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Yacktman Focused Fund Sells More Than Buys in Second Quarter

The Yacktman Focused Fund ( Trades , Portfolio ) pursues growth companies at low prices when it looks for investment targets. It's a strategy that has worked pretty well, producing returns of 10.67% in 2014, 27.01% in 2013 and 10.57% in 2012. But the Fund was focused on selling stock in the second quarter.

More than three-fourths of the Yacktman Focused Fund (Trades, Portfolio)'s second-quarter transactions involved reductions of existing stakes, with the most significant being the sale of 6,600,000 shares of Coca-Cola ( KO ), the Atlanta-based beverage company, for an average price of $40.67 per share. The sale had a -3.17% impact on the Fund's portfolio.

Coca-Cola has a market cap of $180.71 billion and an enterprise value of $203.41 billion. It has a P/E of 26.2, a Price/Book of 6.3 and a Price/Sales of 4.0. Warren Buffett (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Jim Simons (Trades, Portfolio), Manning & Napier Advisors, Inc, Pioneer Investments (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), David Winters (Trades, Portfolio), Wintergreen Fund (Trades, Portfolio), Ray Dalio (Trades, Portfolio), John Hussman (Trades, Portfolio), Tom Russo (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Dodge & Cox, Bill Frels (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Coca-Cola in their portfolios.

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The Yacktman Focused Fund (Trades, Portfolio) also reduced its stake in Coca-Cola's leading competitor and the Fund's second-most valuable holding, PepsiCo Inc ( PEP ), a New York-based food and beverage company. The Yacktman Focused Fund (Trades, Portfolio) sold 1,750,000 shares for an average price of $95.56 per share. That deal had a -1.98% impact on the Fund's portfolio.

PepsiCo has a market cap of $142.42 billion and an enterprise value of $164.47 billion. It has a P/E of 22.4, a Price/Book of 8.8 and a Price/Sales of 2.2. Donald Yacktman (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Jim Simons (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Manning & Napier Advisors, Inc, Steven Cohen (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), John Hussman (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Tom Russo (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), John Keeley (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Bill Frels (Trades, Portfolio) and Dodge & Cox have shares of PepsiCo in their portfolios.

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The Fund also sold 2,953,500 shares of its fourth-most valuable stake, Oracle Corporation ( ORCL ), a California-based computer technology company, for an average price of $43.37 per share. The sale had a -1.51% impact on the Fund's portfolio.

Oracle has a market cap of $176.78 billion and an enterprise value of $164.81 billion. It has a P/E of 18.4, a Price/Book of 3.6 and a Price/Sales of 4.8. James Barrow (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), HOTCHKIS & WILEY, Yacktman Fund (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Ken Fisher (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Chris Davis (Trades, Portfolio), Charles de Vaulx (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Lou Simpson (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Tom Gayner (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Robert Olstein (Trades, Portfolio), John Rogers (Trades, Portfolio), Manning & Napier Advisors, Inc, John Buckingham (Trades, Portfolio), John Hussman (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Bill Frels (Trades, Portfolio), Ray Dalio (Trades, Portfolio), David Dreman (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Tom Russo (Trades, Portfolio) have shares of Oracle in their portfolios.

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The Fund sold 3,800,000 shares of its eighth-most valuable stake, Cisco Systems Inc ( CSCO ), a San Jose, California-based technology company that designs, makes and sells networking equipment, for an average price of $28.66 per share. The sale had a -1.24% impact on the Fund's portfolio.

Cisco has a market cap of $144.24 billion and an enterprise value of $110.83 billion. It has a P/E of 16.5, a Price/Book of 2.5 and a Price/Sales of 3.0. Donald Yacktman (Trades, Portfolio), Dodge & Cox, PRIMECAP Management (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Ken Fisher (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Joel Greenblatt (Trades, Portfolio), Caxton Associates (Trades, Portfolio), James Barrow (Trades, Portfolio), Manning & Napier Advisors, Inc, Chuck Royce (Trades, Portfolio), John Hussman (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Charles Brandes (Trades, Portfolio), John Buckingham (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), David Dreman (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Bill Frels (Trades, Portfolio), Tom Gayner (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Frank Sands (Trades, Portfolio), Richard Snow (Trades, Portfolio), Lee Ainslie (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Cisco in their portfolios.

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The Fund also reduced its stakes in Microsoft Corp ( MSFT ), Stryker Corporation (SYK), eBay Inc (EBAY), Exxon Mobil Corporation (XOM), Johnson & Johnson (JNJ), CR Bard Inc (BCR), U.S. Bancorp (USB), CH Robinson Worldwide Inc (CHRW), Bank of New York Mellon Corp (BK), State Street Corp (STT), ConocoPhillips (COP) and Aggreko PLC (LSE:AGK).

The Fund sold out three stakes - Anthem Inc (ANTM), Walmart Stores Inc (WMT) and Clorox Co (CLX).

The Fund sold its 950,000-share stake in Anthem, an Indianapolis-based for-profit managed health care company, for an average price of $159.77 per share. The deal had a -1.74% impact on the Fund's portfolio.

Anthem has a market cap of $41.87 billion and an enterprise value of $56.29 billion. It has a P/E of 16.4, a Price/Book of 1.7 and a Price/Sales of 0.6. James Barrow (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Vanguard Health Care Fund (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), HOTCHKIS & WILEY, Yacktman Fund (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), John Hussman (Trades, Portfolio), Chris Davis (Trades, Portfolio), Bernard Horn (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ken Fisher (Trades, Portfolio) and Dodge & Cox have shares of Anthem in their portfolios.

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The Fund sold its 1,000,000 shares of Walmart for an average price of $76.49 per share. The deal had a -0.97% impact on the Fund's portfolio.

Walmart has a market cap of $237.81 billion and an enterprise value of $283.27 billion. It has a P/E of 14.8, a Price/Book of 3.1 and a Price/Sales of 0.5. Warren Buffett (Trades, Portfolio), Dodge & Cox, James Barrow (Trades, Portfolio), Bill Gates (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), HOTCHKIS & WILEY, Donald Yacktman (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Jim Simons (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Manning & Napier Advisors, Inc, Tweedy Browne (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), John Rogers (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Caxton Associates (Trades, Portfolio), John Buckingham (Trades, Portfolio), John Hussman (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), John Burbank (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Richard Snow (Trades, Portfolio), Tom Russo (Trades, Portfolio), Bill Frels (Trades, Portfolio) and Mark Hillman (Trades, Portfolio) have shares of Walmart in their portfolios.

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The Fund added to two of its stakes in the second quarter - Sysco Corp (SYY) and Avon Products Inc (AVP).

The Fund acquired 1,900,000 shares of Sysco, a Houston-based food marketer and distributor, for an average price of $37.41 per share. The transaction had a 0.99% impact on the Fund's portfolio.

Sysco, the Fund's third-most valuable stake, has a market cap of $21.42 billion and an enterprise value of $24.05 billion. It has a P/E of 24.5, a Price/Book of 4.1 and a Price/Sales of 0.4. Donald Yacktman (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), James Barrow (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Manning & Napier Advisors, Inc, Paul Tudor Jones (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Meridian Funds (Trades, Portfolio) and Bill Frels (Trades, Portfolio) have shares of Sysco in their portfolios.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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