Since reaching a low in early May of last year, P&G’s (PG, Financial) shares have appreciated more than 75% while the S&P 500® Index has risen slightly more than 10%. This is a remarkable change in valuation for a stable company even considering the better business execution the company has delivered in recent quarters. We have reduced the position from 9% to start the year to less than a 5% weighting as of the end of the third quarter.
From Yacktman Asset Management (Trades, Portfolio)'s Yacktman Fund (Trades, Portfolio) third-quarter 2019 shareholder letter.
