Yacktman Asset Management Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

Donald Yacktman and his team at Yacktman Asset Management have long been regarded as paragons of the value investing discipline. As we dissect the 13F filing for the period ending December 31, 2025 (Q4 2025) , we are looking at a portfolio that manages approximately $7.14 billion in reported assets. This scale places Yacktman in the upper echelon of boutique value shops, where the focus is not on tracking an index but on the rigorous selection of individual businesses that exhibit high returns on capital, strong competitive moats, and, most importantly, are available at a "reasonable" price.

In summary, the institutional portrait for Q4 2025 is that of a disciplined veteran preparing for volatility . By reducing exposure to individual high-flyers and increasing positions in broad market ETFs and liquid instruments, Yacktman is signaling that the current market environment requires a more defensive posture. They are prioritizing the preservation of capital and the accumulation of "dry powder" over aggressive growth chasing. This is a firm that is comfortable sitting on the sidelines or moving into defensive shells when the risk-reward symmetry of individual stocks becomes unfavorable.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The 15.32% allocation to Energy is a significant macro statement. Led by CNQ (Canadian Natural Resources) , this allocation suggests that Yacktman views the energy sector not just as a cyclical play, but as a fundamental necessity with a favorable supply-demand outlook. Even with a 10% reduction in CNQ this quarter, it remains the #1 holding, indicating that the firm still sees Energy as a premier source of free cash flow in the current economic cycle.

Based on this allocation, we can infer that Yacktman Asset Management is positioned for a "Stagflationary" or "Low Growth" environment . The heavy weight in Staples and Energy suggests a need for protection against rising costs and a slowing consumer. The reduction in high-beta tech and debt-heavy media suggests a move away from "cheap money" beneficiaries. They are favoring companies with "fortress balance sheets" and the ability to generate cash regardless of the Federal Reserve's interest rate path.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The rest of the top 10 is a "Who's Who" of defensive quality. FOX (Fox Corp) and GOOG (Alphabet) represent the media/platform core. PEP (Pepsi) and PG (P&G) are the consumer staples anchors. UHAL.B (U-Haul) is a unique play on American mobility and logistics. JNJ (Johnson & Johnson) provides healthcare stability, and CTSH (Cognizant) offers a value-priced entry into IT services.

The construction of the top 10 reveals a "Barbell Strategy." On one side, you have high-growth, high-valuation tech (MSFT, GOOG). On the other, you have slow-growth, high-certainty staples and energy (PEP, PG, CNQ). By trimming everything in the top 10, Donald Yacktman is essentially saying: "The market has priced in the best-case scenario for our favorite companies. It is time to take some chips off the table."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The "Buy" list this quarter is dominated by ETFs . This is a major departure from Yacktman's historical behavior. It reveals a critical trend: The firm is finding it increasingly difficult to find individual stocks that meet their "Quality at a Reasonable Price" (QAARP) criteria. Instead of forcing a buy into an overvalued individual stock, they are opting for the broad diversification of the S&P 500 and the deep-value opportunity in South Korea.

The total "buy" scale is significantly smaller than the "sell" scale (which we will see in Section V). This indicates that Yacktman is in a Net Selling mode. They are harvesting cash from their winners (CNQ, MSFT, SCHW) and moving a small portion of it into broad market hedges (SPY, EWY) and cash equivalents (BIL). This is a "de-risking" of the entire portfolio.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The quality of these exits is high. Most of these stocks (CNQ, MSFT, SCHW, CTSH) are being sold at a significant profit. This is "selling from a position of strength." The only "painful" exit is likely WBD, where the firm is admitting a mistake and moving on. This is the hallmark of a disciplined manager: "Water the flowers and pull the weeds."

The scale of the cash-out is massive. By trimming the top 10 and slashing WBD, Yacktman has generated hundreds of millions in cash. Where did it go? As seen in Section IV, it went into ETFs and T-Bills . This is a "Sell Alpha, Buy Beta/Cash" rotation. It is the ultimate defensive move.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The South Korea "Deep Value" Bet : The initiation of the EWY position is the most "active" move of the quarter. It suggests that the firm believes the next leg of global growth will come from undervalued international markets rather than the "expensive" U.S. tech sector. This is a bold contrarian bet that retail investors should watch closely. 3. Liquidity as a Weapon : The move into T-Bills (BIL) and the massive increase in SPY liquidity shows that Yacktman wants to be "nimble." They are preparing for a "fat pitch"—a market correction that will allow them to buy their favorite quality companies at much lower prices.

Reference Value for Investors : For the individual investor, Yacktman’s moves suggest that "patience is a virtue." If a legendary value manager is selling their favorite stocks to buy T-Bills and broad ETFs, it might be a sign that individual stock valuations are stretched. Investors should consider if they, too, need to "trim their hedges" and build up some cash reserves.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.