Yachtman Asset Management flags U-Haul’s self-storage value in Q1 2026 letter
The fund’s latest investor note suggests U-Haul’s entire $9.79 billion market capitalisation is justified by its self-storage segment, applying valuation metrics from Public Storage’s acquisition of National Storage Affiliates.
Yachtman Asset Management released its first-quarter 2026 investor letter for the AMG Yacktman Focused Fund, reporting a 10.37 per cent return that significantly outperformed the Russell 1000 Value Index and the S&P 500. The fund, which emphasises a long-term strategy for differentiated returns, navigated a US market environment that continued to post new highs despite geopolitical tensions. While the broader market saw the S&P 500 compound at mid-twenties per cent returns from 2023 to 2025, Yachtman’s disciplined approach allowed it to deliver superior risk-adjusted results.
The letter highlighted U-Haul Holding Company (NYSE:UHAL), noting that while the stock detracted from the fund’s performance, late-quarter evidence suggested its self-storage business accounts for the entirety of its $9.79 billion market capitalisation. U-Haul shares closed at $51.55 on May 22, 2026, having lost 16.84 per cent over the past 52 weeks and recorded a one-month return of -1.96 per cent. The fund stated that although the holding was a drag, the intrinsic value of the storage segment became apparent towards the end of the quarter.
To arrive at this valuation, Yachtman applied the metrics from Public Storage’s acquisition of National Storage Affiliates to U-Haul’s real estate holdings. Because U-Haul does not break out detailed financials for its trucking versus its self-storage business, the fund used the transaction as a benchmark. This methodology effectively attributes zero value to U-Haul’s truck rental operations, suggesting that the self-storage segment alone justifies the company’s full market valuation.
U-Haul Holding Company is a leading do-it-yourself moving and storage operator for household and commercial goods across the United States and Canada. The fund noted that the company continues to invest cash flow like business owners with a long-term perspective. This operational discipline contrasts with the stock’s recent market performance, where it has underperformed broader indices and failed to capture the attention of the majority of institutional investors.
Hedge fund interest in U-Haul remains relatively low compared to other sectors. According to the source data, 46 hedge fund portfolios held the stock at the end of the fourth quarter, up from 39 in the previous quarter. However, U-Haul is not among the 40 most popular stocks among hedge funds heading into 2026, with many institutions preferring AI stocks that offer greater perceived upside potential and lower downside risk.
