P&G (NYSE:PG)’s shares delivered strong returns in the first quarter after reporting sustained improvement in organic sales. We think the company is executing with an improved focus and has a strong portfolio of brands. The strength of brands matters today more than ever. In the past, owning the right sector could often get an investor to a similar result. Today, owning the correctly positioned companies can produce a wildly different outcome.
From Yacktman Asset Management (Trades, Portfolio)'s Yacktman Fund (Trades, Portfolio) first-quarter 2019 shareholder letter.
