Yacktman Asset Management

Q2 2017 13F · by Stephen Yacktman, CIO

As of: Jun 30, 2017
Filed: Aug 3, 2017
US stock: $10.3B · prev $10.7B
Positions: 44 · prev 42
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%

Moves38 since the prior filing

+1.0 pp in · −1.0 pp out

New 4 +1.43 pp
Added 2 −0.45 pp
Trimmed 30 +0.15 pp
Exited 2 −1.15 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.5% a year, about 15.4 years per position

Low
Moderate
High

Top 5 positions47% of US stock

PG Procter & Gamble Company trimmed+0.06 pp trimmed+0.0613.1%
unresolved Twenty First Centy Fox Inc trimmed−1.04 pp trimmed−1.049.8%
PEP PepsiCo, Inc. trimmed+0.22 pp trimmed+0.229.1%
ORCL Oracle Corp trimmed+0.25 pp trimmed+0.257.5%
unresolved Twenty First Centy Fox Inc added−0.49 pp added−0.497.4%

Positions44 in this filing · 2 exited


PGProcter & Gamble Company	13.11%	15,456,696	$1.3B	trimmed−1%	+0.06 pp	17 q
unresolvedTwenty First Centy Fox Inc	9.84%	35,691,087	$1.0B	trimmed−1%	−1.04 pp	16 q
PEPPepsiCo, Inc.	9.07%	8,069,108	$932M	trimmed−5%	+0.22 pp	17 q
ORCLOracle Corp	7.49%	15,353,537	$770M	trimmed−12%	+0.25 pp	17 q
unresolvedTwenty First Centy Fox Inc	7.40%	27,294,255	$761M	added+3%	−0.49 pp	16 q
JNJJohnson & Johnson	7.31%	5,675,362	$751M	trimmed−4%	+0.43 pp	17 q
KOCoca-Cola Company	7.13%	16,332,432	$733M	trimmed−1%	+0.59 pp	17 q
CSCOCisco Systems, Inc. (DE)	6.89%	22,611,331	$708M	trimmed−2%	−0.40 pp	17 q
MSFTMicrosoft Corp	5.87%	8,754,583	$603M	trimmed−8%	−0.01 pp	17 q
SYYSysco Corporation	5.37%	10,972,313	$552M	trimmed−1%	+0.01 pp	17 q
USBU.S. Bancorp	2.50%	4,954,878	$257M	trimmed−1%	+0.10 pp	17 q
XOMExxon Mobil Corp	1.93%	2,452,021	$198M	trimmed−5%	−0.05 pp	17 q
BNYBank of New York Mellon Corporation	1.89%	3,806,188	$194M	trimmed−0%	+0.20 pp	17 q
ELVElevance Health, Inc.	1.88%	1,028,492	$193M	trimmed−1%	+0.28 pp	11 q
COPConocoPhillips	1.51%	3,522,999	$155M	trimmed−1%	−0.15 pp	17 q
WFCWells Fargo & Co.	1.06%	1,973,805	$109M	trimmed−0%	+0.03 pp	17 q
SYKStryker Corporation	0.97%	717,491	$100M	trimmed−10%	−0.01 pp	17 q
CLColgate-Palmolive Company	0.90%	1,250,300	$93M	trimmed−8%	−0.03 pp	17 q
STTState Street Corporation	0.88%	1,007,100	$90M	trimmed−0%	+0.13 pp	17 q
CTSHCognizant Technology Solutions	0.87%	1,344,261	$89M	new	+0.87 pp	new
WMTWalmart Inc.	0.78%	1,055,470	$80M	trimmed−1%	+0.06 pp	17 q
CMCSAComcast Corp	0.75%	1,976,700	$77M	trimmed−31%	−0.26 pp	7 q
AVPAvon Products, Inc.	0.71%	19,081,029	$73M	trimmed−0%	−0.08 pp	17 q
CHRWC.H. Robinson Worldwide, Inc.	0.63%	938,118	$64M	trimmed−1%	−0.05 pp	17 q
INFYInfosys Limited	0.56%	3,846,371	$58M	new	+0.56 pp	new
GLWCorning Incorporated	0.46%	1,567,010	$47M	trimmed−15%	0.00 pp	17 q
INTCIntel Corp	0.35%	1,055,000	$36M	held	—	17 q
HPEHewlett Packard Enterprise Company	0.33%	2,014,188	$33M	trimmed−0%	−0.12 pp	7 q
HPQHP Inc.	0.32%	1,900,028	$33M	trimmed−6%	−0.02 pp	7 q
GSGoldman Sachs Group Inc.	0.31%	144,000	$32M	trimmed−1%	0.00 pp	17 q
BACBank of America Corporation	0.26%	1,110,000	$27M	trimmed−0%	+0.01 pp	10 q
unresolvedStaples Inc	0.22%	2,225,000	$22M	added0%	+0.04 pp	17 q
CRMTAmerica's Car Mart Inc	0.17%	441,684	$17M	trimmed−4%	+0.01 pp	12 q
CLXClorox Company	0.08%	65,253	$9M	trimmed−10%	−0.01 pp	17 q
BRK.ABerkshire Hathaway Inc.	0.07%	30	$8M	held	—	17 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	23,167	$4M	held	—	17 q
PMPhilip Morris International Inc.	0.03%	28,401	$3M	trimmed−0%	0.00 pp	17 q
MOAltria Group, Inc.	0.02%	25,000	$2M	held	—	17 q
TBBKThe Bancorp Inc.	0.01%	83,000	$629,000	held	—	17 q
unresolvedExpress Scripts Hldg Co	0.01%	15,200	$970,000	held	—	2 q
VIABViacom Inc. Class B	0.01%	34,150	$1M	held	—	17 q
ABBVAbbvie Inc.	0.00%	2,800	$203,000	new	0.00 pp	new
RDIReading International, Inc Class A	0.00%	24,000	$387,000	held	—	4 q
MMM3M Company	0.00%	1,000	$208,000	new	0.00 pp	new
BCRCR Bard Inc.	—	−496,394	—	exited	−1.15 pp	—
unresolvedMOCON Inc.	—	−23,400	—	exited	0.00 pp	—