Yacktman Asset Management

Q1 2023 13F · by Stephen Yacktman, CIO

As of: Mar 31, 2023
Filed: May 8, 2023
US stock: $10.1B · prev $10.0B
Positions: 68 · prev 68
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%

Moves61 since the prior filing

+1.5 pp in · −1.5 pp out

New 1 +0.35 pp
Added 27 +1.14 pp
Trimmed 32 −1.51 pp
Exited 1 −0.01 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions27% of US stock

CNQ Canadian Natural Resources Limited added−0.06 pp added−0.068.3%
MSFT Microsoft Corp trimmed+0.88 pp trimmed+0.885.5%
PEP PepsiCo, Inc. trimmed−0.04 pp trimmed−0.044.6%
GOOG Alphabet Inc. Class C added+0.60 pp added+0.604.3%
PG Procter & Gamble Company trimmed−0.47 pp trimmed−0.473.9%

Positions68 in this filing · 1 exited


CNQCanadian Natural Resources Limited	8.33%	15,213,829	$842M	added0%	−0.06 pp	9 q
MSFTMicrosoft Corp	5.48%	1,922,210	$554M	trimmed−0%	+0.88 pp	40 q
PEPPepsiCo, Inc.	4.62%	2,561,567	$467M	trimmed−1%	−0.04 pp	40 q
GOOGAlphabet Inc. Class C	4.25%	4,131,031	$430M	added0%	+0.60 pp	17 q
PGProcter & Gamble Company	3.94%	2,680,646	$399M	trimmed−8%	−0.47 pp	40 q
BKNGBooking Holdings Inc.	3.81%	145,102	$385M	trimmed−5%	+0.73 pp	17 q
UHAL.BU-Haul Holding Company	3.48%	6,797,250	$352M	added+1%	−0.20 pp	2 q
SCHWThe Charles Schwab Corporation	3.26%	6,297,169	$330M	added+47%	−0.29 pp	16 q
CTSHCognizant Technology Solutions	3.23%	5,355,327	$326M	added0%	+0.18 pp	24 q
RSReliance, Inc.	3.18%	1,252,521	$322M	trimmed−0%	+0.65 pp	6 q
JNJJohnson & Johnson	3.11%	2,030,269	$315M	trimmed−2%	−0.54 pp	40 q
NWSANews Corporation Class A	2.89%	16,915,929	$292M	added+1%	−0.16 pp	16 q
FOXFox Corporation Class B	2.70%	8,736,350	$274M	added+1%	+0.24 pp	17 q
STTState Street Corporation	2.61%	3,483,074	$264M	trimmed−1%	−0.10 pp	40 q
PXDPioneer Natural Resource Co.	2.56%	1,269,541	$259M	added+75%	+0.91 pp	3 q
WFRDWeatherford International plc	2.36%	4,021,500	$239M	trimmed−18%	−0.14 pp	8 q
INGRIngredion Incorporated	2.28%	2,264,306	$230M	trimmed−2%	+0.03 pp	12 q
BRK.BBERKSHIRE HATHAWAY Class B	2.16%	706,405	$218M	trimmed−0%	−0.02 pp	40 q
FANGDiamondback Energy, Inc.	1.93%	1,443,340	$195M	added+9%	+0.13 pp	3 q
EOGEOG Resources, Inc.	1.92%	1,694,351	$194M	added+13%	−0.01 pp	3 q
NOCNorthrop Grumman Corp.	1.87%	409,855	$189M	trimmed−0%	−0.36 pp	9 q
ELVElevance Health, Inc.	1.76%	387,171	$178M	added0%	−0.22 pp	34 q
COPConocoPhillips	1.76%	1,798,964	$178M	added+2%	−0.32 pp	40 q
TSNTyson Foods, Inc.	1.76%	3,001,640	$178M	added+2%	−0.07 pp	10 q
BNYBank of New York Mellon Corporation	1.70%	3,793,982	$172M	trimmed−0%	−0.03 pp	40 q
DISThe Walt Disney Company	1.65%	1,662,457	$166M	trimmed−0%	+0.21 pp	17 q
KOCoca-Cola Company	1.59%	2,596,222	$161M	trimmed−1%	−0.06 pp	40 q
LMTLockheed Martin Corp.	1.56%	333,288	$158M	trimmed−0%	−0.06 pp	9 q
