Yacktman Asset Management

Q4 2018 13F · by Stephen Yacktman, CIO

As of: Dec 31, 2018
Filed: Feb 4, 2019
US stock: $7.8B · prev $8.3B
Positions: 43 · prev 43
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%

Moves37 since the prior filing

+2.8 pp in · −2.9 pp out

New 1 +0.29 pp
Added 24 +2.52 pp
Trimmed 11 −2.86 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.0 years per position

Low
Moderate
High

Top 5 positions54% of US stock

PG Procter & Gamble Company trimmed−1.09 pp trimmed−1.0914.3%
unresolved Twenty First Centy Fox Inc added+1.46 pp added+1.4613.2%
PEP PepsiCo, Inc. added+0.61 pp added+0.6110.8%
KO Coca-Cola Company trimmed+0.13 pp trimmed+0.138.0%
ORCL Oracle Corp added−0.32 pp added−0.327.9%

Positions43 in this filing · 1 exited


PGProcter & Gamble Company	14.34%	12,240,893	$1.1B	trimmed−21%	−1.09 pp	23 q
unresolvedTwenty First Centy Fox Inc	13.15%	21,587,607	$1.0B	added+1%	+1.46 pp	22 q
PEPPepsiCo, Inc.	10.83%	7,691,249	$850M	added+1%	+0.61 pp	23 q
KOCoca-Cola Company	7.99%	13,238,058	$627M	trimmed−7%	+0.13 pp	23 q
ORCLOracle Corp	7.89%	13,701,527	$619M	added+3%	−0.32 pp	23 q
JNJJohnson & Johnson	7.75%	4,708,114	$608M	trimmed−3%	−0.28 pp	23 q
MSFTMicrosoft Corp	5.10%	3,939,658	$400M	trimmed−7%	−0.74 pp	23 q
unresolvedTwenty First Centy Fox Inc	3.82%	6,220,384	$299M	trimmed−12%	−0.11 pp	22 q
CSCOCisco Systems, Inc. (DE)	3.41%	6,179,702	$268M	trimmed−6%	−0.41 pp	23 q
SYYSysco Corporation	3.34%	4,179,518	$262M	added+3%	−0.21 pp	23 q
USBU.S. Bancorp	2.75%	4,721,469	$216M	added+5%	−0.10 pp	23 q
ELVElevance Health, Inc.	2.50%	747,837	$196M	trimmed−9%	−0.19 pp	17 q
BNYBank of New York Mellon Corporation	2.17%	3,623,469	$171M	added+6%	+0.08 pp	23 q
XOMExxon Mobil Corp	1.98%	2,282,330	$156M	added+3%	−0.28 pp	23 q
STTState Street Corporation	1.96%	2,434,861	$154M	added×2.5	+0.97 pp	23 q
COPConocoPhillips	1.79%	2,256,103	$141M	added+3%	−0.24 pp	23 q
INFYInfosys Limited	1.24%	10,236,285	$97M	trimmed−11%	−0.16 pp	7 q
WFCWells Fargo & Co.	1.18%	2,003,075	$92M	added+5%	−0.02 pp	23 q
CTSHCognizant Technology Solutions	1.10%	1,360,018	$86M	added+6%	−0.09 pp	7 q
CLColgate-Palmolive Company	0.95%	1,256,600	$75M	added+1%	−0.05 pp	23 q
CMCSAComcast Corp	0.82%	1,883,000	$64M	added+8%	+0.08 pp	13 q
GSGoldman Sachs Group Inc.	0.79%	369,600	$62M	added×2.6	+0.41 pp	23 q
UHALU-Haul Holding Company	0.69%	165,779	$54M	added+27%	+0.13 pp	4 q
GLWCorning Incorporated	0.48%	1,249,557	$38M	added0%	−0.05 pp	23 q
AVPAvon Products, Inc.	0.37%	19,097,886	$29M	added+1%	−0.13 pp	23 q
BRK.BBERKSHIRE HATHAWAY Class B	0.31%	118,835	$24M	added+2%	+0.01 pp	23 q
ACAArcosa, Inc.	0.29%	824,515	$23M	new	+0.29 pp	new
BRK.ABerkshire Hathaway Inc.	0.25%	65	$20M	added×2.2	+0.13 pp	23 q
MUMicron Technology, Inc.	0.21%	512,092	$16M	added+99%	+0.07 pp	2 q
UNUnilever N V -ny Shares	0.19%	270,122	$15M	added+1%	+0.01 pp	6 q
CLXClorox Company	0.12%	63,162	$10M	trimmed−2%	0.00 pp	23 q
SYKStryker Corporation	0.08%	39,338	$6M	added+1%	0.00 pp	23 q
SPYState Street SPDR S&P 500 ETF Trust	0.04%	12,603	$3M	added×16.7	+0.04 pp	5 q
MOAltria Group, Inc.	0.02%	25,000	$1M	held	—	23 q
PMPhilip Morris International Inc.	0.02%	26,001	$2M	trimmed−6%	−0.01 pp	23 q
RDIReading International, Inc Class A	0.02%	110,000	$2M	held	—	10 q
CRMTAmerica's Car Mart Inc	0.01%	6,000	$435,000	trimmed−14%	0.00 pp	18 q
EAFGrafTech International Ltd.	0.01%	84,000	$961,000	added×4.2	+0.01 pp	2 q
HSYThe Hershey Company	0.01%	9,500	$1M	held	—	3 q
OTELOtelco, Inc. Class A	0.01%	34,031	$550,000	held	—	5 q
ABTAbbott Laboratories	0.00%	2,800	$203,000	held	—	2 q
ABBVAbbvie Inc.	0.00%	2,800	$258,000	held	—	7 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	3,900	$328,000	held	—	23 q
MMM3M Company	—	−1,000	—	exited	0.00 pp	—