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Stephen Yacktman

Yacktman Asset Management

Yacktman Asset Management, quality value, cash flow and shareholder yield

Yacktman Asset Management is a strong US quality-value case. The useful materials are fund reports, long-held positions, and the firm's discipline around forward rate of return, cash flow, capital protection, and shareholder yield rather than short-term growth stories.

Sources Yacktman Asset Management official site SEC EDGAR profile
Quality value / shareholder yield CIK 905567
2026-03-31 Latest 13F 20 Current holdings 145 Last 3 periods Change 0 Public materials
Latest 13F snapshot 2026-03-31 · 76 disclosed positions · $7.5B Top five 29.1%: CNQ, MSFT, SCHW, GOOG, PEP

Performance materials

  • Yacktman public fund materials disclose strategy performance. Official fund reports and factsheets are the performance source.

Firm and key people

  • The Yacktman system was established by Donald Yacktman and is now carried forward by Stephen Yacktman and the team.
  • Public materials emphasize forward rate of return, cash flow, price discipline, and shareholder returns.
  • 13F holdings help show US equity exposure, while fund reports explain the strategy better.

Investment style

  • Prefer stable cash flows, low capital intensity, brands or pricing power, and shareholder-friendly management.
  • Use future return and margin of safety to control the purchase price.
  • Read position changes with fund commentary and valuation changes.

Public materials

View timeline
Shareholder letters / memos 0
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-01
Stocks Shares Value Weight
CNQ 16,541,598 $806.1M 10.7%
MSFT 992,916 $367.5M 4.9%
SCHW 3,904,856 $367.0M 4.9%
GOOG 1,126,534 $323.2M 4.3%
PEP 2,027,967 $314.9M 4.2%
JNJ 1,249,409 $305.4M 4.1%
PG 1,931,131 $278.9M 3.7%
UHAL.B 6,048,331 $270.2M 3.6%
RS 693,126 $210.7M 2.8%
COP 1,581,521 $208.8M 2.8%
FANG 1,003,970 $198.6M 2.6%
CTSH 3,008,138 $184.5M 2.5%
NWSA 7,388,648 $184.2M 2.5%
EOG 1,221,843 $176.6M 2.4%
INGR 1,440,258 $162.3M 2.2%
TSN 2,514,870 $161.1M 2.1%
KO 2,098,755 $159.6M 2.1%
BRK.B 314,981 $150.9M 2.0%
LHX 407,875 $140.8M 1.9%
EBAY 1,529,194 $139.2M 1.9%

