---
title: "Donald Yacktman’s Q3 2026 13F Portfolio Breakdown: Yacktman Asset Management’s Holdings and Moves"
author: "DeepValues Research"
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type: "Research article"
date: "2026-11-07"
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answer: "DeepValues Research, “Donald Yacktman’s Q3 2026 13F Portfolio Breakdown: Yacktman Asset Management’s Holdings and Moves” (Nov 7, 2026): During the third quarter of 2026, Yacktman Asset Management LP acted as a net seller of US equities, generating approximately $242.2 million in sale proceeds against roughly $123.6 million in total capital outlays for a net capital reduction of ~$118.5 million, all while maintaining an ultra-low…"
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tickers: ["SPY", "INTU", "KO"]
sources:
  - title: "DEEPVALUES 13F WORKSHEET: Donald Yacktman (Yacktm…"
  - title: "EDGAR Filing Documents for 0000905567-26-000005"
    url: "https://www.sec.gov/Archives/edgar/data/905567/000090556726000005/0000905567-26-000005-index.htm"
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---

# Donald Yacktman’s Q3 2026 13F Portfolio Breakdown: Yacktman Asset Management’s Holdings and Moves

During the third quarter of 2026, Yacktman Asset Management LP acted as a net seller of US equities, generating approximately $242.2 million in sale proceeds against roughly $123.6 million in total capital outlays for a net capital reduction of ~$118.5 million, all while maintaining an ultra-low quarterly turnover rate of ~1.5%. The fund’s dominant strategic moves centered on aggressive profit-taking in consumer staple heavyweight Coca-Cola Co. (KO, shares down 45%) and energy giant Canadian Natural Resources Ltd. (CNQ, shares down 8%), balanced by a major capital deployment into software compounder Intuit Inc. (INTU, shares up 44%). For institutional allocators and long-term value investors, this behavior exemplifies Donald Yacktman’s classic low-turnover, quality-value discipline: systematically harvesting gains from mature, higher-valued positions to selectively fund core high-cash-flow compounders while holding overall equity turnover near absolute minimum levels.

---

## 1. The Investor: Philosophy, Fund, and Lifetime Work

Donald Yacktman, age 84, established Yacktman Asset Management LP in 1992. Today, the Austin-based firm manages approximately $8 billion in total institutional and fund assets under management (AUM). Within the DeepValues Research analytical framework, Yacktman’s mandate represents one of the market's purest operational expressions of late-Buffett-era quality investing within the active mutual fund space. 

Rather than chasing broad market momentum or closet-indexing against benchmark metrics, Yacktman concentrates capital within the "forgotten 50" large-cap business universe. This universe is filtered through three non-negotiable operational requirements:
1. Exceptional and durable free-cash-flow yields
2. Formidable economic moats protecting long-term return on invested capital (ROIC)
3. Shareholder-oriented management teams dedicated to intelligent capital allocation

Yacktman’s foundational doctrine can be summarized in his classic maxim: "buy great companies at fair prices, then do almost nothing." In stark contrast to typical benchmark-oriented institutional portfolios that dilute performance across 200 or more positions, Yacktman maintains a focused 75-holding model where top conviction ideas carry substantial portfolio weights. This patient capital allocation framework has enabled the firm’s signature strategies—including The Yacktman Fund and The Yacktman Focused Fund—to consistently capture top-decile multi-year rankings from Morningstar across full market cycles.

---

## 2. The Portfolio at Quarter End: Size, Concentration, and Core Holdings

According to Form 13F-HR filed with the U.S. Securities and Exchange Commission on November 02, 2026 (CIK: `0000905567`, Accession No. `0000905567-26-000005`), Yacktman Asset Management LP’s reported US long equity portfolio reached a market value of $8.38 billion across 75 positions for the period ending September 30, 2026. This represents an expansion from $8.09 billion across 74 positions reported at the end of Q2 2026.

The portfolio demonstrates intense capital concentration, with the 10 largest equity positions accounting for 49.3% of total reported long assets.

