Yacktman Q1 2026: Defensive Value, Energy and Staples

Yacktman Asset Management is one of the longest-running names in disciplined value investing, and its first-quarter 2026 filing reads exactly as that heritage would suggest: a defensive, low-turnover book anchored by an energy producer and a roster of consumer-staples and quality blue chips, nearly all held flat. The reported value rose 5.0% to $7.50 billion across 76 positions, with the quarter's activity limited mostly to a trim of the top holding and a few small adds. For Yacktman, doing little is the strategy.

The portfolio's defensive tilt is striking against a market obsessed with AI and megacap growth. While other managers crowd into the same handful of technology names, Yacktman's largest position is a Canadian oil producer, and its top tier is dominated by the kind of steady, cash-generative consumer franchises that hold up when growth stumbles.

An energy anchor, staples core

Canadian Natural Resources is the largest holding at $806.1 million (10.75%), trimmed 12% but still by far the biggest position — an unusual energy anchor for a quality-value book, reflecting Yacktman's willingness to own cash-generative producers when they are cheap. Behind it sits a defensive core: PepsiCo, Johnson & Johnson, and Procter & Gamble, all held flat.

These consumer-staples and healthcare names are the ballast of the portfolio — businesses with pricing power, durable demand, and reliable cash flow that a value manager holds through cycles. Yacktman owns quality technology too — Microsoft and Alphabet, both held flat — but in measured size rather than as the centerpiece, a notably different posture from the growth crowd.

Quality and a value tilt

The rest of the top tier rounds out the quality-value blend. Charles Schwab ($367.0 million) provides financials exposure, and media (Fox), self-storage and moving (U-Haul), and metals distribution (Reliance) names fill out a diversified, valuation-driven book.

The top ten holdings account for roughly 47% of the portfolio — concentrated enough to express conviction, but spread across sectors in a way that prizes resilience. What unites the names is not a theme but a discipline: buy good businesses at reasonable prices and hold them. The near-universal "held flat" status across the top is the clearest expression of that low-turnover philosophy.

A book that has settled

Yacktman's reported value has declined from a higher level and stabilized.

The reported 13F value fell from about $10.66 billion in mid-2024 to a low near $7.14 billion before ticking up to $7.50 billion in the latest quarter — a decline that likely reflects a mix of outflows and the underperformance of value relative to growth, followed by stabilization. The position count has held in the 70s throughout, consistent with a manager that does not chase the market and adjusts its book only at the margins.

What it signals

For investors who track institutional positioning, Yacktman's first-quarter filing is a clean read on defensive value in a growth-dominated market. The signal is the composition and the stillness: an energy anchor, a consumer-staples core, measured technology exposure, and almost no trading. The actionable takeaway is the contrast — when most institutional money is concentrated in megacap growth, a disciplined value manager is sitting in cash-generative staples and cheap energy, a posture built for resilience rather than momentum.

FAQ

What is Yacktman's largest holding?
Canadian Natural Resources, at $806.1 million or 10.75% of the book, trimmed 12% but still by far the largest position — an energy anchor reflecting Yacktman's willingness to own cheap, cash-generative producers.

What is Yacktman's investment style?
Disciplined, low-turnover value: buying high-quality, cash-generative businesses at reasonable prices and holding them. Its book leans defensive, with consumer staples, healthcare, and energy alongside measured technology exposure.

Did Yacktman trade much in Q1 2026?
Very little. Nearly all top holdings were held flat, with the main change a 12% trim of Canadian Natural Resources. Reported value rose 5.0% to $7.50 billion, largely on price rather than activity.

How is Yacktman positioned versus the market?
Defensively. While much institutional money crowds into megacap growth, Yacktman's top tier is energy, consumer staples, and healthcare — cash-generative names built for resilience rather than momentum.