The Yacktman Focused Fund (Trades, Portfolio) made no new buys this quarter, but it did make several additions to its existing positions. Half of the additions were for companies listed on non-U.S. stock exchanges. These additions included the French company Bollore SA (XPAR:BOL, Financial), the Japanese company Rinnai Corp. (TSE:5947, Financial) and the Korean company AmorePacific Corp. (XKRX:090435, Financial).
Bollore SA
The Focused Fund bought 6,500,000 additional shares of Bollore SA, bringing its total holding to 42,402,886 shares. The stock traded for an average price of 3.88 euros during the quarter.
Bollore is a transportation, communication and electricity company listed on the Paris Stock Exchange with a market cap of 11.04 billion euros ($12.23 billion). It has a price-earnings ratio of 37.74, a price-sales ratio of 0.48 and an operating margin of 6.04%. GuruFocus has assigned the company a financial strength score of 4 out of 10 and a profitability score of 7 out of 10.
Below is a chart of Yacktman Focused Fund’s holding history of Bollore stock, which it has been buying since the third quarter of fiscal 2017.
Rinnai Corp.
The fund bought 268,767 additional shares of Rinnai, bringing its total shares owned in the company to 276,000. The stock traded for an average price of 6,990.48 yen during the quarter.
The provider of tankless water heaters is listed on the Tokyo Stock Exchange with a market cap of 386.01 billion yen ($3.55 billion). It has a price-earnings ratio of 19.64, a price-sales ratio of 1.13 and an operating margin of 8.71%. GuruFocus has assigned the company a financial strength score of 9 out of 10 and a profitability score of 7 out of 10.
Below is a chart of Yacktman’s holding history of Rinnai stock, which it initially bought in the previous quarter.
AmorePacific Corp.
Yacktman bought 27,721 additional shares of AmorePacific, bringing its total shares owned in the company to 242,520. The stock traded for an average price of 76,813.64 won during the quarter.
This international natural beauty care company is listed on the Korean Exchange with a market cap of 11.07 trillion won ($9.32 billion). It has a price-earnings ratio of 44.08, a price-sales ratio of 1.94 and an operating margin of 7.01%. GuruFocus has assigned the company a financial strength score of 8 out of 10 and a profitability score of 9 out of 10.
Below is a chart of Yacktman Focused Fund’s holding history of AmorePacific stock, which it initially bought in the third quarter of fiscal 2018.
Disclosure: Author holds no positions in any of the stocks mentioned.
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