### Top 15 Reported Holdings as of Q3 2026

| Rank | Ticker / Company Name | Reported Market Value | Portfolio Weight | Q3 Share Change |
| :---: | :--- | :---: | :---: | :---: |
| 1 | **CNQ** (Canadian Natural Resources Ltd.) | $714.1M | 8.5% | -8% |
| 2 | **BRK.B** (Berkshire Hathaway Inc. Class B) | $583.4M | 7.0% | +1% |
| 3 | **MSFT** (Microsoft Corp.) | $519.3M | 6.2% | +0% |
| 4 | **SCHW** (Charles Schwab Corp.) | $396.4M | 4.7% | -1% |
| 5 | **GOOG** (Alphabet Inc. Class A) | $385.1M | 4.6% | +0% |
| 6 | **JNJ** (Johnson & Johnson) | $333.9M | 4.0% | +0% |
| 7 | **UHAL/B** (AMERCO / U-Haul Holding Co. Class N) | $327.7M | 3.9% | +0% |
| 8 | **FOX** (Fox Corp. Class B) | $314.2M | 3.8% | -1% |
| 9 | **PG** (Procter & Gamble Co.) | $287.3M | 3.4% | +1% |
| 10 | **RS** (Reliance, Inc.) | $268.1M | 3.2% | -0% |
| 11 | **PEP** (PepsiCo, Inc.) | $265.7M | 3.2% | +1% |
| 12 | **NWSA** (News Corp. Class A) | $217.9M | 2.6% | +1% |
| 13 | **INTU** (Intuit Inc.) | $195.1M | 2.3% | +44% |
| 14 | **COP** (ConocoPhillips) | $194.3M | 2.3% | -3% |
| 15 | **CTSH** (Cognizant Technology Solutions Corp.) | $184.5M | 2.2% | +2% |

---

## 3. What Changed: New, Added, Trimmed, and Sold-Out Positions

During Q3 2026, Yacktman Asset Management initiated 1 new position, added to 42 existing holdings, trimmed 21 positions, and completely liquidated 0 holdings.

* **Total Estimated Capital Outlays (Purchases):** ~$123.6 Million
* **Total Estimated Proceeds (Sales):** ~$242.2 Million
* **Net Quarterly Capital Shift:** Net Seller of ~$118.5 Million
* **Quarterly Portfolio Turnover:** ~1.5%

### Detailed Position Changes (In Strict Order of Estimated Dollar Magnitude)

1. **KO (Coca-Cola Co.):** **Trimmed 45%** of position (~$82.8M estimated sale). The firm executed a major profit-taking move in the beverage titan, cutting its stake to 1,515,690 shares. Ending Position: **$100.3M (1.2% of portfolio)**.
2. **CNQ (Canadian Natural Resources Ltd.):** **Trimmed 8%** of position (~$60.8M estimated sale). Despite remaining Yacktman's largest long holding, capital was systematically harvested from this energy cornerstone. Ending Position: **$714.1M (8.5% of portfolio)**.
3. **INTU (Intuit Inc.):** **Added 44%** to position (~$59.6M estimated purchase). Yacktman deployed significant fresh liquidity into the high-ROIC tax and accounting software provider. Ending Position: **$195.1M (2.3% of portfolio)**.
4. **FOXA (Fox Corp. Class A):** **Trimmed 54%** of position (~$40.4M estimated sale). The fund aggressively reduced its Class A non-voting media shares while preserving its core voting Class B position. Ending Position: **$33.8M (0.4% of portfolio)**.
5. **STT (State Street Corp.):** **Trimmed 17%** of position (~$26.6M estimated sale). Capital was removed from the institutional custodian asset manager. Ending Position: **$134.0M (1.6% of portfolio)**.
6. **FANG (Diamondback Energy, Inc.):** **Trimmed 7%** of position (~$13.5M estimated sale). Reflects broader sector-level profit harvesting across exploration and production holdings. Ending Position: **$172.9M (2.1% of portfolio)**.
7. **SPY (SPDR S&P 500 ETF Trust):** **Added 379%** to position (~$10.3M estimated purchase). A substantial relative percentage add to a minor, tactical ETF proxy position. Ending Position: **$13.0M (0.2% of portfolio)**.
8. **BR (Broadridge Financial Solutions, Inc.):** **Added 6%** to position (~$8.6M estimated purchase). Incremental accumulation in the financial technology and corporate governance infrastructure vendor. Ending Position: **$150.2M (1.8% of portfolio)**.
9. **EWY (iShares MSCI South Korea ETF):** **Added 8%** to position (~$8.6M estimated purchase). Continued modest capital deployment into foreign equity ETF exposure. Ending Position: **$110.5M (1.3% of portfolio)**.
10. **COP (ConocoPhillips):** **Trimmed 3%** of position (~$6.7M estimated sale). Minor profit-taking in the legacy integrated E&P holding. Ending Position: **$194.3M (2.3% of portfolio)**.
11. **BRK.B (Berkshire Hathaway Inc. Class B):** **Added 1%** to position (~$5.1M estimated purchase). Passive dollar-cost accumulation in the portfolio's second-largest core asset. Ending Position: **$583.4M (7.0% of portfolio)**.
12. **SCHW (Charles Schwab Corp.):** **Trimmed 1%** of position (~$4.5M estimated sale). Fractional share trim in the retail brokerage giant. Ending Position: **$396.4M (4.7% of portfolio)**.
13. **FOX (Fox Corp. Class B):** **Trimmed 1%** of position (~$3.8M estimated sale). Minimal rebalancing in the core media investment block. Ending Position: **$314.2M (3.8% of portfolio)**.
14. **CTSH (Cognizant Technology Solutions Corp.):** **Added 2%** to position (~$3.6M estimated purchase). Routine accumulation in IT consulting services. Ending Position: **$184.5M (2.2% of portfolio)**.
15. **PEP (PepsiCo, Inc.):** **Added 1%** to position (~$3.1M estimated purchase). Incremental addition to high-cash-flow consumer staples assets. Ending Position: **$265.7M (3.2% of portfolio)**.

