Yacktman Asset Management

Q3 2023 13F · by Stephen Yacktman, CIO

As of: Sep 30, 2023
Filed: Nov 1, 2023
US stock: $10.1B · prev $10.5B
Positions: 70 · prev 67
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%

Moves66 since the prior filing

+1.8 pp in · −1.8 pp out

New 5 +1.01 pp
Added 14 +0.83 pp
Trimmed 45 −0.90 pp
Exited 2 −0.94 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.3% a year, about 18.7 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions70 in this filing · 2 exited


CNQCanadian Natural Resources Limited	9.61%	15,079,253	$975M	trimmed−0%	+1.55 pp	11 q
MSFTMicrosoft Corp	5.52%	1,772,995	$560M	trimmed−8%	−0.67 pp	42 q
GOOGAlphabet Inc. Class C	5.35%	4,120,154	$543M	trimmed−0%	+0.61 pp	19 q
PEPPepsiCo, Inc.	4.27%	2,557,247	$433M	trimmed−0%	−0.23 pp	42 q
UHAL.BU-Haul Holding Company	3.82%	7,407,767	$388M	added+7%	+0.50 pp	4 q
PGProcter & Gamble Company	3.82%	2,659,516	$388M	trimmed−1%	−0.03 pp	42 q
CTSHCognizant Technology Solutions	3.58%	5,358,073	$363M	trimmed−0%	+0.25 pp	26 q
SCHWThe Charles Schwab Corporation	3.44%	6,356,113	$349M	trimmed−0%	+0.01 pp	18 q
NWSANews Corporation Class A	3.35%	16,927,806	$340M	trimmed−0%	+0.22 pp	18 q
RSReliance, Inc.	3.18%	1,230,517	$323M	trimmed−1%	−0.03 pp	8 q
PXDPioneer Natural Resource Co.	2.88%	1,275,446	$293M	added0%	+0.37 pp	5 q
FOXFox Corporation Class B	2.48%	8,716,364	$252M	trimmed−1%	−0.17 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	2.39%	693,304	$243M	trimmed−2%	+0.10 pp	42 q
JNJJohnson & Johnson	2.34%	1,523,017	$237M	trimmed−24%	−0.80 pp	42 q
STTState Street Corporation	2.30%	3,481,702	$233M	trimmed−0%	−0.12 pp	42 q
FANGDiamondback Energy, Inc.	2.22%	1,454,923	$225M	added0%	+0.41 pp	5 q
INGRIngredion Incorporated	2.16%	2,223,789	$219M	trimmed−0%	−0.08 pp	14 q
COPConocoPhillips	2.15%	1,822,909	$218M	trimmed−0%	+0.36 pp	42 q
EOGEOG Resources, Inc.	2.13%	1,707,131	$216M	trimmed−0%	+0.28 pp	5 q
OLNOlin Corp.	2.12%	4,296,848	$215M	trimmed−0%	+0.02 pp	2 q
WFRDWeatherford International plc	1.98%	2,227,000	$201M	trimmed−42%	−0.43 pp	10 q
NOCNorthrop Grumman Corp.	1.77%	407,948	$180M	trimmed−0%	0.00 pp	11 q
BKNGBooking Holdings Inc.	1.75%	57,646	$178M	trimmed−51%	−1.27 pp	19 q
ELVElevance Health, Inc.	1.66%	387,382	$169M	trimmed−0%	+0.02 pp	36 q
BNYBank of New York Mellon Corporation	1.59%	3,792,880	$162M	trimmed−0%	−0.02 pp	42 q
TSNTyson Foods, Inc.	1.52%	3,054,403	$154M	trimmed−0%	+0.04 pp	12 q
ORCLOracle Corp	1.44%	1,376,699	$146M	trimmed−1%	−0.13 pp	42 q
KOCoca-Cola Company	1.43%	2,599,102	$145M	added0%	−0.05 pp	42 q
DVNDevon Energy Corporation	1.43%	3,044,219	$145M	added+1%	+0.05 pp	5 q
LMTLockheed Martin Corp.	1.34%	333,205	$136M	added0%	−0.11 pp	11 q
DISThe Walt Disney Company	1.33%	1,661,542	$135M	trimmed−0%	−0.08 pp	19 q
