Yacktman Asset Management

Q1 2015 13F · by Stephen Yacktman, CIO

As of: Mar 31, 2015
Filed: Apr 30, 2015
US stock: $21.7B · prev $24.1B
Positions: 50 · 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%

Moves42 since the prior filing

+1.0 pp in · −1.1 pp out

New 2 +0.39 pp
Added 6 +0.58 pp
Trimmed 31 −0.63 pp
Exited 3 −0.44 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.9% a year, about 25.6 years per position

Low
Moderate
High

Top 5 positions42% of US stock

PEP PepsiCo, Inc. trimmed+0.65 pp trimmed+0.6511.2%
PG Procter & Gamble Company added+0.06 pp added+0.0610.8%
KO Coca-Cola Company trimmed+0.04 pp trimmed+0.047.3%
ORCL Oracle Corp trimmed−0.13 pp trimmed−0.137.0%
CSCO Cisco Systems, Inc. (DE) trimmed−0.38 pp trimmed−0.386.2%

Positions50 in this filing · 3 exited


PEPPepsiCo, Inc.	11.23%	25,486,417	$2.4B	trimmed−6%	+0.65 pp	8 q
PGProcter & Gamble Company	10.77%	28,543,118	$2.3B	added+1%	+0.06 pp	8 q
KOCoca-Cola Company	7.27%	38,926,130	$1.6B	trimmed−6%	+0.04 pp	8 q
ORCLOracle Corp	6.97%	35,067,721	$1.5B	trimmed−8%	−0.13 pp	8 q
CSCOCisco Systems, Inc. (DE)	6.21%	48,980,846	$1.3B	trimmed−14%	−0.38 pp	8 q
unresolvedTwenty First Centy Fox Inc	6.04%	38,763,826	$1.3B	trimmed−1%	−0.20 pp	7 q
SYYSysco Corporation	5.46%	31,396,386	$1.2B	trimmed−1%	+0.25 pp	8 q
MSFTMicrosoft Corp	4.03%	21,534,992	$876M	trimmed−2%	−0.21 pp	8 q
unresolvedTwenty First Centy Fox Inc	4.02%	26,558,600	$873M	added+5%	+0.17 pp	7 q
JNJJohnson & Johnson	3.91%	8,432,672	$848M	trimmed−2%	+0.18 pp	8 q
VIABViacom Inc. Class B	2.94%	9,342,758	$638M	trimmed−1%	+0.01 pp	8 q
XOMExxon Mobil Corp	2.71%	6,918,557	$588M	trimmed−1%	+0.02 pp	8 q
SYKStryker Corporation	2.70%	6,365,465	$587M	trimmed−13%	−0.17 pp	8 q
BCRCR Bard Inc.	2.56%	3,326,670	$557M	trimmed−25%	−0.52 pp	8 q
USBU.S. Bancorp	2.38%	11,829,103	$517M	trimmed−6%	+0.02 pp	8 q
EBAYeBay Inc	2.11%	7,944,740	$458M	trimmed−2%	+0.23 pp	8 q
CHRWC.H. Robinson Worldwide, Inc.	1.96%	5,824,009	$426M	trimmed−2%	+0.11 pp	8 q
ELVElevance Health, Inc.	1.89%	2,651,660	$409M	trimmed−15%	+0.26 pp	2 q
COPConocoPhillips	1.71%	5,970,958	$372M	trimmed−1%	−0.01 pp	8 q
BNYBank of New York Mellon Corporation	1.40%	7,546,108	$304M	trimmed−2%	+0.10 pp	8 q
unresolvedComcast Corp. Spl Cl A	1.37%	5,309,723	$298M	trimmed−14%	−0.11 pp	8 q
AVPAvon Products, Inc.	1.32%	35,815,717	$286M	added+14%	+0.09 pp	8 q
WMTWalmart Inc.	1.19%	3,135,871	$258M	trimmed−4%	+0.02 pp	8 q
unresolvedSigma Aldrich Corp	0.91%	1,428,207	$197M	trimmed−8%	+0.02 pp	8 q
UNUnilever N V -ny Shares	0.83%	4,327,190	$181M	added+22%	+0.26 pp	2 q
STTState Street Corporation	0.75%	2,224,500	$164M	held	—	8 q
CLXClorox Company	0.74%	1,450,537	$160M	trimmed−54%	−0.62 pp	8 q
WFCWells Fargo & Co.	0.66%	2,625,794	$143M	trimmed−6%	+0.03 pp	8 q
PDCOPatterson Companies, Inc.	0.50%	2,235,000	$109M	trimmed−6%	+0.02 pp	8 q
CLColgate-Palmolive Company	0.48%	1,490,000	$103M	trimmed−3%	+0.04 pp	8 q
unresolvedHewlett Packard Co	0.47%	3,293,103	$103M	trimmed−1%	−0.08 pp	8 q
BACBank of America Corporation	0.39%	5,465,000	$84M	new	+0.39 pp	new
unresolvedLiberty Interactive Corp	0.38%	2,801,301	$82M	trimmed−3%	+0.03 pp	8 q
GLWCorning Incorporated	0.37%	3,582,997	$81M	trimmed−20%	−0.06 pp	8 q
INTCIntel Corp	0.35%	2,415,000	$76M	trimmed−9%	−0.05 pp	8 q
GSGoldman Sachs Group Inc.	0.34%	398,000	$75M	held	—	8 q
MZTIThe Marzetti Company	0.23%	530,000	$50M	held	—	8 q
unresolvedApollo Group Inc Class A	0.19%	2,165,494	$41M	trimmed−1%	−0.12 pp	8 q
unresolvedStaples Inc	0.17%	2,275,000	$37M	held	—	8 q
BRK.ABerkshire Hathaway Inc.	0.03%	30	$7M	held	—	8 q
MOAltria Group, Inc.	0.01%	26,400	$1M	held	—	8 q
TBBKThe Bancorp Inc.	0.01%	152,050	$1M	trimmed−3%	0.00 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	15,079	$2M	held	—	8 q
PMPhilip Morris International Inc.	0.01%	29,389	$2M	held	—	8 q
CRMTAmerica's Car Mart Inc	0.00%	14,600	$792,000	held	—	3 q
unresolvedDreamWorks Animation SKG Inc.	0.00%	13,500	$327,000	added+32%	0.00 pp	3 q
unresolvedMartha Stewart Living Omnimedi	0.00%	55,000	$357,000	held	—	3 q
unresolvedMOCON Inc.	0.00%	36,364	$608,000	held	—	3 q
RAVNRaven Industries Inc	0.00%	26,500	$542,000	new	0.00 pp	new
VMIValmont Industries, Inc.	0.00%	4,000	$492,000	added+1%	0.00 pp	3 q
unresolvedBank of America Corp	—	−5,665,000	—	exited	−0.42 pp	—
unresolvedResource America Inc Cl A	—	−560,826	—	exited	−0.02 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−3,705	—	exited	0.00 pp	—