Yacktman Asset Management

Q2 2016 13F · by Stephen Yacktman, CIO

As of: Jun 30, 2016
Filed: Aug 1, 2016
US stock: $12.1B · prev $12.8B
Positions: 45 · prev 45
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%

Moves41 since the prior filing

+0.4 pp in · −0.4 pp out

New 0 0.00 pp
Added 12 +0.43 pp
Trimmed 29 −0.43 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions45% of US stock

PG Procter & Gamble Company trimmed+0.70 pp trimmed+0.7013.2%
PEP PepsiCo, Inc. trimmed−1.38 pp trimmed−1.389.3%
unresolved Twenty First Centy Fox Inc trimmed+0.21 pp trimmed+0.219.0%
ORCL Oracle Corp trimmed+0.40 pp trimmed+0.406.8%
JNJ Johnson & Johnson trimmed+0.74 pp trimmed+0.746.7%

Positions45 in this filing · 0 exited


PGProcter & Gamble Company	13.16%	18,778,145	$1.6B	trimmed−3%	+0.70 pp	13 q
PEPPepsiCo, Inc.	9.31%	10,614,023	$1.1B	trimmed−21%	−1.38 pp	13 q
unresolvedTwenty First Centy Fox Inc	8.97%	40,063,686	$1.1B	trimmed−1%	+0.21 pp	12 q
ORCLOracle Corp	6.83%	20,161,631	$825M	trimmed−0%	+0.40 pp	13 q
JNJJohnson & Johnson	6.70%	6,671,349	$809M	trimmed−6%	+0.74 pp	13 q
CSCOCisco Systems, Inc. (DE)	6.69%	28,148,032	$808M	trimmed−4%	+0.19 pp	13 q
KOCoca-Cola Company	6.33%	16,876,233	$765M	trimmed−8%	−0.27 pp	13 q
unresolvedTwenty First Centy Fox Inc	6.31%	27,975,629	$762M	trimmed−1%	+0.14 pp	12 q
SYYSysco Corporation	6.23%	14,831,661	$753M	trimmed−15%	−0.08 pp	13 q
MSFTMicrosoft Corp	5.30%	12,524,050	$641M	trimmed−0%	−0.09 pp	13 q
XOMExxon Mobil Corp	2.68%	3,451,825	$324M	trimmed−16%	−0.01 pp	13 q
USBU.S. Bancorp	2.34%	7,018,632	$283M	trimmed−0%	+0.12 pp	13 q
BNYBank of New York Mellon Corporation	1.92%	5,980,155	$232M	added+1%	+0.22 pp	13 q
BCRCR Bard Inc.	1.57%	806,300	$190M	trimmed−37%	−0.44 pp	13 q
COPConocoPhillips	1.55%	4,302,886	$188M	trimmed−1%	+0.19 pp	13 q
VIABViacom Inc. Class B	1.50%	4,359,268	$181M	trimmed−2%	+0.07 pp	13 q
SYKStryker Corporation	1.39%	1,402,704	$168M	trimmed−28%	−0.24 pp	13 q
ELVElevance Health, Inc.	1.15%	1,056,204	$139M	added0%	+0.01 pp	7 q
CMCSAComcast Corp	1.08%	1,997,550	$130M	trimmed−9%	+0.04 pp	3 q
UNUnilever N V -ny Shares	0.90%	2,324,301	$109M	trimmed−1%	+0.09 pp	7 q
WFCWells Fargo & Co.	0.83%	2,127,795	$101M	added0%	+0.03 pp	13 q
CLColgate-Palmolive Company	0.82%	1,351,400	$99M	added0%	+0.08 pp	13 q
AVPAvon Products, Inc.	0.80%	25,605,741	$97M	trimmed−9%	−0.25 pp	13 q
STTState Street Corporation	0.75%	1,690,800	$91M	added+1%	−0.01 pp	13 q
WMTWalmart Inc.	0.73%	1,209,684	$88M	trimmed−27%	−0.15 pp	13 q
CHRWC.H. Robinson Worldwide, Inc.	0.64%	1,040,092	$77M	trimmed−33%	−0.26 pp	13 q
GLWCorning Incorporated	0.57%	3,373,580	$69M	added+1%	+0.02 pp	13 q
INTCIntel Corp	0.55%	2,028,100	$67M	trimmed−0%	+0.04 pp	13 q
HPEHewlett Packard Enterprise Company	0.43%	2,836,380	$52M	added+1%	+0.04 pp	3 q
GSGoldman Sachs Group Inc.	0.35%	281,300	$42M	added+1%	+0.01 pp	13 q
MZTIThe Marzetti Company	0.32%	305,400	$39M	trimmed−23%	−0.02 pp	13 q
BACBank of America Corporation	0.31%	2,782,900	$37M	trimmed−0%	+0.02 pp	6 q
HPQHP Inc.	0.29%	2,836,360	$36M	added+1%	+0.02 pp	3 q
unresolvedApollo Group Inc Class A	0.16%	2,120,584	$19M	trimmed−0%	+0.02 pp	13 q
unresolvedStaples Inc	0.16%	2,252,300	$19M	added0%	−0.03 pp	13 q
CRMTAmerica's Car Mart Inc	0.14%	580,959	$16M	added+2%	+0.03 pp	8 q
CLXClorox Company	0.09%	78,625	$11M	trimmed−75%	−0.21 pp	13 q
BRK.ABerkshire Hathaway Inc.	0.05%	30	$7M	held	—	13 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	22,779	$3M	added+5%	+0.01 pp	13 q
PMPhilip Morris International Inc.	0.02%	28,501	$3M	trimmed−1%	0.00 pp	13 q
MOAltria Group, Inc.	0.01%	25,900	$2M	held	—	13 q
TBBKThe Bancorp Inc.	0.01%	109,000	$656,000	held	—	13 q
unresolvedMOCON Inc.	0.00%	34,000	$481,000	held	—	8 q
RAVNRaven Industries Inc	0.00%	27,000	$511,000	trimmed−33%	0.00 pp	6 q
VMIValmont Industries, Inc.	0.00%	1,800	$243,000	trimmed−55%	0.00 pp	8 q