Last 3 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-01
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
CNQ Minor reduction 2026-03-31 Filed 2026-05-01 16,541,598 18,775,420 -11.9% +$170.5M
PYPL New 2026-03-31 Filed 2026-05-01 2,290,642 0 - +$103.6M
MSFT Minor increase 2026-03-31 Filed 2026-05-01 992,916 963,825 3.0% -$98.6M
COP Minor increase 2026-03-31 Filed 2026-05-01 1,581,521 1,549,903 2.0% +$63.7M
CTSH Minor increase 2026-03-31 Filed 2026-05-01 3,008,138 2,983,431 0.8% -$63.1M
EOG Minor increase 2026-03-31 Filed 2026-05-01 1,221,843 1,187,019 2.9% +$52.0M
WBD Sold out 2026-03-31 Filed 2026-05-01 0 1,782,860 -100.0% -$51.4M
FDS New 2026-03-31 Filed 2026-05-01 225,874 0 - +$49.0M
FANG Minor increase 2026-03-31 Filed 2026-05-01 1,003,970 996,619 0.7% +$48.8M
JNJ Minor reduction 2026-03-31 Filed 2026-05-01 1,249,409 1,252,646 -0.3% +$46.2M
OLN Minor increase 2026-03-31 Filed 2026-05-01 4,092,211 3,922,318 4.3% +$40.0M
AVTR New 2026-03-31 Filed 2026-05-01 4,745,000 0 - +$37.2M
DAR Minor increase 2026-03-31 Filed 2026-05-01 1,403,668 1,389,217 1.0% +$36.8M
GOOG Minor reduction 2026-03-31 Filed 2026-05-01 1,126,534 1,129,807 -0.3% -$31.4M
SCHW Minor reduction 2026-03-31 Filed 2026-05-01 3,904,856 3,936,540 -0.8% -$26.3M
LMT Minor reduction 2026-03-31 Filed 2026-05-01 213,628 214,473 -0.4% +$25.4M
BRBR New 2026-03-31 Filed 2026-05-01 1,498,000 0 - +$24.1M
PEP Minor reduction 2026-03-31 Filed 2026-05-01 2,027,967 2,028,631 -0.0% +$23.8M
NOC Minor increase 2026-03-31 Filed 2026-05-01 194,173 193,937 0.1% +$21.9M
DIS Minor increase 2026-03-31 Filed 2026-05-01 1,347,536 1,333,916 1.0% -$21.9M
LHX Minor reduction 2026-03-31 Filed 2026-05-01 407,875 408,227 -0.1% +$20.9M
TLN Minor reduction 2026-03-31 Filed 2026-05-01 359,900 360,000 -0.0% -$20.1M
AWI Minor increase 2026-03-31 Filed 2026-05-01 741,937 741,742 0.0% -$19.5M
SPY Major reduction 2026-03-31 Filed 2026-05-01 3,768 32,091 -88.3% -$19.4M
FOXA Minor reduction 2026-03-31 Filed 2026-05-01 1,188,374 1,202,063 -1.1% -$18.4M
ELV Minor increase 2026-03-31 Filed 2026-05-01 334,315 328,756 1.7% -$17.4M
TSN Minor increase 2026-03-31 Filed 2026-05-01 2,514,870 2,489,380 1.0% +$15.2M
KO Minor reduction 2026-03-31 Filed 2026-05-01 2,098,755 2,108,644 -0.5% +$12.2M
RS Minor increase 2026-03-31 Filed 2026-05-01 693,126 691,626 0.2% +$10.9M
CSCO Major reduction 2026-03-31 Filed 2026-05-01 210,580 340,638 -38.2% -$9.9M
UNH Minor increase 2026-03-31 Filed 2026-05-01 168,460 167,550 0.5% -$9.7M
EWY Minor reduction 2026-03-31 Filed 2026-05-01 980,605 1,144,611 -14.3% +$9.3M
DVN Minor increase 2026-03-31 Filed 2026-05-01 458,844 432,311 6.1% +$7.3M
NWSA Minor increase 2026-03-31 Filed 2026-05-01 7,388,648 7,329,228 0.8% -$7.2M
BRK.B Minor increase 2026-03-31 Filed 2026-05-01 314,981 313,033 0.6% -$6.4M
EBAY Minor reduction 2026-03-31 Filed 2026-05-01 1,529,194 1,532,330 -0.2% +$5.7M
