Yacktman Asset Management

Q3 2022 13F · by Stephen Yacktman, CIO

As of: Sep 30, 2022
Filed: Nov 7, 2022
US stock: $9.2B · prev $9.6B
Positions: 67 · prev 65
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%

Moves59 since the prior filing

+8.0 pp in · −8.8 pp out

New 4 +6.78 pp
Added 27 +1.26 pp
Trimmed 26 −8.66 pp
Exited 2 −0.18 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions28% of US stock

CNQ Canadian Natural Resources Limited trimmed−1.39 pp trimmed−1.398.0%
PEP PepsiCo, Inc. trimmed−0.71 pp trimmed−0.716.7%
MSFT Microsoft Corp trimmed−0.25 pp trimmed−0.254.9%
GOOG Alphabet Inc. Class C added−0.35 pp added−0.354.3%
UHAL U-Haul Holding Company added+0.43 pp added+0.434.1%

Positions67 in this filing · 2 exited


CNQCanadian Natural Resources Limited	8.02%	15,807,564	$736M	trimmed−6%	−1.39 pp	7 q
PEPPepsiCo, Inc.	6.65%	3,736,659	$610M	trimmed−12%	−0.71 pp	38 q
MSFTMicrosoft Corp	4.93%	1,942,373	$452M	trimmed−0%	−0.25 pp	38 q
GOOGAlphabet Inc. Class C	4.35%	4,146,399	$399M	added0%	−0.35 pp	15 q
UHALU-Haul Holding Company	4.07%	734,057	$374M	added0%	+0.43 pp	19 q
PGProcter & Gamble Company	4.06%	2,953,251	$373M	trimmed−3%	−0.49 pp	38 q
JNJJohnson & Johnson	3.72%	2,090,998	$342M	trimmed−2%	−0.22 pp	38 q
CTSHCognizant Technology Solutions	3.45%	5,512,773	$317M	added0%	−0.40 pp	22 q
BKNGBooking Holdings Inc.	2.80%	156,330	$257M	added+1%	−0.02 pp	15 q
SCHWThe Charles Schwab Corporation	2.80%	3,578,313	$257M	added+3%	+0.51 pp	14 q
NWSANews Corporation Class A	2.72%	16,516,443	$250M	added0%	+0.06 pp	14 q
FOXFox Corporation Class B	2.69%	8,649,389	$247M	added0%	+0.03 pp	15 q
RSReliance, Inc.	2.39%	1,258,992	$220M	trimmed−0%	+0.17 pp	4 q
STTState Street Corporation	2.32%	3,502,575	$213M	added0%	+0.08 pp	38 q
NOCNorthrop Grumman Corp.	2.22%	433,932	$204M	trimmed−0%	+0.06 pp	7 q
TSNTyson Foods, Inc.	2.09%	2,915,324	$192M	added0%	−0.51 pp	8 q
USBU.S. Bancorp	2.09%	4,748,133	$191M	added0%	−0.17 pp	38 q
BRK.BBERKSHIRE HATHAWAY Class B	2.06%	707,956	$189M	trimmed−0%	+0.05 pp	38 q
INGRIngredion Incorporated	2.06%	2,352,877	$189M	trimmed−0%	−0.10 pp	10 q
WFRDWeatherford International plc	2.02%	5,735,000	$185M	held	—	6 q
COPConocoPhillips	1.97%	1,766,770	$181M	added×6.6	+1.72 pp	38 q
ELVElevance Health, Inc.	1.91%	385,532	$175M	trimmed−0%	−0.02 pp	32 q
DVNDevon Energy Corporation	1.75%	2,664,927	$160M	new	+1.75 pp	new
EOGEOG Resources, Inc.	1.75%	1,435,030	$160M	new	+1.75 pp	new
DISThe Walt Disney Company	1.71%	1,665,374	$157M	trimmed−0%	+0.08 pp	15 q
FANGDiamondback Energy, Inc.	1.66%	1,262,012	$152M	new	+1.66 pp	new
PXDPioneer Natural Resource Co.	1.62%	686,869	$149M	new	+1.62 pp	new
BNYBank of New York Mellon Corporation	1.60%	3,802,772	$146M	added0%	−0.04 pp	38 q
