Yacktman Asset Management

Q3 2025 13F · by Stephen Yacktman, CIO

As of: Sep 30, 2025
Filed: Nov 4, 2025
US stock: $7.3B · prev $7.4B
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%

Moves66 since the prior filing

+0.6 pp in · −0.5 pp out

New 5 +0.20 pp
Added 4 +0.37 pp
Trimmed 52 +0.09 pp
Exited 5 −0.64 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions70 in this filing · 5 exited


CNQCanadian Natural Resources Limited	9.21%	20,908,511	$668M	trimmed−6%	−0.12 pp	19 q
MSFTMicrosoft Corp	7.34%	1,028,018	$532M	trimmed−7%	−0.05 pp	50 q
SCHWThe Charles Schwab Corporation	5.52%	4,194,646	$400M	trimmed−8%	−0.08 pp	26 q
FOXFox Corporation Class B	4.58%	5,798,698	$332M	trimmed−7%	+0.26 pp	27 q
PGProcter & Gamble Company	4.11%	1,941,870	$298M	trimmed−4%	−0.21 pp	50 q
UHAL.BU-Haul Holding Company	4.07%	5,801,620	$295M	trimmed−3%	−0.30 pp	12 q
PEPPepsiCo, Inc.	3.99%	2,060,313	$289M	trimmed−2%	+0.25 pp	50 q
GOOGAlphabet Inc. Class C	3.91%	1,166,413	$284M	trimmed−9%	+0.86 pp	27 q
JNJJohnson & Johnson	3.29%	1,287,234	$239M	trimmed−6%	+0.49 pp	50 q
NWSANews Corporation Class A	3.14%	7,422,037	$228M	trimmed−9%	−0.10 pp	26 q
CTSHCognizant Technology Solutions	3.05%	3,299,434	$221M	trimmed−3%	−0.53 pp	34 q
RSReliance, Inc.	2.72%	702,190	$197M	trimmed−6%	−0.44 pp	16 q
INGRIngredion Incorporated	2.43%	1,442,086	$176M	trimmed−9%	−0.44 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	2.22%	320,356	$161M	trimmed−2%	+0.09 pp	50 q
DISThe Walt Disney Company	2.14%	1,357,848	$155M	trimmed−5%	−0.23 pp	27 q
TLNTalen Energy Corporation	2.11%	360,100	$153M	trimmed−19%	+0.38 pp	5 q
COPConocoPhillips	2.07%	1,587,743	$150M	trimmed−2%	+0.11 pp	50 q
AWIArmstrong World Industries, Inc.	2.05%	759,285	$149M	trimmed−12%	+0.17 pp	19 q
FANGDiamondback Energy, Inc.	2.00%	1,014,468	$145M	trimmed−3%	+0.06 pp	13 q
EBAYeBay Inc	1.98%	1,577,038	$143M	trimmed−23%	−0.06 pp	15 q
WBDWarner Bros. Discovery, Inc. Series A	1.97%	7,338,337	$143M	trimmed−4%	+0.80 pp	14 q
KOCoca-Cola Company	1.95%	2,136,227	$142M	trimmed−4%	−0.16 pp	50 q
TSNTyson Foods, Inc.	1.91%	2,548,535	$138M	trimmed−2%	−0.05 pp	20 q
EOGEOG Resources, Inc.	1.88%	1,219,188	$137M	trimmed−3%	−0.14 pp	13 q
KVUEKenvue Inc.	1.78%	7,939,962	$129M	trimmed−3%	−0.52 pp	9 q
LHXL3Harris Technologies, Inc.	1.75%	416,780	$127M	trimmed−20%	0.00 pp	19 q
STTState Street Corporation	1.68%	1,051,860	$122M	trimmed−13%	−0.05 pp	50 q
NOCNorthrop Grumman Corp.	1.66%	197,840	$121M	trimmed−11%	+0.17 pp	19 q
ELVElevance Health, Inc.	1.49%	334,373	$108M	trimmed−2%	−0.29 pp	44 q
LMTLockheed Martin Corp.	1.49%	216,881	$108M	trimmed−3%	+0.10 pp	19 q
SYYSysco Corporation	1.42%	1,252,756	$103M	trimmed−5%	+0.08 pp	50 q
OLNOlin Corp.	1.37%	3,974,154	$99M	trimmed−2%	+0.27 pp	10 q
