Yacktman Asset Management LP 13F holdings and portfolio analysis
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Baseline
분석 메시지이 펀드에 대한 사전 생성된 Q&A. 자신의 분석을 위한 참조 컨텍스트로 사용하세요.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means moderate concentration rather than broad index-like exposure: top 5 30.80%, top 10 50.78%, top 20 74.78%, with MSFT 7.34%, FOXA 7.08%, SCHW 6.20%, GOOGL 5.59%, PEP 4.59%, UHAL 4.52%. The baseline result is return 10.97%, alpha 0.32%, beta 0.81, Sharpe 0.71, Sortino 0.86, max drawdown -38.00%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Consumer Staples 21.44%, Communication Services 19.47%, Industrials 12.59%, Financials 11.88%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2023-12-31 (7.20% vs SPY 4.96%, excess 2.24%, turnover 6.45%); the weakest was 2023-09-30 (5.33% vs SPY 10.11%, excess -4.77%, turnover 12.52%). The latest rows (2025-03-31 (4.83% vs SPY 9.22%, excess -4.39%, turnover 14.49%); 2025-06-30 (0.83% vs SPY 4.20%, excess -3.37%, turnover 11.00%); 2025-09-30 (3.64% vs SPY 1.49%, excess 2.16%, turnover 7.20%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether MSFT 7.34%, FOXA 7.08%, SCHW 6.20%, GOOGL 5.59% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -38.00% is acceptable for the user's risk budget.