KOCoca-Cola Company	1.60%	2,625,017	$147M	trimmed−52%	−2.00 pp	38 q
LHXL3Harris Technologies, Inc.	1.56%	687,727	$143M	trimmed−0%	−0.17 pp	7 q
LMTLockheed Martin Corp.	1.50%	356,245	$138M	trimmed−0%	−0.09 pp	7 q
SYYSysco Corporation	1.49%	1,927,290	$136M	trimmed−53%	−2.12 pp	38 q
WFCWells Fargo & Co.	1.13%	2,588,070	$104M	trimmed−42%	−0.70 pp	38 q
CLColgate-Palmolive Company	0.99%	1,297,400	$91M	added0%	−0.09 pp	38 q
AWIArmstrong World Industries, Inc.	0.96%	1,114,952	$88M	added0%	+0.09 pp	7 q
ORCLOracle Corp	0.95%	1,432,074	$87M	added0%	−0.09 pp	38 q
FOXAFox Corporation Class A	0.89%	2,669,660	$82M	trimmed−0%	0.00 pp	15 q
EMBCEmbecta Corp.	0.73%	2,313,230	$67M	added0%	+0.12 pp	2 q
EBAYeBay Inc	0.72%	1,801,050	$66M	added+1%	−0.05 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.68%	1,564,246	$63M	added+2%	0.00 pp	38 q
WBDWarner Bros. Discovery, Inc. Series A	0.68%	5,420,359	$62M	added+1%	−0.07 pp	2 q
GSGoldman Sachs Group Inc.	0.62%	194,050	$57M	trimmed−0%	+0.02 pp	38 q
FHBFirst Hawaiian, Inc.	0.51%	1,902,482	$47M	trimmed−13%	0.00 pp	11 q
FCFSFirstCash Holdings, Inc.	0.48%	594,851	$44M	trimmed−1%	+0.05 pp	4 q
CMCSAComcast Corp	0.47%	1,464,200	$43M	trimmed−0%	−0.13 pp	28 q
MUMicron Technology, Inc.	0.38%	695,208	$35M	added+1%	−0.01 pp	17 q
GLWCorning Incorporated	0.37%	1,182,000	$34M	held	—	38 q
EAFGrafTech International Ltd.	0.37%	7,830,998	$34M	added+51%	−0.01 pp	17 q
MSMMSC Industrial Direct Co., Inc. Class A	0.29%	365,635	$27M	trimmed−71%	−0.68 pp	13 q
ACAArcosa, Inc.	0.23%	374,976	$21M	trimmed−8%	+0.03 pp	16 q
BRK.ABerkshire Hathaway Inc.	0.20%	45	$18M	held	—	38 q
XOMExxon Mobil Corp	0.17%	183,100	$16M	trimmed−22%	−0.04 pp	38 q
unresolvedUnilever Spn.Adr 1:1	0.15%	314,762	$14M	added+3%	0.00 pp	8 q
NWSNews Corporation Class B	0.09%	562,426	$9M	added+2%	0.00 pp	11 q
CLXClorox Company	0.04%	29,100	$4M	held	—	38 q
LEGHLegacy Housing Corporation	0.04%	235,000	$4M	trimmed−18%	0.00 pp	10 q
MAMastercard Incorporated	0.03%	9,980	$3M	held	—	11 q
CRMTAmerica's Car Mart Inc	0.02%	25,000	$2M	added+61%	0.00 pp	2 q
AMPYAmplify Energy Corp.	0.02%	335,000	$2M	added+52%	+0.01 pp	7 q
HSYThe Hershey Company	0.02%	10,200	$2M	held	—	18 q
MCOMoody's Corporation	0.02%	6,270	$2M	added+47%	+0.01 pp	2 q
PMPhilip Morris International Inc.	0.02%	17,001	$1M	held	—	38 q
RDIReading International, Inc Class A	0.02%	605,000	$2M	trimmed−12%	−0.01 pp	25 q
MOAltria Group, Inc.	0.01%	13,000	$525,000	held	—	38 q
CATOCato Corp	0.01%	105,445	$1M	held	—	7 q
EPMEvolution Petroleum Corporation	0.01%	170,000	$1M	held	—	8 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	2,243	$801,000	added×2.1	+0.01 pp	4 q
ABEVAmbev S.a.	—	−5,000,000	—	exited	−0.13 pp	—
HUNHuntsman Corporation	—	−180,000	—	exited	−0.05 pp	—