SusanneB
This text is a part of a sequence that gives an ongoing evaluation of the modifications made to Yacktman’s 13F inventory portfolio on a quarterly foundation. It’s based mostly on Yacktman Asset Administration’s regulatory 13F Type filed on 8/2/2024. Please go to our Monitoring Yacktman Asset Administration sequence to get an concept of their funding philosophy and our earlier replace for the fund’s strikes throughout Q1 2024.
This quarter, Yacktman Asset Administration’s (MUTF:YACKX) (MUTF:YAFFX) (MUTF:YASSX) 13F portfolio worth decreased from $11.12B to $10.66B. The variety of holdings decreased from 73 to 72. The biggest holding is Canadian Pure Assets at 9.84% of the 13F portfolio. The biggest 5 particular person inventory positions are Canadian Pure Assets, Microsoft, Alphabet, Charles Schwab, and U-Haul. Collectively they account for ~30% of the 13F portfolio. The agency presently holds round ~8.5% money. The portfolio is concentrated, with latest 13F stories displaying round 70 particular person positions. 42 of their stakes are considerably massive (over ~0.5% of the 13F portfolio every) and they’re the main target of this text.
Word: Two of their high holdings of their flagship Yacktman Fund are usually not within the 13F report as they don’t seem to be US-listed 13F securities – Bollore SE (OTCPK:BOIVF) and Samsung Electronics (OTCPK:SSNLF) Most popular. The fund has generated alpha since its 1992 inception (10.40% annualized, in comparison with 9.69% for the Russell 1000 Worth Index and 10.53% for the S&P 500 index).
Stake Disposals:
Pioneer Pure Assets (PXD): The 0.73% PXD place was established throughout Q3 2022 at costs between ~$205 and ~$263. Q1 2023 noticed a ~75% stake improve at costs between ~$182 and ~$242. The stake was decreased by ~13% throughout This fall 2023 at costs between ~$212 and ~$252. That was adopted by a ~72% promoting within the final quarter at costs between ~$214 and ~$263. Exxon Mobil (XOM) acquired PXD in an all-stock deal (2.3234 shares of XOM for every share of PXD) that closed in Could, thereby eliminating this place.
Stake Will increase:
PepsiCo, Inc. (PEP): PEP is presently at 3.85% of the portfolio. It was constructed over a number of years, with the majority established within the 2011-13 interval: over 22M shares had been bought throughout that point at costs between $60 and $86. The six quarters via Q3 2016 had seen a two-thirds discount at costs between $91 and $111. The final three quarters of 2019 had additionally seen one other ~40% promoting at costs between $121 and $140. That was adopted by a ~25% discount in Q1 2020 at costs between $104 and $147. Q2 2021 noticed a one-third improve at costs between ~$141 and ~$149 whereas throughout H2 2022 there was a ~40% promoting at costs between ~$162 and ~$186. The inventory presently trades at ~$178. There was minor trimming over the past six quarters, whereas this quarter there was a marginal improve.
Berkshire Hathaway (BRK.A) (BRK.B): Berkshire place noticed a major stake build-up in Q1 2021 at costs between $222 and $264. It’s now a large ~2.70% of the portfolio place. The inventory presently trades at ~$428. The final a number of quarters noticed solely minor changes.
Kenvue Inc. (KVUE): KVUE is a by-product from Johnson & Johnson that began buying and selling in Could 2023. Shares began buying and selling at ~$27 and presently go for $18.82. Final July, Johnson & Johnson shareholders had been supplied Kenvue shares at a ~7% low cost via an alternate provide. The place was elevated by ~43% throughout This fall 2023 at costs between $18.02 and $21.55. The final quarter additionally noticed a ~16% improve. That was adopted by a ~30% improve this quarter at costs between $17.96 and $21.01. The place continues to be very small at 1.39% of the portfolio.
Word: Yacktman has a stake in Johnson & Johnson.
Kellanova (Ok): The 1.16% Kellanova stake was established within the final quarter at costs between ~$53 and ~$58 and the inventory presently trades above that vary at ~$63. There was a marginal improve this quarter.
Darling Elements (DAR): The small 0.65% DAR place was bought within the final quarter at costs between ~$41 and ~$51 and it’s now under that vary at $37.52. There was a marginal improve this quarter.
Warner Bros. Discovery (WBD), and Cisco Programs (CSCO): These very small (lower than ~1% of the portfolio every) positions had been elevated in the course of the quarter.
