Yacktman Asset Management

Q4 2015 13F · by Stephen Yacktman, CIO

As of: Dec 31, 2015
Filed: Feb 4, 2016
US stock: $13.2B · prev $15.2B
Positions: 46 · 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%

Moves46 since the prior filing

+1.6 pp in · −1.6 pp out

New 4 +1.50 pp
Added 2 +0.05 pp
Trimmed 35 +0.16 pp
Exited 5 −1.75 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.2% a year, about 16.0 years per position

Low
Moderate
High

Top 5 positions45% of US stock

PG Procter & Gamble Company trimmed−0.01 pp trimmed−0.0113.1%
PEP PepsiCo, Inc. trimmed−0.14 pp trimmed−0.1410.9%
unresolved Twenty First Centy Fox Inc trimmed+0.76 pp trimmed+0.768.0%
KO Coca-Cola Company trimmed−0.07 pp trimmed−0.076.5%
SYY Sysco Corporation trimmed−0.21 pp trimmed−0.216.4%

Positions46 in this filing · 5 exited


PGProcter & Gamble Company	13.14%	21,858,570	$1.7B	trimmed−22%	−0.01 pp	11 q
PEPPepsiCo, Inc.	10.87%	14,361,804	$1.4B	trimmed−19%	−0.14 pp	11 q
unresolvedTwenty First Centy Fox Inc	7.95%	38,669,101	$1.1B	trimmed−5%	+0.76 pp	10 q
KOCoca-Cola Company	6.48%	19,918,068	$856M	trimmed−20%	−0.07 pp	11 q
SYYSysco Corporation	6.39%	20,571,055	$843M	trimmed−20%	−0.21 pp	11 q
CSCOCisco Systems, Inc. (DE)	6.38%	31,043,403	$843M	trimmed−14%	+0.16 pp	11 q
ORCLOracle Corp	6.32%	22,852,319	$835M	trimmed−13%	+0.07 pp	11 q
unresolvedTwenty First Centy Fox Inc	6.05%	29,361,821	$800M	trimmed−9%	+0.31 pp	10 q
JNJJohnson & Johnson	5.69%	7,316,129	$752M	trimmed−3%	+1.06 pp	11 q
MSFTMicrosoft Corp	5.43%	12,932,358	$717M	trimmed−24%	+0.46 pp	11 q
XOMExxon Mobil Corp	2.52%	4,266,560	$333M	trimmed−28%	−0.36 pp	11 q
USBU.S. Bancorp	2.28%	7,067,060	$302M	trimmed−20%	−0.11 pp	11 q
BNYBank of New York Mellon Corporation	1.86%	5,953,376	$245M	trimmed−10%	+0.17 pp	11 q
BCRCR Bard Inc.	1.84%	1,283,759	$243M	trimmed−12%	+0.05 pp	11 q
COPConocoPhillips	1.65%	4,661,296	$218M	trimmed−19%	−0.15 pp	11 q
VIABViacom Inc. Class B	1.60%	5,122,201	$211M	trimmed−38%	−0.75 pp	11 q
CHRWC.H. Robinson Worldwide, Inc.	1.45%	3,095,797	$192M	trimmed−38%	−0.77 pp	11 q
SYKStryker Corporation	1.45%	2,061,165	$192M	trimmed−34%	−0.49 pp	11 q
ELVElevance Health, Inc.	1.11%	1,054,313	$147M	trimmed−2%	+0.12 pp	5 q
AVPAvon Products, Inc.	1.07%	34,998,500	$142M	trimmed−8%	+0.26 pp	11 q
CMCSAComcast Corp	0.93%	2,187,950	$123M	new	+0.93 pp	new
WMTWalmart Inc.	0.87%	1,876,066	$115M	trimmed−3%	+0.05 pp	11 q
WFCWells Fargo & Co.	0.87%	2,118,631	$115M	trimmed−10%	+0.08 pp	11 q
STTState Street Corporation	0.84%	1,675,800	$111M	trimmed−14%	−0.02 pp	11 q
UNUnilever N V -ny Shares	0.79%	2,397,533	$104M	trimmed−43%	−0.32 pp	5 q
CLColgate-Palmolive Company	0.68%	1,346,500	$90M	trimmed−8%	+0.07 pp	11 q
INTCIntel Corp	0.53%	2,019,300	$70M	trimmed−15%	+0.06 pp	11 q
GLWCorning Incorporated	0.47%	3,370,598	$62M	trimmed−2%	+0.08 pp	11 q
GSGoldman Sachs Group Inc.	0.38%	278,300	$50M	trimmed−1%	+0.06 pp	11 q
CLXClorox Company	0.36%	369,771	$47M	trimmed−45%	−0.15 pp	11 q
MZTIThe Marzetti Company	0.36%	412,500	$48M	trimmed−20%	+0.03 pp	11 q
BACBank of America Corporation	0.35%	2,784,300	$47M	trimmed−35%	−0.09 pp	4 q
HPEHewlett Packard Enterprise Company	0.32%	2,802,495	$43M	new	+0.32 pp	new
HPQHP Inc.	0.25%	2,802,425	$33M	new	+0.25 pp	new
unresolvedStaples Inc	0.16%	2,232,400	$21M	trimmed−1%	−0.01 pp	11 q
unresolvedApollo Group Inc Class A	0.12%	2,123,569	$16M	trimmed−1%	−0.04 pp	11 q
CRMTAmerica's Car Mart Inc	0.05%	249,229	$7M	added×13.0	+0.05 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.04%	30	$6M	held	—	11 q
BRK.BBERKSHIRE HATHAWAY Class B	0.02%	15,079	$2M	held	—	11 q
PMPhilip Morris International Inc.	0.02%	28,784	$3M	held	—	11 q
MOAltria Group, Inc.	0.01%	25,900	$2M	held	—	11 q
TBBKThe Bancorp Inc.	0.01%	109,000	$694,000	trimmed−16%	0.00 pp	11 q
unresolvedMOCON Inc.	0.00%	34,000	$494,000	trimmed−18%	0.00 pp	6 q
RAVNRaven Industries Inc	0.00%	34,000	$530,000	added+3%	0.00 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	3,095	$631,000	new	0.00 pp	new
VMIValmont Industries, Inc.	0.00%	4,000	$424,000	held	—	6 q
unresolvedComcast Corp. Spl Cl A	—	−3,110,350	—	exited	−1.17 pp	—
unresolvedHewlett Packard Co	—	−2,950,077	—	exited	−0.50 pp	—
unresolvedSigma Aldrich Corp	—	−92,627	—	exited	−0.08 pp	—
PYPLPayPal Holdings, Inc.	—	−7,000	—	exited	0.00 pp	—
PLPCPreformed Line Products Co	—	−5,894	—	exited	0.00 pp	—