Donald Yacktman

Donald Yacktman

Last Update: 11-03-2017
Related: Yacktman Focused Fund
Yacktman Fund

Number of Stocks: 46
Number of New Stocks: 3

Total Value: $10,347 Mil
Q/Q Turnover: 1%

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

Donald Yacktman' s Profile & Performance

Profile

Mr. Yacktman is the President and Co-Chief Investment Officer of Yacktman Asset Management Co. He is also a Co-Manager for The Yacktman Funds. Prior to founding the firm in April, 1992, Mr. Yacktman served for ten years as the Senior Portfolio Manager of Selected Financial Services, Inc. During that time, he also served for nine years as the Portfolio Manager of the Selected American Shares mutual fund and was named Portfolio Manager of The Year by Morningstar in 1991. He joined Selected Financial Services, Inc. in 1982 from Stein Roe & Farnham where he had been a portfolio manager since 1968. Mr. Yacktman holds a B.S. Magna Cum Laude in economics from The University of Utah and an MBA with distinction from Harvard University.

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 (%)
201611.211.96-0.8
2015-5.631.38-7.0
201411.3313.69-2.4
3-Year Cumulative16.8 (5.3%/year)29 (8.9%/year)-12.2 (-3.6%/year)
201327.7432.39-4.6
201211.4716-4.5
5-Year Cumulative66.4 (10.7%/year)98.2 (14.7%/year)-31.8 (-4%/year)
20117.32.115.2
201012.6415.06-2.4
200959.3126.4632.9
2008-26.05-3711.0
20073.395.49-2.1
10-Year Cumulative144.9 (9.4%/year)95.7 (6.9%/year)49.2 (2.5%/year)
200615.9515.790.2
2005-1.34.91-6.2
20049.9310.88-0.9
200333.0328.684.3
200211.41-22.133.5
15-Year Cumulative356.6 (10.7%/year)164.2 (6.7%/year)192.4 (4%/year)
200119.47-11.8931.4
200013.46-9.122.6
1999-16.921.04-37.9
19980.6428.58-27.9
199718.2833.36-15.1
20-Year Cumulative512.3 (9.5%/year)339.2 (7.7%/year)173.1 (1.8%/year)
199626.0222.963.1
199530.4237.58-7.2
19948.81.327.5
1993-6.5810.08-16.7

Top Ranked Articles

How to Value a Stock Using Yacktman's Forward Rate of Return Long-term investors should value a stock using an approach that relies on the free cash flow yield and growth rate
Someone who reads my blog emailed me this question: Read more...
Book Review: Invest Like a Guru - A Practical Guide to Avoiding Value Traps A solid addition to the value investor’s library.
I use the research site GuruFocus almost daily. It’s my go-to source for fundamental stock research, and the screeners and graphing tools alone would be well worth the subscription cost.
Read more...
Yacktman Funds Trims Most Positions, Adds to 2 Stocks, Buys S&P 500 ETF in 4th Quarter Yacktman makes significant reductions but three buys
Yacktman Asset Management, founded by noted value investor Donald Yacktman (Trades, Portfolio), purchased a smidgeon of the Standard and Poor's 500 index (SPY) and made significant increases to its holding of Unilever NV (NYSE:UN) and Reading International Inc. (NASDAQ:RDI). Read more...
Transcript of Joel Tillinghast Podcast Interview Peter Lynch mentee and head of $40 billion low-priced fund shares his wisdom
Holly: Hi, welcome to the GuruFocus podcast. This is Holly. I’m the editor of GuruFocus, and I’m here with Charlie Tian, he joined us for this Skype Interview, and Charlie is the CEO of GuruFocus. And we’re also very fortunate to have Joel Tillinghast today. He is the manager of the Fidelity Low-Priced Stock Fund. That fund has almost 40 billion in assets under management. It is a mid-cap value fund, and it has almost 1,000 stocks in it. And Joel is just one of the top managers in the field today, he’s soundly beaten the S&P, and since inception, and I think he’s rocking it again this year. So Joel, hi. Welcome. Read more...
Huawei Beats Apple to Become 2nd Largest Smartphone Brand China's Huawei took more market share in June and July
China’s Huawei has surpassed Apple (NASDAQ:AAPL) in global phone sales for the first time ever in June and July, making it the No. 2 global seller, according to Counterpoint Research. Read more...
» More Donald Yacktman Articles

Commentaries and Stories

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Yacktman Asset Management Cuts Oracle, Coca-Cola, Procter & Gamble The fund's largest 3rd-quarter sales Donald Yacktman,First Eagle Investment,Barrow Hanl - Yacktman Asset Management Cuts Oracle, Coca-Cola, Procter & Gamble
Donald Yacktman (Trades, Portfolio) founded Yacktman Asset Management in 1992. The firm manages multiple investment strategies as well as institutional and privately managed separate accounts. During the third quarter the firm sold shares in the following stocks: More...

