Yacktman Asset Management Portfolio in 2026: Top Holdings & Recent Changes
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Yacktman Asset Management continues its disciplined value investing approach with a series of bold new positions in its latest 13F filing. The firm's $7.1B portfolio showcases aggressive buying activity across energy, technology, and financials, led by a massive new stake in CNQ at 8.9%, signaling confidence in undervalued assets amid market rotations.
Portfolio Overview: Classic Yacktman Concentration with Low Turnover Precision
Portfolio Highlights (Q4’2025): - Market Value: $7,143.8M - Top 10 Holdings: 49.8% - Portfolio Size: 72 +2 - Average Holding Period: 24 quarters - Turnover: 5.6%
Yacktman Asset Management's Q4 2025 portfolio exemplifies the firm's signature strategy of patient, concentrated value investing, with nearly half the $7.1 billion AUM committed to just 10 names despite managing 72 positions overall. This structure balances high-conviction bets on familiar quality names with broader diversification, a hallmark of Donald Yacktman's approach honed over decades.
The impressively low 5.6% turnover and 24-quarter average holding period (over six years) underscore a buy-and-hold philosophy that prioritizes businesses with durable competitive advantages and predictable cash flows. Recent additions of two new positions expanded the portfolio slightly, but the focus remains on pruning underperformers while scaling winners, maintaining discipline in a volatile market environment.
This measured activity in the Yacktman portfolio reflects opportunistic value hunting rather than reactive trading, positioning the fund to capitalize on sector rotations without chasing momentum.
Top Holdings: Energy Powerhouse Leads Aggressive Buys Across Sectors
The portfolio's top tier reveals a dynamic mix of new initiatives and trims, starting with a commanding new position in Canadian Natural Resources Limited (CNQ) at 8.9% ($635.5M, Buy), establishing energy as a cornerstone amid commodity price strength. This is followed by fresh conviction in tech giants like Microsoft (MSFT) (6.5%, $466.1M, Buy) and Charles Schwab (SCHW) (5.5%, $393.3M, Buy), blending growth stability with financial services exposure.
Media and digital plays round out the aggressive buys, including Fox Corporation (FOX) (5.1%, $361.6M, Buy) and Alphabet (GOOG) (5.0%, $354.5M, Buy), signaling bets on undervalued content and advertising moats. Consumer staples see minor adjustments with PepsiCo (PEP) trimmed 1.54% to 4.1% $291.1M, while Procter & Gamble (PG) (3.8%, $274.9M, Buy) and U-Haul Holding Company (3.8%, $270.5M, Buy) reinforce defensive quality.
Healthcare and IT provide balance through Johnson & Johnson (JNJ) (3.6%, $259.2M, Reduce 2.69%) and Cognizant Technology Solutions (CTSH) (3.5%, $247.6M, Buy), highlighting Yacktman's preference for steady earners trading below intrinsic value. These moves across 10 key holdings demonstrate selective rotation into energy and tech while holding firm on consumer and health staples.