EMBC Major increase 2026-03-31 Filed 2026-05-01 3,671,877 2,262,915 62.3% +$5.6M
INGR Minor increase 2026-03-31 Filed 2026-05-01 1,440,258 1,423,654 1.2% +$5.3M
CL Minor increase 2026-03-31 Filed 2026-05-01 789,400 787,300 0.3% +$5.1M
BIL Major increase 2026-03-31 Filed 2026-05-01 212,115 167,893 26.3% +$4.1M
PG Minor increase 2026-03-31 Filed 2026-05-01 1,931,131 1,918,353 0.7% +$4.0M
STT Minor reduction 2026-03-31 Filed 2026-05-01 909,191 913,555 -0.5% -$2.8M
SYY Minor increase 2026-03-31 Filed 2026-05-01 1,234,872 1,223,605 0.9% -$2.1M
WFC Minor reduction 2026-03-31 Filed 2026-05-01 100,437 102,319 -1.8% -$1.5M
UL Minor increase 2026-03-31 Filed 2026-05-01 200,113 195,803 2.2% -$1.4M
KVUE Minor increase 2026-03-31 Filed 2026-05-01 7,932,459 7,857,496 1.0% +$1.2M
CMCSA Minor increase 2026-03-31 Filed 2026-05-01 1,167,500 1,161,500 0.5% -$1.2M
UHAL Minor reduction 2026-03-31 Filed 2026-05-01 325,369 327,276 -0.6% -$951,852
UHAL.B Minor increase 2026-03-31 Filed 2026-05-01 6,048,331 5,787,394 4.5% -$323,850
MAS Minor increase 2026-03-31 Filed 2026-05-01 244,718 233,847 4.6% -$66,305
BNY Minor reduction 2026-03-31 Filed 2026-05-01 357,698 365,736 -2.2% -$24,578
EWY New 2025-12-31 Filed 2026-02-03 1,144,611 0 - +$111.3M
WBD Major reduction 2025-12-31 Filed 2026-02-03 1,782,860 7,338,337 -75.7% -$91.9M
GOOG Minor reduction 2025-12-31 Filed 2026-02-03 1,129,807 1,166,413 -3.1% +$70.5M
MSFT Minor reduction 2025-12-31 Filed 2026-02-03 963,825 1,028,018 -6.2% -$66.3M
NWSA Minor reduction 2025-12-31 Filed 2026-02-03 7,329,228 7,422,037 -1.3% -$36.5M
CNQ Minor reduction 2025-12-31 Filed 2026-02-03 18,775,420 20,908,511 -10.2% -$32.7M
CTSH Minor reduction 2025-12-31 Filed 2026-02-03 2,983,431 3,299,434 -9.6% +$26.3M
UHAL.B Minor reduction 2025-12-31 Filed 2026-02-03 5,787,394 5,801,620 -0.2% -$24.8M
PG Minor reduction 2025-12-31 Filed 2026-02-03 1,918,353 1,941,870 -1.2% -$23.4M
JNJ Minor reduction 2025-12-31 Filed 2026-02-03 1,252,646 1,287,234 -2.7% +$20.6M
INGR Minor reduction 2025-12-31 Filed 2026-02-03 1,423,654 1,442,086 -1.3% -$19.1M
SPY Major increase 2025-12-31 Filed 2026-02-03 32,091 4,467 618.4% +$18.9M
TLN Minor reduction 2025-12-31 Filed 2026-02-03 360,000 360,100 -0.0% -$18.2M
OLN Minor reduction 2025-12-31 Filed 2026-02-03 3,922,318 3,974,154 -1.3% -$17.6M
BIL New 2025-12-31 Filed 2026-02-03 167,893 0 - +$15.3M
SYY Minor reduction 2025-12-31 Filed 2026-02-03 1,223,605 1,252,756 -2.3% -$13.0M
UL New 2025-12-31 Filed 2026-02-03 195,803 0 - +$12.8M
EOG Minor reduction 2025-12-31 Filed 2026-02-03 1,187,019 1,219,188 -2.6% -$12.0M
EBAY Minor reduction 2025-12-31 Filed 2026-02-03 1,532,330 1,577,038 -2.8% -$10.0M
NOC Minor reduction 2025-12-31 Filed 2026-02-03 193,937 197,840 -2.0% -$10.0M
FOXA Major reduction 2025-12-31 Filed 2026-02-03 1,202,063 1,520,292 -20.9% -$8.0M
TSN Minor reduction 2025-12-31 Filed 2026-02-03 2,489,380 2,548,535 -2.3% +$7.5M
