Donald Yacktman became something of an urban legend 10 years ago when the independent directors of the Yacktman Fund tried to oust him due to their dissatisfaction with his aversion to Internet and technology stocks—and the fund’s 16% decline in 1998 and 1999. 

Now, however, Yacktman’s cautious, value-style approach has served him well, Bloomberg reports. Having moved nearly one-third of his portfolio into cash last year and sidestepped financials, his fund now ranks as the No. 1 equity fund in the 12 months ended June 30, having returned 24.4%.

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