Stake Decreases:
Canadian Pure Assets (CNQ): CNQ is presently the biggest 13F place at 9.84% of the portfolio. It was bought in Q1 2021 at costs between $11.25 and $16.25. There was a ~90% stake improve within the subsequent quarter at costs between $14.70 and $19. That was adopted by a ~30% improve in Q3 2021 at costs between $15.20 and $18.25. The inventory presently trades at $33.38. The final a number of quarters noticed solely minor changes, whereas this quarter there was a ~9% trimming.
Word: the costs quoted above are adjusted for the 2-for-1 inventory break up in June.
Microsoft Company (MSFT): MSFT has been within the portfolio since 2003, and it turned a considerably massive place in 2006 when round 2.2M shares had been bought at costs between $22 and $29.50. ~20M shares had been added in 2011 at costs between $24 and $28.50. The six years via 2019 noticed the place diminished by ~95% at costs between $36 and $190. Q2 2020 additionally noticed a ~17% promoting at costs between $152 and $204. There was a ~15% stake improve in Q1 2021 at costs between $212 and $245. Since then, there have been minor changes in most quarters. The inventory presently trades at ~$409 and the massive (high three) stake is at 6.43% of the portfolio. This fall 2023 noticed an ~8% trimming, and that was adopted by a ~7% trimming over the past two quarters.
Alphabet Inc. (GOOG): The ~6% (high three) stake in GOOG was established in Q1 2019 at costs between ~$51 and ~$62, and it now goes for ~$168. Q1 2020 noticed a one-third stake improve at costs between ~$53 and ~$77. The final three quarters noticed a ~16% trimming.
Charles Schwab (SCHW): The ~4% of the portfolio stake in SCHW was first bought in This fall 2020 at costs between $37 and $53. There was a ~20% stake improve throughout This fall 2022 at costs between ~$67 and ~$83. That was adopted by a ~47% stake improve throughout Q1 2023 at costs between ~$52 and ~$86. The inventory is now at $63.39. The previous couple of quarters have seen minor trimming.
U-Haul Holding Firm (UHAL): The massive ~4% of the portfolio UHAL place noticed a ~50% stake improve throughout Q1 & Q3 2020 at costs between ~$24.20 and $38.40. Q2 2021 noticed one other ~75% stake improve at costs between ~$52.70 and ~$63.20. That was adopted by a ~60% stake improve in Q1 2022 at costs between ~$55.70 and ~$72.60. The place was elevated by ~17% throughout Q3 2023 at costs between $54.57 and $62.10 whereas within the subsequent quarter, there was a ~8% promoting at costs between $48.72 and $72.27. The inventory presently trades at $64.92. The final two quarters additionally noticed minor trimming.
Word: the costs quoted above are adjusted for the 10-for-1 inventory break up in November 2022.
Procter & Gamble (PG): PG is a really long-term place that has been within the portfolio since Yacktman’s first 13F submitting in 1999. The place measurement remained insignificantly small till 2007 when about 520K shares had been bought at costs between $61 and $74. The stake was minimize in half in 2008, however the next 4 years noticed a 100-fold stake improve at costs between $47 and $70. The 4 quarters via Q3 2016 noticed a 50% discount at costs between $72 and $90. The six quarters via Q1 2020 noticed one other ~80% promoting at costs between $80 and $128. The inventory presently trades at ~$170 and the stake is now at 3.79% of the portfolio. There was a ~8% trimming throughout Q1 2023 and that was adopted with minor promoting over the past 5 quarters.
Information Company (NWSA): The three.76% portfolio place was in-built 2019 at costs between $12.50 and $14.60. Q1 2020 additionally noticed a ~30% stake improve at costs between $8.20 and $15. There was a ~25% promoting in Q1 2021 at costs between $18 and $27.30. The stake was decreased by 13% within the final quarter at costs between $23.39 and $26.78. The inventory presently trades at $26.30. There was marginal trimming this quarter.
Fox Company (FOX): The FOX stake took place due to the merger transaction between Walt Disney and Twenty First Century Fox in March 2019. Yacktman had an enormous place in Twenty First Century Fox. The deal phrases had been ~$38 per share in money or Disney inventory topic to a collar and one-third of 1 share of recent Fox for every share of Twenty First Century Fox. The final three quarters of 2019 had seen a ~42% stake improve at costs between $30 and $39. Q1 2020 noticed one other ~55% stake improve at costs between $20 and $38.60. There was a ~38% discount over the 2 quarters via Q1 2021 at costs between ~$25 and ~$41.50. The inventory presently trades at $34.88, and the stake is at 3.46%. The final three years have seen solely minor changes.
Cognizant Expertise (CTSH): The three.13% portfolio stake in CTSH noticed a stake doubling in Q2 2019 at costs between $56.75 and $74.60. There was a ~60% stake improve in Q1 2020 at costs between $42 and $71.50. That was adopted by a one-third improve in Q3 2021 at costs between $66.50 and $78. The inventory presently trades at ~$74. The final a number of quarters have seen minor trimming.
