Yacktman Asset Management

Q4 2014 13F · by Stephen Yacktman, CIO

As of: Dec 31, 2014
Filed: Feb 2, 2015
US stock: $24.1B · prev $24.0B
Positions: 51 · prev 51
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%

Moves48 since the prior filing

+4.7 pp in · −4.8 pp out

New 3 +2.20 pp
Added 12 +2.48 pp
Trimmed 30 −2.59 pp
Exited 3 −2.19 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions42% of US stock

Positions51 in this filing · 3 exited


PGProcter & Gamble Company	10.71%	28,367,201	$2.6B	trimmed−2%	+0.59 pp	7 q
PEPPepsiCo, Inc.	10.58%	26,984,307	$2.6B	trimmed−8%	−0.77 pp	7 q
KOCoca-Cola Company	7.23%	41,278,303	$1.7B	trimmed−4%	−0.41 pp	7 q
ORCLOracle Corp	7.10%	38,063,442	$1.7B	added+23%	+2.16 pp	7 q
CSCOCisco Systems, Inc. (DE)	6.59%	57,130,320	$1.6B	trimmed−7%	+0.17 pp	7 q
unresolvedTwenty First Centy Fox Inc	6.24%	39,213,870	$1.5B	trimmed−6%	+0.28 pp	6 q
SYYSysco Corporation	5.21%	31,631,921	$1.3B	trimmed−0%	+0.19 pp	7 q
MSFTMicrosoft Corp	4.24%	21,990,391	$1.0B	trimmed−22%	−1.22 pp	7 q
unresolvedTwenty First Centy Fox Inc	3.85%	25,183,900	$929M	added+10%	+0.68 pp	6 q
JNJJohnson & Johnson	3.73%	8,611,359	$900M	trimmed−0%	−0.12 pp	7 q
BCRCR Bard Inc.	3.08%	4,455,796	$742M	trimmed−31%	−0.76 pp	7 q
VIABViacom Inc. Class B	2.93%	9,394,477	$707M	added0%	−0.08 pp	7 q
SYKStryker Corporation	2.87%	7,334,707	$692M	trimmed−24%	−0.37 pp	7 q
XOMExxon Mobil Corp	2.69%	7,011,924	$648M	added0%	−0.06 pp	7 q
USBU.S. Bancorp	2.36%	12,639,933	$568M	trimmed−0%	+0.15 pp	7 q
EBAYeBay Inc	1.88%	8,090,017	$454M	trimmed−0%	−0.04 pp	7 q
CHRWC.H. Robinson Worldwide, Inc.	1.85%	5,944,096	$445M	trimmed−8%	+0.07 pp	7 q
COPConocoPhillips	1.72%	6,015,948	$415M	added0%	−0.20 pp	7 q
ELVElevance Health, Inc.	1.63%	3,120,524	$392M	new	+1.63 pp	new
unresolvedComcast Corp. Spl Cl A	1.48%	6,206,525	$357M	trimmed−0%	+0.09 pp	7 q
CLXClorox Company	1.36%	3,153,581	$329M	trimmed−33%	−0.51 pp	7 q
BNYBank of New York Mellon Corporation	1.30%	7,731,284	$314M	trimmed−0%	+0.05 pp	7 q
AVPAvon Products, Inc.	1.23%	31,470,712	$296M	added+17%	−0.19 pp	7 q
WMTWalmart Inc.	1.17%	3,273,133	$281M	added0%	+0.13 pp	7 q
unresolvedSigma Aldrich Corp	0.89%	1,559,598	$214M	trimmed−13%	−0.12 pp	7 q
STTState Street Corporation	0.72%	2,224,500	$175M	held	—	7 q
WFCWells Fargo & Co.	0.63%	2,790,575	$153M	trimmed−1%	+0.02 pp	7 q
UNUnilever N V -ny Shares	0.57%	3,533,658	$138M	new	+0.57 pp	new
unresolvedHewlett Packard Co	0.55%	3,332,475	$134M	trimmed−1%	+0.05 pp	7 q
PDCOPatterson Companies, Inc.	0.48%	2,385,000	$115M	trimmed−22%	−0.05 pp	7 q
CLColgate-Palmolive Company	0.44%	1,540,000	$107M	held	—	7 q
GLWCorning Incorporated	0.43%	4,471,132	$103M	trimmed−1%	+0.07 pp	7 q
unresolvedBank of America Corp	0.42%	5,665,000	$101M	held	—	3 q
INTCIntel Corp	0.40%	2,650,000	$96M	added0%	+0.02 pp	7 q
unresolvedLiberty Interactive Corp	0.35%	2,901,301	$85M	trimmed−1%	0.00 pp	7 q
GSGoldman Sachs Group Inc.	0.32%	398,000	$77M	trimmed−1%	+0.01 pp	7 q
unresolvedApollo Group Inc Class A	0.31%	2,196,595	$75M	trimmed−9%	+0.06 pp	7 q
MZTIThe Marzetti Company	0.21%	530,000	$50M	added+1%	+0.02 pp	7 q
unresolvedStaples Inc	0.17%	2,275,000	$41M	held	—	7 q
BRK.ABerkshire Hathaway Inc.	0.03%	30	$7M	held	—	7 q
unresolvedResource America Inc Cl A	0.02%	560,826	$5M	trimmed−42%	−0.02 pp	7 q
MOAltria Group, Inc.	0.01%	26,400	$1M	held	—	7 q
TBBKThe Bancorp Inc.	0.01%	157,050	$2M	trimmed−2%	0.00 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	15,079	$2M	trimmed−6%	0.00 pp	7 q
PMPhilip Morris International Inc.	0.01%	29,389	$2M	trimmed−1%	0.00 pp	7 q
CRMTAmerica's Car Mart Inc	0.00%	14,600	$779,000	trimmed−45%	0.00 pp	2 q
unresolvedDreamWorks Animation SKG Inc.	0.00%	10,200	$228,000	added+25%	0.00 pp	2 q
unresolvedMartha Stewart Living Omnimedi	0.00%	55,000	$237,000	added+25%	0.00 pp	2 q
unresolvedMOCON Inc.	0.00%	36,364	$649,000	trimmed−3%	0.00 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	3,705	$762,000	new	0.00 pp	new
VMIValmont Industries, Inc.	0.00%	3,950	$502,000	added+8%	0.00 pp	2 q
unresolvedWellpoint Inc	—	−3,131,978	—	exited	−1.56 pp	—
BDXBecton, Dickinson and Co.	—	−1,303,596	—	exited	−0.62 pp	—
CSVIComputer Services Inc	—	−34,168	—	exited	−0.01 pp	—