Yacktman Asset Management

Q2 2015 13F · by Stephen Yacktman, CIO

As of: Jun 30, 2015
Filed: Aug 7, 2015
US stock: $18.7B · prev $21.7B
Positions: 47 · prev 50
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%

Moves45 since the prior filing

+3.1 pp in · −3.1 pp out

New 0 0.00 pp
Added 5 +3.08 pp
Trimmed 37 −2.19 pp
Exited 3 −0.88 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.7% a year, about 27.2 years per position

Low
Moderate
High

Top 5 positions43% of US stock

PG Procter & Gamble Company added+1.19 pp added+1.1912.0%
PEP PepsiCo, Inc. trimmed−0.10 pp trimmed−0.1011.1%
unresolved Twenty First Centy Fox Inc trimmed+0.59 pp trimmed+0.596.6%
SYY Sysco Corporation added+1.08 pp added+1.086.5%
ORCL Oracle Corp trimmed−0.51 pp trimmed−0.516.5%

Positions47 in this filing · 3 exited


PGProcter & Gamble Company	11.96%	28,638,888	$2.2B	added0%	+1.19 pp	9 q
PEPPepsiCo, Inc.	11.13%	22,349,418	$2.1B	trimmed−12%	−0.10 pp	9 q
unresolvedTwenty First Centy Fox Inc	6.63%	38,175,697	$1.2B	trimmed−2%	+0.59 pp	8 q
SYYSysco Corporation	6.54%	33,960,032	$1.2B	added+8%	+1.08 pp	9 q
ORCLOracle Corp	6.46%	30,055,101	$1.2B	trimmed−14%	−0.51 pp	9 q
KOCoca-Cola Company	6.38%	30,495,596	$1.2B	trimmed−22%	−0.89 pp	9 q
CSCOCisco Systems, Inc. (DE)	6.17%	42,100,813	$1.2B	trimmed−14%	−0.04 pp	9 q
unresolvedTwenty First Centy Fox Inc	4.87%	28,311,645	$912M	added+7%	+0.85 pp	8 q
MSFTMicrosoft Corp	4.27%	18,129,351	$800M	trimmed−16%	+0.24 pp	9 q
JNJJohnson & Johnson	3.87%	7,441,948	$725M	trimmed−12%	−0.04 pp	9 q
VIABViacom Inc. Class B	3.20%	9,270,516	$599M	trimmed−1%	+0.26 pp	9 q
XOMExxon Mobil Corp	2.66%	6,002,640	$499M	trimmed−13%	−0.05 pp	9 q
BCRCR Bard Inc.	2.53%	2,773,248	$473M	trimmed−17%	−0.03 pp	9 q
SYKStryker Corporation	2.49%	4,883,871	$467M	trimmed−23%	−0.21 pp	9 q
USBU.S. Bancorp	2.22%	9,590,640	$416M	trimmed−19%	−0.16 pp	9 q
EBAYeBay Inc	1.98%	6,170,639	$372M	trimmed−22%	−0.13 pp	9 q
COPConocoPhillips	1.91%	5,843,605	$359M	trimmed−2%	+0.20 pp	9 q
CHRWC.H. Robinson Worldwide, Inc.	1.82%	5,462,748	$341M	trimmed−6%	−0.14 pp	9 q
BNYBank of New York Mellon Corporation	1.54%	6,881,548	$289M	trimmed−9%	+0.14 pp	9 q
AVPAvon Products, Inc.	1.28%	38,341,852	$240M	added+7%	−0.04 pp	9 q
unresolvedSigma Aldrich Corp	1.05%	1,408,946	$196M	trimmed−1%	+0.14 pp	9 q
unresolvedComcast Corp. Spl Cl A	1.04%	3,267,200	$196M	trimmed−38%	−0.33 pp	9 q
ELVElevance Health, Inc.	0.97%	1,103,020	$181M	trimmed−58%	−0.92 pp	3 q
UNUnilever N V -ny Shares	0.95%	4,260,621	$178M	trimmed−2%	+0.12 pp	3 q
STTState Street Corporation	0.82%	1,999,500	$154M	trimmed−10%	+0.07 pp	9 q
WMTWalmart Inc.	0.79%	2,077,532	$147M	trimmed−34%	−0.40 pp	9 q
WFCWells Fargo & Co.	0.74%	2,458,660	$138M	trimmed−6%	+0.08 pp	9 q
CLXClorox Company	0.60%	1,076,804	$112M	trimmed−26%	−0.14 pp	9 q
CLColgate-Palmolive Company	0.51%	1,475,000	$96M	trimmed−1%	+0.03 pp	9 q
unresolvedHewlett Packard Co	0.48%	2,979,164	$89M	trimmed−10%	+0.01 pp	9 q
BACBank of America Corporation	0.39%	4,330,000	$74M	trimmed−21%	0.00 pp	2 q
INTCIntel Corp	0.39%	2,382,000	$72M	trimmed−1%	+0.04 pp	9 q
GLWCorning Incorporated	0.37%	3,523,631	$70M	trimmed−2%	0.00 pp	9 q
GSGoldman Sachs Group Inc.	0.32%	285,000	$60M	trimmed−28%	−0.02 pp	9 q
MZTIThe Marzetti Company	0.25%	525,000	$48M	trimmed−1%	+0.02 pp	9 q
unresolvedStaples Inc	0.19%	2,270,000	$35M	trimmed−0%	+0.02 pp	9 q
unresolvedApollo Group Inc Class A	0.15%	2,161,625	$28M	trimmed−0%	−0.04 pp	9 q
BRK.ABerkshire Hathaway Inc.	0.03%	30	$6M	held	—	9 q
MOAltria Group, Inc.	0.01%	25,900	$1M	trimmed−2%	0.00 pp	9 q
TBBKThe Bancorp Inc.	0.01%	131,350	$1M	trimmed−14%	0.00 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	15,079	$2M	held	—	9 q
PMPhilip Morris International Inc.	0.01%	28,784	$2M	trimmed−2%	0.00 pp	9 q
CRMTAmerica's Car Mart Inc	0.00%	14,600	$720,000	held	—	4 q
unresolvedMartha Stewart Living Omnimedi	0.00%	25,000	$156,000	trimmed−55%	0.00 pp	4 q
unresolvedMOCON Inc.	0.00%	36,364	$580,000	held	—	4 q
RAVNRaven Industries Inc	0.00%	31,000	$630,000	added+17%	0.00 pp	2 q
VMIValmont Industries, Inc.	0.00%	4,000	$475,000	held	—	4 q
PDCOPatterson Companies, Inc.	—	−2,235,000	—	exited	−0.50 pp	—
unresolvedLiberty Interactive Corp	—	−2,801,301	—	exited	−0.38 pp	—
unresolvedDreamWorks Animation SKG Inc.	—	−13,500	—	exited	0.00 pp	—