YACKTMAN ASSET MANAGEMENT LP

Yacktman Asset Management's Q1 2026 quarter turned on a paradox in its top holding: Canadian Natural Resources shares were cut nearly 12% — a genuine $108.9 million reduction, the quarter's largest true outflow — yet the position's dollar value rose $170.5 million on price strength alone, pushing it from 8.9% to 10.7% of the $7.5 billion, 76-position portfolio. For a firm built on concentrated, high-conviction value investing, a single energy name now above one-tenth of assets is that philosophy in its starkest form, growing larger even as the manager was actively selling into it. The quarter's other notable move cuts the other way: Microsoft shares were increased roughly 3%, even as the position's total value fell nearly $98.6 million on a weaker stock price — Yacktman was buying into Microsoft's decline, not chasing its strength. The largest new commitment is a striking $103.6 million PayPal stake, instantly a top-tier position, alongside new stakes in FactSet ($49.0 million) and Avantor ($37.2 million). Warner Bros. Discovery was closed out entirely, a $51.4 million exit, alongside a full sale of the firm's SPDR S&P 500 ETF position.