Auxier 13F (2026 Q1): A Capital-Preservation Value Book

A portfolio built to not lose money first

Jeff Auxier has run Auxier Asset Management with a philosophy that sounds simple but is rare in practice: protect capital first, and let returns follow. The Oregon-based firm behind the Auxier Focus Fund is known for a defensive, downside-aware style, favoring durable, cash-generative businesses bought at reasonable prices and avoiding the speculative names that tend to inflict permanent losses. Its 2026Q1 13F is a clear reflection of that temperament, about $696 million spread across 176 positions, anchored by consumer staples, quality technology, and healthcare rather than anything racy.

The top of the book tells the story. The largest holding is Philip Morris International at 4.88%, a high-cash-flow consumer-staples business, followed by Microsoft, Alphabet, Kroger, Bank of New York Mellon, UnitedHealth, Johnson & Johnson, Corning, Walmart, and Bank of America. It is a roster weighted toward businesses that hold up in hard times, groceries, household staples, healthcare, entrenched technology, exactly what a capital-preservation strategy is built to own.

Diffuse by design

With 176 positions and a largest holding under 5%, Auxier runs a deliberately diffuse book. That breadth is itself a risk-management choice: no single position can do serious damage if a thesis goes wrong, and the defensive tilt of the underlying businesses compounds the effect. The top ten cluster between roughly 2% and 5%, spreading exposure across staples, quality compounders, and financials rather than betting heavily on any one name. This is the portfolio equivalent of a wide margin of safety, diversification layered on top of business durability.

A quiet, defensive quarter

The activity in the quarter was characteristically restrained. Auxier trimmed Microsoft by 14% of shares and Bank of New York Mellon by 16%, taking a little off two names that had performed well, while holding the defensive core, Philip Morris, Kroger, UnitedHealth, Johnson & Johnson, Walmart, essentially flat. Reported value barely moved, down 2.1% on the quarter, and has held in a tight band around $0.7 billion for two years. That stability is the point: a capital-preservation manager is not trying to shoot the lights out, but to compound steadily while avoiding the drawdowns that set investors back years.

How to read a capital-preservation book

A filing like Auxier's rewards looking at what is absent as much as what is present. There are no speculative moonshots, no single dominant bet, no crowding into whatever is hottest, and that restraint is the strategy. The signal lies in the defensive composition, staples and healthcare and quality compounders, and in the modest, valuation-aware trims. For investors who prioritize not losing money over chasing the biggest gain, a book like this is a useful template: durable businesses, sensible diversification, and the patience to let steady compounding do the work. You can explore the full holdings, the position changes, and the longer history on the Auxier Asset Management filer page.