Yacktman Asset Management

Q3 2013 13F · by Stephen Yacktman, CIO

As of: Sep 30, 2013
Filed: Nov 1, 2013
US stock: $22.4B · prev $21.2B
Positions: 53 · prev 51
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves47 since the prior filing

+14.3 pp in · −14.3 pp out

New 4 +10.85 pp
Added 7 +3.40 pp
Trimmed 34 −13.90 pp
Exited 2 −0.36 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions41% of US stock

unresolved Twenty First Centy Fox Inc new+10.57 pp new+10.5710.6%
PEP PepsiCo, Inc. added+1.04 pp added+1.049.9%
PG Procter & Gamble Company trimmed−0.78 pp trimmed−0.788.5%
KO Coca-Cola Company added+1.40 pp added+1.406.7%
MSFT Microsoft Corp trimmed−0.59 pp trimmed−0.595.3%

Positions53 in this filing · 2 exited


unresolvedTwenty First Centy Fox Inc	10.57%	70,753,947	$2.4B	new	+10.57 pp	new
PEPPepsiCo, Inc.	9.91%	27,937,091	$2.2B	added+22%	+1.04 pp	2 q
PGProcter & Gamble Company	8.46%	25,107,262	$1.9B	trimmed−1%	−0.78 pp	2 q
KOCoca-Cola Company	6.73%	39,816,732	$1.5B	added+42%	+1.40 pp	2 q
MSFTMicrosoft Corp	5.31%	35,747,708	$1.2B	trimmed−1%	−0.59 pp	2 q
CSCOCisco Systems, Inc. (DE)	5.25%	50,273,165	$1.2B	trimmed−5%	−0.83 pp	2 q
BCRCR Bard Inc.	5.07%	9,874,124	$1.1B	trimmed−1%	−0.05 pp	2 q
SYYSysco Corporation	4.69%	33,069,530	$1.1B	added+1%	−0.59 pp	2 q
JNJJohnson & Johnson	3.72%	9,619,720	$834M	trimmed−1%	−0.24 pp	2 q
ORCLOracle Corp	3.61%	24,416,925	$810M	added+22%	+0.70 pp	2 q
SYKStryker Corporation	3.61%	11,986,101	$810M	trimmed−1%	−0.09 pp	2 q
VIABViacom Inc. Class B	3.53%	9,476,166	$792M	trimmed−5%	+0.31 pp	2 q
XOMExxon Mobil Corp	2.79%	7,276,782	$626M	added+30%	+0.40 pp	2 q
CLXClorox Company	2.24%	6,149,242	$503M	trimmed−1%	−0.20 pp	2 q
USBU.S. Bancorp	2.07%	12,698,721	$465M	trimmed−1%	−0.11 pp	2 q
COPConocoPhillips	1.93%	6,224,236	$433M	trimmed−3%	+0.09 pp	2 q
AVPAvon Products, Inc.	1.73%	18,778,080	$387M	trimmed−1%	−0.15 pp	2 q
CHRWC.H. Robinson Worldwide, Inc.	1.73%	6,526,627	$389M	added+6%	+0.09 pp	2 q
unresolvedComcast Corp. Spl Cl A	1.65%	8,545,844	$371M	trimmed−1%	+0.04 pp	2 q
unresolvedWellpoint Inc	1.35%	3,618,166	$303M	trimmed−1%	−0.06 pp	2 q
unresolvedDell Inc	1.30%	21,094,431	$290M	added+42%	+0.36 pp	2 q
WMTWalmart Inc.	1.07%	3,250,864	$240M	trimmed−0%	−0.08 pp	2 q
BNYBank of New York Mellon Corporation	1.05%	7,761,417	$234M	trimmed−1%	+0.01 pp	2 q
GLWCorning Incorporated	0.95%	14,589,044	$213M	trimmed−1%	−0.04 pp	2 q
unresolvedSigma Aldrich Corp	0.91%	2,404,546	$205M	trimmed−1%	−0.01 pp	2 q
NWSANews Corporation Class A	0.89%	12,355,801	$198M	trimmed−83%	−10.25 pp	2 q
WFCWells Fargo & Co.	0.88%	4,784,668	$198M	trimmed−1%	−0.06 pp	2 q
BDXBecton, Dickinson and Co.	0.78%	1,758,947	$176M	trimmed−1%	−0.05 pp	2 q
unresolvedApollo Group Inc Class A	0.71%	7,603,130	$158M	trimmed−0%	+0.07 pp	2 q
STTState Street Corporation	0.66%	2,236,900	$147M	trimmed−0%	−0.03 pp	2 q
unresolvedHewlett Packard Co	0.55%	5,897,819	$124M	trimmed−36%	−0.53 pp	2 q
PDCOPatterson Companies, Inc.	0.54%	3,029,500	$122M	trimmed−1%	0.00 pp	2 q
unresolvedCovidien PLC	0.49%	1,795,975	$109M	trimmed−1%	−0.05 pp	2 q
GSGoldman Sachs Group Inc.	0.46%	657,400	$104M	held	—	2 q
CLColgate-Palmolive Company	0.40%	1,525,000	$90M	trimmed−1%	−0.02 pp	2 q
BACBank of America Corporation	0.35%	5,695,000	$79M	trimmed−0%	0.00 pp	2 q
EBAYeBay Inc	0.35%	1,425,000	$80M	trimmed−1%	0.00 pp	2 q
unresolvedLiberty Interactive Corp	0.31%	2,943,551	$69M	held	—	2 q
INTCIntel Corp	0.27%	2,625,000	$60M	trimmed−1%	−0.03 pp	2 q
BBBlackBerry Limited	0.21%	5,905,078	$47M	new	+0.21 pp	new
unresolvedJanus Cap Group Inc	0.18%	4,705,000	$40M	held	—	2 q
MZTIThe Marzetti Company	0.18%	525,000	$41M	trimmed−1%	−0.02 pp	2 q
unresolvedStaples Inc	0.15%	2,280,000	$33M	trimmed−0%	−0.02 pp	2 q
NTRSNorthern Trust Corp	0.14%	557,200	$30M	trimmed−0%	−0.01 pp	2 q
TBBKThe Bancorp Inc.	0.06%	814,442	$14M	trimmed−66%	−0.11 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.06%	426,000	$14M	new	+0.06 pp	new
unresolvedResource America Inc Cl A	0.05%	1,509,476	$12M	held	—	2 q
BRK.ABerkshire Hathaway Inc.	0.02%	30	$5M	held	—	2 q
MOAltria Group, Inc.	0.01%	35,400	$1M	held	—	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	16,079	$2M	held	—	2 q
NWSNews Corporation Class B	0.01%	106,500	$2M	new	+0.01 pp	new
PFEPfizer Inc.	0.01%	41,700	$1M	held	—	2 q
PMPhilip Morris International Inc.	0.01%	38,689	$3M	trimmed−3%	−0.01 pp	2 q
unresolvedResearch In Motion	—	−5,871,352	—	exited	−0.29 pp	—
unresolvedNews Corp CL B	—	−426,000	—	exited	−0.07 pp	—