Donald Yacktman

Donald Yacktman

Last Update: 05-09-2018
Related: Yacktman Focused Fund
Yacktman Fund

Number of Stocks: 45
Number of New Stocks: 1

Total Value: $9,721 Mil
Q/Q Turnover: 0%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Donald Yacktman' s Profile & Performance

Profile

Mr. Yacktman is the President and Co-Chief Investment Officer of Yacktman Asset Management Co. He is also a Co-Manager for The Yacktman Funds. Prior to founding the firm in April, 1992, Mr. Yacktman served for ten years as the Senior Portfolio Manager of Selected Financial Services, Inc. During that time, he also served for nine years as the Portfolio Manager of the Selected American Shares mutual fund and was named Portfolio Manager of The Year by Morningstar in 1991. He joined Selected Financial Services, Inc. in 1982 from Stein Roe & Farnham where he had been a portfolio manager since 1968. Mr. Yacktman holds a B.S. Magna Cum Laude in economics from The University of Utah and an MBA with distinction from Harvard University.

Web Page:http://www.yacktman.com/

Investing Philosophy

This is the excerpt from Yacktman Fund prospectus:

Our investment adviser employs a disciplined investment strategy.We buy growth companies at what we believe to be low prices.We think this approach combines the best features of "growth" and "value" investing. When we purchase stocks we look for companies with the following three attributes:

GOOD BUSINESS

A good business may contain one or more of the following:

_ High market share in principal product and/or service lines; _ A high cash return on tangible assets; _ Relatively low capital requirements allowing a business to generate cash while growing; _ Short customer repurchase cycles and long product cycles; and _ Unique franchise characteristics.

SHAREHOLDER-ORIENTEDMANAGEMENT

We believe a shareholder-oriented management does not overcompensate itself and allocates wisely the cash the company generates.We look for companies that:

_ Reinvest in the business and still have excess cash; _ Make synergistic acquisitions; and _ Buy back stock.

LOWPURCHASE PRICE

_ We look for a stock that sells for less than what an investor would pay to buy the whole company. _ The stock prices of many companies vary by 50% or more from low to high each year so we wait for buying opportunities.

Each of the Funds will hold fewer stocks than the typical stock mutual fund. In fact, The Yacktman Focused Fund usually holds fewer than 25 stocks.We think it makes sense to invest more in our top choices than in investments we think are less attractive.

Total Holding History

Performance of The Yacktman Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201718.2321.71-3.5
201611.211.99-0.8
2015-5.631.24-6.9
3-Year Cumulative24.1 (7.5%/year)38 (11.3%/year)-13.9 (-3.8%/year)
201411.3313.47-2.1
201327.7432.3-4.6
5-Year Cumulative76.4 (12%/year)107.2 (15.7%/year)-30.8 (-3.7%/year)
201211.4715.99-4.5
20117.31.95.4
201012.6415.05-2.4
200959.3126.3533.0
2008-26.05-36.7910.7
10-Year Cumulative180.1 (10.8%/year)125 (8.4%/year)55.1 (2.4%/year)
20073.395.14-1.7
200615.9515.850.1
2005-1.34.83-6.1
20049.9310.7-0.8
200333.0328.194.8
15-Year Cumulative384.6 (11.1%/year)307.7 (9.8%/year)76.9 (1.3%/year)
200211.41-21.5833.0
200119.47-11.7631.2
200013.46-9.7523.2
1999-16.920.4-37.3
19980.6428.7-28.1
20-Year Cumulative512 (9.5%/year)294.5 (7.1%/year)217.5 (2.4%/year)
199718.2833.47-15.2
199626.0222.493.5
199530.4238.04-7.6
19948.80.48.4
1993-6.5810.08-16.7
25-Year Cumulative1109.3 (10.5%/year)883.9 (9.6%/year)225.4 (0.9%/year)

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Commentaries and Stories

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Yacktman Fund's 1st Quarter 2018 Shareholder Letter Discussion of holdings and markets Donald Yacktman - Yacktman Fund's 1st Quarter 2018 Shareholder Letter
In the first quarter of 2018, both our Fund and the market declined modestly with the AMG Yacktman Fund (Trades, Portfolio) (Class I) down 0.96% and the S&P 500 Index down 0.76%. The S&P 500 rocketed to start the year, appreciating almost 6% in January with technology stocks and momentum/growth leading the way. Following the strength in January, the market suffered a rapid 10% decline from the highs, ultimately closing modestly lower for the quarter. More...

