Yacktman Asset Management

Q1 2019 13F · by Stephen Yacktman, CIO

As of: Mar 31, 2019
Filed: May 2, 2019
US stock: $8.1B · prev $7.8B
Positions: 44 · 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%

Moves41 since the prior filing

+18.8 pp in · −18.8 pp out

New 5 +17.39 pp
Added 12 +1.39 pp
Trimmed 20 −1.81 pp
Exited 4 −16.97 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 71% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions48% of US stock

PG Procter & Gamble Company trimmed−0.18 pp trimmed−0.1814.2%
PEP PepsiCo, Inc. trimmed+0.51 pp trimmed+0.5111.3%
JNJ Johnson & Johnson added+0.40 pp added+0.408.2%
KO Coca-Cola Company trimmed−0.37 pp trimmed−0.377.6%
ORCL Oracle Corp trimmed−1.61 pp trimmed−1.616.3%

Positions44 in this filing · 4 exited


PGProcter & Gamble Company	14.16%	11,015,235	$1.1B	trimmed−10%	−0.18 pp	24 q
PEPPepsiCo, Inc.	11.34%	7,486,482	$917M	trimmed−3%	+0.51 pp	24 q
JNJJohnson & Johnson	8.15%	4,719,806	$660M	added0%	+0.40 pp	24 q
KOCoca-Cola Company	7.62%	13,161,957	$617M	trimmed−1%	−0.37 pp	24 q
ORCLOracle Corp	6.28%	9,465,958	$508M	trimmed−31%	−1.61 pp	24 q
DISThe Walt Disney Company	6.26%	4,566,930	$507M	new	+6.26 pp	new
MSFTMicrosoft Corp	4.79%	3,288,475	$388M	trimmed−17%	−0.31 pp	24 q
BKNGBooking Holdings Inc.	4.58%	212,670	$371M	new	+4.58 pp	new
SYYSysco Corporation	3.43%	4,155,469	$277M	trimmed−1%	+0.09 pp	24 q
CSCOCisco Systems, Inc. (DE)	3.11%	4,662,509	$252M	trimmed−25%	−0.30 pp	24 q
FOXFox Corporation Class B	3.10%	6,982,674	$251M	new	+3.10 pp	new
USBU.S. Bancorp	2.82%	4,732,277	$228M	added0%	+0.07 pp	24 q
ELVElevance Health, Inc.	2.65%	746,024	$214M	trimmed−0%	+0.15 pp	18 q
GOOGAlphabet Inc. Class C	2.63%	181,353	$213M	new	+2.63 pp	new
XOMExxon Mobil Corp	2.29%	2,297,201	$186M	added+1%	+0.31 pp	24 q
BNYBank of New York Mellon Corporation	2.26%	3,625,480	$183M	added0%	+0.09 pp	24 q
STTState Street Corporation	2.12%	2,609,815	$172M	added+7%	+0.16 pp	24 q
COPConocoPhillips	1.85%	2,243,297	$150M	trimmed−1%	+0.06 pp	24 q
INFYInfosys Limited	1.22%	9,067,325	$99M	trimmed−11%	−0.02 pp	8 q
CTSHCognizant Technology Solutions	1.21%	1,356,552	$98M	trimmed−0%	+0.11 pp	8 q
WFCWells Fargo & Co.	1.21%	2,021,790	$98M	added+1%	+0.03 pp	24 q
CLColgate-Palmolive Company	1.07%	1,267,600	$87M	added+1%	+0.12 pp	24 q
CMCSAComcast Corp	0.92%	1,867,500	$75M	trimmed−1%	+0.10 pp	14 q
UHALU-Haul Holding Company	0.82%	178,495	$66M	added+8%	+0.13 pp	5 q
FOXAFox Corporation Class A	0.82%	1,804,616	$66M	new	+0.82 pp	new
GSGoldman Sachs Group Inc.	0.61%	256,900	$49M	trimmed−30%	−0.18 pp	24 q
AVPAvon Products, Inc.	0.56%	15,345,092	$45M	trimmed−20%	+0.19 pp	24 q
GLWCorning Incorporated	0.51%	1,252,406	$41M	added0%	+0.03 pp	24 q
ACAArcosa, Inc.	0.31%	813,747	$25M	trimmed−1%	+0.02 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.30%	120,726	$24M	added+2%	−0.01 pp	24 q
MUMicron Technology, Inc.	0.27%	521,799	$22M	added+2%	+0.06 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.24%	65	$20M	held	—	24 q
UNUnilever N V -ny Shares	0.18%	256,575	$15M	trimmed−5%	−0.01 pp	7 q
CLXClorox Company	0.12%	62,432	$10M	trimmed−1%	0.00 pp	24 q
SYKStryker Corporation	0.06%	26,508	$5M	trimmed−33%	−0.02 pp	24 q
PMPhilip Morris International Inc.	0.03%	26,001	$2M	held	—	24 q
MOAltria Group, Inc.	0.02%	25,000	$1M	held	—	24 q
RDIReading International, Inc Class A	0.02%	116,705	$2M	added+6%	0.00 pp	11 q
CRMTAmerica's Car Mart Inc	0.01%	5,500	$502,000	trimmed−8%	0.00 pp	19 q
EAFGrafTech International Ltd.	0.01%	84,000	$1M	held	—	3 q
HSYThe Hershey Company	0.01%	9,500	$1M	held	—	4 q
OTELOtelco, Inc. Class A	0.01%	34,031	$558,000	held	—	6 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	3,900	$339,000	held	—	24 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	715	$202,000	trimmed−94%	−0.04 pp	6 q
unresolvedTwenty First Centy Fox Inc	—	−21,587,607	—	exited	−13.15 pp	—
unresolvedTwenty First Centy Fox Inc	—	−6,220,384	—	exited	−3.82 pp	—
ABTAbbott Laboratories	—	−2,800	—	exited	0.00 pp	—
ABBVAbbvie Inc.	—	−2,800	—	exited	0.00 pp	—