Yacktman Asset Management

Q1 2016 13F · by Stephen Yacktman, CIO

As of: Mar 31, 2016
Filed: May 6, 2016
US stock: $12.8B · prev $13.2B
Positions: 45 · prev 46
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%

Moves37 since the prior filing

+1.0 pp in · −0.8 pp out

New 0 0.00 pp
Added 10 +1.01 pp
Trimmed 26 −0.83 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions45% of US stock

PG Procter & Gamble Company trimmed−0.68 pp trimmed−0.6812.5%
PEP PepsiCo, Inc. trimmed−0.18 pp trimmed−0.1810.7%
unresolved Twenty First Centy Fox Inc added+0.81 pp added+0.818.8%
KO Coca-Cola Company trimmed+0.12 pp trimmed+0.126.6%
CSCO Cisco Systems, Inc. (DE) trimmed+0.12 pp trimmed+0.126.5%

Positions45 in this filing · 1 exited


PGProcter & Gamble Company	12.46%	19,444,922	$1.6B	trimmed−11%	−0.68 pp	12 q
PEPPepsiCo, Inc.	10.69%	13,404,933	$1.4B	trimmed−7%	−0.18 pp	12 q
unresolvedTwenty First Centy Fox Inc	8.76%	40,353,546	$1.1B	added+4%	+0.81 pp	11 q
KOCoca-Cola Company	6.60%	18,293,235	$849M	trimmed−8%	+0.12 pp	12 q
CSCOCisco Systems, Inc. (DE)	6.50%	29,330,161	$835M	trimmed−6%	+0.12 pp	12 q
ORCLOracle Corp	6.43%	20,182,022	$826M	trimmed−12%	+0.11 pp	12 q
SYYSysco Corporation	6.31%	17,358,134	$811M	trimmed−16%	−0.08 pp	12 q
unresolvedTwenty First Centy Fox Inc	6.17%	28,115,293	$793M	trimmed−4%	+0.12 pp	11 q
JNJJohnson & Johnson	5.96%	7,080,500	$766M	trimmed−3%	+0.27 pp	12 q
MSFTMicrosoft Corp	5.39%	12,544,378	$693M	trimmed−3%	−0.04 pp	12 q
XOMExxon Mobil Corp	2.69%	4,131,136	$345M	trimmed−3%	+0.17 pp	12 q
USBU.S. Bancorp	2.22%	7,023,828	$285M	trimmed−1%	−0.06 pp	12 q
BCRCR Bard Inc.	2.01%	1,276,894	$259M	trimmed−1%	+0.17 pp	12 q
BNYBank of New York Mellon Corporation	1.70%	5,945,040	$219M	trimmed−0%	−0.16 pp	12 q
SYKStryker Corporation	1.63%	1,948,574	$209M	trimmed−5%	+0.18 pp	12 q
VIABViacom Inc. Class B	1.43%	4,445,296	$184M	trimmed−13%	−0.17 pp	12 q
COPConocoPhillips	1.36%	4,352,952	$175M	trimmed−7%	−0.29 pp	12 q
ELVElevance Health, Inc.	1.14%	1,055,389	$147M	added0%	+0.03 pp	6 q
AVPAvon Products, Inc.	1.05%	28,143,042	$135M	trimmed−20%	−0.02 pp	12 q
CMCSAComcast Corp	1.04%	2,197,950	$134M	added0%	+0.11 pp	2 q
CHRWC.H. Robinson Worldwide, Inc.	0.90%	1,551,059	$115M	trimmed−50%	−0.55 pp	12 q
WMTWalmart Inc.	0.88%	1,652,346	$113M	trimmed−12%	+0.01 pp	12 q
UNUnilever N V -ny Shares	0.81%	2,337,397	$104M	trimmed−3%	+0.02 pp	6 q
WFCWells Fargo & Co.	0.80%	2,124,932	$103M	added0%	−0.07 pp	12 q
STTState Street Corporation	0.76%	1,675,800	$98M	held	—	12 q
CLColgate-Palmolive Company	0.74%	1,346,600	$95M	added0%	+0.06 pp	12 q
GLWCorning Incorporated	0.55%	3,352,784	$70M	trimmed−1%	+0.08 pp	12 q
INTCIntel Corp	0.51%	2,029,300	$66M	added+1%	−0.02 pp	12 q
HPEHewlett Packard Enterprise Company	0.39%	2,801,556	$50M	trimmed−0%	+0.07 pp	2 q
GSGoldman Sachs Group Inc.	0.34%	278,300	$44M	held	—	12 q
MZTIThe Marzetti Company	0.34%	394,500	$44M	trimmed−4%	−0.02 pp	12 q
CLXClorox Company	0.30%	308,793	$39M	trimmed−16%	−0.06 pp	12 q
BACBank of America Corporation	0.29%	2,784,300	$38M	held	—	5 q
HPQHP Inc.	0.27%	2,801,486	$35M	trimmed−0%	+0.02 pp	2 q
unresolvedStaples Inc	0.19%	2,242,400	$25M	added0%	+0.03 pp	12 q
unresolvedApollo Group Inc Class A	0.14%	2,120,904	$17M	trimmed−0%	+0.02 pp	12 q
CRMTAmerica's Car Mart Inc	0.11%	572,336	$14M	added×2.3	+0.06 pp	7 q
BRK.ABerkshire Hathaway Inc.	0.05%	30	$6M	held	—	12 q
BRK.BBERKSHIRE HATHAWAY Class B	0.02%	21,679	$3M	added+44%	0.00 pp	12 q
PMPhilip Morris International Inc.	0.02%	28,784	$3M	held	—	12 q
MOAltria Group, Inc.	0.01%	25,900	$2M	held	—	12 q
TBBKThe Bancorp Inc.	0.00%	109,000	$623,000	held	—	12 q
unresolvedMOCON Inc.	0.00%	34,000	$471,000	held	—	7 q
RAVNRaven Industries Inc	0.00%	40,000	$641,000	added+18%	0.00 pp	5 q
VMIValmont Industries, Inc.	0.00%	4,000	$495,000	held	—	7 q
SPYState Street SPDR S&P 500 ETF Trust	—	−3,095	—	exited	0.00 pp	—