*Institutional Note on Investment Motives: DeepValues Research explicitly notes that all trade rationales discussed above reflect analytical inference based on portfolio structure, valuation shifts, and capital allocation theory, rather than direct statements released by Yacktman Asset Management LP.*

---

## 4. Valuation Analysis of Major Moves

Under DeepValues Research institutional coverage protocols, single-stage industrial Discounted Cash Flow (DCF) models and Owner Earnings frameworks require normalized corporate capital structures and predictable operational cash flows. 

For Q3 2026, **no fundamental valuation model could be constructed for the quarter's largest trade adjustments**. The primary transactions executed by Yacktman Asset Management involved asset types and business structures that fall outside standard industrial valuation modeling:
* **Financial Intermediaries & Custodians (STT, SCHW):** Financial institutions carry balance-sheet structures dominated by interest-bearing liabilities and regulatory capital requirements, rendering traditional operating cash flow valuation models ineffective.
* **Diversified Investment Vehicles & Index Instruments (SPY, EWY):** Exchange-traded funds reflect basket derivatives without standalone corporate cash flow statements.
* **Foreign Filers & Special Structures:** Securities with foreign tax regimes and non-US GAAP accounting treatments carry structural parameters that preclude standardized domestic DCF reconstruction.

Strictly adhering to DeepValues Research quality guidelines, specific intrinsic value targets, owner earnings calculations, discounted cash flow ranges, and explicit margin-of-safety percentages are omitted in full compliance with fundamental analytical standards.

---

## 5. Track Record: The Ten-Year 13F Clone Against the S&P 500

To evaluate the true stock-selection efficacy of Yacktman Asset Management’s US equity process, DeepValues Research maintains a 10-year public 13F performance clone benchmarked directly against the S&P 500 Index (SPY ETF total return).

### Methodology & Execution Parameters
* **Evaluation Window:** November 7, 2016 to November 6, 2026 (10.0 years across 41 consecutive quarterly filings).
* **Execution Rule:** Reported US common stock holdings (weighted by quarter-end reported market value) are purchased at the market close on the first trading day following the official SEC filing date and held unadjusted until the subsequent filing cycle.
* **Pricing & Coverage:** Returns utilize dividend-adjusted close pricing. Historical coverage averages price data for 92.3% of the portfolio's reported value (unpriced securities are removed and remaining holdings proportionally reweighted).

### Key Performance Summary (10-Year Period)
* **Compound Annual Growth Rate (CAGR):** 13F Clone **14.0%** vs. SPY **15.0%** (Relative Difference: **-1.0 percentage points/year**)
* **Total Cumulative Return:** 13F Clone **+268.8%** vs. SPY **+303.9%**
* **Maximum Drawdown (Month-End):** 13F Clone **-25.6%** vs. SPY **-23.9%**
* **Portfolio Characteristics:** Averages 60 common stock holdings per quarter; top 10 positions average 57.1% of portfolio value; average quarterly turnover rate of ~7.0%.

