Yacktman Asset Management

Q1 2020 13F · by Stephen Yacktman, CIO

As of: Mar 31, 2020
Filed: May 4, 2020
US stock: $6.0B · prev $7.9B
Positions: 57 · 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%

Moves55 since the prior filing

+8.8 pp in · −8.8 pp out

New 11 +4.18 pp
Added 17 +4.61 pp
Trimmed 25 −8.75 pp
Exited 2 0.00 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions31% of US stock

PEP PepsiCo, Inc. trimmed−0.95 pp trimmed−0.956.7%
JNJ Johnson & Johnson trimmed−0.51 pp trimmed−0.516.3%
MSFT Microsoft Corp trimmed+0.93 pp trimmed+0.936.1%
PG Procter & Gamble Company trimmed−2.04 pp trimmed−2.045.8%
DIS The Walt Disney Company trimmed−1.12 pp trimmed−1.125.8%

Positions57 in this filing · 2 exited


PEPPepsiCo, Inc.	6.73%	3,381,631	$406M	trimmed−24%	−0.95 pp	28 q
JNJJohnson & Johnson	6.35%	2,921,632	$383M	trimmed−21%	−0.51 pp	28 q
MSFTMicrosoft Corp	6.14%	2,349,198	$370M	trimmed−10%	+0.93 pp	28 q
PGProcter & Gamble Company	5.82%	3,189,742	$351M	trimmed−36%	−2.04 pp	28 q
DISThe Walt Disney Company	5.80%	3,621,364	$350M	trimmed−4%	−1.12 pp	5 q
BKNGBooking Holdings Inc.	4.75%	212,808	$286M	added0%	−0.76 pp	5 q
SYYSysco Corporation	4.66%	6,157,606	$281M	added+62%	+0.55 pp	28 q
KOCoca-Cola Company	4.65%	6,337,904	$280M	trimmed−33%	−1.94 pp	28 q
GOOGAlphabet Inc. Class C	4.58%	237,473	$276M	added+31%	+1.52 pp	5 q
ORCLOracle Corp	4.37%	5,450,787	$263M	trimmed−28%	−0.68 pp	28 q
FOXFox Corporation Class B	4.26%	11,223,241	$257M	added+34%	+0.40 pp	5 q
MMacy's Inc.	3.70%	45,455,249	$223M	added+86%	−1.55 pp	4 q
CTSHCognizant Technology Solutions	3.31%	4,292,640	$199M	added+59%	+1.19 pp	12 q
FOXAFox Corporation Class A	3.29%	8,390,515	$198M	added×2.0	+1.35 pp	5 q
NWSANews Corporation Class A	3.22%	21,641,373	$194M	added+24%	+0.11 pp	4 q
STTState Street Corporation	3.21%	3,630,280	$193M	trimmed−9%	−0.77 pp	28 q
CSCOCisco Systems, Inc. (DE)	2.88%	4,420,361	$174M	trimmed−1%	+0.16 pp	28 q
USBU.S. Bancorp	2.58%	4,511,974	$155M	added0%	−0.80 pp	28 q
WFCWells Fargo & Co.	2.10%	4,411,864	$127M	added×2.2	+0.73 pp	28 q
BNYBank of New York Mellon Corporation	2.01%	3,603,336	$121M	trimmed−0%	−0.28 pp	28 q
HUNHuntsman Corporation	1.60%	6,704,701	$97M	new	+1.60 pp	new
ELVElevance Health, Inc.	1.49%	394,824	$90M	trimmed−38%	−0.95 pp	22 q
MSMMSC Industrial Direct Co., Inc. Class A	1.40%	1,530,910	$84M	added×8.3	+1.22 pp	3 q
CLColgate-Palmolive Company	1.38%	1,256,700	$83M	trimmed−0%	+0.29 pp	28 q
UHALU-Haul Holding Company	1.07%	221,557	$64M	added+25%	+0.23 pp	9 q
CMCSAComcast Corp	0.85%	1,495,300	$51M	trimmed−1%	−0.01 pp	18 q
RLRalph Lauren Corporation	0.83%	748,053	$50M	new	+0.83 pp	new
XOMExxon Mobil Corp	0.79%	1,251,854	$48M	trimmed−3%	−0.35 pp	28 q
FHBFirst Hawaiian, Inc.	0.78%	2,837,674	$47M	new	+0.78 pp	new
COPConocoPhillips	0.71%	1,398,967	$43M	trimmed−2%	−0.47 pp	28 q
EAFGrafTech International Ltd.	0.71%	5,272,447	$43M	added×2.3	+0.38 pp	7 q
GSGoldman Sachs Group Inc.	0.60%	235,300	$36M	added+5%	−0.05 pp	28 q
unresolvedQurate Retail Inc	0.59%	5,834,426	$36M	new	+0.59 pp	new
GLWCorning Incorporated	0.41%	1,217,012	$25M	trimmed−0%	−0.04 pp	28 q
BRK.BBERKSHIRE HATHAWAY Class B	0.39%	128,181	$23M	trimmed−3%	+0.01 pp	28 q
MUMicron Technology, Inc.	0.32%	452,607	$19M	trimmed−8%	−0.01 pp	7 q
ACAArcosa, Inc.	0.29%	443,999	$18M	added+5%	+0.05 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.28%	63	$17M	held	—	28 q
INFYInfosys Limited	0.22%	1,594,329	$13M	trimmed−0%	+0.01 pp	12 q
UNUnilever N V -ny Shares	0.21%	253,963	$12M	trimmed−2%	+0.02 pp	11 q
NWSNews Corporation Class B	0.15%	993,851	$9M	new	+0.15 pp	new
WDRWaddell & Reed Financial, Inc.	0.08%	450,000	$5M	new	+0.08 pp	new
SYKStryker Corporation	0.07%	24,716	$4M	trimmed−4%	0.00 pp	28 q
CLXClorox Company	0.06%	19,400	$3M	trimmed−67%	−0.05 pp	28 q
RDIReading International, Inc Class A	0.06%	862,000	$3M	added×2.7	+0.02 pp	15 q
FFFuture Fuel Corporation	0.04%	200,000	$2M	new	+0.04 pp	new
MAMastercard Incorporated	0.04%	9,280	$2M	new	+0.04 pp	new
SCHWThe Charles Schwab Corporation	0.04%	63,900	$2M	added+87%	+0.02 pp	4 q
PMPhilip Morris International Inc.	0.03%	23,501	$2M	trimmed−5%	0.00 pp	28 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	6,567	$2M	trimmed−6%	0.00 pp	10 q
VMIValmont Industries, Inc.	0.03%	16,013	$2M	new	+0.03 pp	new
HSYThe Hershey Company	0.02%	9,200	$1M	held	—	8 q
TLYSTilly's Inc.	0.02%	220,259	$910,000	new	+0.02 pp	new
unresolvedTrecora Resources	0.02%	215,000	$1M	new	+0.02 pp	new
MOAltria Group, Inc.	0.01%	22,500	$870,000	held	—	28 q
LOVSpark Networks SE	0.01%	186,500	$481,000	trimmed−15%	0.00 pp	3 q
OTELOtelco, Inc. Class A	0.00%	34,031	$160,000	held	—	10 q
CRMTAmerica's Car Mart Inc	—	−3,300	—	exited	0.00 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−3,700	—	exited	0.00 pp	—