EBAYeBay Inc	1.28%	2,949,190	$130M	added+2%	+0.06 pp	7 q
LHXL3Harris Technologies, Inc.	1.12%	654,599	$114M	added0%	−0.09 pp	11 q
WFCWells Fargo & Co.	1.04%	2,570,961	$105M	trimmed−1%	−0.01 pp	42 q
SYYSysco Corporation	0.99%	1,520,742	$100M	trimmed−0%	−0.08 pp	42 q
CLColgate-Palmolive Company	0.91%	1,305,000	$93M	trimmed−0%	−0.04 pp	42 q
WBDWarner Bros. Discovery, Inc. Series A	0.86%	7,996,284	$87M	added0%	−0.09 pp	6 q
AWIArmstrong World Industries, Inc.	0.83%	1,171,409	$84M	trimmed−1%	+0.01 pp	11 q
FOXAFox Corporation Class A	0.81%	2,620,542	$82M	trimmed−0%	−0.04 pp	19 q
KVUEKenvue Inc.	0.75%	3,774,062	$76M	new	+0.75 pp	new
CSCOCisco Systems, Inc. (DE)	0.73%	1,381,602	$74M	trimmed−1%	+0.05 pp	42 q
CMCSAComcast Corp	0.63%	1,447,800	$64M	trimmed−0%	+0.06 pp	32 q
GSGoldman Sachs Group Inc.	0.61%	190,960	$62M	trimmed−0%	+0.02 pp	42 q
EMBCEmbecta Corp.	0.39%	2,650,941	$40M	added+1%	−0.15 pp	6 q
UHALU-Haul Holding Company	0.36%	673,777	$37M	trimmed−6%	−0.01 pp	23 q
GLWCorning Incorporated	0.36%	1,185,500	$36M	trimmed−0%	−0.04 pp	42 q
EAFGrafTech International Ltd.	0.35%	9,342,157	$36M	added+1%	−0.09 pp	21 q
FHBFirst Hawaiian, Inc.	0.34%	1,930,875	$35M	added0%	+0.01 pp	15 q
MUMicron Technology, Inc.	0.27%	400,445	$27M	trimmed−40%	−0.13 pp	21 q
MASMasco Corporation	0.19%	365,619	$20M	new	+0.19 pp	new
XOMExxon Mobil Corp	0.17%	147,000	$17M	trimmed−2%	+0.02 pp	42 q
unresolvedUnilever Spn.Adr 1:1	0.15%	298,232	$15M	trimmed−2%	0.00 pp	12 q
NWSNews Corporation Class B	0.11%	557,131	$12M	trimmed−1%	0.00 pp	15 q
BRK.ABerkshire Hathaway Inc.	0.07%	14	$7M	trimmed−58%	−0.09 pp	42 q
VZVerizon Communications	0.05%	150,000	$5M	new	+0.05 pp	new
CLXClorox Company	0.04%	31,100	$4M	added+7%	0.00 pp	42 q
MAMastercard Incorporated	0.04%	11,130	$4M	held	—	15 q
LEGHLegacy Housing Corporation	0.03%	155,000	$3M	trimmed−5%	−0.01 pp	14 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	8,151	$3M	added+97%	+0.01 pp	8 q
CRMTAmerica's Car Mart Inc	0.02%	20,000	$2M	trimmed−26%	−0.01 pp	6 q
AMPYAmplify Energy Corp.	0.02%	245,000	$2M	trimmed−16%	0.00 pp	11 q
HSYThe Hershey Company	0.02%	10,200	$2M	held	—	22 q
MCOMoody's Corporation	0.02%	7,670	$2M	held	—	6 q
GOLDGold.com, Inc.	0.01%	37,000	$1M	new	+0.01 pp	new
CATOCato Corp	0.01%	105,445	$807,709	held	—	11 q
NTRSNorthern Trust Corp	0.01%	9,500	$660,060	new	+0.01 pp	new
PMPhilip Morris International Inc.	0.01%	7,301	$675,927	held	—	42 q
RDIReading International, Inc Class A	0.01%	510,000	$1M	trimmed−2%	0.00 pp	29 q
MOAltria Group, Inc.	0.00%	5,800	$243,890	held	—	42 q
USBU.S. Bancorp	0.00%	7,000	$231,420	trimmed−23%	0.00 pp	42 q
UNVRUnivar Solutions Inc.	—	−1,999,040	—	exited	−0.68 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−291,035	—	exited	−0.26 pp	—