Yachtman Asset Management released its first-quarter 2026 investor letter for its AMG “Yacktman Focused Fund”. A copy of the letter is available to download here. The Fund returned 10.37% for the first quarter, outperforming both the Russell 1000® Value Index and the S&P 500 Index, which returned 2.10% and -4.33%, respectively. The U.S. markets continue to post new highs, with the S&P 500® having compounded at mid-twenties percent returns from 2023 to 2025. The letter noted that there are no indications of a slowdown in the US market, despite significant geopolitical events. The Fund remains disciplined, investing in companies and building a portfolio of strong, risk-adjusted returns throughout the market cycle, emphasizing a long-term strategy for differentiated returns. In addition, please check the Fund’s top five holdings to know its best picks in 2026.
In its first-quarter 2026 investor letter, Yacktman Focused Fund highlighted ConocoPhillips (NYSE:COP). ConocoPhillips (NYSE:COP) is a US-based energy company that produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. On May 22, 2026, ConocoPhillips (NYSE:COP) closed at $120.46 per share. One-month return of ConocoPhillips (NYSE:COP) was -1.00%, and its shares gained 41.40% over the past 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $146.76 billion.
Yacktman Focused Fund stated the following regarding ConocoPhillips (NYSE:COP) in its Q1 2026 investor letter:
“The energy companies in the portfolio contributed strongly to performance in the quarter: Canadian Natural Resources Limited (CNQ), ConocoPhillips (NYSE:COP), Diamondback Energy, and EOG Resources, Inc. All were beneficiaries of the oil price shocks associated with the conflict in the Middle East. We initially invested in CNQ in 2021 when energy company valuations had suffered through the COVID-19 crisis. Environmental, social, and governance (ESG) initiatives also weighed on market sentiment about the sector. In 2022 we added the other energy names at a time when the market cap of the entire sector was a fraction of the total market. These energy investments were designed in part to serve as a natural hedge in the face of geopolitical risks should they arise.”
ConocoPhillips (NYSE:COP) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 65 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of the fourth quarter, compared to 72 in the previous quarter. While we acknowledge the risk and potential of ConocoPhillips (NYSE:COP) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ConocoPhillips (NYSE:COP) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered ConocoPhillips (NYSE:COP) and shared the list of most undervalued US stocks according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.
Disclosure: None. This article is originally published at Insider Monkey.
