Yacktman Asset Management

Q3 2015 13F · by Stephen Yacktman, CIO

As of: Sep 30, 2015
Filed: Nov 6, 2015
US stock: $15.2B · prev $18.7B
Positions: 47 · prev 47
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%

Moves44 since the prior filing

+2.2 pp in · −2.2 pp out

New 2 0.00 pp
Added 6 +2.19 pp
Trimmed 34 −0.23 pp
Exited 2 −1.98 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.9% a year, about 20.4 years per position

Low
Moderate
High

Top 5 positions45% of US stock

PG Procter & Gamble Company trimmed+1.19 pp trimmed+1.1913.2%
PEP PepsiCo, Inc. trimmed−0.12 pp trimmed−0.1211.0%
unresolved Twenty First Centy Fox Inc added+0.56 pp added+0.567.2%
SYY Sysco Corporation trimmed+0.06 pp trimmed+0.066.6%
KO Coca-Cola Company trimmed+0.17 pp trimmed+0.176.5%

Positions47 in this filing · 2 exited


PGProcter & Gamble Company	13.15%	27,848,644	$2.0B	trimmed−3%	+1.19 pp	10 q
PEPPepsiCo, Inc.	11.01%	17,796,881	$1.7B	trimmed−20%	−0.12 pp	10 q
unresolvedTwenty First Centy Fox Inc	7.19%	40,611,243	$1.1B	added+6%	+0.56 pp	9 q
SYYSysco Corporation	6.60%	25,815,789	$1.0B	trimmed−24%	+0.06 pp	10 q
KOCoca-Cola Company	6.55%	24,890,739	$999M	trimmed−18%	+0.17 pp	10 q
ORCLOracle Corp	6.25%	26,359,856	$952M	trimmed−12%	−0.21 pp	10 q
CSCOCisco Systems, Inc. (DE)	6.22%	36,114,148	$948M	trimmed−14%	+0.05 pp	10 q
unresolvedTwenty First Centy Fox Inc	5.74%	32,334,835	$875M	added+14%	+0.87 pp	9 q
MSFTMicrosoft Corp	4.97%	17,111,829	$757M	trimmed−6%	+0.70 pp	10 q
JNJJohnson & Johnson	4.63%	7,560,334	$706M	added+2%	+0.76 pp	10 q
XOMExxon Mobil Corp	2.88%	5,893,790	$438M	trimmed−2%	+0.22 pp	10 q
USBU.S. Bancorp	2.39%	8,876,261	$364M	trimmed−7%	+0.17 pp	10 q
VIABViacom Inc. Class B	2.35%	8,307,450	$358M	trimmed−10%	−0.85 pp	10 q
CHRWC.H. Robinson Worldwide, Inc.	2.22%	4,982,623	$338M	trimmed−9%	+0.40 pp	10 q
SYKStryker Corporation	1.94%	3,143,750	$296M	trimmed−36%	−0.55 pp	10 q
COPConocoPhillips	1.80%	5,721,812	$274M	trimmed−2%	−0.11 pp	10 q
BCRCR Bard Inc.	1.79%	1,464,225	$273M	trimmed−47%	−0.74 pp	10 q
BNYBank of New York Mellon Corporation	1.69%	6,586,596	$258M	trimmed−4%	+0.15 pp	10 q
unresolvedComcast Corp. Spl Cl A	1.17%	3,110,350	$178M	trimmed−5%	+0.13 pp	10 q
UNUnilever N V -ny Shares	1.11%	4,193,954	$169M	trimmed−2%	+0.16 pp	4 q
ELVElevance Health, Inc.	0.99%	1,080,860	$151M	trimmed−2%	+0.02 pp	4 q
STTState Street Corporation	0.86%	1,943,500	$131M	trimmed−3%	+0.04 pp	10 q
WMTWalmart Inc.	0.82%	1,927,191	$125M	trimmed−7%	+0.03 pp	10 q
AVPAvon Products, Inc.	0.81%	38,081,692	$124M	trimmed−1%	−0.47 pp	10 q
WFCWells Fargo & Co.	0.79%	2,345,736	$120M	trimmed−5%	+0.05 pp	10 q
CLColgate-Palmolive Company	0.61%	1,464,000	$93M	trimmed−1%	+0.10 pp	10 q
CLXClorox Company	0.51%	670,389	$77M	trimmed−38%	−0.09 pp	10 q
unresolvedHewlett Packard Co	0.50%	2,950,077	$76M	trimmed−1%	+0.02 pp	10 q
INTCIntel Corp	0.47%	2,367,000	$71M	trimmed−1%	+0.08 pp	10 q
BACBank of America Corporation	0.44%	4,280,000	$67M	trimmed−1%	+0.05 pp	3 q
GLWCorning Incorporated	0.39%	3,453,266	$59M	trimmed−2%	+0.02 pp	10 q
MZTIThe Marzetti Company	0.33%	518,000	$50M	trimmed−1%	+0.08 pp	10 q
GSGoldman Sachs Group Inc.	0.32%	281,000	$49M	trimmed−1%	0.00 pp	10 q
unresolvedStaples Inc	0.17%	2,255,000	$26M	trimmed−1%	−0.02 pp	10 q
unresolvedApollo Group Inc Class A	0.16%	2,147,391	$24M	trimmed−1%	+0.01 pp	10 q
unresolvedSigma Aldrich Corp	0.08%	92,627	$13M	trimmed−93%	−0.97 pp	10 q
BRK.ABerkshire Hathaway Inc.	0.04%	30	$6M	held	—	10 q
MOAltria Group, Inc.	0.01%	25,900	$1M	held	—	10 q
TBBKThe Bancorp Inc.	0.01%	130,000	$991,000	trimmed−1%	0.00 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	15,079	$2M	held	—	10 q
PMPhilip Morris International Inc.	0.01%	28,784	$2M	held	—	10 q
CRMTAmerica's Car Mart Inc	0.00%	19,200	$635,000	added+32%	0.00 pp	5 q
unresolvedMOCON Inc.	0.00%	41,700	$563,000	added+15%	0.00 pp	5 q
PYPLPayPal Holdings, Inc.	0.00%	7,000	$217,000	new	0.00 pp	new
PLPCPreformed Line Products Co	0.00%	5,894	$219,000	new	0.00 pp	new
RAVNRaven Industries Inc	0.00%	33,000	$559,000	added+6%	0.00 pp	3 q
VMIValmont Industries, Inc.	0.00%	4,000	$380,000	held	—	5 q
EBAYeBay Inc	—	−6,170,639	—	exited	−1.98 pp	—
unresolvedMartha Stewart Living Omnimedi	—	−25,000	—	exited	0.00 pp	—