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Stephen Yacktman Succeeds Father as Yacktman's Sole CIO

Artisan to close Artisan Small Cap to new investors, Putnam fixed-income manager Daniel Choquette departs, and Praxis adds comanagers to its allocation and index funds. Also, Mario Gabelli makes a very large gift to his alma mater.

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On July 25, Don Yacktman announced that his son, Stephen Yacktman, had taken over as sole chief investment officer of Yacktman Asset Management, the subadvisor to Gold-rated  Yacktman (YACKX) and Silver-rated  Yacktman Focused (YAFFX). Don and Stephen had shared the CIO title during the past seven years. The transition was an expected part of the firm's succession plan. The move, Don Yacktman wrote, reflects Stephen's contributions to the firm during the past 20 years.

Don has stressed that he is not stepping back from his work at the firm. He will continue to contribute ideas as a member of the portfolio team.

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