U-Haul Holdings Co. (UHAL, Financial) (formerly AMERCO) took steps to simplify its structure, in part due to management’s frustration with the gap between the stock’s market price and management’s perception of value. We think its do-it-yourself moving business—an incredible brand built over multiple decades—is worth most of today’s stock price. In addition, investors get significant upside from the underappreciated self-storage holdings, which today consist of more than 75 million square feet of owned and operated space. Late in the year, the Shoen family, U-Haul’s controlling shareholders, purchased more than $75 million in shares.
From the Yacktman Fund (Trades, Portfolio)'s fourth-quarter 2022 commentary.
