Yacktman Asset Management

Q1 2014 13F · by Stephen Yacktman, CIO

As of: Mar 31, 2014
Filed: May 6, 2014
US stock: $24.0B · prev $24.4B
Positions: 47 · 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

+1.3 pp in · −1.3 pp out

New 0 0.00 pp
Added 7 +1.25 pp
Trimmed 36 −0.89 pp
Exited 4 −0.37 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.7% a year, about 14.9 years per position

Low
Moderate
High

Top 5 positions41% of US stock

PEP PepsiCo, Inc. added+0.63 pp added+0.6311.5%
PG Procter & Gamble Company added+0.28 pp added+0.288.9%
unresolved Twenty First Centy Fox Inc trimmed−1.19 pp trimmed−1.197.8%
KO Coca-Cola Company added−0.17 pp added−0.177.2%
CSCO Cisco Systems, Inc. (DE) trimmed+0.07 pp trimmed+0.075.8%

Positions47 in this filing · 4 exited


PEPPepsiCo, Inc.	11.49%	33,019,680	$2.8B	added+4%	+0.63 pp	4 q
PGProcter & Gamble Company	8.90%	26,514,685	$2.1B	added+3%	+0.28 pp	4 q
unresolvedTwenty First Centy Fox Inc	7.81%	58,629,098	$1.9B	trimmed−6%	−1.19 pp	3 q
KOCoca-Cola Company	7.16%	44,453,471	$1.7B	added+3%	−0.17 pp	4 q
CSCOCisco Systems, Inc. (DE)	5.82%	62,292,307	$1.4B	trimmed−0%	+0.07 pp	4 q
MSFTMicrosoft Corp	5.63%	32,936,754	$1.4B	trimmed−4%	+0.37 pp	4 q
SYYSysco Corporation	4.81%	31,945,085	$1.2B	trimmed−0%	+0.06 pp	4 q
ORCLOracle Corp	4.73%	27,774,201	$1.1B	trimmed−0%	+0.35 pp	4 q
BCRCR Bard Inc.	4.21%	6,827,627	$1.0B	trimmed−12%	−0.05 pp	4 q
SYKStryker Corporation	3.93%	11,592,319	$944M	trimmed−3%	+0.24 pp	4 q
JNJJohnson & Johnson	3.92%	9,572,850	$940M	trimmed−0%	+0.31 pp	4 q
VIABViacom Inc. Class B	3.33%	9,390,304	$798M	trimmed−0%	−0.05 pp	4 q
XOMExxon Mobil Corp	2.95%	7,259,074	$709M	trimmed−0%	−0.07 pp	4 q
USBU.S. Bancorp	2.26%	12,651,030	$542M	trimmed−0%	+0.15 pp	4 q
CLXClorox Company	2.16%	5,903,089	$520M	trimmed−4%	−0.18 pp	4 q
EBAYeBay Inc	1.89%	8,220,817	$454M	trimmed−0%	+0.03 pp	4 q
COPConocoPhillips	1.81%	6,166,117	$434M	trimmed−1%	+0.01 pp	4 q
unresolvedComcast Corp. Spl Cl A	1.73%	8,499,868	$414M	trimmed−0%	−0.01 pp	4 q
AVPAvon Products, Inc.	1.52%	24,999,556	$366M	added+33%	+0.19 pp	4 q
unresolvedWellpoint Inc	1.49%	3,581,058	$356M	trimmed−1%	+0.12 pp	4 q
CHRWC.H. Robinson Worldwide, Inc.	1.44%	6,583,463	$345M	added+1%	−0.12 pp	4 q
BNYBank of New York Mellon Corporation	1.14%	7,724,703	$273M	trimmed−0%	+0.03 pp	4 q
WMTWalmart Inc.	1.04%	3,251,604	$249M	added0%	−0.01 pp	4 q
WFCWells Fargo & Co.	0.99%	4,753,749	$236M	trimmed−1%	+0.10 pp	4 q
unresolvedSigma Aldrich Corp	0.93%	2,397,543	$224M	trimmed−0%	0.00 pp	4 q
STTState Street Corporation	0.65%	2,229,500	$155M	trimmed−0%	−0.02 pp	4 q
BDXBecton, Dickinson and Co.	0.63%	1,300,476	$152M	trimmed−26%	−0.16 pp	4 q
GLWCorning Incorporated	0.63%	7,283,861	$152M	trimmed−50%	−0.42 pp	4 q
unresolvedHewlett Packard Co	0.55%	4,061,279	$131M	trimmed−31%	−0.12 pp	4 q
unresolvedCovidien PLC	0.55%	1,784,825	$131M	trimmed−0%	+0.05 pp	4 q
unresolvedApollo Group Inc Class A	0.54%	3,802,335	$130M	trimmed−49%	−0.30 pp	4 q
unresolvedTwenty First Centy Fox Inc	0.53%	4,095,600	$127M	added×7.7	+0.45 pp	3 q
PDCOPatterson Companies, Inc.	0.52%	3,017,000	$126M	trimmed−1%	+0.01 pp	4 q
BACBank of America Corporation	0.41%	5,670,000	$98M	trimmed−0%	+0.05 pp	4 q
CLColgate-Palmolive Company	0.41%	1,525,000	$99M	trimmed−0%	0.00 pp	4 q
unresolvedLiberty Interactive Corp	0.35%	2,941,301	$85M	held	—	4 q
GSGoldman Sachs Group Inc.	0.28%	403,000	$66M	trimmed−39%	−0.20 pp	4 q
INTCIntel Corp	0.28%	2,615,000	$67M	trimmed−0%	0.00 pp	4 q
MZTIThe Marzetti Company	0.22%	525,000	$52M	held	—	4 q
NTRSNorthern Trust Corp	0.15%	555,700	$36M	trimmed−0%	+0.01 pp	4 q
unresolvedStaples Inc	0.11%	2,275,000	$26M	trimmed−0%	−0.04 pp	4 q
unresolvedResource America Inc Cl A	0.05%	1,459,476	$13M	trimmed−3%	−0.01 pp	4 q
TBBKThe Bancorp Inc.	0.02%	194,450	$4M	trimmed−63%	−0.02 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.02%	30	$6M	held	—	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	16,079	$2M	held	—	4 q
PMPhilip Morris International Inc.	0.01%	29,689	$2M	trimmed−23%	0.00 pp	4 q
MOAltria Group, Inc.	0.00%	26,400	$988,000	trimmed−25%	−0.01 pp	4 q
NWSANews Corporation Class A	—	−2,520,074	—	exited	−0.19 pp	—
BBBlackBerry Limited	—	−5,883,446	—	exited	−0.18 pp	—
NWSNews Corporation Class B	—	−33,500	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,870	—	exited	0.00 pp	—