Yacktman Asset Management

Q2 2025 13F · by Stephen Yacktman, CIO

As of: Jun 30, 2025
Filed: Aug 6, 2025
US stock: $7.4B · prev $7.6B
Positions: 70 · prev 70
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%

Moves62 since the prior filing

+0.4 pp in · −0.4 pp out

New 1 +0.54 pp
Added 11 −0.14 pp
Trimmed 49 −0.42 pp
Exited 1 0.00 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions31% of US stock

CNQ Canadian Natural Resources Limited trimmed−1.71 pp trimmed−1.719.3%
MSFT Microsoft Corp trimmed+1.45 pp trimmed+1.457.4%
SCHW The Charles Schwab Corporation trimmed+0.75 pp trimmed+0.755.6%
UHAL.B U-Haul Holding Company trimmed−0.29 pp trimmed−0.294.4%
FOX Fox Corporation Class B trimmed−0.23 pp trimmed−0.234.3%

Positions70 in this filing · 1 exited


CNQCanadian Natural Resources Limited	9.33%	22,126,877	$695M	trimmed−19%	−1.71 pp	18 q
MSFTMicrosoft Corp	7.39%	1,105,264	$550M	trimmed−8%	+1.45 pp	49 q
SCHWThe Charles Schwab Corporation	5.60%	4,565,374	$417M	trimmed−3%	+0.75 pp	25 q
UHAL.BU-Haul Holding Company	4.37%	5,986,465	$325M	trimmed−0%	−0.29 pp	11 q
FOXFox Corporation Class B	4.32%	6,226,402	$321M	trimmed−5%	−0.23 pp	26 q
PGProcter & Gamble Company	4.32%	2,018,491	$322M	trimmed−5%	−0.42 pp	49 q
PEPPepsiCo, Inc.	3.74%	2,107,392	$278M	trimmed−0%	−0.43 pp	49 q
CTSHCognizant Technology Solutions	3.58%	3,410,672	$266M	trimmed−2%	+0.06 pp	33 q
NWSANews Corporation Class A	3.24%	8,119,440	$241M	trimmed−5%	+0.19 pp	25 q
RSReliance, Inc.	3.16%	748,372	$235M	trimmed−2%	+0.26 pp	15 q
GOOGAlphabet Inc. Class C	3.05%	1,281,057	$227M	trimmed−9%	+0.17 pp	26 q
INGRIngredion Incorporated	2.87%	1,577,486	$214M	trimmed−1%	+0.03 pp	21 q
JNJJohnson & Johnson	2.80%	1,363,534	$208M	trimmed−1%	−0.19 pp	49 q
DISThe Walt Disney Company	2.37%	1,424,444	$177M	trimmed−4%	+0.45 pp	26 q
KVUEKenvue Inc.	2.30%	8,187,172	$171M	trimmed−1%	−0.31 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	2.13%	326,867	$159M	trimmed−13%	−0.51 pp	49 q
KOCoca-Cola Company	2.11%	2,216,552	$157M	trimmed−1%	0.00 pp	49 q
EBAYeBay Inc	2.04%	2,037,683	$152M	trimmed−6%	+0.12 pp	14 q
EOGEOG Resources, Inc.	2.02%	1,259,812	$151M	trimmed−5%	−0.22 pp	12 q
COPConocoPhillips	1.96%	1,625,996	$146M	trimmed−4%	−0.37 pp	49 q
TSNTyson Foods, Inc.	1.96%	2,612,306	$146M	trimmed−1%	−0.24 pp	19 q
FANGDiamondback Energy, Inc.	1.94%	1,050,617	$144M	trimmed−0%	−0.27 pp	12 q
AWIArmstrong World Industries, Inc.	1.88%	861,335	$140M	trimmed−1%	+0.27 pp	18 q
ELVElevance Health, Inc.	1.78%	341,340	$133M	trimmed−0%	−0.18 pp	43 q
LHXL3Harris Technologies, Inc.	1.75%	519,641	$130M	trimmed−6%	+0.24 pp	18 q
STTState Street Corporation	1.73%	1,208,504	$129M	trimmed−2%	+0.27 pp	49 q
TLNTalen Energy Corporation	1.73%	443,700	$129M	trimmed−0%	+0.56 pp	4 q
NOCNorthrop Grumman Corp.	1.49%	222,144	$111M	trimmed−5%	−0.09 pp	18 q