What the Portfolio Reveals About Yacktman's Enduring Strategy
Yacktman Asset Management's Q4 moves paint a clear picture of value-oriented conviction in resilient sectors: - Quality compounding over speculative growth: Heavy weighting in dividend aristocrats like PEP, PG, and JNJ prioritizes predictable free cash flow generation. - Sector diversification with energy tilt: CNQ's top ranking introduces commodity exposure as a hedge against inflation, balanced by tech (MSFT, GOOG, CTSH) and financials (SCHW). - Geographic prudence: Primarily U.S.-centric with Canadian energy via CNQ, minimizing emerging market risks. - Dividend and buyback focus: Holdings like PG and PEP emphasize shareholder-friendly capital allocation. - Risk management via low turnover: 5.6% activity allows thesis validation without forced selling, protecting long-term holders.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Canadian Natural Resources Limited | $635.5M | 8.9% | Buy |
| Microsoft Corporation | $466.1M | 6.5% | Buy |
| The Charles Schwab Corporation | $393.3M | 5.5% | Buy |
| Fox Corporation | $361.6M | 5.1% | Buy |
| Alphabet Inc. | $354.5M | 5.0% | Buy |
| PepsiCo, Inc. | $291.1M | 4.1% | Reduce 1.54% |
| The Procter & Gamble Company | $274.9M | 3.8% | Buy |
| U-Haul Holding Company | $270.5M | 3.8% | Buy |
| Johnson & Johnson | $259.2M | 3.6% | Reduce 2.69% |
| Cognizant Technology Solutions Corporation | $247.6M | 3.5% | Buy |
This top 10 table illustrates Yacktman Asset Management's balanced concentration, with the leading five positions alone accounting for over 31% of the portfolio through strategic buys in CNQ, MSFT, SCHW, FOX, and GOOG. The mix of eight buys against two modest reduces (PEP and JNJ) shows proactive portfolio enhancement without disruption, aligning with the firm's low 5.6% turnover.
Notably, no single holding exceeds 9%, providing downside protection while allowing outsized bets on high-conviction names. This structure amplifies returns from winners like energy and tech while the staples anchors mitigate volatility, a textbook Yacktman setup for navigating 2026 uncertainties.
Investment Lessons from Yacktman Asset Management
Yacktman Asset Management's Q4 2025 portfolio demonstrates timeless principles from Donald Yacktman's value playbook: - Prioritize "three-legged stool" criteria: Seek businesses with strong free cash flow, competent management, and attractive valuations, as seen in buys like CNQ and MSFT. - Long holding periods build wealth: A 24-quarter average underscores patience, avoiding trading costs and taxes while compounding intrinsic value. - Concentrate thoughtfully in familiar terrain: 49.8% in top 10 reflects deep research, not blind diversification. - Trim losers early, scale winners: Modest reduces in PEP and JNJ paired with aggressive buys show disciplined position sizing. - Energy and staples for inflation resilience: CNQ's prominence highlights opportunistic sector bets on undervalued cycles.
Looking Ahead: What Comes Next?
Yacktman Asset Management enters 2026 with strong positioning for continued value realization, bolstered by the two new portfolio additions and low turnover suggesting ample dry powder for deployments. Energy exposure via CNQ could thrive on sustained oil prices, while tech staples like MSFT and GOOG position for AI-driven growth.
Watch for opportunities in consumer defensives amid potential slowdowns, with the firm's 72-position breadth allowing nimble responses to rate cuts or election outcomes. Current holdings set up for dividend compounding and buyback tailwinds, making the Yacktman portfolio resilient across market scenarios—track updates on ValueSense for the next 13F.
FAQ about Yacktman Asset Management Portfolio
Q: What were the most significant changes in Yacktman Asset Management's Q4 2025 13F filing?
A: The firm initiated major new "Buy" positions across the top 10, including CNQ 8.9%, MSFT 6.5%, SCHW 5.5%, FOX 5.1%, and GOOG 5.0%, while trimming PEP (Reduce 1.54%) and JNJ (Reduce 2.69%).
Q: Why does Yacktman maintain such low turnover and long holding periods?
A: Low 5.6% turnover and 24-quarter averages reflect a focus on high-quality, undervalued businesses with enduring moats, minimizing transaction costs and maximizing compounding—ideal for patient value investors.
Q: What sectors dominate the Yacktman portfolio, and why?
A: Energy (CNQ), technology (MSFT, GOOG), financials (SCHW), and staples (PEP, PG) lead, offering inflation hedges, growth stability, and defensive cash flows.
Q: How can I track Yacktman Asset Management's portfolio and 13F filings?
A: Use ValueSense's dedicated tracker at https://valuesense.io/superinvestors/yacktman-asset for real-time updates, historical changes, and visualizations. Note the 45-day 13F reporting lag, so positions may evolve post-filing.
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