Diamondback Power (FANG): The two.68% FANG stake was elevated by ~5% throughout This fall 2023 at costs between ~$142.05 and ~$166. The final quarter noticed comparable trimming at costs between ~$147 and ~$198. It presently trades at ~$189. There was a minor ~3% trimming this quarter.
Reliance, Inc. (RS): RS is a 2.65% of the portfolio place established in This fall 2021 at costs between ~$141 and ~$167 and the inventory presently trades properly above that vary at ~$287. There was a ~20% stake improve in Q1 2022 at costs between ~$149 and ~$195. The stake was decreased by 18% within the final quarter at costs between ~$275 and ~$337. This quarter noticed marginal trimming.
Ingredion Included (INGR): The two.33% INGR stake was bought in Q3 2020 at costs between $75 and $90 and elevated by ~170% subsequent quarter at costs between $69 and $82. The inventory presently trades properly above these ranges at ~$123. The final three years have seen minor trimming.
State Road Company (STT): The two.24% STT stake noticed a ~150% improve in This fall 2018 at costs between $60 and $87. Q3 2019 noticed one other ~63% stake improve at costs between $49 and $61. There was a ~20% promoting over the three quarters via Q2 2020. The inventory presently trades at $80.91. The previous couple of quarters have seen minor trimming.
EOG Assets (EOG): The two.11% EOG stake was elevated by ~5% throughout This fall 2023 at costs between ~$115 and ~$134. It’s now at ~$123. There was marginal trimming within the final two quarters.
Johnson & Johnson (JNJ): JNJ is a ~2% of the 13F portfolio place that has been within the portfolio since their first 13F submitting in Q1 1999. The majority of the unique place was bought in 2011 within the low-sixties value vary. 2015-18 noticed a mixed ~45% discount at costs between $91 and $147. The three quarters via Q2 2020 noticed one other ~50% promoting at costs between $111 and $156. That was adopted by a ~25% discount throughout Q3 2023 at costs between ~$156 and ~$173. The inventory presently trades at ~$164. There was marginal trimming within the final three quarters.
ConocoPhillips (COP): The ~2% COP stake was primarily constructed throughout Q3 2022 at costs between ~$82 and ~$118. The inventory is now at ~$106. The final seven quarters noticed solely minor changes.
Olin Company (OLN): OLN is a 1.86% of the portfolio stake established throughout Q2 2023 at costs between ~$47 and ~$58 and the inventory presently trades under that vary at ~$43. The final 4 quarters noticed solely minor changes.
Reserving Holdings (BKNG): BKNG is a 1.43% of the portfolio place bought in Q1 2019 at costs between $1650 and $1935. Q2 2020 noticed a ~20% discount at costs between $1231 and $1841. There was one other ~20% promoting throughout Q2 2023 at costs between ~$2509 and ~$2781. That was adopted by a ~50% discount within the subsequent quarter at costs between ~$2633 and ~$3243. The stake was decreased by ~19% throughout This fall 2023 at costs between ~$2743 and ~$3567. That was adopted by a ~16% discount within the final quarter at costs between ~$3400 and ~$3892. The inventory presently trades at ~$3328. This quarter noticed minor trimming. They’re harvesting good points.
Armstrong World Industries (AWI), Financial institution of New York Mellon (BK), Colgate-Palmolive (CL), Coca-Cola Firm (KO), Comcast Company (CMCSA), Devon Power (DVN), eBay Inc. (EBAY), Elevance Well being (ELV), Goldman Sachs (GS), Lockheed Martin (LMT), L3Harris Applied sciences (LHX), Northrop Grumman (NOC), Oracle Company (ORCL), Sysco Company (SYY), Tyson Meals (TSN), Walt Disney (DIS), and Wells Fargo (WFC): These small (lower than ~2% of the portfolio every) stakes had been diminished in the course of the quarter.
Word: Yacktman is thought to draw back from investing in banks however has held important stakes in banks because the monetary disaster: The Financial institution of New York Mellon (1.96%), Wells Fargo (1.40%), and State Road Financial institution (2.24%) are the present holdings.
The spreadsheet under highlights modifications to Yacktman’s 13F inventory holdings in Q2 2024:
Donald Yacktman – Yacktman Asset Administration Portfolio – Q2 2024 13F Report Q/Q Comparability (John Vincent (creator))
Supply: John Vincent. Information constructed from Yacktman Asset Administration’s 13F filings for Q1 2024 and Q2 2024.
Editor’s Word: This text discusses a number of securities that don’t commerce on a serious U.S. alternate. Please concentrate on the dangers related to these shares.
