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Yacktman Asset Management's Strategic Moves in Q1 2024: A Focus on Pioneer Natural Resources Co

Insight into Yacktman Asset Management (Trades, Portfolio)'s Latest 13F Filing

Yacktman Asset Management (Trades, Portfolio), an Austin, Texas-based investment firm renowned for its value equity investing, has recently disclosed its 13F filing for the first quarter of 2024. The firm, led by a team of seasoned investment professionals including Chief Investment Officer Stephen Yacktman, emphasizes a disciplined and patient investment approach aimed at achieving superior returns over a full market cycle. With a philosophy centered on acquiring good businesses at low prices, managed by shareholder-oriented teams, Yacktman continues to make calculated investment decisions in a diverse range of industries.

Yacktman Asset Management's Strategic Moves in Q1 2024: A Focus on Pioneer Natural Resources Co
Yacktman Asset Management's Strategic Moves in Q1 2024: A Focus on Pioneer Natural Resources Co

Summary of New Buys

During the first quarter of 2024, Yacktman Asset Management (Trades, Portfolio) expanded its portfolio by adding five new stocks. Noteworthy new acquisitions include:

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  • Kellanova Co (NYSE:K), purchasing 2,131,403 shares, which now represent 1.1% of the portfolio, valued at approximately $122.11 million.

  • Darling Ingredients Inc (NYSE:DAR), with 1,882,183 shares, making up about 0.79% of the portfolio, totaling around $87.54 million.

  • Teledyne Technologies Inc (NYSE:TDY), adding 16,500 shares, accounting for 0.06% of the portfolio, with a total value of $7.08 million.

Key Position Increases

The firm also increased its stakes in 14 existing holdings, with significant boosts in:

  • Kenvue Inc (NYSE:KVUE), adding 855,859 shares, bringing the total to 6,265,316 shares. This adjustment increased the share count by 15.82% and had a 0.17% impact on the current portfolio, valued at $134.45 million.

  • Canadian Natural Resources Ltd (NYSE:CNQ), with an additional 108,119 shares, bringing the total to 15,037,911 shares, valued at approximately $1.15 billion.

Summary of Sold Out Positions

Yacktman Asset Management (Trades, Portfolio) completely exited two holdings in this quarter:

  • Weatherford International PLC (NASDAQ:WFRD), selling all 1,384,500 shares, impacting the portfolio by -1.26%.

  • U.S. Bancorp (NYSE:USB), liquidating all 7,000 shares, with a negligible impact on the portfolio.

Key Position Reductions

The firm reduced its positions in 42 stocks, with the most notable reductions including:

  • Pioneer Natural Resources Co (NYSE:PXD), reducing holdings by 806,710 shares, a -72.41% decrease, impacting the portfolio by -1.69%. The stock traded at an average price of $234.47 during the quarter and has seen a return of 20.00% over the past three months and 21.39% year-to-date.

  • Reliance Inc (NYSE:RS), cutting back by 215,302 shares, a -17.77% reduction, impacting the portfolio by -0.56%. The stock's average trading price was $304.32 this quarter, with a return of 0.32% over the past three months and 4.07% year-to-date.

Portfolio Overview

As of the first quarter of 2024, Yacktman Asset Management (Trades, Portfolio)'s portfolio included 73 stocks. The top holdings comprised 10.32% in Canadian Natural Resources Ltd (NYSE:CNQ), 6.01% in Microsoft Corp (NASDAQ:MSFT), 5% in Alphabet Inc (NASDAQ:GOOG), 4.27% in U-Haul Holding Co (NYSE:UHAL.B), and 4.09% in Charles Schwab Corp (NYSE:SCHW). The firm's investments are primarily concentrated across nine industries, including Energy, Consumer Defensive, and Technology, among others.

Yacktman Asset Management's Strategic Moves in Q1 2024: A Focus on Pioneer Natural Resources Co
Yacktman Asset Management's Strategic Moves in Q1 2024: A Focus on Pioneer Natural Resources Co

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.