Yacktman Asset Management

Q3 2017 13F · by Stephen Yacktman, CIO

As of: Sep 30, 2017
Filed: Nov 3, 2017
US stock: $10.3B · prev $10.3B
Positions: 46 · 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%

Moves36 since the prior filing

+0.2 pp in · −0.2 pp out

New 3 +0.71 pp
Added 4 −0.52 pp
Trimmed 28 +0.02 pp
Exited 1 −0.22 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.5% a year, about 29.0 years per position

Low
Moderate
High

Top 5 positions46% of US stock

PG Procter & Gamble Company trimmed+0.43 pp trimmed+0.4313.5%
unresolved Twenty First Centy Fox Inc trimmed−0.80 pp trimmed−0.809.0%
PEP PepsiCo, Inc. trimmed−0.44 pp trimmed−0.448.6%
CSCO Cisco Systems, Inc. (DE) trimmed+0.43 pp trimmed+0.437.3%
JNJ Johnson & Johnson trimmed−0.21 pp trimmed−0.217.1%

Positions46 in this filing · 1 exited


PGProcter & Gamble Company	13.54%	15,397,511	$1.4B	trimmed−0%	+0.43 pp	18 q
unresolvedTwenty First Centy Fox Inc	9.04%	35,466,695	$936M	trimmed−1%	−0.80 pp	17 q
PEPPepsiCo, Inc.	8.63%	8,013,823	$893M	trimmed−1%	−0.44 pp	18 q
CSCOCisco Systems, Inc. (DE)	7.32%	22,506,751	$757M	trimmed−0%	+0.43 pp	18 q
JNJJohnson & Johnson	7.10%	5,653,623	$735M	trimmed−0%	−0.21 pp	18 q
KOCoca-Cola Company	7.06%	16,229,548	$730M	trimmed−1%	−0.07 pp	18 q
ORCLOracle Corp	6.94%	14,842,152	$718M	trimmed−3%	−0.55 pp	18 q
unresolvedTwenty First Centy Fox Inc	6.86%	27,514,056	$710M	added+1%	−0.54 pp	17 q
MSFTMicrosoft Corp	6.27%	8,714,673	$649M	trimmed−0%	+0.40 pp	18 q
SYYSysco Corporation	5.70%	10,933,113	$590M	trimmed−0%	+0.33 pp	18 q
USBU.S. Bancorp	2.55%	4,932,318	$264M	trimmed−0%	+0.05 pp	18 q
BNYBank of New York Mellon Corporation	1.94%	3,791,468	$201M	trimmed−0%	+0.05 pp	18 q
XOMExxon Mobil Corp	1.94%	2,442,861	$200M	trimmed−0%	+0.01 pp	18 q
ELVElevance Health, Inc.	1.88%	1,022,503	$194M	trimmed−1%	0.00 pp	12 q
COPConocoPhillips	1.70%	3,512,214	$176M	trimmed−0%	+0.19 pp	18 q
WFCWells Fargo & Co.	1.05%	1,968,835	$109M	trimmed−0%	−0.01 pp	18 q
SYKStryker Corporation	0.98%	712,605	$101M	trimmed−1%	+0.01 pp	18 q
CTSHCognizant Technology Solutions	0.94%	1,339,969	$97M	trimmed−0%	+0.07 pp	2 q
STTState Street Corporation	0.93%	1,005,000	$96M	trimmed−0%	+0.05 pp	18 q
CLColgate-Palmolive Company	0.88%	1,248,300	$91M	trimmed−0%	−0.02 pp	18 q
INFYInfosys Limited	0.85%	6,031,017	$88M	added+57%	+0.29 pp	2 q
WMTWalmart Inc.	0.79%	1,049,995	$82M	trimmed−1%	+0.01 pp	18 q
CMCSAComcast Corp	0.74%	1,976,700	$76M	held	—	8 q
CHRWC.H. Robinson Worldwide, Inc.	0.69%	932,525	$71M	trimmed−1%	+0.06 pp	18 q
UNUnilever N V -ny Shares	0.63%	1,110,671	$66M	new	+0.63 pp	new
GLWCorning Incorporated	0.45%	1,551,239	$46M	trimmed−1%	−0.01 pp	18 q
AVPAvon Products, Inc.	0.43%	19,132,384	$45M	added0%	−0.28 pp	18 q
INTCIntel Corp	0.39%	1,053,000	$40M	trimmed−0%	+0.04 pp	18 q
HPQHP Inc.	0.36%	1,891,998	$38M	trimmed−0%	+0.04 pp	8 q
GSGoldman Sachs Group Inc.	0.33%	144,000	$34M	held	—	18 q
HPEHewlett Packard Enterprise Company	0.28%	2,001,365	$29M	trimmed−1%	−0.05 pp	8 q
BACBank of America Corporation	0.27%	1,105,000	$28M	trimmed−0%	+0.01 pp	11 q
CRMTAmerica's Car Mart Inc	0.17%	428,143	$18M	trimmed−3%	0.00 pp	13 q
BRK.ABerkshire Hathaway Inc.	0.08%	30	$8M	held	—	18 q
CLXClorox Company	0.08%	64,108	$8M	trimmed−2%	0.00 pp	18 q
unresolvedMicro Focus Intl ADR	0.08%	274,809	$9M	new	+0.08 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	23,167	$4M	held	—	18 q
PMPhilip Morris International Inc.	0.03%	28,401	$3M	held	—	18 q
MOAltria Group, Inc.	0.02%	25,000	$2M	held	—	18 q
TBBKThe Bancorp Inc.	0.01%	83,000	$686,000	held	—	18 q
unresolvedExpress Scripts Hldg Co	0.01%	15,200	$962,000	held	—	3 q
RDIReading International, Inc Class A	0.01%	51,000	$802,000	added×2.1	+0.01 pp	5 q
VIABViacom Inc. Class B	0.01%	34,150	$951,000	held	—	18 q
ABBVAbbvie Inc.	0.00%	2,800	$249,000	held	—	2 q
DGDollar General Corp.	0.00%	3,250	$263,000	new	0.00 pp	new
MMM3M Company	0.00%	1,000	$210,000	held	—	2 q
unresolvedStaples Inc	—	−2,225,000	—	exited	−0.22 pp	—