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Donald Yacktman Comments on Avon Guru stock highlight
Our small position in Avon (NYSE:AVP) detracted from results during the third quarter. Avon continues to struggle with declines in its business as well as concerns about its level of debt. Over the next few quarters, there will be a new CEO, which we think might help stabilize the business. Due to Avon’s challenges, its shares trade at a significant discount to its peers. More...

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Donald Yacktman Comments on PepsiCo Guru stock highlight
PepsiCo (NYSE:PEP)’s (Pepsi) stock sold off modestly during the quarter as packaged food company shares were generally under pressure. We think Pepsi, with its strong Frito Lay business, probably has the best positioning of any large packaged food company in the world, and are confident in the stock’s prospects going forward. More...

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Donald Yacktman Comments on Fox Guru stock highlight
Fox (NASDAQ:FOX)’s shares declined in the third quarter due to general weakness in media shares. Traditional media companies continue to battle against the headwinds of change as customers abandon the traditional cable or satellite television bundle in favor of watching television content over the internet via Netflix, Amazon, Hulu and others. We think these concerns are causing many to neglect some incredibly valuable international assets at Fox that are not part of the high-cost U.S. television bundle and do not get impacted by U.S. consumers canceling cable subscriptions. We think investors will quickly revalue Fox’s shares meaningfully higher if the business results show solid momentum, similar to what we saw with Samsung. More...

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Donald Yacktman Comments on Cisco Systems Guru stock highlight
Cisco Systems (NASDAQ:CSCO) shares appreciated in the quarter along with strength in the information technology sector. The company continues to migrate its business from larger one-time sales toward subscription services, which makes the company significantly more stable and predictable. Over time, we think the shares will be awarded a significantly higher valuation as others recognize the company’s transformation to increased recurring fees, something we have already seen in Microsoft and Oracle. More...

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Donald Yacktman Comments on Procter & Gamble’s Guru stock highlight
Procter & Gamble’s (NYSE:PG) (P&G) stock appreciated solidly during the quarter as a large shareholder sought a position on the board of directors in a proxy battle against the company. We publicly supported the addition of this highly qualified individual, especially because we felt he would bring an owner’s mentality to the Board. It appears at this time that the director candidate we supported will narrowly miss being added to the Board, but we believe the proxy fight has placed P&G under significant pressure to perform or transform. More...

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Donald Yacktman Comments on Samsung Guru stock highlight
Samsung (XKRX:005930)’s stock rose solidly in the third quarter as the company produced strong earnings growth in its semiconductor businesses and successfully relaunched the Note phone. It is remarkable that, just one year ago the company was in the middle of a full-blown public relations crisis due to exploding batteries in the Note 7 and many were wondering if Samsung’s brand would be permanently damaged by the bad press.In the last year, Samsung has transformed due to significant success in its semiconductor businesses. While the stock has appreciated significantly, its earnings have also increased substantially. We expect this year’s earnings will be more than double the profits that Samsung produced just two years ago in 2015. The stock remains inexpensive, selling for about 5X earnings after adjusting for the excess cash that Samsung maintains. More...

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Yacktman Fund 3rd Quarter Commentary Overview of holdings and market Donald Yacktman - Yacktman Fund 3rd Quarter Commentary
The AMG Yacktman Fund (Trades, Portfolio) (Class I) returned 1.77% during the third quarter, trailing the S&P 500® Index, which returned 4.48%. For the 12 months ending September 30, 2017, the Fund returned 13.11% while the benchmark returned 18.61%. More...

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Lukewarm Sales Growth Sends Procter & Gamble Shares Lower Company posts earnings beat, revenue miss Donald Yacktman,Diamond Hill Capital,Jim Simons,Ma - Lukewarm Sales Growth Sends Procter & Gamble Shares Lower
Consumer packaged goods company the Procter & Gamble Co. (NYSE:PG) reported its first-quarter 2018 results before the opening bell on Oct. 20. More...

PROCTER, GAMBLE, 1Q, 2018, EARNINGS


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Transcript of Joel Tillinghast Podcast Interview Peter Lynch mentee and head of $40 billion low-priced fund shares his wisdom Daniel Loeb,Donald Yacktman - Transcript Of Joel Tillinghast Podcast Interview
Holly: Hi, welcome to the GuruFocus podcast. This is Holly. I’m the editor of GuruFocus, and I’m here with Charlie Tian, he joined us for this Skype Interview, and Charlie is the CEO of GuruFocus. And we’re also very fortunate to have Joel Tillinghast today. He is the manager of the Fidelity Low-Priced Stock Fund. That fund has almost 40 billion in assets under management. It is a mid-cap value fund, and it has almost 1,000 stocks in it. And Joel is just one of the top managers in the field today, he’s soundly beaten the S&P, and since inception, and I think he’s rocking it again this year. So Joel, hi. Welcome. More...

