Yacktman Asset Management

Q3 2020 13F · by Stephen Yacktman, CIO

As of: Sep 30, 2020
Filed: Oct 30, 2020
US stock: $6.7B · prev $6.3B
Positions: 60 · prev 60
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%

Moves50 since the prior filing

+1.9 pp in · −1.9 pp out

New 1 +0.01 pp
Added 34 +1.92 pp
Trimmed 14 −1.38 pp
Exited 1 −0.51 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.8% a year, about 20.8 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions60 in this filing · 1 exited


PEPPepsiCo, Inc.	6.79%	3,304,176	$458M	added+1%	−0.10 pp	30 q
PGProcter & Gamble Company	6.74%	3,272,595	$455M	added+4%	+0.73 pp	30 q
MSFTMicrosoft Corp	5.88%	1,886,071	$397M	trimmed−3%	−0.45 pp	30 q
DISThe Walt Disney Company	5.63%	3,059,557	$380M	added+5%	+0.44 pp	7 q
SYYSysco Corporation	5.55%	6,011,776	$374M	added+5%	+0.54 pp	30 q
GOOGAlphabet Inc. Class C	5.11%	234,486	$345M	added0%	−0.16 pp	7 q
JNJJohnson & Johnson	4.87%	2,206,963	$329M	added+2%	+0.02 pp	30 q
KOCoca-Cola Company	4.75%	6,490,586	$320M	added+6%	+0.37 pp	30 q
FOXFox Corporation Class B	4.65%	11,212,149	$314M	added+8%	+0.19 pp	7 q
CTSHCognizant Technology Solutions	4.53%	4,403,093	$306M	added+4%	+0.69 pp	14 q
NWSANews Corporation Class A	4.51%	21,683,122	$304M	added+3%	+0.53 pp	6 q
BKNGBooking Holdings Inc.	4.20%	165,786	$284M	trimmed−3%	−0.12 pp	7 q
STTState Street Corporation	3.12%	3,552,562	$211M	added+4%	−0.33 pp	30 q
MMacy's Inc.	2.97%	35,091,662	$200M	added+4%	−0.75 pp	6 q
FOXAFox Corporation Class A	2.90%	7,030,114	$196M	trimmed−0%	−0.11 pp	7 q
USBU.S. Bancorp	2.49%	4,682,369	$168M	added+5%	−0.13 pp	30 q
HUNHuntsman Corporation	2.25%	6,843,665	$152M	added+3%	+0.34 pp	3 q
BNYBank of New York Mellon Corporation	1.94%	3,800,898	$131M	added+7%	−0.26 pp	30 q
ORCLOracle Corp	1.73%	1,958,785	$117M	trimmed−11%	−0.22 pp	30 q
CSCOCisco Systems, Inc. (DE)	1.68%	2,869,251	$113M	trimmed−6%	−0.60 pp	30 q
ELVElevance Health, Inc.	1.59%	399,794	$107M	added+4%	−0.02 pp	24 q
WFCWells Fargo & Co.	1.59%	4,573,103	$108M	added+4%	−0.21 pp	30 q
CLColgate-Palmolive Company	1.48%	1,293,929	$100M	added+5%	+0.04 pp	30 q
UHALU-Haul Holding Company	1.35%	255,071	$91M	added+23%	+0.35 pp	11 q
MSMMSC Industrial Direct Co., Inc. Class A	1.23%	1,309,432	$83M	added+6%	−0.21 pp	5 q
CMCSAComcast Corp	1.03%	1,499,636	$69M	added+11%	+0.19 pp	20 q
INGRIngredion Incorporated	1.00%	891,712	$67M	added+9%	−0.08 pp	2 q
RLRalph Lauren Corporation	0.81%	807,506	$55M	added+8%	−0.05 pp	3 q
GSGoldman Sachs Group Inc.	0.78%	261,619	$53M	added+13%	+0.05 pp	30 q
COPConocoPhillips	0.74%	1,513,367	$50M	added+9%	−0.19 pp	30 q
XOMExxon Mobil Corp	0.70%	1,366,137	$47M	added+10%	−0.19 pp	30 q
FHBFirst Hawaiian, Inc.	0.64%	2,962,227	$43M	added+5%	−0.14 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	0.63%	198,623	$42M	added+56%	+0.27 pp	30 q
GLWCorning Incorporated	0.57%	1,187,707	$38M	trimmed−0%	+0.08 pp	30 q
EAFGrafTech International Ltd.	0.56%	5,549,239	$38M	added+6%	−0.10 pp	9 q
MUMicron Technology, Inc.	0.48%	692,419	$33M	added+54%	+0.11 pp	9 q
unresolvedFirstCash Holdings Inc	0.47%	555,400	$32M	added+10%	−0.07 pp	2 q
ACAArcosa, Inc.	0.33%	509,086	$22M	added+23%	+0.05 pp	8 q
INFYInfosys Limited	0.31%	1,497,421	$21M	trimmed−5%	+0.07 pp	14 q
BRK.ABerkshire Hathaway Inc.	0.30%	63	$20M	held	—	30 q
ABEVAmbev S.a.	0.23%	7,000,000	$16M	held	—	2 q
UNUnilever N V -ny Shares	0.22%	249,088	$15M	trimmed−2%	0.00 pp	13 q
NWSNews Corporation Class B	0.14%	680,650	$10M	trimmed−4%	0.00 pp	3 q
WDRWaddell & Reed Financial, Inc.	0.10%	445,000	$7M	held	—	3 q
SYKStryker Corporation	0.07%	24,078	$5M	trimmed−3%	0.00 pp	30 q
CLXClorox Company	0.06%	19,225	$4M	held	—	30 q
MAMastercard Incorporated	0.05%	9,280	$3M	held	—	3 q
RDIReading International, Inc Class A	0.04%	862,000	$3M	held	—	17 q
unresolvedTrecora Resources	0.04%	418,000	$3M	added+17%	0.00 pp	3 q
PMPhilip Morris International Inc.	0.03%	23,501	$2M	held	—	30 q
VMIValmont Industries, Inc.	0.03%	14,520	$2M	held	—	3 q
HSYThe Hershey Company	0.02%	10,200	$1M	added+11%	0.00 pp	10 q
SCHWThe Charles Schwab Corporation	0.02%	44,200	$2M	trimmed−26%	−0.01 pp	6 q
TLYSTilly's Inc.	0.02%	202,000	$1M	trimmed−13%	0.00 pp	3 q
MOAltria Group, Inc.	0.01%	22,500	$869,000	held	—	30 q
LEGHLegacy Housing Corporation	0.01%	70,250	$961,000	held	—	2 q
OTELOtelco, Inc. Class A	0.01%	34,031	$390,000	held	—	12 q
LOVSpark Networks SE	0.01%	86,000	$421,000	trimmed−45%	0.00 pp	5 q
AMTTd Ameritrade Holding Corp	0.01%	15,700	$615,000	new	+0.01 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.00%	701	$235,000	trimmed−81%	−0.02 pp	12 q
unresolvedQurate Retail Inc	—	−3,394,712	—	exited	−0.51 pp	—