Yacktman Asset Management

Q2 2021 13F · by Stephen Yacktman, CIO

As of: Jun 30, 2021
Filed: Aug 3, 2021
US stock: $10.3B · prev $9.6B
Positions: 64 · prev 66
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%

Moves57 since the prior filing

+5.3 pp in · −5.1 pp out

New 1 +1.27 pp
Added 12 +4.01 pp
Trimmed 41 −5.13 pp
Exited 3 −0.02 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.6 years per position

Low
Moderate
High

Top 5 positions26% of US stock

PEP PepsiCo, Inc. added+1.54 pp added+1.546.4%
GOOG Alphabet Inc. Class C trimmed+0.58 pp trimmed+0.585.7%
MSFT Microsoft Corp trimmed+0.31 pp trimmed+0.315.5%
CNQ Canadian Natural Resources Limited added+2.34 pp added+2.344.5%
PG Procter & Gamble Company added−0.32 pp added−0.324.2%

Positions64 in this filing · 3 exited


PEPPepsiCo, Inc.	6.44%	4,478,683	$664M	added+35%	+1.54 pp	33 q
GOOGAlphabet Inc. Class C	5.66%	232,712	$583M	trimmed−1%	+0.58 pp	10 q
MSFTMicrosoft Corp	5.50%	2,092,081	$567M	trimmed−1%	+0.31 pp	33 q
CNQCanadian Natural Resources Limited	4.50%	12,771,226	$463M	added+91%	+2.34 pp	2 q
PGProcter & Gamble Company	4.23%	3,233,942	$436M	added+1%	−0.32 pp	33 q
SYYSysco Corporation	4.12%	5,458,276	$424M	trimmed−8%	−0.75 pp	33 q
NWSANews Corporation Class A	4.03%	16,132,571	$416M	trimmed−1%	−0.30 pp	9 q
DISThe Walt Disney Company	3.65%	2,140,775	$376M	trimmed−5%	−0.72 pp	10 q
JNJJohnson & Johnson	3.51%	2,193,082	$361M	trimmed−0%	−0.27 pp	33 q
BKNGBooking Holdings Inc.	3.37%	158,618	$347M	trimmed−4%	−0.66 pp	10 q
KOCoca-Cola Company	3.35%	6,375,789	$345M	trimmed−2%	−0.24 pp	33 q
CTSHCognizant Technology Solutions	2.97%	4,418,767	$306M	added0%	−0.64 pp	17 q
FOXFox Corporation Class B	2.94%	8,612,594	$303M	trimmed−0%	−0.21 pp	10 q
STTState Street Corporation	2.82%	3,530,873	$291M	trimmed−1%	−0.30 pp	33 q
USBU.S. Bancorp	2.61%	4,724,653	$269M	trimmed−0%	−0.13 pp	33 q
UHALU-Haul Holding Company	2.56%	447,673	$264M	added+76%	+0.93 pp	14 q
SCHWThe Charles Schwab Corporation	2.46%	3,481,541	$253M	trimmed−0%	+0.08 pp	9 q
INGRIngredion Incorporated	2.31%	2,630,301	$238M	trimmed−0%	−0.17 pp	5 q
WFCWells Fargo & Co.	2.01%	4,581,416	$207M	trimmed−0%	+0.13 pp	33 q
BRK.BBERKSHIRE HATHAWAY Class B	2.00%	742,148	$206M	trimmed−10%	−0.20 pp	33 q
TSNTyson Foods, Inc.	1.95%	2,727,657	$201M	trimmed−0%	−0.17 pp	3 q
BNYBank of New York Mellon Corporation	1.91%	3,834,429	$196M	trimmed−0%	+0.01 pp	33 q
HUNHuntsman Corporation	1.73%	6,717,324	$178M	trimmed−0%	−0.30 pp	6 q
NOCNorthrop Grumman Corp.	1.56%	441,230	$160M	added+2%	+0.10 pp	2 q
MMacy's Inc.	1.52%	8,286,276	$157M	trimmed−11%	−0.05 pp	9 q
ELVElevance Health, Inc.	1.50%	405,354	$155M	trimmed−0%	−0.03 pp	27 q
