a slowdown in the US market, despite significant geopolitical events. The...