Tweedy, Browne

Q3 2013 13F · by Will Browne, portfolio manager

As of: Sep 30, 2013
Filed: Nov 8, 2013
US stock: $4.2B · prev $4.0B
Positions: 49 · prev 50
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves37 since the prior filing

+2.2 pp in · −2.1 pp out

New 1 +0.01 pp
Added 3 +2.23 pp
Trimmed 31 −2.03 pp
Exited 2 −0.08 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.8% a year, about 14.8 years per position

Low
Moderate
High

Top 5 positions36% of US stock

JNJ Johnson & Johnson trimmed−0.30 pp trimmed−0.309.0%
BSBR Banco Santander (Brasil) SA added+1.89 pp added+1.898.1%
HAL Halliburton Company trimmed+0.63 pp trimmed+0.636.4%
CSCO Cisco Systems, Inc. (DE) trimmed−0.51 pp trimmed−0.516.2%
DVN Devon Energy Corporation trimmed+0.38 pp trimmed+0.385.9%

Positions49 in this filing · 2 exited


JNJJohnson & Johnson	9.01%	4,324,131	$375M	trimmed−0%	−0.30 pp	2 q
BSBRBanco Santander (Brasil) SA	8.10%	48,487,074	$337M	added+21%	+1.89 pp	2 q
HALHalliburton Company	6.40%	5,527,392	$266M	trimmed−0%	+0.63 pp	2 q
CSCOCisco Systems, Inc. (DE)	6.22%	11,030,309	$258M	trimmed−0%	−0.51 pp	2 q
DVNDevon Energy Corporation	5.87%	4,229,160	$244M	trimmed−0%	+0.38 pp	2 q
WFCWells Fargo & Co.	5.29%	5,323,295	$220M	trimmed−0%	−0.22 pp	2 q
COPConocoPhillips	4.97%	2,973,875	$207M	trimmed−0%	+0.46 pp	2 q
BRK.ABerkshire Hathaway Inc.	4.85%	1,184	$202M	held	—	2 q
unresolvedJoy Global Inc	4.12%	3,357,154	$171M	added0%	+0.06 pp	2 q
BAXBaxter International Inc.	4.11%	2,603,888	$171M	trimmed−0%	−0.40 pp	2 q
PMPhilip Morris International Inc.	3.98%	1,911,076	$165M	held	—	2 q
unresolvedGoogle Inc.	3.49%	165,790	$145M	trimmed−0%	−0.16 pp	2 q
EMREmerson Electric Co.	3.40%	2,184,982	$141M	trimmed−0%	+0.42 pp	2 q
BNYBank of New York Mellon Corporation	3.34%	4,599,980	$139M	trimmed−7%	−0.12 pp	2 q
MMM3M Company	3.06%	1,064,814	$127M	trimmed−0%	+0.14 pp	2 q
UNPUnion Pacific Corp.	2.61%	699,632	$109M	trimmed−0%	−0.10 pp	2 q
WMTWalmart Inc.	2.25%	1,264,160	$93M	trimmed−0%	−0.10 pp	2 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.83%	603,220	$76M	trimmed−22%	−0.88 pp	2 q
TMKGlobe Life Inc.	1.72%	986,106	$71M	trimmed−0%	+0.11 pp	2 q
unresolvedComcast Corp. Spl Cl A	1.44%	1,378,815	$60M	trimmed−4%	+0.02 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	1.13%	414,085	$47M	trimmed−1%	−0.04 pp	2 q
DEODiageo plc	1.04%	340,069	$43M	trimmed−0%	+0.06 pp	2 q
SYYSysco Corporation	0.97%	1,270,938	$40M	trimmed−14%	−0.29 pp	2 q
ANATAmerican National Insurance	0.95%	401,923	$39M	trimmed−2%	−0.07 pp	2 q
UNUnilever N V -ny Shares	0.89%	983,826	$37M	trimmed−0%	−0.08 pp	2 q
UNFUnifirst Corp	0.86%	344,165	$36M	trimmed−9%	0.00 pp	2 q
MAMastercard Incorporated	0.77%	47,478	$32M	trimmed−47%	−0.53 pp	2 q
ITWIllinois Tool Works Inc.	0.65%	353,253	$27M	held	—	2 q
LMTLockheed Martin Corp.	0.65%	210,922	$27M	held	—	2 q
unresolvedLeucadia National	0.62%	953,769	$26M	held	—	2 q
NOVNOV Inc.	0.62%	331,370	$26M	added+68%	+0.28 pp	2 q
PSXPhillips 66	0.59%	423,760	$25M	trimmed−42%	−0.48 pp	2 q
TTENTotalenergies SE -spon ADR	0.57%	407,408	$24M	trimmed−0%	+0.07 pp	2 q
NVSNovartis AG	0.54%	295,290	$23M	trimmed−0%	+0.02 pp	2 q
AXPAmerican Express Company	0.53%	293,022	$22M	trimmed−0%	−0.02 pp	2 q
CNQCanadian Natural Resources Limited	0.51%	670,700	$21M	held	—	2 q
unresolvedNational Western Life Ins Co	0.49%	100,537	$20M	trimmed−6%	−0.02 pp	2 q
USBU.S. Bancorp	0.47%	539,800	$20M	held	—	2 q
unresolvedUnilever Spn.Adr 1:1	0.27%	289,817	$11M	held	—	2 q
ADPAutomatic Data Processing	0.25%	141,914	$10M	held	—	2 q
HSBCHSBC Holdings PLC	0.22%	167,735	$9M	trimmed−0%	0.00 pp	2 q
unresolvedGlaxosmithkline PLC	0.18%	151,030	$8M	trimmed−0%	−0.01 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.08%	53,744	$4M	trimmed−0%	−0.01 pp	2 q
FHIFederated Hermes, Inc.	0.02%	29,406	$799,000	held	—	2 q
SHENShenandoah Telecom Co	0.02%	39,840	$960,000	held	—	2 q
BROBrown & Brown, Inc.	0.01%	13,925	$447,000	held	—	2 q
CAJPYCanon Inc S/	0.01%	8,230	$263,000	held	—	2 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$208,000	new	+0.01 pp	new
XOMExxon Mobil Corp	0.01%	2,534	$218,000	held	—	2 q
AJGArthur J. Gallagher & Co.	—	−63,723	—	exited	−0.07 pp	—
unresolvedFisher Communications Inc.	—	−5,824	—	exited	−0.01 pp	—