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From Trade War Champs to Playing Catch-Up

Yacktman beat the market in 2018. In 2025, it’s a different story.

August 13, 2025

TL;DR: TODAY’S EDITION

  • In 2018, copying Yacktman would have crushed the S&P 500 (+16.9% vs. -4.4%) during the trade war by playing defense.

  • Their latest 13F shows trims in 9 of their top 10 holdings — classic “protect the castle” mode.

  • YTD 2025 of the copycat portfolio: Yacktman +2.4% vs. S&P 500 +9.5% — defensive stance lagging in a bull market.

  • Lesson: Defense wins in storms, but you need offense when the sun’s out.

YACKTMAN ASSET MANAGEMENT

🥊 The Glory Days

In 2018, during the height of the US–China trade war, Yacktman Asset Management didn’t just survive — they thrived. While the S&P 500 sank -4.4%, copying Yacktman would have racked up a +16.9% gain.

Their value-driven, defensive approach proved deadly effective in a crisis. They became a poster child for “investing like a fortress” when markets get messy.

📦 Q2 2025: What’s in the Bag?

Fresh off their latest 13F filing, here’s Yacktman’s current top 10 holdings — and how they changed from Q1:

  1. Canadian Natural Resources (CNQ) – Still #1, but trimmed by 18.8%. Energy exposure scaled back.

  2. Microsoft (MSFT) – Shares down 8.2%, but price gains pushed portfolio weight up from 5.9% to 7.4%.

  3. Charles Schwab (SCHW) – Small trim in shares, portfolio weight up from 4.8% to 5.6%.

  4. U-Haul Holding B (UHALB) – Minimal changes; remains a quirky, stable piece of the portfolio.

  5. Procter & Gamble (PG) – Slight trim in shares; defensive consumer staples mainstay.

  6. Fox Corp (FOX) – Shares cut by 5.2%, weight slightly down.

  7. PepsiCo (PEP) – Almost unchanged; steady blue-chip beverage player.

  8. Cognizant Tech Solutions (CTSH) – Trimmed 2.4%, still a notable IT services position.

  9. News Corp A (NWSA) – Reduced by 4.8%, weight slightly up thanks to price performance.

  10. Reliance (RS) – Minor trim, still a meaningful materials play.

🔍 The Big Theme: Trim, Trim, Trim

  • 9 out of 10 top holdings were reduced in share count this quarter.

  • Even when positions increased in portfolio weight (like MSFT or SCHW), it was because stock prices rose — not because Yacktman doubled down.

  • The only near-constant? PepsiCo and U-haul, held steady.

This is classic defensive posture: protect gains, lighten risk, and let winners run.

📊 How’s That Working Out?

While Yacktman was way ahead of the S&P 500 during our last coverage in April, the YTD Performance of the copycat-portfolio (Top 10 stocks, Manager weight) tells a different story:

Yacktman

S&P 500

2.4%

9.5%

The verdict? That fortress mentality works wonders in a storm… but in sunny markets, you might miss the parade.

💡 Lessons Learned

Playing defense can save your portfolio in a downturn — just ask anyone who followed Yacktman in 2018.

But the flip side? Knowing when to switch to offense is just as important.

The market’s been in recovery mode, and staying too cautious can mean falling behind while others ride the rally.

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