LMTLockheed Martin Corp.	1.39%	222,615	$103M	trimmed−8%	−0.03 pp	18 q
SYYSysco Corporation	1.34%	1,318,241	$100M	trimmed−2%	+0.01 pp	49 q
FOXAFox Corporation Class A	1.23%	1,636,463	$92M	trimmed−6%	−0.07 pp	26 q
WBDWarner Bros. Discovery, Inc. Series A	1.17%	7,626,797	$87M	trimmed−0%	+0.09 pp	13 q
OLNOlin Corp.	1.10%	4,060,376	$82M	added+1%	−0.18 pp	9 q
CLColgate-Palmolive Company	0.98%	802,400	$73M	held	—	49 q
DARDarling Ingredients Inc.	0.80%	1,578,504	$60M	trimmed−0%	+0.15 pp	6 q
BNYBank of New York Mellon Corporation	0.66%	539,131	$49M	trimmed−6%	+0.03 pp	49 q
CMCSAComcast Corp	0.60%	1,243,500	$44M	held	—	39 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.54%	129,000	$40M	new	+0.54 pp	new
CSCOCisco Systems, Inc. (DE)	0.36%	386,100	$27M	trimmed−13%	0.00 pp	49 q
EMBCEmbecta Corp.	0.31%	2,373,386	$23M	added+1%	−0.09 pp	13 q
ORCLOracle Corp	0.31%	105,828	$23M	trimmed−5%	+0.11 pp	49 q
UHALU-Haul Holding Company	0.27%	332,758	$20M	trimmed−1%	−0.02 pp	30 q
DVNDevon Energy Corporation	0.27%	642,409	$20M	trimmed−1%	−0.05 pp	12 q
MASMasco Corporation	0.22%	258,206	$17M	trimmed−3%	−0.02 pp	8 q
unresolvedUnilever Spn.Adr 1:1	0.20%	239,440	$15M	trimmed−4%	0.00 pp	19 q
WFCWells Fargo & Co.	0.16%	151,707	$12M	trimmed−5%	+0.01 pp	49 q
EAFGrafTech International Ltd.	0.14%	10,826,186	$11M	added+1%	+0.02 pp	28 q
BRK.ABerkshire Hathaway Inc.	0.13%	13	$9M	trimmed−7%	−0.02 pp	49 q
BKNGBooking Holdings Inc.	0.09%	1,115	$6M	trimmed−2%	+0.02 pp	26 q
HSYThe Hershey Company	0.09%	38,250	$6M	added+45%	+0.03 pp	29 q
MAMastercard Incorporated	0.09%	11,670	$7M	added+5%	+0.01 pp	22 q
GSGoldman Sachs Group Inc.	0.08%	8,700	$6M	trimmed−2%	+0.02 pp	49 q
MSCIMSCI, Inc.	0.08%	10,900	$6M	added+53%	+0.03 pp	5 q
MCOMoody's Corporation	0.08%	12,425	$6M	added+62%	+0.03 pp	13 q
CLXClorox Company	0.07%	45,210	$5M	added+37%	+0.01 pp	49 q
AONAon plc Class A	0.06%	12,915	$5M	added+11%	0.00 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	3,503	$2M	trimmed−17%	0.00 pp	15 q
VZVerizon Communications	0.03%	51,000	$2M	trimmed−2%	0.00 pp	8 q
XOMExxon Mobil Corp	0.02%	16,400	$2M	held	—	49 q
LEGHLegacy Housing Corporation	0.02%	60,000	$1M	added+18%	0.00 pp	21 q
NTRSNorthern Trust Corp	0.02%	9,500	$1M	held	—	8 q
PMPhilip Morris International Inc.	0.02%	6,700	$1M	trimmed−8%	0.00 pp	49 q
TDYTeledyne Technologies Incorporated	0.02%	3,500	$2M	trimmed−22%	−0.01 pp	6 q
CRMTAmerica's Car Mart Inc	0.01%	11,000	$616,440	trimmed−15%	0.00 pp	13 q
AMPYAmplify Energy Corp.	0.01%	240,000	$768,000	added+26%	0.00 pp	18 q
RDIReading International, Inc Class A	0.01%	385,000	$515,900	held	—	36 q
MOAltria Group, Inc.	0.00%	4,900	$287,287	held	—	49 q
CATOCato Corp	0.00%	105,445	$296,300	held	—	18 q
NWSNews Corporation Class B	0.00%	8,140	$279,283	held	—	22 q
VVISA Inc.	0.00%	732	$259,897	held	—	4 q
GOLDGold.com, Inc.	—	−9,000	—	exited	0.00 pp	—