Yacktman Asset Management

Q1 2025 13F · by Stephen Yacktman, CIO

As of: Mar 31, 2025
Filed: Apr 30, 2025
US stock: $7.6B · prev $8.6B
Positions: 70 · prev 71
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%

Moves55 since the prior filing

+0.8 pp in · −1.2 pp out

New 0 0.00 pp
Added 9 +0.83 pp
Trimmed 45 −0.70 pp
Exited 1 −0.47 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions31% of US stock

CNQ Canadian Natural Resources Limited trimmed+0.60 pp trimmed+0.6011.0%
MSFT Microsoft Corp trimmed−0.06 pp trimmed−0.065.9%
SCHW The Charles Schwab Corporation trimmed+0.63 pp trimmed+0.634.8%
PG Procter & Gamble Company trimmed+0.51 pp trimmed+0.514.7%
UHAL.B U-Haul Holding Company trimmed+0.03 pp trimmed+0.034.7%

Positions70 in this filing · 1 exited


CNQCanadian Natural Resources Limited	11.04%	27,266,207	$840M	trimmed−6%	+0.60 pp	17 q
MSFTMicrosoft Corp	5.94%	1,203,480	$452M	trimmed−1%	−0.06 pp	48 q
SCHWThe Charles Schwab Corporation	4.85%	4,709,043	$369M	trimmed−3%	+0.63 pp	24 q
PGProcter & Gamble Company	4.74%	2,117,468	$361M	trimmed−2%	+0.51 pp	48 q
UHAL.BU-Haul Holding Company	4.66%	5,994,800	$355M	trimmed−3%	+0.03 pp	10 q
FOXFox Corporation Class B	4.55%	6,568,340	$346M	trimmed−9%	+0.70 pp	25 q
PEPPepsiCo, Inc.	4.17%	2,113,106	$317M	added+1%	+0.43 pp	48 q
CTSHCognizant Technology Solutions	3.52%	3,495,625	$267M	trimmed−14%	−0.13 pp	32 q
NWSANews Corporation Class A	3.05%	8,528,584	$232M	trimmed−8%	+0.07 pp	24 q
JNJJohnson & Johnson	2.99%	1,372,459	$228M	trimmed−1%	+0.65 pp	48 q
RSReliance, Inc.	2.90%	763,184	$220M	trimmed−11%	+0.20 pp	14 q
GOOGAlphabet Inc. Class C	2.88%	1,404,452	$219M	trimmed−17%	−0.89 pp	25 q
INGRIngredion Incorporated	2.84%	1,597,135	$216M	trimmed−3%	+0.18 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	2.64%	376,791	$201M	trimmed−20%	+0.14 pp	48 q
KVUEKenvue Inc.	2.61%	8,270,488	$198M	trimmed−0%	+0.54 pp	7 q
COPConocoPhillips	2.33%	1,686,239	$177M	trimmed−10%	+0.15 pp	48 q
EOGEOG Resources, Inc.	2.24%	1,325,841	$170M	trimmed−27%	−0.35 pp	11 q
FANGDiamondback Energy, Inc.	2.21%	1,051,928	$168M	trimmed−24%	−0.45 pp	11 q
TSNTyson Foods, Inc.	2.20%	2,628,427	$168M	trimmed−1%	+0.41 pp	18 q
KOCoca-Cola Company	2.11%	2,239,624	$160M	trimmed−2%	+0.44 pp	48 q
ELVElevance Health, Inc.	1.96%	342,468	$149M	added0%	+0.48 pp	42 q
DISThe Walt Disney Company	1.92%	1,477,267	$146M	trimmed−2%	−0.04 pp	25 q
EBAYeBay Inc	1.92%	2,157,368	$146M	trimmed−13%	+0.12 pp	13 q
AWIArmstrong World Industries, Inc.	1.61%	870,289	$123M	trimmed−7%	+0.06 pp	17 q
NOCNorthrop Grumman Corp.	1.58%	234,193	$120M	trimmed−18%	+0.01 pp	17 q
LHXL3Harris Technologies, Inc.	1.51%	550,506	$115M	trimmed−8%	+0.03 pp	17 q
STTState Street Corporation	1.46%	1,237,452	$111M	trimmed−49%	−1.33 pp	48 q
LMTLockheed Martin Corp.	1.42%	241,572	$108M	trimmed−8%	−0.06 pp	17 q
