Yacktman Asset Management

Q1 2017 13F · by Stephen Yacktman, CIO

As of: Mar 31, 2017
Filed: May 2, 2017
US stock: $10.7B · prev $11.0B
Positions: 42 · prev 44
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%

Moves40 since the prior filing

+1.5 pp in · −1.5 pp out

New 1 +0.01 pp
Added 2 +1.50 pp
Trimmed 34 −0.00 pp
Exited 3 −1.50 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.3% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions48% of US stock

PG Procter & Gamble Company trimmed+1.03 pp trimmed+1.0313.1%
unresolved Twenty First Centy Fox Inc trimmed−0.21 pp trimmed−0.2110.9%
PEP PepsiCo, Inc. trimmed+0.51 pp trimmed+0.518.8%
unresolved Twenty First Centy Fox Inc added+1.36 pp added+1.367.9%
CSCO Cisco Systems, Inc. (DE) trimmed+0.45 pp trimmed+0.457.3%

Positions42 in this filing · 3 exited


PGProcter & Gamble Company	13.05%	15,553,008	$1.4B	trimmed−1%	+1.03 pp	16 q
unresolvedTwenty First Centy Fox Inc	10.88%	35,975,997	$1.2B	trimmed−17%	−0.21 pp	15 q
PEPPepsiCo, Inc.	8.85%	8,473,466	$948M	trimmed−4%	+0.51 pp	16 q
unresolvedTwenty First Centy Fox Inc	7.89%	26,584,495	$845M	added+1%	+1.36 pp	15 q
CSCOCisco Systems, Inc. (DE)	7.29%	23,096,779	$781M	trimmed−7%	+0.45 pp	16 q
ORCLOracle Corp	7.24%	17,377,118	$775M	trimmed−11%	+0.40 pp	16 q
JNJJohnson & Johnson	6.88%	5,919,270	$737M	trimmed−2%	+0.57 pp	16 q
KOCoca-Cola Company	6.54%	16,514,674	$701M	trimmed−1%	+0.28 pp	16 q
MSFTMicrosoft Corp	5.88%	9,562,517	$630M	trimmed−8%	+0.03 pp	16 q
SYYSysco Corporation	5.36%	11,047,757	$574M	trimmed−2%	−0.31 pp	16 q
USBU.S. Bancorp	2.40%	4,980,716	$257M	trimmed−5%	−0.05 pp	16 q
XOMExxon Mobil Corp	1.98%	2,586,656	$212M	trimmed−4%	−0.23 pp	16 q
BNYBank of New York Mellon Corporation	1.69%	3,823,552	$181M	trimmed−7%	−0.08 pp	16 q
COPConocoPhillips	1.66%	3,555,427	$177M	trimmed−8%	−0.09 pp	16 q
ELVElevance Health, Inc.	1.60%	1,034,437	$171M	trimmed−0%	+0.25 pp	10 q
BCRCR Bard Inc.	1.15%	496,394	$123M	trimmed−31%	−0.33 pp	16 q
WFCWells Fargo & Co.	1.03%	1,983,618	$110M	trimmed−0%	+0.03 pp	16 q
CMCSAComcast Corp	1.01%	2,876,700	$108M	trimmed−13%	−0.02 pp	6 q
SYKStryker Corporation	0.98%	800,461	$105M	trimmed−30%	−0.26 pp	16 q
CLColgate-Palmolive Company	0.93%	1,365,300	$100M	added+2%	+0.14 pp	16 q
AVPAvon Products, Inc.	0.79%	19,123,720	$84M	trimmed−0%	−0.09 pp	16 q
STTState Street Corporation	0.75%	1,009,100	$80M	trimmed−29%	−0.25 pp	16 q
WMTWalmart Inc.	0.72%	1,066,947	$77M	trimmed−0%	+0.05 pp	16 q
CHRWC.H. Robinson Worldwide, Inc.	0.68%	948,077	$73M	trimmed−6%	+0.01 pp	16 q
GLWCorning Incorporated	0.46%	1,843,783	$50M	trimmed−40%	−0.21 pp	16 q
HPEHewlett Packard Enterprise Company	0.45%	2,019,498	$48M	trimmed−10%	−0.02 pp	6 q
INTCIntel Corp	0.36%	1,055,000	$38M	trimmed−5%	−0.01 pp	16 q
HPQHP Inc.	0.34%	2,020,643	$36M	trimmed−10%	+0.04 pp	6 q
GSGoldman Sachs Group Inc.	0.31%	145,000	$33M	trimmed−19%	−0.08 pp	16 q
BACBank of America Corporation	0.25%	1,115,000	$26M	trimmed−23%	−0.04 pp	9 q
unresolvedStaples Inc	0.18%	2,220,000	$19M	trimmed−0%	0.00 pp	16 q
CRMTAmerica's Car Mart Inc	0.16%	458,630	$17M	trimmed−1%	−0.02 pp	11 q
CLXClorox Company	0.09%	72,497	$10M	trimmed−2%	+0.01 pp	16 q
BRK.ABerkshire Hathaway Inc.	0.07%	30	$7M	held	—	16 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	23,167	$4M	held	—	16 q
PMPhilip Morris International Inc.	0.03%	28,501	$3M	held	—	16 q
MOAltria Group, Inc.	0.02%	25,000	$2M	trimmed−1%	0.00 pp	16 q
unresolvedExpress Scripts Hldg Co	0.01%	15,200	$1M	new	+0.01 pp	new
VIABViacom Inc. Class B	0.01%	34,150	$2M	trimmed−99%	−1.35 pp	16 q
TBBKThe Bancorp Inc.	0.00%	83,000	$423,000	held	—	16 q
unresolvedMOCON Inc.	0.00%	23,400	$509,000	trimmed−19%	−0.01 pp	11 q
RDIReading International, Inc Class A	0.00%	24,000	$373,000	held	—	3 q
UNUnilever N V -ny Shares	—	−3,472,912	—	exited	−1.29 pp	—
unresolvedApollo Group Inc Class A	—	−2,105,904	—	exited	−0.19 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−10,380	—	exited	−0.02 pp	—