P&G’s shares were stronger in the quarter, with the general rise in consumer brand stocks. During the last few years, P&G (PG, Financial) has been refocusing the company and is now nearing the completion of a series of divestitures that, in total, eliminate more than 100 of the companies’ brands that represented roughly 6% of total profits. With a better focus going forward, fewer brands and product categories and a significant emphasis on driving down costs, we think P&G is well-positioned to deliver solid results over the next several years.
From Yacktman Focused Fund (Trades, Portfolio) second quarter 2016 commentary.
