Yacktman Asset Management

Q2 2020 13F · by Stephen Yacktman, CIO

As of: Jun 30, 2020
Filed: Aug 6, 2020
US stock: $6.3B · prev $6.0B
Positions: 60 · prev 57
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%

Moves54 since the prior filing

+1.7 pp in · −1.7 pp out

New 4 +1.93 pp
Added 5 −0.27 pp
Trimmed 44 −1.63 pp
Exited 1 −0.04 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.8% a year, about 12.8 years per position

Low
Moderate
High

Top 5 positions30% of US stock

Positions60 in this filing · 1 exited


PEPPepsiCo, Inc.	6.89%	3,269,602	$432M	trimmed−3%	+0.16 pp	29 q
MSFTMicrosoft Corp	6.33%	1,951,961	$397M	trimmed−17%	+0.19 pp	29 q
PGProcter & Gamble Company	6.01%	3,154,115	$377M	trimmed−1%	+0.19 pp	29 q
GOOGAlphabet Inc. Class C	5.27%	233,953	$331M	trimmed−1%	+0.69 pp	6 q
DISThe Walt Disney Company	5.19%	2,918,435	$325M	trimmed−19%	−0.61 pp	6 q
SYYSysco Corporation	5.01%	5,746,714	$314M	trimmed−7%	+0.35 pp	29 q
JNJJohnson & Johnson	4.85%	2,164,861	$304M	trimmed−26%	−1.50 pp	29 q
FOXFox Corporation Class B	4.46%	10,427,657	$280M	trimmed−7%	+0.20 pp	6 q
KOCoca-Cola Company	4.38%	6,151,352	$275M	trimmed−3%	−0.27 pp	29 q
BKNGBooking Holdings Inc.	4.32%	170,053	$271M	trimmed−20%	−0.43 pp	6 q
NWSANews Corporation Class A	3.98%	21,058,734	$250M	trimmed−3%	+0.76 pp	5 q
CTSHCognizant Technology Solutions	3.84%	4,240,644	$241M	trimmed−1%	+0.53 pp	13 q
MMacy's Inc.	3.72%	33,905,300	$233M	trimmed−25%	+0.02 pp	5 q
STTState Street Corporation	3.45%	3,403,298	$216M	trimmed−6%	+0.24 pp	29 q
FOXAFox Corporation Class A	3.01%	7,050,689	$189M	trimmed−16%	−0.28 pp	6 q
USBU.S. Bancorp	2.62%	4,468,548	$165M	trimmed−1%	+0.04 pp	29 q
CSCOCisco Systems, Inc. (DE)	2.28%	3,065,488	$143M	trimmed−31%	−0.60 pp	29 q
BNYBank of New York Mellon Corporation	2.20%	3,566,060	$138M	trimmed−1%	+0.19 pp	29 q
ORCLOracle Corp	1.95%	2,209,969	$122M	trimmed−59%	−2.42 pp	29 q
HUNHuntsman Corporation	1.91%	6,653,401	$120M	trimmed−1%	+0.31 pp	2 q
WFCWells Fargo & Co.	1.80%	4,418,282	$113M	added0%	−0.30 pp	29 q
ELVElevance Health, Inc.	1.61%	384,537	$101M	trimmed−3%	+0.12 pp	23 q
CLColgate-Palmolive Company	1.44%	1,236,200	$91M	trimmed−2%	+0.06 pp	29 q
MSMMSC Industrial Direct Co., Inc. Class A	1.44%	1,239,244	$90M	trimmed−19%	+0.04 pp	4 q
INGRIngredion Incorporated	1.08%	815,770	$68M	new	+1.08 pp	new
UHALU-Haul Holding Company	1.00%	207,618	$63M	trimmed−6%	−0.07 pp	10 q
COPConocoPhillips	0.93%	1,392,929	$59M	trimmed−0%	+0.22 pp	29 q
XOMExxon Mobil Corp	0.89%	1,245,822	$56M	trimmed−0%	+0.10 pp	29 q
RLRalph Lauren Corporation	0.86%	745,734	$54M	trimmed−0%	+0.03 pp	2 q
CMCSAComcast Corp	0.84%	1,345,300	$52M	trimmed−10%	−0.01 pp	19 q
FHBFirst Hawaiian, Inc.	0.78%	2,828,606	$49M	trimmed−0%	0.00 pp	2 q
GSGoldman Sachs Group Inc.	0.73%	231,049	$46M	trimmed−2%	+0.13 pp	29 q
EAFGrafTech International Ltd.	0.66%	5,224,121	$42M	trimmed−1%	−0.05 pp	8 q
unresolvedFirstCash Holdings Inc	0.54%	505,400	$34M	new	+0.54 pp	new
unresolvedQurate Retail Inc	0.51%	3,394,712	$32M	trimmed−42%	−0.08 pp	2 q
GLWCorning Incorporated	0.49%	1,188,277	$31M	trimmed−2%	+0.08 pp	29 q
MUMicron Technology, Inc.	0.37%	448,357	$23M	trimmed−1%	+0.05 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	0.36%	127,218	$23M	trimmed−1%	−0.03 pp	29 q
ABEVAmbev S.a.	0.29%	7,000,000	$18M	new	+0.29 pp	new
ACAArcosa, Inc.	0.28%	413,220	$17M	trimmed−7%	−0.01 pp	7 q
BRK.ABerkshire Hathaway Inc.	0.27%	63	$17M	held	—	29 q
INFYInfosys Limited	0.24%	1,583,221	$15M	trimmed−1%	+0.02 pp	13 q
UNUnilever N V -ny Shares	0.22%	255,334	$14M	added+1%	+0.01 pp	12 q
NWSNews Corporation Class B	0.14%	711,076	$8M	trimmed−28%	−0.01 pp	2 q
WDRWaddell & Reed Financial, Inc.	0.11%	445,000	$7M	trimmed−1%	+0.03 pp	2 q
CLXClorox Company	0.07%	19,225	$4M	trimmed−1%	+0.01 pp	29 q
SYKStryker Corporation	0.07%	24,878	$4M	added+1%	0.00 pp	29 q
RDIReading International, Inc Class A	0.06%	862,000	$4M	held	—	16 q
MAMastercard Incorporated	0.04%	9,280	$3M	held	—	2 q
unresolvedTrecora Resources	0.04%	358,000	$2M	added+67%	+0.02 pp	2 q
PMPhilip Morris International Inc.	0.03%	23,501	$2M	held	—	29 q
SCHWThe Charles Schwab Corporation	0.03%	59,900	$2M	trimmed−6%	−0.01 pp	5 q
VMIValmont Industries, Inc.	0.03%	14,520	$2M	trimmed−9%	0.00 pp	2 q
HSYThe Hershey Company	0.02%	9,200	$1M	held	—	9 q
LEGHLegacy Housing Corporation	0.02%	70,250	$999,000	new	+0.02 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.02%	3,741	$1M	trimmed−43%	−0.01 pp	11 q
TLYSTilly's Inc.	0.02%	232,000	$1M	added+5%	0.00 pp	2 q
MOAltria Group, Inc.	0.01%	22,500	$883,000	held	—	29 q
OTELOtelco, Inc. Class A	0.01%	34,031	$383,000	held	—	11 q
LOVSpark Networks SE	0.01%	156,600	$517,000	trimmed−16%	0.00 pp	4 q
FFFuture Fuel Corporation	—	−200,000	—	exited	−0.04 pp	—