LHX Minor reduction 2025-12-31 Filed 2026-02-03 408,227 416,780 -2.1% -$7.4M
ELV Minor reduction 2025-12-31 Filed 2026-02-03 328,756 334,373 -1.7% +$7.2M
SCHW Minor reduction 2025-12-31 Filed 2026-02-03 3,936,540 4,194,646 -6.2% -$7.2M
AWI Minor reduction 2025-12-31 Filed 2026-02-03 741,742 759,285 -2.3% -$7.1M
KVUE Minor reduction 2025-12-31 Filed 2026-02-03 7,857,496 7,939,962 -1.0% +$6.7M
KO Minor reduction 2025-12-31 Filed 2026-02-03 2,108,644 2,136,227 -1.3% +$5.7M
COP Minor reduction 2025-12-31 Filed 2026-02-03 1,549,903 1,587,743 -2.4% -$5.1M
UNH Minor reduction 2025-12-31 Filed 2026-02-03 167,550 174,588 -4.0% -$5.0M
FANG Minor reduction 2025-12-31 Filed 2026-02-03 996,619 1,014,468 -1.8% +$4.7M
LMT Minor reduction 2025-12-31 Filed 2026-02-03 214,473 216,881 -1.1% -$4.5M
STT Minor reduction 2025-12-31 Filed 2026-02-03 913,555 1,051,860 -13.1% -$4.2M
DAR Minor reduction 2025-12-31 Filed 2026-02-03 1,389,217 1,486,315 -6.5% +$4.1M
EMBC Minor increase 2025-12-31 Filed 2026-02-03 2,262,915 2,191,706 3.2% -$4.0M
DIS Minor reduction 2025-12-31 Filed 2026-02-03 1,333,916 1,357,848 -1.8% -$3.7M
BRK.B Minor reduction 2025-12-31 Filed 2026-02-03 313,033 320,356 -2.3% -$3.7M
MAS Minor reduction 2025-12-31 Filed 2026-02-03 233,847 252,995 -7.6% -$3.0M
RS Minor reduction 2025-12-31 Filed 2026-02-03 691,626 702,190 -1.5% +$2.6M
DVN Major reduction 2025-12-31 Filed 2026-02-03 432,311 521,166 -17.0% -$2.4M
CLX Major reduction 2025-12-31 Filed 2026-02-03 48,095 58,995 -18.5% -$2.4M
UHAL Minor reduction 2025-12-31 Filed 2026-02-03 327,276 330,774 -1.1% -$2.4M
CMCSA Minor reduction 2025-12-31 Filed 2026-02-03 1,161,500 1,169,000 -0.6% -$2.0M
PEP Minor reduction 2025-12-31 Filed 2026-02-03 2,028,631 2,060,313 -1.5% +$1.8M
CSCO Minor reduction 2025-12-31 Filed 2026-02-03 340,638 360,176 -5.4% +$1.6M
CL Minor reduction 2025-12-31 Filed 2026-02-03 787,300 793,900 -0.8% -$1.3M
WFC Major reduction 2025-12-31 Filed 2026-02-03 102,319 126,012 -18.8% -$1.0M
BNY Minor reduction 2025-12-31 Filed 2026-02-03 365,736 394,729 -7.3% -$551,380
GOOG Minor reduction 2025-09-30 Filed 2025-11-04 1,166,413 1,281,057 -8.9% +$56.8M
WBD Minor reduction 2025-09-30 Filed 2025-11-04 7,338,337 7,626,797 -3.8% +$55.9M
CTSH Minor reduction 2025-09-30 Filed 2025-11-04 3,299,434 3,410,672 -3.3% -$44.8M
KVUE Minor reduction 2025-09-30 Filed 2025-11-04 7,939,962 8,187,172 -3.0% -$42.5M
INGR Minor reduction 2025-09-30 Filed 2025-11-04 1,442,086 1,577,486 -8.6% -$37.8M
RS Minor reduction 2025-09-30 Filed 2025-11-04 702,190 748,372 -6.2% -$37.7M
JNJ Minor reduction 2025-09-30 Filed 2025-11-04 1,287,234 1,363,534 -5.6% +$30.4M
UHAL.B Minor reduction 2025-09-30 Filed 2025-11-04 5,801,620 5,986,465 -3.1% -$30.2M
CNQ Minor reduction 2025-09-30 Filed 2025-11-04 20,908,511 22,126,877 -5.5% -$26.5M
ELV Minor reduction 2025-09-30 Filed 2025-11-04 334,373 341,340 -2.0% -$24.7M
TLN Major reduction 2025-09-30 Filed 2025-11-04 360,100 443,700 -18.8% +$24.2M