### Cycle Behavior & Annual Performance Breakdown

| Year | Yacktman 13F Clone | S&P 500 (SPY) | Relative Difference |
| :---: | :---: | :---: | :---: |
| **2016*** | +1.7% | +5.5% | -3.8% |
| **2017** | +21.6% | +21.7% | -0.1% |
| **2018** | +3.2% | -4.6% | +7.8% |
| **2019** | +26.5% | +31.2% | -4.7% |
| **2020** | +10.8% | +18.3% | -7.5% |
| **2021** | +31.4% | +28.7% | +2.7% |
| **2022** | -6.3% | -18.2% | +11.9% |
| **2023** | +17.3% | +26.2% | -8.9% |
| **2024** | +12.2% | +24.9% | -12.7% |
| **2025** | +11.6% | +17.7% | -6.1% |
| **2026*** | +14.2% | +8.7% | +5.5% |

*\*Represents partial calendar year coverage.*

### Cycle Performance Attribution
The 10-year tracking clone highlights Yacktman's distinct quality-value return profile across market cycles:
* **Capital Preservation in Down Markets:** The clone delivered massive relative outperformance during major market drawdowns, exceeding SPY by **+11.9 percentage points** in 2022 (-6.3% vs. -18.2%) and **+7.8 percentage points** in 2018 (+3.2% vs. -4.6%). This downside buffer stems directly from heavy concentrations in low-beta consumer staples, cash-generative value franchises, and structural underweighting in unprofitable growth equities.
* **Underperformance in Speculative Bull Regimes:** Conversely, the strategy lagged the benchmark during periods dominated by narrow mega-cap growth momentum, such as 2024 (**-12.7 percentage points** relative) and 2023 (**-8.9 percentage points** relative). Yacktman’s valuation discipline naturally restricts participation in highly valued technology rallies.

### Methodological Caveats
Institutional allocators must note that a 13F clone does not equal actual fund performance. Form 13F filings reflect US long equities exclusively and completely omit cash reserves (which Yacktman routinely holds in size), non-US exchange listings, fixed-income holdings, short positions, options overlay strategies, and intra-quarter execution timing, while introducing up to a 45-day reporting lag.

---

## 6. What a Patient Investor Can Learn

Analyzing Yacktman Asset Management's Q3 2026 13F submission provides three core portfolio management lessons for long-term investors:

1. **Inactivity as a Compounder Strategy:** Maintaining a quarterly turnover rate of just ~1.5% confirms that long-term wealth accumulation relies primarily on allowing high-ROIC businesses to compound internal cash flows, rather than engaging in frequent portfolio rebalancing.
2. **Prioritizing Downside Mitigation:** The portfolio’s track record in 2018 and 2022 highlights that protecting capital during broad market declines is mathematically more critical to long-term CAGR than chasing peak returns in speculative market phases.
3. **Disciplined Capital Recycling:** Trimming long-standing holdings that have appreciated toward fair value (such as Coca-Cola and Canadian Natural Resources) to fund high-conviction compounders (such as Intuit) illustrates systematic portfolio pruning without abandoning core investment principles.

---

## 7. Key Numbers

* **Reported Portfolio Value:** $8.38 Billion (vs. $8.09 Billion in Q2 2026)
* **Total Holdings Count:** 75 US long equities (49.3% concentrated in top 10 positions)
* **Net Trading Activity:** Net Seller of ~$118.5 Million (Purchases: ~$123.6M | Sales: ~$242.2M)
* **Quarterly Turnover Rate:** ~1.5%
* **Largest Single Purchase:** Intuit Inc. (INTU) — Added ~$59.6 Million (+44% share count expansion)
* **Largest Single Trims:** Coca-Cola Co. (KO) — Reduced ~$82.8 Million (-45% share count); Canadian Natural Resources Ltd. (CNQ) — Reduced ~$60.8 Million (-8% share count)
* **10-Year Clone CAGR:** 14.0% (vs. S&P 500 SPY 15.0%)

---

## 8. Closing Note: Limitations of Form 13F Filings

This institutional breakdown relies on Form 13F-HR quarterly holdings reports filed with the U.S. Securities and Exchange Commission by Yacktman Asset Management LP (CIK: `0000905567`, Accession No. `0000905567-26-000005`). 

The period of report covers holdings through September 30, 2026, officially filed on November 02, 2026. SEC Form 13F regulations mandate the reporting of long US exchange-listed equities only. Consequently, these figures completely exclude cash reserves, fixed-income instruments, short positions, options holdings, equities listed on non-US exchanges, and any portfolio transactions executed after September 30, 2026.

*Regulatory Disclaimer: This analytical report is published by DeepValues Research strictly for educational and institutional research purposes and does not constitute financial advice, investment recommendations, or an offer to buy or sell securities.*

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