Yacktman Asset Management Portfolio Q2’2025: Top Holdings & Recent Changes
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Yacktman Asset Management continues to demonstrate exceptional value investing discipline. Their Q2’2025 portfolio reveals a concentrated approach with long-term holdings in undervalued businesses that most investors overlook. This quarter, the firm executed a series of strategic reductions across its largest positions, signaling a cautious stance amid evolving market conditions.
Portfolio Overview: Defensive Value and Long-Term Focus
Portfolio Highlights (Q2’2025): - Market Value: $7,443.7M - Top 10 Holdings: 49.0% - Portfolio Size: 70 +0 - Average Holding Period: 26 quarters - Turnover: 2.9%
Yacktman Asset Management’s portfolio remains a model of disciplined value investing, with nearly half of assets concentrated in the top ten positions. The firm’s average holding period of 26 quarters underscores its commitment to long-term compounding, while a low turnover rate of 2.9% reflects a patient, conviction-driven approach. Notably, the portfolio size held steady at 70 positions, indicating a preference for stability over frequent trading.
This quarter’s moves were characterized by significant reductions in several core holdings, suggesting a defensive posture as valuations rise and macroeconomic uncertainty persists. Yacktman’s strategy continues to favor high-quality, cash-generative businesses, but the scale of recent trims points to active risk management and a readiness to redeploy capital as opportunities emerge.
Top Holdings Analysis: Strategic Reductions Across Core Positions
The portfolio’s top holdings reveal a clear pattern of risk management through targeted reductions. Canadian Natural Resources Ltd remains the largest position at 9.3% of assets, but Yacktman executed a substantial 18.85% reduction, reflecting caution in the energy sector. Microsoft Corp. 7.4% also saw an 8.16% trim, balancing exposure to technology giants with valuation discipline.
Financials were not immune: Charles Schwab Corp 5.6% was reduced by 3.05%, while consumer staples like Procter & Gamble 4.3% and PepsiCo, Inc. 3.7% saw moderate trims of 4.67% and 0.27%, respectively. Media holdings such as Fox Corp B 4.3% and News Corp Cl A 3.2% were reduced by 5.21% and 4.80%, highlighting a cautious stance toward cyclical sectors.
Technology consulting firm Cognizant Technology Solutions 3.6% was trimmed by 2.43%, and industrial player Reliance, Inc. 3.2% saw a 1.94% reduction. These moves, combined with the absence of new additions, reinforce Yacktman’s focus on portfolio resilience and capital preservation.
What the Portfolio Reveals About Current Strategy
- Quality Over Quantity: The portfolio’s concentration in established, cash-flow-rich companies demonstrates a preference for quality over speculative growth.
- Sector Diversification with Defensive Tilt: While spanning energy, technology, consumer staples, financials, and media, recent reductions suggest a tilt toward defensiveness amid market volatility.
- Long-Term Orientation: An average holding period of 26 quarters and minimal turnover reflect a commitment to compounding and avoiding short-term noise.
- Active Risk Management: Significant trims across top positions indicate vigilance in managing sector and single-stock risks, especially as valuations stretch.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Canadian Natural Resources Ltd | $694.8M | 9.3% | Reduce 18.85% |
| Microsoft Corp. | $549.8M | 7.4% | Reduce 8.16% |
| Charles Schwab Corp | $416.5M | 5.6% | Reduce 3.05% |
| U-Haul Holding Company Class B | $325.5M | 4.4% | Reduce 0.14% |
| Procter & Gamble | $321.6M | 4.3% | Reduce 4.67% |
| Fox Corp B | $321.5M | 4.3% | Reduce 5.21% |
| PepsiCo, Inc. | $278.3M | 3.7% | Reduce 0.27% |
| Cognizant Technology Solutions | $266.1M | 3.6% | Reduce 2.43% |
| News Corp Cl A | $241.3M | 3.2% | Reduce 4.80% |
| Reliance, Inc. | $234.9M | 3.2% | Reduce 1.94% |
Yacktman’s top ten holdings account for 49% of total assets, underscoring a high-conviction approach. The table reveals a consistent theme: every major position was trimmed this quarter, with the largest reductions in Canadian Natural Resources and Microsoft. This pattern signals a deliberate effort to lock in gains, manage exposure, and prepare for potential market turbulence.
Investment Lessons from Yacktman Asset Management
- Concentration Reflects Conviction: Yacktman’s willingness to allocate nearly half of assets to ten positions demonstrates the power of focused investing when deep research supports each pick.
- Patience Pays: With an average holding period exceeding six years, the firm exemplifies the benefits of compounding through long-term ownership.
- Quality First: The portfolio’s emphasis on blue-chip, cash-generative businesses highlights the importance of quality in value investing.
- Active Risk Management: Regular position sizing and strategic reductions show that even long-term investors must adapt to changing market conditions.
- Defensive Flexibility: Willingness to trim positions rather than chase new ideas reflects discipline and a commitment to capital preservation.
Looking Ahead: What Comes Next?
With a stable portfolio size and significant reductions in core holdings, Yacktman Asset Management appears to be building dry powder for future opportunities. The firm’s defensive moves suggest caution as valuations remain elevated and macro risks persist. Investors should watch for potential redeployment into undervalued sectors or new positions if market volatility creates attractive entry points. The portfolio’s current composition sets the stage for resilience and flexibility in uncertain times.
FAQ about Yacktman Asset Management Portfolio
Q: Why did Yacktman reduce so many top positions in Q2’2025?
Yacktman executed broad reductions to manage risk and lock in gains as valuations rose across several sectors. This defensive posture reflects caution amid market uncertainty.
Q: How concentrated is the portfolio?
The top ten holdings represent 49% of total assets, indicating a high-conviction, focused approach typical of value investors.
Q: Does Yacktman frequently add new positions?
This quarter, the portfolio size remained unchanged at 70 positions, highlighting a preference for stability and long-term compounding over frequent trading.
Q: Which sectors does Yacktman favor?
The portfolio spans energy, technology, consumer staples, financials, media, and industrials, with a tilt toward high-quality, cash-generative businesses.
Q: How can I track Yacktman’s moves?
You can follow Yacktman Asset Management’s latest holdings and changes using ValueSense’s superinvestor tracker, which analyzes quarterly 13F filings. Note that 13F filings have a 45-day reporting lag, so portfolio changes may not be immediately reflected.
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