Yacktman Asset Management

Q2 2014 13F · by Stephen Yacktman, CIO

As of: Jun 30, 2014
Filed: Aug 4, 2014
US stock: $24.6B · prev $24.0B
Positions: 47 · prev 47
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves40 since the prior filing

+2.6 pp in · −2.5 pp out

New 2 +0.36 pp
Added 14 +2.20 pp
Trimmed 22 −1.58 pp
Exited 2 −0.96 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.1 years per position

Low
Moderate
High

Top 5 positions41% of US stock

PEP PepsiCo, Inc. trimmed−0.04 pp trimmed−0.0411.4%
PG Procter & Gamble Company added+0.11 pp added+0.119.0%
KO Coca-Cola Company trimmed+0.48 pp trimmed+0.487.6%
unresolved Twenty First Centy Fox Inc trimmed−1.49 pp trimmed−1.496.3%
CSCO Cisco Systems, Inc. (DE) trimmed+0.47 pp trimmed+0.476.3%

Positions47 in this filing · 2 exited


PEPPepsiCo, Inc.	11.45%	31,517,996	$2.8B	trimmed−5%	−0.04 pp	5 q
PGProcter & Gamble Company	9.01%	28,191,905	$2.2B	added+6%	+0.11 pp	5 q
KOCoca-Cola Company	7.64%	44,378,906	$1.9B	trimmed−0%	+0.48 pp	5 q
unresolvedTwenty First Centy Fox Inc	6.32%	44,223,525	$1.6B	trimmed−25%	−1.49 pp	4 q
CSCOCisco Systems, Inc. (DE)	6.29%	62,285,649	$1.5B	trimmed−0%	+0.47 pp	5 q
MSFTMicrosoft Corp	5.58%	32,936,787	$1.4B	added0%	−0.05 pp	5 q
SYYSysco Corporation	4.86%	31,935,685	$1.2B	trimmed−0%	+0.05 pp	5 q
ORCLOracle Corp	4.57%	27,710,005	$1.1B	trimmed−0%	−0.16 pp	5 q
BCRCR Bard Inc.	3.90%	6,701,207	$958M	trimmed−2%	−0.31 pp	5 q
JNJJohnson & Johnson	3.85%	9,045,902	$946M	trimmed−6%	−0.07 pp	5 q
SYKStryker Corporation	3.49%	10,178,928	$858M	trimmed−12%	−0.44 pp	5 q
VIABViacom Inc. Class B	3.30%	9,352,815	$811M	trimmed−0%	−0.03 pp	5 q
XOMExxon Mobil Corp	2.92%	7,123,611	$717M	trimmed−2%	−0.03 pp	5 q
unresolvedTwenty First Centy Fox Inc	2.60%	18,702,500	$640M	added×4.6	+2.07 pp	4 q
USBU.S. Bancorp	2.23%	12,658,004	$548M	added0%	−0.03 pp	5 q
COPConocoPhillips	2.14%	6,144,890	$527M	trimmed−0%	+0.33 pp	5 q
CLXClorox Company	2.09%	5,626,481	$514M	trimmed−5%	−0.07 pp	5 q
unresolvedComcast Corp. Spl Cl A	1.85%	8,538,783	$455M	added0%	+0.12 pp	5 q
CHRWC.H. Robinson Worldwide, Inc.	1.70%	6,568,700	$419M	trimmed−0%	+0.26 pp	5 q
EBAYeBay Inc	1.68%	8,232,534	$412M	added0%	−0.21 pp	5 q
AVPAvon Products, Inc.	1.61%	27,054,646	$395M	added+8%	+0.09 pp	5 q
unresolvedWellpoint Inc	1.47%	3,362,604	$362M	trimmed−6%	−0.02 pp	5 q
BNYBank of New York Mellon Corporation	1.18%	7,760,010	$291M	added0%	+0.04 pp	5 q
WMTWalmart Inc.	1.00%	3,271,212	$246M	added+1%	−0.04 pp	5 q
unresolvedSigma Aldrich Corp	0.99%	2,398,185	$243M	added0%	+0.06 pp	5 q
WFCWells Fargo & Co.	0.91%	4,257,755	$224M	trimmed−10%	−0.08 pp	5 q
BDXBecton, Dickinson and Co.	0.63%	1,304,228	$154M	added0%	0.00 pp	5 q
STTState Street Corporation	0.61%	2,224,500	$150M	trimmed−0%	−0.04 pp	5 q
PDCOPatterson Companies, Inc.	0.49%	3,042,000	$120M	added+1%	−0.03 pp	5 q
unresolvedApollo Group Inc Class A	0.48%	3,752,372	$117M	trimmed−1%	−0.06 pp	5 q
unresolvedHewlett Packard Co	0.46%	3,363,606	$113M	trimmed−17%	−0.09 pp	5 q
CLColgate-Palmolive Company	0.43%	1,535,000	$105M	added+1%	+0.02 pp	5 q
GLWCorning Incorporated	0.40%	4,513,066	$99M	trimmed−38%	−0.23 pp	5 q
unresolvedLiberty Interactive Corp	0.35%	2,941,301	$86M	held	—	5 q
unresolvedBank of America Corp	0.35%	5,665,000	$87M	new	+0.35 pp	new
INTCIntel Corp	0.33%	2,635,000	$81M	added+1%	+0.05 pp	5 q
GSGoldman Sachs Group Inc.	0.27%	403,000	$67M	held	—	5 q
MZTIThe Marzetti Company	0.20%	525,000	$50M	held	—	5 q
NTRSNorthern Trust Corp	0.15%	555,700	$36M	held	—	5 q
unresolvedStaples Inc	0.10%	2,275,000	$25M	held	—	5 q
unresolvedResource America Inc Cl A	0.05%	1,360,076	$13M	trimmed−7%	0.00 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.02%	30	$6M	held	—	5 q
TBBKThe Bancorp Inc.	0.01%	161,050	$2M	trimmed−17%	−0.01 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	16,079	$2M	held	—	5 q
PMPhilip Morris International Inc.	0.01%	29,689	$3M	held	—	5 q
SSNLFSamsung Elect Ltd	0.01%	1,200	$2M	new	+0.01 pp	new
MOAltria Group, Inc.	0.00%	26,400	$1M	held	—	5 q
unresolvedCovidien PLC	—	−1,784,825	—	exited	−0.55 pp	—
BACBank of America Corporation	—	−5,670,000	—	exited	−0.41 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 11 unresolved
Accession: 0000905567-14-000006
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 605051044 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP Y74718100 not on the Official 13(f) List for 2014-06-30

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