LHXL3Harris Technologies, Inc.	1.46%	693,861	$150M	added+2%	+0.02 pp	2 q
CSCOCisco Systems, Inc. (DE)	1.45%	2,815,904	$149M	trimmed−2%	−0.10 pp	33 q
ORCLOracle Corp	1.42%	1,876,985	$146M	trimmed−4%	−0.02 pp	33 q
LMTLockheed Martin Corp.	1.31%	355,772	$135M	trimmed−5%	−0.14 pp	2 q
WFRDWeatherford International plc	1.27%	7,202,005	$131M	new	+1.27 pp	new
AWIArmstrong World Industries, Inc.	1.15%	1,105,550	$119M	trimmed−1%	+0.10 pp	2 q
MSMMSC Industrial Direct Co., Inc. Class A	1.09%	1,251,877	$112M	trimmed−3%	−0.12 pp	8 q
CLColgate-Palmolive Company	1.05%	1,328,300	$108M	held	—	33 q
FOXAFox Corporation Class A	0.99%	2,750,063	$102M	trimmed−1%	−0.06 pp	10 q
GSGoldman Sachs Group Inc.	0.94%	255,972	$97M	trimmed−3%	+0.04 pp	33 q
CMCSAComcast Corp	0.84%	1,518,650	$87M	trimmed−0%	−0.02 pp	23 q
COPConocoPhillips	0.79%	1,329,884	$81M	trimmed−14%	−0.07 pp	33 q
FHBFirst Hawaiian, Inc.	0.77%	2,785,458	$79M	trimmed−6%	−0.07 pp	6 q
XOMExxon Mobil Corp	0.73%	1,191,301	$75M	trimmed−14%	−0.08 pp	33 q
EAFGrafTech International Ltd.	0.59%	5,276,575	$61M	trimmed−1%	−0.09 pp	12 q
MUMicron Technology, Inc.	0.57%	685,713	$58M	trimmed−2%	−0.08 pp	12 q
GLWCorning Incorporated	0.48%	1,204,500	$49M	held	—	33 q
unresolvedFirstCash Holdings Inc	0.47%	630,551	$48M	trimmed−0%	+0.04 pp	5 q
ACAArcosa, Inc.	0.26%	463,977	$27M	trimmed−2%	−0.06 pp	11 q
ABEVAmbev S.a.	0.23%	7,000,000	$24M	held	—	5 q
BRK.ABerkshire Hathaway Inc.	0.21%	52	$22M	trimmed−10%	−0.02 pp	33 q
unresolvedUnilever Spn.Adr 1:1	0.14%	243,005	$14M	trimmed−4%	−0.01 pp	3 q
NWSNews Corporation Class B	0.13%	550,641	$13M	trimmed−3%	−0.01 pp	6 q
unresolvedTrecora Resources	0.09%	1,132,000	$9M	added+19%	+0.01 pp	6 q
RLRalph Lauren Corporation	0.08%	65,962	$8M	trimmed−92%	−0.95 pp	6 q
SYKStryker Corporation	0.06%	23,161	$6M	added+1%	0.00 pp	33 q
RDIReading International, Inc Class A	0.05%	741,100	$5M	held	—	20 q
CATOCato Corp	0.03%	178,445	$3M	added+94%	+0.02 pp	2 q
CLXClorox Company	0.03%	19,225	$3M	held	—	33 q
LEGHLegacy Housing Corporation	0.03%	182,500	$3M	added×2.2	+0.01 pp	5 q
MAMastercard Incorporated	0.03%	9,280	$3M	held	—	6 q
HSYThe Hershey Company	0.02%	10,200	$2M	held	—	13 q
PMPhilip Morris International Inc.	0.02%	23,501	$2M	held	—	33 q
MOAltria Group, Inc.	0.01%	14,500	$691,000	trimmed−36%	0.00 pp	33 q
AMPYAmplify Energy Corp.	0.01%	170,000	$688,000	held	—	2 q
EPMEvolution Petroleum Corporation	0.01%	205,000	$1M	added+24%	0.00 pp	3 q
VMIValmont Industries, Inc.	0.01%	3,893	$919,000	trimmed−68%	−0.02 pp	6 q
LOVSpark Networks SE	0.00%	86,000	$445,000	held	—	8 q
TLYSTilly's Inc.	—	−150,000	—	exited	−0.02 pp	—
INFYInfosys Limited	—	−15,000	—	exited	0.00 pp	—
OTELOtelco, Inc. Class A	—	−34,031	—	exited	0.00 pp	—