DVNDevon Energy Corporation	1.49%	2,975,999	$151M	added+6%	−0.23 pp	3 q
ORCLOracle Corp	1.28%	1,398,020	$130M	trimmed−2%	+0.11 pp	40 q
LHXL3Harris Technologies, Inc.	1.27%	653,002	$128M	added0%	−0.08 pp	9 q
EBAYeBay Inc	1.26%	2,878,764	$128M	added+6%	+0.14 pp	5 q
WBDWarner Bros. Discovery, Inc. Series A	1.19%	7,965,561	$120M	added+1%	+0.44 pp	4 q
SYYSysco Corporation	1.15%	1,507,581	$116M	trimmed−0%	0.00 pp	40 q
CLColgate-Palmolive Company	0.97%	1,301,900	$98M	trimmed−0%	−0.05 pp	40 q
WFCWells Fargo & Co.	0.96%	2,590,110	$97M	trimmed−0%	−0.11 pp	40 q
FOXAFox Corporation Class A	0.89%	2,639,747	$90M	trimmed−1%	+0.09 pp	17 q
AWIArmstrong World Industries, Inc.	0.82%	1,162,986	$83M	added+2%	+0.04 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.72%	1,396,997	$73M	trimmed−10%	−0.01 pp	40 q
EMBCEmbecta Corp.	0.72%	2,595,236	$73M	added+1%	+0.07 pp	4 q
UNVRUnivar Solutions Inc.	0.69%	2,004,373	$70M	added+2%	+0.07 pp	2 q
GSGoldman Sachs Group Inc.	0.62%	190,156	$62M	trimmed−2%	−0.04 pp	40 q
CMCSAComcast Corp	0.54%	1,447,600	$55M	trimmed−1%	+0.03 pp	30 q
UHALU-Haul Holding Company	0.42%	718,784	$43M	trimmed−5%	−0.03 pp	21 q
GLWCorning Incorporated	0.42%	1,190,000	$42M	held	—	40 q
EAFGrafTech International Ltd.	0.41%	8,534,101	$41M	added+5%	+0.03 pp	19 q
FHBFirst Hawaiian, Inc.	0.39%	1,910,292	$39M	added0%	−0.10 pp	13 q
MUMicron Technology, Inc.	0.38%	639,903	$39M	trimmed−9%	+0.03 pp	19 q
EWYiShares MSCI South Korea ETF	0.35%	584,913	$36M	new	+0.35 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	0.25%	300,045	$25M	added+1%	+0.01 pp	15 q
ACAArcosa, Inc.	0.21%	340,079	$21M	trimmed−7%	+0.01 pp	18 q
XOMExxon Mobil Corp	0.16%	147,100	$16M	trimmed−2%	0.00 pp	40 q
unresolvedUnilever Spn.Adr 1:1	0.16%	309,614	$16M	added+2%	+0.01 pp	10 q
BRK.ABerkshire Hathaway Inc.	0.15%	33	$15M	trimmed−13%	−0.03 pp	40 q
NWSNews Corporation Class B	0.10%	566,383	$10M	added+1%	0.00 pp	13 q
CLXClorox Company	0.05%	29,100	$5M	held	—	40 q
LEGHLegacy Housing Corporation	0.04%	170,000	$4M	trimmed−8%	+0.01 pp	12 q
MAMastercard Incorporated	0.04%	11,130	$4M	added+12%	+0.01 pp	13 q
CRMTAmerica's Car Mart Inc	0.03%	36,000	$3M	held	—	4 q
HSYThe Hershey Company	0.03%	10,200	$3M	held	—	20 q
AMPYAmplify Energy Corp.	0.02%	335,000	$2M	held	—	9 q
MCOMoody's Corporation	0.02%	7,670	$2M	added+22%	0.00 pp	4 q
RDIReading International, Inc Class A	0.02%	559,800	$2M	held	—	27 q
CATOCato Corp	0.01%	105,445	$932,134	held	—	9 q
PMPhilip Morris International Inc.	0.01%	9,001	$875,347	trimmed−8%	0.00 pp	40 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	3,465	$1M	trimmed−90%	−0.13 pp	6 q
MOAltria Group, Inc.	0.00%	5,800	$258,796	held	—	40 q
USBU.S. Bancorp	0.00%	10,391	$374,596	trimmed−100%	−2.07 pp	40 q
EPMEvolution Petroleum Corporation	—	−100,000	—	exited	−0.01 pp	—