Donald Yacktman - Yacktman Asset Management Investment Strategy (Sep 30, 2025)

As of Sep 30, 2025, the Yacktman Asset Management portfolio managed by Donald Yacktman demonstrates a sophisticated investment approach with 82 positions and an average holding period of 1739 quarters. The strategy focuses on Basic Materials, Communication Services, Consumer Cyclical, Consumer Defensive, Energy, Financial Services, Healthcare, Industrials, Technology sectors with a typical position size of 2.3% of the portfolio.

The portfolio's risk management approach includes a maximum position size of 2.26% and sector diversification of 9%, exemplified by the case study of Canadian Natural Resources Ltd (CNQ). This strategic framework provides insights into Donald Yacktman's investment philosophy, risk management practices, and long-term value creation approach.

Key metrics revealing investment style, risk management, and performance characteristics

Metric	Value	Category	Description
Holding Period	4.8 years	Style	Average duration positions are maintained
Position Count	82	Style	Number of active positions in portfolio
Position Size	2.3%	Risk	Typical allocation per position
Win Rate	45.5%	Performance	Percentage of profitable positions
Average Return	398.9%	Performance	Mean return across positions
Sharpe Ratio	0.10	Performance	Return per unit of risk taken

Investment Case Study: Canadian Natural Resources Ltd (CNQ)

3/31/2021 - 11/9/2025

Total Return: 114,516.07%

Holding Period: 1684 days

Max Position Size: $1,147,693,368.00

Position Weight: 8.38%

3/31/2021: ENTRY(6,698,614.00 shares) @ $0.03

6/30/2021: INCREASE(6,072,612.00 shares) @ $0.04

9/30/2021: INCREASE(3,870,378.00 shares) @ $0.04

12/31/2021: INCREASE(386,159.00 shares) @ $0.04

3/31/2022: DECREASE(-73,794.00 shares) @ $0.06

6/30/2022: DECREASE(-60,957.00 shares) @ $0.05

9/30/2022: DECREASE(-1,085,448.00 shares) @ $0.05

12/31/2022: DECREASE(-635,421.00 shares) @ $55.53

3/31/2023: INCREASE(41,686.00 shares) @ $55.35

6/30/2023: DECREASE(-105,374.00 shares) @ $56.26

9/30/2023: DECREASE(-29,202.00 shares) @ $64.67

12/31/2023: DECREASE(-149,461.00 shares) @ $65.52

3/31/2024: INCREASE(108,119.00 shares) @ $76.32

6/30/2024: INCREASE(14,418,835.00 shares) @ $35.60

9/30/2024: DECREASE(-449,795.00 shares) @ $33.21

12/31/2024: DECREASE(-73,566.00 shares) @ $30.87

3/31/2025: DECREASE(-1,667,178.00 shares) @ $30.80

6/30/2025: DECREASE(-5,139,330.00 shares) @ $31.40

9/30/2025: DECREASE(-1,218,366.00 shares) @ $31.96

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors: