Yacktman Asset Management

Yacktman Asset Management

Last Update: 08-03-2018
Related: Yacktman Focused Fund
Yacktman Fund

Number of Stocks: 39
Number of New Stocks: 1

Total Value: $8,048 Mil
Q/Q Turnover: 1%

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

Yacktman Asset Management' s Profile & Performance

Profile

Mr. Stephen Yacktman is Chief Investment Officer, Partner, and Portfolio Manager of Yacktman Asset Management. He joined Yacktman Asset Management in 1993 as an analyst and has been co-manager for AMG Yacktman Focused Fund and AMG Yacktman Fund since 2002. In 2006 he was named Co-Chief Investment Officer and Senior Vice President of Yacktman Asset Management. Stephen was a finalist for Morningstars Domestic-Stock Manager of the Year award in 2011. He graduated from Brigham Young University with an economics degree and MBA. He is a member of the Management Committee of the firm.

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)

Top Ranked Articles

Yacktman's Earnings Growth Powerhouses The asset manager carries roughly 20 holdings that average 22%, 19%, 14%, 12.8%, 10.7%, 8.10% and 6.6% in average annual earnings growth over 10 years
Easily more than 25% of $9.7 billion worth of holdings belonging to Yacktman Asset Management (Trades, Portfolio) has been enriched by top growth stocks pouring in 10-year average annual earnings of 22%. Read more...
Yacktman Fund Comments on Samsung Guru stock highlight
Samsung (XKRX:005930) was our biggest detractor in the second quarter though the company produced strong results and sells at one of the lowest multiples of earnings and cash flow we have ever seen for a large global company. We believe Samsung’s stock today is incredibly inexpensive, with net cash and investments representing about 40% of the value at the preferred shares’ price. Adjusting for excess cash and investments, the preferred stock trades at nearly three times expected 2018 earnings, which is hardly the valuation deserved by a company called “Maybe the #1 technology company in the world” by Larry Ellison, founder of Oracle Corp.
Read more...
Yacktman Asset Management’s Proctor & Gamble Rises on Strong Fiscal 4th-Quarter Organic Sales Growth Company reports strong organic sales growth in 8 out of 10 global regions in a competitive environment
Proctor & Gamble Co. (NYSE:PG), a major holding of Yacktman Asset Management (Trades, Portfolio), said revenues for the 12 months ending June 30 increased 3% year over year, driven by strong organic sales growth in eight out the company’s 10 global regions. Read more...
Yacktman Fund Comments on Bolloré Guru stock highlight
Bolloré (XPAR:BOL), a recent addition to the Fund, was a detractor during the second quarter. The company is a French conglomerate whose main businesses include port and logistics management and media, largely through an ownership stake in Vivendi. Vincent Bolloré, who is the Chairman and CEO, is a capable leader, considered by many to be one of France’s best capital allocators. As he heads for retirement in 2022 when the company celebrates its 200th anniversary, we believe he will continue to take steps to simplify the complex corporate structure, which we think could unlock substantial value in the shares.
Read more...
Yacktman Fund Comments on Fox Guru stock highlight
In our first quarter commentary, we advised shareholders to “stay tuned” on Fox (NASDAQ:FOXA), whose assets looked like they were about to become the prize in a bidding war between Comcast and the Walt Disney Company (Disney). In June, after AT&T prevailed over the Department of Justice and closed on its acquisition of Time Warner Cable (a decision being appealed by the Justice Department), Comcast and Disney battled to acquire key Fox assets with Disney’s new acquisition price increased by nearly 36% over its original offer. The Fund still retains a significant position in Fox, although we sold shares as its stock price rose. As a result of the sales, the Fund’s cash position increased in the first six months of 2018, mostly toward the end of the second quarter.
Read more...
» More Yacktman Asset Management Articles

Commentaries and Stories

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Top 5 Performing Stocks in Most Broadly Held Portfolio Several of our model portfolios have outperformed the S&P 500 benchmark over the past 10 years Warren Buffett, Yacktman Asset Management, First E - Top 5 Performing Stocks In Most Broadly Held Portfolio
GuruFocus’ most broadly held portfolio, which tracks the performance of the stocks with high guru ownership, has outperformed the Standard & Poor’s 500 index benchmark over the past 10 years. The five stocks that had the highest year-to-date returns are ConocoPhillips (NYSE:COP), Microsoft Corp. (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), Merck & Co. Inc. (NYSE:MRK) and Alphabet Inc. (NASDAQ:GOOGL). More...

WARREN BUFFETT, YACKTMAN ASSET MANAGEMENT, FIRST EAGLE INVESTMENT, PRIMECAP MANAGEMENT, PIONEER INVESTMENTS, TWEEDY BROWNE, YACKTMAN FUND, KEN FISHER, JEREMY GRANTHAM, BILL NYGREN, LOU SIMPSON


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Yacktman Fund Comments on Johnson & Johnson Guru stock highlight
J&J (NYSE:JNJ) declined in the second quarter after delivering strong returns in 2016 and 2017. It faces generic challenges to some of its major pharmaceuticals, but we believe J&J is well diversified and positioned to provide solid growth over time. More...

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Yacktman Fund Comments on Bolloré Guru stock highlight
Bolloré (XPAR:BOL), a recent addition to the Fund, was a detractor during the second quarter. The company is a French conglomerate whose main businesses include port and logistics management and media, largely through an ownership stake in Vivendi. Vincent Bolloré, who is the Chairman and CEO, is a capable leader, considered by many to be one of France’s best capital allocators. As he heads for retirement in 2022 when the company celebrates its 200th anniversary, we believe he will continue to take steps to simplify the complex corporate structure, which we think could unlock substantial value in the shares. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Yacktman Fund Comments on Samsung Guru stock highlight
Samsung (XKRX:005930) was our biggest detractor in the second quarter though the company produced strong results and sells at one of the lowest multiples of earnings and cash flow we have ever seen for a large global company. We believe Samsung’s stock today is incredibly inexpensive, with net cash and investments representing about 40% of the value at the preferred shares’ price. Adjusting for excess cash and investments, the preferred stock trades at nearly three times expected 2018 earnings, which is hardly the valuation deserved by a company called “Maybe the #1 technology company in the world” by Larry Ellison, founder of Oracle Corp. More...

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Yacktman Fund Comments on Sysco Guru stock highlight
Sysco (NYSE:SYY) continued its strong performance after reporting excellent financial results. Interestingly, all three of the top contributors (Fox, Microsoft and Sysco) have been long-term holdings in the Fund and each of these positions required significant patience at times before unlocking substantial value. More...

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Yacktman Fund Comments on Microsoft Guru stock highlight
Microsoft (NASDAQ:MSFT) was also a leading contributor to Fund results. Microsoft’s strong performance was a result of exceptional growth in its cloud division. Both Microsoft and Cisco Systems Inc. (Cisco) were also beneficiaries of the rise in the technology sector, which has been the strongest S&P 500 sector this year. We reduced our position in Cisco due to its increased valuation and more modest expected returns going forward. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Yacktman Fund Comments on Fox Guru stock highlight
In our first quarter commentary, we advised shareholders to “stay tuned” on Fox (NASDAQ:FOXA), whose assets looked like they were about to become the prize in a bidding war between Comcast and the Walt Disney Company (Disney). In June, after AT&T prevailed over the Department of Justice and closed on its acquisition of Time Warner Cable (a decision being appealed by the Justice Department), Comcast and Disney battled to acquire key Fox assets with Disney’s new acquisition price increased by nearly 36% over its original offer. The Fund still retains a significant position in Fox, although we sold shares as its stock price rose. As a result of the sales, the Fund’s cash position increased in the first six months of 2018, mostly toward the end of the second quarter. More...

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Yacktman Asset Management’s Proctor & Gamble Rises on Strong Fiscal 4th-Quarter Organic Sales Growth Company reports strong organic sales growth in 8 out of 10 global regions in a competitive environment Yacktman Asset Management, Yacktman Focused Fund,  - Yacktman Asset Management’s Proctor & Gamble Rises On Strong Fiscal 4th-Quarter Organic Sales Growth
Proctor & Gamble Co. (NYSE:PG), a major holding of Yacktman Asset Management (Trades, Portfolio), said revenues for the 12 months ending June 30 increased 3% year over year, driven by strong organic sales growth in eight out the company’s 10 global regions. More...

WARREN BUFFETT, YACKTMAN ASSET MANAGEMENT, YACKTMAN FUND, YACKTMAN FOCUSED FUND


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Yacktman's Earnings Growth Powerhouses The asset manager carries roughly 20 holdings that average 22%, 19%, 14%, 12.8%, 10.7%, 8.10% and 6.6% in average annual earnings growth over 10 years Yacktman Asset Management - Yacktman's Earnings Growth Powerhouses
Easily more than 25% of $9.7 billion worth of holdings belonging to Yacktman Asset Management (Trades, Portfolio) has been enriched by top growth stocks pouring in 10-year average annual earnings of 22%. More...

GROWTH, EARNINGS, EBITDA, YACKTMAN, TECHNOLOGY, SOFTWARE, BERKSHIRE HATHAWAY, HEALTH, TV, COMPUTERS


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Yacktman Asset Management Comments on Lancaster Colony Guru stock highlight
Last year, we sold our position in Lancaster Colony (NASDAQ:LANC), a company we have owned in the Fund since mid-2000. When we first purchased our position in Lancaster, the stock was under $25 per share and our final sale was at a significantly higher price. During the time we owned the stock, the company paid out $33 in dividends, which was more than our initial purchase price and by itself would have produced a higher total return than the S&P 500 Index over the same timeframe. More...

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