Fox (NASDAQ:FOX), a spin-off we received upon the closure of the Disney transaction, was the largest detractor in the first quarter. We received the shares on March 20, and, as is often the case in spin-offs, there was weakness in the first few weeks as many holders of Twenty-First Century Fox did not want the new entity.
From Yacktman Asset Management (Trades, Portfolio)'s Yacktman Fund (Trades, Portfolio) first-quarter 2019 shareholder letter.
