Yacktman Asset Management

Q3 2014 13F · by Stephen Yacktman, CIO

As of: Sep 30, 2014
Filed: Nov 4, 2014
US stock: $24.0B · prev $24.6B
Positions: 51 · prev 47
Options notional: $0
Documents: 1· 1 amendment

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%

Moves42 since the prior filing

+1.9 pp in · −2.1 pp out

New 6 +0.01 pp
Added 8 +1.88 pp
Trimmed 26 −1.93 pp
Exited 2 −0.16 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.5% a year, about 18.1 years per position

Low
Moderate
High

Top 5 positions41% of US stock

PEP PepsiCo, Inc. trimmed−0.10 pp trimmed−0.1011.3%
PG Procter & Gamble Company added+1.11 pp added+1.1110.1%
KO Coca-Cola Company trimmed0.00 pp trimmed0.007.6%
CSCO Cisco Systems, Inc. (DE) trimmed+0.13 pp trimmed+0.136.4%
unresolved Twenty First Centy Fox Inc trimmed−0.36 pp trimmed−0.366.0%

Revealed late, restated

restated 51 rows corrected by the filer · US stock −50.00%; later quarters recomputed 13F-HR/A · Nov 4, 2014 ↗

Positions51 in this filing · 2 exited


PEPPepsiCo, Inc.	11.35%	29,207,369	$2.7B	trimmed−7%	−0.10 pp	6 q
PGProcter & Gamble Company	10.12%	28,942,742	$2.4B	added+3%	+1.11 pp	6 q
KOCoca-Cola Company	7.64%	42,906,057	$1.8B	trimmed−3%	0.00 pp	6 q
CSCOCisco Systems, Inc. (DE)	6.42%	61,101,962	$1.5B	trimmed−2%	+0.13 pp	6 q
unresolvedTwenty First Centy Fox Inc	5.96%	41,664,484	$1.4B	trimmed−6%	−0.36 pp	5 q
MSFTMicrosoft Corp	5.46%	28,228,587	$1.3B	trimmed−14%	−0.12 pp	6 q
SYYSysco Corporation	5.02%	31,713,072	$1.2B	trimmed−1%	+0.16 pp	6 q
ORCLOracle Corp	4.94%	30,927,060	$1.2B	added+12%	+0.37 pp	6 q
JNJJohnson & Johnson	3.85%	8,651,258	$922M	trimmed−4%	0.00 pp	6 q
BCRCR Bard Inc.	3.84%	6,443,334	$920M	trimmed−4%	−0.06 pp	6 q
SYKStryker Corporation	3.24%	9,596,895	$775M	trimmed−6%	−0.25 pp	6 q
unresolvedTwenty First Centy Fox Inc	3.17%	22,823,300	$760M	added+22%	+0.57 pp	5 q
VIABViacom Inc. Class B	3.01%	9,378,152	$722M	added0%	−0.29 pp	6 q
XOMExxon Mobil Corp	2.75%	7,007,786	$659M	trimmed−2%	−0.17 pp	6 q
USBU.S. Bancorp	2.21%	12,645,201	$529M	trimmed−0%	−0.02 pp	6 q
COPConocoPhillips	1.92%	6,015,335	$460M	trimmed−2%	−0.22 pp	6 q
EBAYeBay Inc	1.92%	8,108,199	$459M	trimmed−2%	+0.24 pp	6 q
CLXClorox Company	1.87%	4,675,497	$449M	trimmed−17%	−0.22 pp	6 q
CHRWC.H. Robinson Worldwide, Inc.	1.78%	6,436,500	$427M	trimmed−2%	+0.08 pp	6 q
unresolvedWellpoint Inc	1.56%	3,131,978	$375M	trimmed−7%	+0.09 pp	6 q
AVPAvon Products, Inc.	1.42%	26,990,234	$340M	trimmed−0%	−0.19 pp	6 q
unresolvedComcast Corp. Spl Cl A	1.39%	6,219,550	$333M	trimmed−27%	−0.46 pp	6 q
BNYBank of New York Mellon Corporation	1.25%	7,750,709	$300M	trimmed−0%	+0.07 pp	6 q
WMTWalmart Inc.	1.04%	3,272,616	$250M	added0%	+0.04 pp	6 q
unresolvedSigma Aldrich Corp	1.01%	1,786,911	$243M	trimmed−25%	+0.02 pp	6 q
STTState Street Corporation	0.68%	2,224,500	$164M	held	—	6 q
BDXBecton, Dickinson and Co.	0.62%	1,303,596	$148M	trimmed−0%	−0.01 pp	6 q
WFCWells Fargo & Co.	0.61%	2,805,725	$146M	trimmed−34%	−0.30 pp	6 q
PDCOPatterson Companies, Inc.	0.53%	3,047,000	$126M	added0%	+0.04 pp	6 q
unresolvedHewlett Packard Co	0.50%	3,355,169	$119M	trimmed−0%	+0.04 pp	6 q
CLColgate-Palmolive Company	0.42%	1,540,000	$100M	added0%	−0.01 pp	6 q
unresolvedBank of America Corp	0.40%	5,665,000	$97M	held	—	2 q
INTCIntel Corp	0.38%	2,640,000	$92M	added0%	+0.05 pp	6 q
GLWCorning Incorporated	0.36%	4,501,907	$87M	trimmed−0%	−0.04 pp	6 q
unresolvedLiberty Interactive Corp	0.35%	2,941,301	$84M	held	—	6 q
GSGoldman Sachs Group Inc.	0.31%	403,000	$74M	held	—	6 q
unresolvedApollo Group Inc Class A	0.25%	2,412,959	$61M	trimmed−36%	−0.23 pp	6 q
MZTIThe Marzetti Company	0.19%	525,000	$45M	held	—	6 q
unresolvedStaples Inc	0.11%	2,275,000	$28M	held	—	6 q
unresolvedResource America Inc Cl A	0.04%	972,176	$9M	trimmed−29%	−0.01 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.03%	30	$6M	held	—	6 q
MOAltria Group, Inc.	0.01%	26,400	$1M	held	—	6 q
TBBKThe Bancorp Inc.	0.01%	161,050	$1M	held	—	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	16,079	$2M	held	—	6 q
CSVIComputer Services Inc	0.01%	34,168	$1M	new	+0.01 pp	new
PMPhilip Morris International Inc.	0.01%	29,689	$2M	held	—	6 q
CRMTAmerica's Car Mart Inc	0.00%	26,500	$1M	new	0.00 pp	new
unresolvedDreamWorks Animation SKG Inc.	0.00%	8,150	$222,000	new	0.00 pp	new
unresolvedMartha Stewart Living Omnimedi	0.00%	44,000	$158,000	new	0.00 pp	new
unresolvedMOCON Inc.	0.00%	37,300	$557,000	new	0.00 pp	new
VMIValmont Industries, Inc.	0.00%	3,650	$492,000	new	0.00 pp	new
NTRSNorthern Trust Corp	—	−555,700	—	exited	−0.15 pp	—
SSNLFSamsung Elect Ltd	—	−1,200	—	exited	−0.01 pp	—

Source

Form: 13F-HR/A
Reading: 4 defects · 14 unresolved
Accession: 0000905567-14-000009
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 20539A105 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 605051044 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 20539A105 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 605051044 not on the Official 13(f) List for 2014-09-30

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