Yacktman Asset Management's Q3 2023 13F Filing: Booking Holdings Inc Sees Significant Reduction
An in-depth look at the investment moves of Yacktman Asset Management (Trades, Portfolio) in Q3 2023
Yacktman Asset Management (Trades, Portfolio), an Austin, Texas-based investment firm, recently submitted its 13F report for the third quarter of 2023. The firm, known for its value equity investing approach, is led by a team of seasoned investment professionals, including Chief Investment Officer Stephen Yacktman and Portfolio Managers Jason Subotky, Adam Sues, and Russell Wilkins. The firm's investment philosophy is rooted in patience, diligence, and a focus on achieving superior returns over a full market cycle.
New Stock Purchases
During Q3 2023, Yacktman Asset Management (Trades, Portfolio) added a total of five stocks to its portfolio. The most significant addition was Kenvue Inc (NYSE:KVUE), with 3,774,062 shares, accounting for 0.75% of the portfolio and a total value of $75.78 million. The second and third largest additions were Masco Corp (NYSE:MAS) and Verizon Communications Inc (NYSE:VZ), with total values of $19.54 million and $4.86 million, respectively.
Increased Positions
The firm also increased its stakes in 13 stocks. The most notable increase was in U-Haul Holding Co (NYSE:UHAL.B), with an additional 496,908 shares, bringing the total to 7,407,767 shares. This adjustment represents a significant 7.19% increase in share count and a total value of $388.09 million. The second largest increase was in eBay Inc (NASDAQ:EBAY), with an additional 59,007 shares, bringing the total to 2,949,190 shares and a total value of $130.03 million.
Complete Exits
Yacktman Asset Management (Trades, Portfolio) completely exited two holdings in Q3 2023: Univar Solutions Inc (UNVR) and MSC Industrial Direct Co Inc (NYSE:MSM), resulting in -0.68% and -0.26% impacts on the portfolio, respectively.
Reduced Positions
The firm also reduced its positions in 45 stocks. The most significant reduction was in Booking Holdings Inc (NASDAQ:BKNG), with a decrease of 60,403 shares, resulting in a -51.17% decrease in shares and a -1.55% impact on the portfolio. The stock traded at an average price of $3,027.95 during the quarter and has returned -5.15% over the past three months and 37.17% year-to-date.
Portfolio Overview
As of Q3 2023, Yacktman Asset Management (Trades, Portfolio)'s portfolio included 72 stocks, with top holdings in Canadian Natural Resources Ltd (NYSE:CNQ), Microsoft Corp (NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOG), PepsiCo Inc (NASDAQ:PEP), and Procter & Gamble Co (NYSE:PG). The holdings are mainly concentrated in nine of the 11 industries: Energy, Consumer Defensive, Communication Services, Technology, Financial Services, Industrials, Basic Materials, Healthcare, and Consumer Cyclical.
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