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Tracking Yacktman Asset Management Portfolio - Q3 2017 Update

John Vincent profile picture
John Vincent


  • Yacktman's US long equity portfolio value increased marginally from $10.28B to $10.35B this quarter.
  • Yacktman Asset Management increased Infosys and added Unilever during the quarter.
  • Their largest five stakes are at ~53% of the 13F portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory 13F Form filed on 11/03/2017. Please visit our Tracking Yacktman Asset Management series to get an idea of his investment philosophy and our previous update for the fund’s moves during Q2 2017.

This quarter, Yacktman Asset Management’s (MUTF:YACKX, MUTF:YAFFX, MUTF:YASSX) US long portfolio increased marginally from $10.28B to $10.35B. The number of holdings increased from 44 to 46. The largest holding is Twenty-First Century Fox at 15.90% of the US long portfolio. The five largest individual stock positions are Twenty-First Century Fox (FOX, FOXA), Procter & Gamble (PG), PepsiCo Inc. (PEP), Cisco Systems (CSCO), and Johnson & Johnson (JNJ), and they together account for 52.49% of the 13F portfolio. The firm currently holds around 25% cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated, with recent 13F reports showing around 45 individual positions. 25 of their stakes are significantly large (over ~0.5% of the US long portfolio each), and they are the focus of this article.

To know more about Yacktman's bottom-up value investing philosophy, check out the book "Value Investing: From Graham to Buffett and Beyond".

New Stakes

Unilever NV (UN): UN is a very small 0.63% of the portfolio stake established this quarter at prices between $54.50 and $61 and the stock is now at $57.27.

Stake Decreases

Twenty-First Century Fox: FOXA is Yacktman’s largest 13F position by far at 15.90% of the portfolio. They had a very small position in News Corporation (NWS) in 2008. The 2009-2012 time frame saw a huge stake build up, as their share count increased 32 times (2.5M shares to over 80M

This article was written by

John Vincent profile picture
Focused on analyzing 13F reports & building tools to help DIY investors generate absolute returns through exploiting inefficiency, volatility, and momentum.

Analyst’s Disclosure: I am/we are long BAC, INTC. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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