Self-Storage Business Powers U-Haul Holding Company’s (UHAL) Valuation

May 26, 2026 - 04:27

Yachtman Asset Management has published its investor letter for the first quarter of 2026, covering the performance of its AMG Yacktman Focused Fund. The fund posted a return of 10.37% for the quarter, beating the Russell 1000 Value Index, which returned 2.10%, and the S&P 500 Index, which fell by 4.33%. The letter highlights how the fund's holdings have fared during a period of mixed signals in the U.S. markets.

A key factor in the fund's performance has been its investment in U-Haul Holding Company, known by the ticker UHAL. While U-Haul is widely recognized for its truck and trailer rentals, the company's self-storage business has become a major driver of its overall valuation. The storage segment provides a steady, recurring revenue stream that helps balance the more cyclical nature of the moving equipment rental side. As demand for storage space remains resilient, this part of the business continues to support UHAL's stock price and gives the company a stronger financial foundation compared to competitors that lack a similar asset base. The fund's managers see this stability as a key reason for the stock's continued appeal.