PG Minor reduction 2025-09-30 Filed 2025-11-04 1,941,870 2,018,491 -3.8% -$23.2M
ORCL Sold out 2025-09-30 Filed 2025-11-04 0 105,828 -100.0% -$23.1M
DIS Minor reduction 2025-09-30 Filed 2025-11-04 1,357,848 1,424,444 -4.7% -$21.2M
UNH Major increase 2025-09-30 Filed 2025-11-04 174,588 129,000 35.3% +$20.0M
OLN Minor reduction 2025-09-30 Filed 2025-11-04 3,974,154 4,060,376 -2.1% +$17.7M
MSFT Minor reduction 2025-09-30 Filed 2025-11-04 1,028,018 1,105,264 -7.0% -$17.3M
SCHW Minor reduction 2025-09-30 Filed 2025-11-04 4,194,646 4,565,374 -8.1% -$16.1M
KO Minor reduction 2025-09-30 Filed 2025-11-04 2,136,227 2,216,552 -3.6% -$15.1M
DAR Minor reduction 2025-09-30 Filed 2025-11-04 1,486,315 1,578,504 -5.8% -$14.0M
EOG Minor reduction 2025-09-30 Filed 2025-11-04 1,219,188 1,259,812 -3.2% -$14.0M
NWSA Minor reduction 2025-09-30 Filed 2025-11-04 7,422,037 8,119,440 -8.6% -$13.4M
PEP Minor reduction 2025-09-30 Filed 2025-11-04 2,060,313 2,107,392 -2.2% +$11.1M
NOC Minor reduction 2025-09-30 Filed 2025-11-04 197,840 222,144 -10.9% +$9.5M
BRK.A Sold out 2025-09-30 Filed 2025-11-04 0 13 -100.0% -$9.5M
CL Minor reduction 2025-09-30 Filed 2025-11-04 793,900 802,400 -1.1% -$9.5M
AWI Minor reduction 2025-09-30 Filed 2025-11-04 759,285 861,335 -11.8% +$8.9M
EBAY Major reduction 2025-09-30 Filed 2025-11-04 1,577,038 2,037,683 -22.6% -$8.3M
EMBC Minor reduction 2025-09-30 Filed 2025-11-04 2,191,706 2,373,386 -7.7% +$7.9M
TSN Minor reduction 2025-09-30 Filed 2025-11-04 2,548,535 2,612,306 -2.4% -$7.7M
CMCSA Minor reduction 2025-09-30 Filed 2025-11-04 1,169,000 1,243,500 -6.0% -$7.7M
STT Minor reduction 2025-09-30 Filed 2025-11-04 1,051,860 1,208,504 -13.0% -$6.5M
BNY Major reduction 2025-09-30 Filed 2025-11-04 394,729 539,131 -26.8% -$6.1M
LMT Minor reduction 2025-09-30 Filed 2025-11-04 216,881 222,615 -2.6% +$5.2M
COP Minor reduction 2025-09-30 Filed 2025-11-04 1,587,743 1,625,996 -2.4% +$4.3M
FOXA Minor reduction 2025-09-30 Filed 2025-11-04 1,520,292 1,636,463 -7.1% +$4.2M
SYY Minor reduction 2025-09-30 Filed 2025-11-04 1,252,756 1,318,241 -5.0% +$3.3M
LHX Major reduction 2025-09-30 Filed 2025-11-04 416,780 519,641 -19.8% -$3.1M
BRK.B Minor reduction 2025-09-30 Filed 2025-11-04 320,356 326,867 -2.0% +$2.3M
DVN Major reduction 2025-09-30 Filed 2025-11-04 521,166 642,409 -18.9% -$2.2M
CSCO Minor reduction 2025-09-30 Filed 2025-11-04 360,176 386,100 -6.7% -$2.1M
CLX Major increase 2025-09-30 Filed 2025-11-04 58,995 45,210 30.5% +$1.8M
WFC Major reduction 2025-09-30 Filed 2025-11-04 126,012 151,707 -16.9% -$1.6M
UHAL Minor reduction 2025-09-30 Filed 2025-11-04 330,774 332,758 -0.6% -$1.3M
MAS Minor reduction 2025-09-30 Filed 2025-11-04 252,995 258,206 -2.0% +$1.2M
FANG Minor reduction 2025-09-30 Filed 2025-11-04 1,014,468 1,050,617 -3.4% +$815,595

Public video / Interview / Shareholder letter / Public Q&A

No viewpoint records yet.