FOXAFox Corporation Class A	1.32%	1,520,292	$96M	trimmed−7%	+0.09 pp	27 q
CLColgate-Palmolive Company	0.87%	793,900	$63M	trimmed−1%	−0.11 pp	50 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.83%	174,588	$60M	added+35%	+0.29 pp	2 q
DARDarling Ingredients Inc.	0.63%	1,486,315	$46M	trimmed−6%	−0.17 pp	7 q
BNYBank of New York Mellon Corporation	0.59%	394,729	$43M	trimmed−27%	−0.07 pp	50 q
CMCSAComcast Corp	0.51%	1,169,000	$37M	trimmed−6%	−0.09 pp	40 q
EMBCEmbecta Corp.	0.43%	2,191,706	$31M	trimmed−8%	+0.12 pp	14 q
CSCOCisco Systems, Inc. (DE)	0.34%	360,176	$25M	trimmed−7%	−0.02 pp	50 q
UHALU-Haul Holding Company	0.26%	330,774	$19M	trimmed−1%	−0.01 pp	31 q
DVNDevon Energy Corporation	0.25%	521,166	$18M	trimmed−19%	−0.02 pp	13 q
MASMasco Corporation	0.25%	252,995	$18M	trimmed−2%	+0.03 pp	9 q
EAFGrafTech International Ltd.	0.19%	1,068,938	$14M	trimmed−1%	+0.05 pp	29 q
unresolvedUnilever Spn.Adr 1:1	0.19%	235,669	$14M	trimmed−2%	−0.01 pp	20 q
WFCWells Fargo & Co.	0.15%	126,012	$11M	trimmed−17%	−0.01 pp	50 q
CLXClorox Company	0.10%	58,995	$7M	added+30%	+0.03 pp	50 q
MSCIMSCI, Inc.	0.09%	10,900	$6M	held	—	6 q
MAMastercard Incorporated	0.09%	11,670	$7M	held	—	23 q
GSGoldman Sachs Group Inc.	0.08%	6,900	$5M	trimmed−21%	0.00 pp	50 q
MCOMoody's Corporation	0.08%	12,425	$6M	held	—	14 q
AONAon plc Class A	0.06%	12,915	$5M	held	—	7 q
CRMTAmerica's Car Mart Inc	0.05%	133,000	$4M	added×12.1	+0.04 pp	14 q
CPRTCopart Inc	0.05%	75,195	$3M	new	+0.05 pp	new
FICOFair Isaac Corporation	0.05%	2,534	$4M	new	+0.05 pp	new
MRSHMarsh	0.05%	17,345	$3M	new	+0.05 pp	new
VRSKVerisk Analytics, Inc.	0.05%	13,160	$3M	new	+0.05 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.04%	4,467	$3M	added+28%	+0.01 pp	16 q
AMPYAmplify Energy Corp.	0.02%	230,000	$1M	trimmed−4%	+0.01 pp	19 q
LEGHLegacy Housing Corporation	0.02%	60,000	$2M	held	—	22 q
NTRSNorthern Trust Corp	0.02%	9,500	$1M	held	—	9 q
TDYTeledyne Technologies Incorporated	0.02%	2,400	$1M	trimmed−31%	0.00 pp	7 q
VZVerizon Communications	0.02%	40,000	$2M	trimmed−22%	−0.01 pp	9 q
CATOCato Corp	0.01%	105,445	$443,923	held	—	19 q
PMPhilip Morris International Inc.	0.01%	6,300	$1M	trimmed−6%	−0.01 pp	50 q
RDIReading International, Inc Class A	0.01%	275,000	$404,250	trimmed−29%	0.00 pp	37 q
GOLDGold.com, Inc.	0.00%	9,000	$232,830	new	0.00 pp	new
MOAltria Group, Inc.	0.00%	4,200	$277,452	trimmed−14%	0.00 pp	50 q
NWSNews Corporation Class B	0.00%	8,140	$281,237	held	—	23 q
VVISA Inc.	0.00%	732	$249,890	held	—	5 q
ORCLOracle Corp	—	−105,828	—	exited	−0.31 pp	—
BRK.ABerkshire Hathaway Inc.	—	−13	—	exited	−0.13 pp	—
BKNGBooking Holdings Inc.	—	−1,115	—	exited	−0.09 pp	—
HSYThe Hershey Company	—	−38,250	—	exited	−0.09 pp	—
XOMExxon Mobil Corp	—	−16,400	—	exited	−0.02 pp	—