--- title: "Auxier 13F (2026 Q1): A Capital-Preservation Value Book" type: research slug: auxier-asset-management-13f-2026-q1 canonical_url: https://13finsight.com/research/auxier-asset-management-13f-2026-q1 published_at: 2026-05-24T10:05:09.655Z updated_at: 2026-05-24T10:05:12.491Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 475 locale: en source: 13F Insight --- # Auxier 13F (2026 Q1): A Capital-Preservation Value Book > Jeff Auxier runs money to protect capital first and let returns follow. His 2026 Q1 book spreads $696M across 176 mostly defensive names, Philip Morris, Kroger, Walmart, Microsoft, J&J, with only light trims, the texture of a downside-aware, capital-preservation strategy. 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. ## FAQ ### What is Auxier Asset Management's investment philosophy? Auxier, run by Jeff Auxier, prioritizes protecting capital first and letting returns follow. The firm favors durable, cash-generative businesses at reasonable prices and avoids speculative names, producing a defensive, downside-aware portfolio. ### What are Auxier's largest holdings in 2026 Q1? The top positions were Philip Morris International (4.88%), Microsoft (4.51%), Alphabet (3.69%), Kroger (3.53%), and Bank of New York Mellon (2.79%), followed by UnitedHealth, Johnson & Johnson, Corning, Walmart, and Bank of America. ### Why is Auxier's portfolio so diffuse? By design. With 176 positions and a largest holding under 5%, the breadth is a risk-management choice, ensuring no single position can do serious damage. Combined with the defensive business mix, it functions as diversification layered on durability. ### What did Auxier change in 2026 Q1? Activity was light. It trimmed Microsoft by 14% of shares and Bank of New York Mellon by 16%, taking a little off two strong performers, while holding the defensive core, Philip Morris, Kroger, UnitedHealth, Johnson & Johnson, and Walmart, essentially flat. ### How stable is Auxier's reported value? Very stable. Reported value fell just 2.1% in 2026 Q1 and has held in a tight band around $0.7 billion for two years, consistent with a capital-preservation strategy focused on steady compounding rather than dramatic gains. ### How should I read a capital-preservation book? Note what is absent as much as what is present: no speculative moonshots, no dominant single bet, no crowding into hot names. The signal lies in the defensive composition and the modest, valuation-aware trims that define the downside-aware approach. --- Source: 13F Insight — https://13finsight.com/research/auxier-asset-management-13f-2026-q1 Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-24T10:05:12.491Z