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Rating: 4.0/5 (4 votes)

Huawei Beats Apple to Become 2nd Largest Smartphone Brand China's Huawei took more market share in June and July Warren Buffett,Donald Yacktman - Huawei Beats Apple To Become 2nd Largest Smartphone Brand
China’s Huawei has surpassed Apple (NASDAQ:AAPL) in global phone sales for the first time ever in June and July, making it the No. 2 global seller, according to Counterpoint Research. More...

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Yacktman Fund 2nd Quarter Commentary Update on the fund's holding and thinking on markets Donald Yacktman - Yacktman Fund 2nd Quarter Commentary
The AMG Yacktman Fund (Trades, Portfolio) (Class I) returned 1.09% during the second quarter, trailing the S&P 500® Index, which returned 3.09%. For the 12 months ended June 30, 2017, the Fund returned 12.79%, while the benchmark returned 17.90%. More...

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Yacktman Asset Management's Largest 2nd-Quarter Trades The firm releases quarterly portfolio Donald Yacktman, Yacktman Focused Fund, Yacktman F - Yacktman Asset Management's Largest 2nd-Quarter Trades
Yacktman Asset Management (TradesPortfolio), which is managed by Stephen Yacktman and Jason Subotky, made the following trades during the second quarter. More...

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Yacktman Focused Fund Divests Unilever in 2nd Quarter Guru sells outweigh the buys Yacktman Focused Fund, Donald Yacktman - Yacktman Focused Fund Divests Unilever In 2nd Quarter
The Yacktman Focused Fund (Trades, Portfolio) primarily seeks long-term capital appreciation and current income. During the second quarter, the fund's managers, Stephen Yacktman and Jason Subotky, eliminated their Unilever NV (NYSE:UN) position and trimmed several other positions, including Samsung Electronics Co. Ltd. (XKRX:005935), Oracle Corp. (NYSE:ORCL) and Johnson & Johnson (NYSE:JNJ). More...

DONALD YACKTMAN, YACKTMAN FOCUSED FUND


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PepsiCo Falls Despite Positive Earnings Report Snack and beverage company beat on earnings, revenue Donald Yacktman - PepsiCo Falls Despite Positive Earnings Report
PepsiCo Inc. (NYSE:PEP) reported its second-quarter results on July 11, posting improved sales and earnings. More...

PEPSICO, EARNINGS, 2Q


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Risk Reward With Twenty-First Century Fox Scandal has hit Fox again; it may be a good time to buy the stock Donald Yacktman,Jeff Ubben,Seth Klarman - Risk Reward With Twenty-First Century Fox
May has been an eventful month at Twenty-First Century Fox (FOXA). More...

MEDIA, FOX, FOX NEWS, SKY


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'Invest Like a Guru' a Go-To Resource for Novice Investors Learn from Tian’s experience; read seasoned advice and learn to identify good companies Warren Buffett,Donald Yacktman - 'Invest Like A Guru' A Go-To Resource For Novice Investors
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VALUE INVESTING, LONG


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Book Review: Invest Like a Guru - A Practical Guide to Avoiding Value Traps A solid addition to the value investor’s library. Warren Buffett,Donald Yacktman - Book Review: Invest Like A Guru - A Practical Guide To Avoiding Value Traps
I use the research site GuruFocus almost daily. It’s my go-to source for fundamental stock research, and the screeners and graphing tools alone would be well worth the subscription cost. More...

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First Eagle Investment Slashes 5 Stakes in 1st Quarter Guru reports quarterly portfolio First Eagle Investment,Donald Yacktman - First Eagle Investment Slashes 5 Stakes In 1st Quarter
Jean-Marie Eveillard of First Eagle Investment (Trades, Portfolio) seeks long-term capital appreciation through the conviction that absolute long-term performance is the best way to preserve capital. During first-quarter 2017, Eveillard cut positions in five companies: Comcast Corp. (NASDAQ:CMCSA), The Timken Co. (NYSE:TKR), Molson Coors Brewing Co. (NYSE:TAP), Qualcomm Inc. (NASDAQ:QCOM) and The Hershey Co. (NYSE:HSY). More...

FIRST EAGLE INVESTMENT, JEAN-MARIE EVEILLARD


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