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Yacktman Asset Management Buys U-Haul Parent in 1st Quarter Firm also adds to Proctor & Gamble position Donald Yacktman, Yacktman Focused Fund, Yacktman F - Yacktman Asset Management Buys U-Haul Parent In 1st Quarter
Yacktman Asset Management, founded in 1992 by legendary investor Donald Yacktman (Trades, Portfolio), disclosed on Wednesday the firm established a stake in Amerco Inc. (NASDAQ:UHAL) and expanded its position in Proctor & Gamble Co. (NYSE:PG) during the first quarter. More...

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Yacktman Funds Comments on Procter & Gamble Guru stock highlight
After a long proxy battle, Procter & Gamble (NYSE:PG) announced it would add Nelson Peltz of Trian Partners to the board of directors in 2018. We think Mr. Peltz, a significant shareholder and important voice for all owners, will improve PG’s focus. Several of our other highly successful investments— such as Sysco Corporation (where Trian Partners has two board seats), Microsoft and Fox—have benefited greatly from having a shareholder advocate in the boardroom. More...

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Yacktman Funds Comments on Oracle Guru stock highlight
Oracle (NYSE:ORCL)’s shares pulled back slightly during the quarter due to modestly disappointing results in its cloud business. Even after the pullback, the shares remain strong performers for the year. We continue to believe that Oracle will successfully transform its business, much like Microsoft did, into a more robust subscription-based business. In the meantime, in our view the stock remains inexpensive. More...

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Yacktman Funds Comments on Aggreko Guru stock highlight
Aggreko (LSE:AGK)’s stock declined modestly as the company struggled with disappointing orders for its utility business. Revenue growth at Aggreko has also been impacted as its energy-related customers faced challenges and competition increased due to industry softness. The recent increase in oil prices may lead to a better environment for Aggreko’s customers in North America. More...

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Yacktman Funds Comments on Microsoft Guru stock highlight
Microsoft (NASDAQ:MSFT)’s stock performed solidly for the fourth quarter and for all of 2017. The company has continued to execute well, delivering solid growth, especially in its cloud-based businesses. It is remarkable how successfully Microsoft has transformed its results under the strong leadership of CEO Satya Nadella. More...

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Yacktman Funds Comments on Cisco Guru stock highlight
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Toward the end of 2017, Fox (NASDAQ:FOX) and The Walt Disney Company (Disney) (NYSE:DIS) entered into a transformative transaction in which Fox will merge the majority of its assets in exchange for Disney stock in a deal we expect to receive approval from regulatory agencies. In addition to Disney shares, Fox shareholders will receive shares in “New Fox” which will retain valuable businesses including Fox News, Fox Sports, Fox Network, television stations, real estate and investments. New Fox and Disney will both benefit significantly from the lower corporate tax rate which was passed in the U.S. in late December. More...

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Donald Yacktman (Trades, Portfolio) founded Yacktman Asset Management in 1992. The firm manages multiple investment strategies as well as institutional and privately managed separate accounts. During the third quarter the firm sold shares in the following stocks: More...

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Donald Yacktman Comments on Avon Guru stock highlight
Our small position in Avon (NYSE:AVP) detracted from results during the third quarter. Avon continues to struggle with declines in its business as well as concerns about its level of debt. Over the next few quarters, there will be a new CEO, which we think might help stabilize the business. Due to Avon’s challenges, its shares trade at a significant discount to its peers. More...

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Donald Yacktman Comments on PepsiCo Guru stock highlight
PepsiCo (NYSE:PEP)’s (Pepsi) stock sold off modestly during the quarter as packaged food company shares were generally under pressure. We think Pepsi, with its strong Frito Lay business, probably has the best positioning of any large packaged food company in the world, and are confident in the stock’s prospects going forward. More...

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Donald Yacktman Comments on Fox Guru stock highlight
Fox (NASDAQ:FOX)’s shares declined in the third quarter due to general weakness in media shares. Traditional media companies continue to battle against the headwinds of change as customers abandon the traditional cable or satellite television bundle in favor of watching television content over the internet via Netflix, Amazon, Hulu and others. We think these concerns are causing many to neglect some incredibly valuable international assets at Fox that are not part of the high-cost U.S. television bundle and do not get impacted by U.S. consumers canceling cable subscriptions. We think investors will quickly revalue Fox’s shares meaningfully higher if the business results show solid momentum, similar to what we saw with Samsung. More...

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Donald Yacktman Comments on Cisco Systems Guru stock highlight
Cisco Systems (NASDAQ:CSCO) shares appreciated in the quarter along with strength in the information technology sector. The company continues to migrate its business from larger one-time sales toward subscription services, which makes the company significantly more stable and predictable. Over time, we think the shares will be awarded a significantly higher valuation as others recognize the company’s transformation to increased recurring fees, something we have already seen in Microsoft and Oracle. More...

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