SYYSysco Corporation	1.33%	1,351,919	$101M	trimmed−0%	+0.12 pp	48 q
FOXAFox Corporation Class A	1.30%	1,747,654	$99M	trimmed−29%	−0.10 pp	25 q
OLNOlin Corp.	1.28%	4,020,243	$97M	added+3%	−0.26 pp	8 q
TLNTalen Energy Corporation	1.17%	444,900	$89M	held	—	3 q
WBDWarner Bros. Discovery, Inc. Series A	1.08%	7,647,415	$82M	added0%	+0.14 pp	12 q
CLColgate-Palmolive Company	0.99%	802,400	$75M	held	—	48 q
DARDarling Ingredients Inc.	0.65%	1,582,461	$49M	added+2%	+0.04 pp	5 q
BNYBank of New York Mellon Corporation	0.63%	573,868	$48M	trimmed−53%	−0.46 pp	48 q
CMCSAComcast Corp	0.60%	1,243,500	$46M	trimmed−0%	+0.05 pp	38 q
EMBCEmbecta Corp.	0.40%	2,357,317	$30M	trimmed−1%	−0.18 pp	12 q
CSCOCisco Systems, Inc. (DE)	0.36%	442,914	$27M	trimmed−62%	−0.46 pp	48 q
DVNDevon Energy Corporation	0.32%	646,344	$24M	added+2%	+0.08 pp	11 q
UHALU-Haul Holding Company	0.29%	335,478	$22M	trimmed−10%	−0.01 pp	29 q
MASMasco Corporation	0.24%	266,686	$19M	trimmed−10%	−0.01 pp	7 q
ORCLOracle Corp	0.20%	111,166	$16M	trimmed−36%	−0.14 pp	48 q
unresolvedUnilever Spn.Adr 1:1	0.20%	250,411	$15M	trimmed−8%	+0.02 pp	18 q
BRK.ABerkshire Hathaway Inc.	0.15%	14	$11M	held	—	48 q
WFCWells Fargo & Co.	0.15%	159,323	$11M	trimmed−85%	−0.72 pp	48 q
EAFGrafTech International Ltd.	0.12%	10,698,696	$9M	added+1%	−0.10 pp	27 q
MAMastercard Incorporated	0.08%	11,130	$6M	held	—	21 q
BKNGBooking Holdings Inc.	0.07%	1,142	$5M	trimmed−47%	−0.06 pp	25 q
CLXClorox Company	0.06%	32,950	$5M	added+5%	0.00 pp	48 q
GSGoldman Sachs Group Inc.	0.06%	8,873	$5M	trimmed−92%	−0.68 pp	48 q
HSYThe Hershey Company	0.06%	26,470	$5M	added+21%	+0.02 pp	28 q
AONAon plc Class A	0.06%	11,670	$5M	held	—	5 q
MSCIMSCI, Inc.	0.05%	7,110	$4M	held	—	4 q
MCOMoody's Corporation	0.05%	7,670	$4M	held	—	12 q
XOMExxon Mobil Corp	0.03%	16,400	$2M	held	—	48 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	4,202	$2M	trimmed−89%	−0.23 pp	14 q
TDYTeledyne Technologies Incorporated	0.03%	4,500	$2M	held	—	5 q
VZVerizon Communications	0.03%	52,000	$2M	held	—	7 q
LEGHLegacy Housing Corporation	0.02%	51,000	$1M	trimmed−15%	0.00 pp	20 q
PMPhilip Morris International Inc.	0.02%	7,301	$1M	held	—	48 q
CRMTAmerica's Car Mart Inc	0.01%	13,000	$590,070	trimmed−19%	0.00 pp	12 q
AMPYAmplify Energy Corp.	0.01%	190,000	$710,600	trimmed−7%	0.00 pp	17 q
NTRSNorthern Trust Corp	0.01%	9,500	$937,175	held	—	7 q
RDIReading International, Inc Class A	0.01%	385,000	$535,150	held	—	35 q
GOLDGold.com, Inc.	0.00%	9,000	$228,330	trimmed−22%	0.00 pp	7 q
MOAltria Group, Inc.	0.00%	4,900	$294,098	held	—	48 q
CATOCato Corp	0.00%	105,445	$351,132	held	—	17 q
NWSNews Corporation Class B	0.00%	8,140	$247,212	trimmed−3%	0.00 pp	21 q
VVISA Inc.	0.00%	732	$256,537	held	—	3 q
GLWCorning Incorporated	—	−852,000	—	exited	−0.47 pp	—