Yacktman Asset Management

Q4 2016 13F · by Stephen Yacktman, CIO

As of: Dec 31, 2016
Filed: Jan 30, 2017
US stock: $11.0B · prev $11.5B
Positions: 44 · 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%

Moves45 since the prior filing

+0.4 pp in · −0.4 pp out

New 1 +0.02 pp
Added 2 +0.37 pp
Trimmed 39 −0.12 pp
Exited 3 −0.30 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−0.48 pp trimmed−0.4812.0%
unresolved Twenty First Centy Fox Inc trimmed+1.07 pp trimmed+1.0711.1%
PEP PepsiCo, Inc. trimmed+0.02 pp trimmed+0.028.3%
CSCO Cisco Systems, Inc. (DE) trimmed−0.24 pp trimmed−0.246.8%
ORCL Oracle Corp trimmed+0.03 pp trimmed+0.036.8%

Positions44 in this filing · 3 exited


PGProcter & Gamble Company	12.02%	15,761,988	$1.3B	trimmed−2%	−0.48 pp	15 q
unresolvedTwenty First Centy Fox Inc	11.09%	43,575,268	$1.2B	trimmed−8%	+1.07 pp	14 q
PEPPepsiCo, Inc.	8.34%	8,782,946	$919M	trimmed−0%	+0.02 pp	15 q
CSCOCisco Systems, Inc. (DE)	6.84%	24,928,413	$753M	trimmed−3%	−0.24 pp	15 q
ORCLOracle Corp	6.84%	19,592,943	$753M	trimmed−2%	+0.03 pp	15 q
unresolvedTwenty First Centy Fox Inc	6.53%	26,427,972	$720M	trimmed−5%	+0.54 pp	14 q
JNJJohnson & Johnson	6.31%	6,035,969	$695M	trimmed−2%	0.00 pp	15 q
KOCoca-Cola Company	6.26%	16,650,927	$690M	trimmed−1%	+0.07 pp	15 q
MSFTMicrosoft Corp	5.85%	10,374,243	$645M	trimmed−11%	+0.02 pp	15 q
SYYSysco Corporation	5.67%	11,276,797	$624M	trimmed−21%	−0.42 pp	15 q
USBU.S. Bancorp	2.45%	5,250,055	$270M	trimmed−25%	−0.14 pp	15 q
XOMExxon Mobil Corp	2.21%	2,704,392	$244M	trimmed−19%	−0.32 pp	15 q
BNYBank of New York Mellon Corporation	1.77%	4,121,719	$195M	trimmed−30%	−0.26 pp	15 q
COPConocoPhillips	1.75%	3,849,972	$193M	trimmed−11%	+0.12 pp	15 q
BCRCR Bard Inc.	1.48%	723,901	$163M	trimmed−2%	+0.04 pp	15 q
VIABViacom Inc. Class B	1.36%	4,278,238	$150M	trimmed−2%	−0.08 pp	15 q
ELVElevance Health, Inc.	1.35%	1,038,140	$149M	trimmed−2%	+0.20 pp	9 q
UNUnilever N V -ny Shares	1.29%	3,472,912	$143M	added+51%	+0.37 pp	9 q
SYKStryker Corporation	1.24%	1,140,765	$137M	trimmed−10%	−0.04 pp	15 q
CMCSAComcast Corp	1.03%	1,645,350	$114M	trimmed−17%	−0.12 pp	5 q
STTState Street Corporation	1.00%	1,419,100	$110M	trimmed−16%	−0.02 pp	15 q
WFCWells Fargo & Co.	1.00%	1,990,082	$110M	trimmed−7%	+0.18 pp	15 q
AVPAvon Products, Inc.	0.88%	19,202,834	$97M	trimmed−16%	−0.25 pp	15 q
CLColgate-Palmolive Company	0.79%	1,335,000	$87M	trimmed−1%	−0.08 pp	15 q
CHRWC.H. Robinson Worldwide, Inc.	0.67%	1,008,837	$74M	trimmed−2%	+0.04 pp	15 q
GLWCorning Incorporated	0.67%	3,065,113	$74M	trimmed−2%	+0.03 pp	15 q
WMTWalmart Inc.	0.67%	1,069,740	$74M	trimmed−2%	−0.02 pp	15 q
HPEHewlett Packard Enterprise Company	0.47%	2,240,912	$52M	trimmed−2%	+0.02 pp	5 q
GSGoldman Sachs Group Inc.	0.39%	178,000	$43M	trimmed−37%	0.00 pp	15 q
INTCIntel Corp	0.37%	1,116,000	$40M	trimmed−3%	−0.01 pp	15 q
HPQHP Inc.	0.30%	2,241,617	$33M	trimmed−2%	−0.01 pp	5 q
BACBank of America Corporation	0.29%	1,450,000	$32M	trimmed−48%	−0.09 pp	8 q
unresolvedApollo Group Inc Class A	0.19%	2,105,904	$21M	trimmed−1%	+0.04 pp	15 q
CRMTAmerica's Car Mart Inc	0.18%	464,926	$20M	trimmed−11%	+0.01 pp	10 q
unresolvedStaples Inc	0.18%	2,230,000	$20M	trimmed−1%	+0.01 pp	15 q
CLXClorox Company	0.08%	74,238	$9M	trimmed−1%	0.00 pp	15 q
BRK.ABerkshire Hathaway Inc.	0.07%	30	$7M	held	—	15 q
BRK.BBERKSHIRE HATHAWAY Class B	0.03%	23,167	$4M	trimmed−0%	0.00 pp	15 q
MOAltria Group, Inc.	0.02%	25,300	$2M	trimmed−2%	+0.01 pp	15 q
PMPhilip Morris International Inc.	0.02%	28,501	$3M	held	—	15 q
SPYState Street SPDR S&P 500 ETF Trust	0.02%	10,380	$2M	new	+0.02 pp	new
TBBKThe Bancorp Inc.	0.01%	83,000	$652,000	trimmed−24%	0.00 pp	15 q
unresolvedMOCON Inc.	0.01%	29,000	$565,000	trimmed−15%	+0.01 pp	10 q
RDIReading International, Inc Class A	0.00%	24,000	$398,000	added+30%	0.00 pp	2 q
MZTIThe Marzetti Company	—	−260,000	—	exited	−0.30 pp	—
RAVNRaven Industries Inc	—	−10,000	—	exited	0.00 pp	—
VMIValmont Industries, Inc.	—	−1,800	—	exited	0.00 pp	—