Answer: Hollies would be sensitive to extremely wet soil, and this could cause some yellowing. If the location is one that is consistently wet or flooded, you might consider moving the plant. Hollies will lose a certain amount of foliage each spring as part of their natural renewal process. They may also yellow if exposed to excessive wind or if there is physical damage or if the soil is not sufficiently acidic. Using a fertilizer for acid loving plants should take care of that. If the problem spreads, you mgiht want to take a sample and a photo to your county extension for a more precise identification and their suggestions as to what to do next.
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