Highlighting Major Moves Including the Exit from Pioneer Natural Resources Co
The Yacktman Fund (Trades, Portfolio), managed by Yacktman Asset Management (Trades, Portfolio), is renowned for its strategic investment approach focusing on long-term capital appreciation and, to a lesser extent, current income. The Fund, which is non-diversified, primarily invests in common stocks of U.S. companies across various sizes, including dividend-paying firms. The investment philosophy emphasizes objectivity, patience, and diligence, with decisions based on individual security merits rather than market predictions. Yacktman's investment strategy blends the best elements of growth and value investing, targeting companies that are fundamentally sound, managed with shareholder interests in mind, and are available at attractive prices.
Summary of New Buys
During the second quarter of 2024, Yacktman Fund (Trades, Portfolio) expanded its portfolio by adding new stocks, including:
- Talen Energy Corp (TLN, Financial), purchasing 400,000 shares, which now represent 0.58% of the portfolio, amounting to a total value of $44.41 million.
Key Position Increases
The Fund also strategically increased its holdings in existing stocks:
- Kenvue Inc (KVUE, Financial), with an additional 1,700,000 shares, bringing the total to 5,000,000 shares. This adjustment marks a significant 51.52% increase in share count, impacting the current portfolio by 0.41%, with a total value of $90.9 million.
Summary of Sold Out Positions
Yacktman Fund (Trades, Portfolio) decided to exit several positions entirely in this quarter, including:
- Pioneer Natural Resources Co (PXD, Financial), dissolving all 210,000 shares, which had a -0.69% impact on the portfolio.
- First Hawaiian Inc (FHB, Financial), liquidating all 700,000 shares, resulting in a -0.19% portfolio impact.
Key Position Reductions
The Fund also reduced its stakes in several companies:
- Associated British Foods PLC (LSE:ABF, Financial) saw a reduction of 1,100,000 shares, leading to a -19.64% decrease in shares and a -0.44% impact on the portfolio. The stock traded at an average price of £25.67 during the quarter and has returned 4.89% over the past three months and 6.62% year-to-date.
- Charles Schwab Corp (SCHW, Financial) was reduced by 200,000 shares, marking a -5.88% reduction in shares and a -0.18% impact on the portfolio. The stock traded at an average price of $73.87 during the quarter and has returned 5.77% over the past three months and 9.94% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Yacktman Fund (Trades, Portfolio)'s portfolio included 58 stocks. The top holdings were 7.68% in Canadian Natural Resources Ltd (CNQ, Financial), 7.4% in Bollore SE (XPAR:BOL, Financial), 6.67% in Samsung Electronics Co Ltd (XKRX:005935, Financial), 4.7% in Microsoft Corp (MSFT, Financial), and 4.54% in Alphabet Inc (GOOG, Financial). The holdings are predominantly concentrated across 10 of the 11 industries, including Communication Services, Consumer Defensive, Technology, Energy, Financial Services, Industrials, Consumer Cyclical, Basic Materials, Healthcare, and Utilities.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
