Yacktman Asset Management

Q4 2019 13F · by Stephen Yacktman, CIO

As of: Dec 31, 2019
Filed: Feb 4, 2020
US stock: $7.9B · prev $8.1B
Positions: 48 · prev 48
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%

Moves44 since the prior filing

+3.8 pp in · −3.8 pp out

New 0 0.00 pp
Added 10 +3.85 pp
Trimmed 34 −3.83 pp
Exited 0 0.00 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.6% a year, about 10.5 years per position

Low
Moderate
High

Top 5 positions36% of US stock

Positions48 in this filing · 0 exited


PGProcter & Gamble Company	7.86%	4,979,559	$622M	trimmed−22%	−1.88 pp	27 q
PEPPepsiCo, Inc.	7.68%	4,444,969	$607M	trimmed−24%	−2.17 pp	27 q
DISThe Walt Disney Company	6.92%	3,786,745	$548M	trimmed−12%	+0.02 pp	4 q
JNJJohnson & Johnson	6.86%	3,720,231	$543M	trimmed−19%	−0.48 pp	27 q
KOCoca-Cola Company	6.59%	9,414,745	$521M	trimmed−7%	−0.16 pp	27 q
BKNGBooking Holdings Inc.	5.51%	212,162	$436M	trimmed−0%	+0.37 pp	4 q
MMacy's Inc.	5.25%	24,445,989	$416M	added+3%	+0.71 pp	3 q
MSFTMicrosoft Corp	5.21%	2,611,570	$412M	trimmed−15%	−0.02 pp	27 q
ORCLOracle Corp	5.05%	7,547,120	$400M	trimmed−6%	−0.38 pp	27 q
SYYSysco Corporation	4.11%	3,803,650	$325M	trimmed−6%	+0.17 pp	27 q
STTState Street Corporation	3.98%	3,977,073	$315M	trimmed−7%	+0.85 pp	27 q
FOXFox Corporation Class B	3.86%	8,379,718	$305M	added+9%	+0.87 pp	4 q
USBU.S. Bancorp	3.38%	4,511,591	$267M	trimmed−5%	+0.16 pp	27 q
NWSANews Corporation Class A	3.11%	17,384,012	$246M	added+56%	+1.20 pp	3 q
GOOGAlphabet Inc. Class C	3.06%	181,297	$242M	trimmed−0%	+0.34 pp	4 q
CSCOCisco Systems, Inc. (DE)	2.72%	4,484,881	$215M	trimmed−0%	−0.01 pp	27 q
ELVElevance Health, Inc.	2.44%	638,112	$193M	trimmed−14%	+0.26 pp	21 q
BNYBank of New York Mellon Corporation	2.29%	3,603,582	$181M	trimmed−0%	+0.28 pp	27 q
CTSHCognizant Technology Solutions	2.12%	2,706,022	$168M	trimmed−0%	+0.11 pp	11 q
FOXAFox Corporation Class A	1.94%	4,135,190	$153M	added+66%	+0.97 pp	4 q
WFCWells Fargo & Co.	1.37%	2,017,531	$109M	trimmed−0%	+0.12 pp	27 q
COPConocoPhillips	1.18%	1,429,605	$93M	trimmed−36%	−0.38 pp	27 q
XOMExxon Mobil Corp	1.14%	1,289,440	$90M	trimmed−44%	−0.85 pp	27 q
CLColgate-Palmolive Company	1.09%	1,256,900	$87M	trimmed−0%	−0.05 pp	27 q
CMCSAComcast Corp	0.86%	1,505,300	$68M	trimmed−17%	−0.15 pp	17 q
UHALU-Haul Holding Company	0.84%	177,540	$67M	trimmed−0%	−0.01 pp	8 q
GSGoldman Sachs Group Inc.	0.65%	224,100	$52M	trimmed−13%	0.00 pp	27 q
GLWCorning Incorporated	0.45%	1,219,987	$36M	trimmed−0%	+0.02 pp	27 q
BRK.BBERKSHIRE HATHAWAY Class B	0.38%	132,589	$30M	added+4%	+0.06 pp	27 q
EAFGrafTech International Ltd.	0.33%	2,277,100	$26M	trimmed−4%	−0.04 pp	6 q
MUMicron Technology, Inc.	0.33%	489,787	$26M	trimmed−3%	+0.06 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.27%	63	$21M	trimmed−3%	+0.02 pp	27 q
ACAArcosa, Inc.	0.24%	421,554	$19M	trimmed−34%	−0.03 pp	5 q
INFYInfosys Limited	0.21%	1,599,789	$17M	trimmed−0%	−0.01 pp	11 q
UNUnilever N V -ny Shares	0.19%	259,197	$15M	added+1%	0.00 pp	10 q
MSMMSC Industrial Direct Co., Inc. Class A	0.18%	184,377	$14M	trimmed−0%	+0.01 pp	2 q
CLXClorox Company	0.11%	59,097	$9M	added0%	0.00 pp	27 q
SYKStryker Corporation	0.07%	25,734	$5M	trimmed−0%	0.00 pp	27 q
RDIReading International, Inc Class A	0.04%	318,000	$4M	added+39%	+0.01 pp	14 q
PMPhilip Morris International Inc.	0.03%	24,826	$2M	added+6%	+0.01 pp	27 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	7,007	$2M	added×4.7	+0.02 pp	9 q
HSYThe Hershey Company	0.02%	9,200	$1M	trimmed−3%	0.00 pp	7 q
SCHWThe Charles Schwab Corporation	0.02%	34,200	$2M	trimmed−1%	0.00 pp	3 q
MOAltria Group, Inc.	0.01%	22,500	$1M	held	—	27 q
LOVSpark Networks SE	0.01%	220,000	$997,000	held	—	2 q
CRMTAmerica's Car Mart Inc	0.00%	3,300	$362,000	held	—	22 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	3,700	$289,000	trimmed−5%	0.00 pp	27 q
OTELOtelco, Inc. Class A	0.00%	34,031	$341,000	held	—	9 q