Tweedy, Browne

Q1 2014 13F · by Will Browne, portfolio manager

As of: Mar 31, 2014
Filed: May 12, 2014
US stock: $4.3B · prev $4.3B
Positions: 47 · prev 49
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%

Moves38 since the prior filing

+4.3 pp in · −4.5 pp out

New 1 +3.63 pp
Added 3 +0.65 pp
Trimmed 31 −0.58 pp
Exited 3 −3.97 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions38% of US stock

JNJ Johnson & Johnson trimmed+0.49 pp trimmed+0.499.7%
BSBR Banco Santander (Brasil) SA added+0.89 pp added+0.897.9%
HAL Halliburton Company trimmed+0.91 pp trimmed+0.917.4%
DVN Devon Energy Corporation trimmed+0.43 pp trimmed+0.436.5%
WFC Wells Fargo & Co. trimmed+0.48 pp trimmed+0.486.1%

Positions47 in this filing · 3 exited


JNJJohnson & Johnson	9.66%	4,269,206	$419M	trimmed−1%	+0.49 pp	4 q
BSBRBanco Santander (Brasil) SA	7.87%	61,332,358	$342M	added+25%	+0.89 pp	4 q
HALHalliburton Company	7.43%	5,478,207	$323M	trimmed−1%	+0.91 pp	4 q
DVNDevon Energy Corporation	6.52%	4,233,015	$283M	trimmed−0%	+0.43 pp	4 q
WFCWells Fargo & Co.	6.08%	5,310,180	$264M	trimmed−0%	+0.48 pp	4 q
CSCOCisco Systems, Inc. (DE)	5.66%	10,955,664	$246M	trimmed−1%	−0.11 pp	4 q
BRK.ABerkshire Hathaway Inc.	5.11%	1,184	$222M	held	—	4 q
COPConocoPhillips	4.81%	2,968,660	$209M	trimmed−0%	−0.07 pp	4 q
unresolvedJoy Global Inc	4.45%	3,331,309	$193M	trimmed−1%	−0.11 pp	4 q
BAXBaxter International Inc.	4.41%	2,601,848	$191M	trimmed0%	+0.20 pp	4 q
GOOGAlphabet Inc. Class C	3.63%	141,557	$158M	new	+3.63 pp	new
PMPhilip Morris International Inc.	3.63%	1,922,821	$157M	added0%	−0.25 pp	4 q
BNYBank of New York Mellon Corporation	3.43%	4,218,175	$149M	trimmed−0%	0.00 pp	4 q
EMREmerson Electric Co.	3.36%	2,183,807	$146M	held	—	4 q
MMM3M Company	3.32%	1,063,289	$144M	trimmed−0%	−0.15 pp	4 q
WMTWalmart Inc.	1.91%	1,087,540	$83M	trimmed−14%	−0.40 pp	4 q
TMKGlobe Life Inc.	1.78%	983,204	$77M	trimmed−0%	−0.01 pp	4 q
unresolvedComcast Corp. Spl Cl A	1.54%	1,374,463	$67M	trimmed−0%	−0.06 pp	4 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.27%	522,877	$55M	trimmed−13%	−0.44 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	1.19%	412,914	$52M	held	—	4 q
UNPUnion Pacific Corp.	1.04%	241,628	$45M	trimmed−39%	−0.51 pp	4 q
ANATAmerican National Insurance	1.03%	397,289	$45M	trimmed−1%	−0.04 pp	4 q
DEODiageo plc	0.97%	338,129	$42M	trimmed−0%	−0.07 pp	4 q
UNUnilever N V -ny Shares	0.93%	981,775	$40M	trimmed−0%	+0.01 pp	4 q
LMTLockheed Martin Corp.	0.79%	210,922	$34M	held	—	4 q
PSXPhillips 66	0.72%	405,901	$31M	trimmed−1%	−0.02 pp	4 q
ITWIllinois Tool Works Inc.	0.66%	353,253	$29M	held	—	4 q
MAMastercard Incorporated	0.63%	365,680	$27M	trimmed−14%	−0.20 pp	4 q
NOVNOV Inc.	0.62%	346,923	$27M	added+5%	+0.01 pp	4 q
TTENTotalenergies SE -spon ADR	0.61%	403,263	$26M	trimmed−1%	+0.03 pp	4 q
AXPAmerican Express Company	0.60%	290,528	$26M	trimmed−0%	−0.01 pp	4 q
CNQCanadian Natural Resources Limited	0.59%	670,700	$26M	held	—	4 q
NVSNovartis AG	0.57%	291,500	$25M	trimmed−0%	+0.02 pp	4 q
unresolvedNational Western Life Ins Co	0.56%	100,262	$25M	trimmed−0%	+0.04 pp	4 q
USBU.S. Bancorp	0.53%	539,800	$23M	held	—	4 q
UNFUnifirst Corp	0.50%	199,219	$22M	trimmed−39%	−0.32 pp	4 q
unresolvedLeucadia National	0.39%	597,349	$17M	trimmed−5%	−0.02 pp	4 q
SYYSysco Corporation	0.35%	424,376	$15M	trimmed−63%	−0.61 pp	4 q
unresolvedUnilever Spn.Adr 1:1	0.29%	289,817	$12M	held	—	4 q
HSBCHSBC Holdings PLC	0.20%	168,795	$9M	trimmed−4%	−0.03 pp	4 q
unresolvedGlaxosmithkline PLC	0.18%	142,598	$8M	trimmed−5%	−0.01 pp	4 q
RDS.ARoyal Dutch Shell PLC	0.09%	53,201	$4M	held	—	4 q
SHENShenandoah Telecom Co	0.03%	39,840	$1M	held	—	4 q
FHIFederated Hermes, Inc.	0.02%	25,906	$791,000	trimmed−12%	0.00 pp	4 q
BROBrown & Brown, Inc.	0.01%	13,925	$428,000	held	—	4 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$222,000	held	—	3 q
XOMExxon Mobil Corp	0.01%	2,364	$231,000	trimmed−7%	0.00 pp	4 q
unresolvedGoogle Inc.	—	−141,557	—	exited	−3.69 pp	—
ADPAutomatic Data Processing	—	−141,914	—	exited	−0.27 pp	—
CAJPYCanon Inc S/	—	−8,230	—	exited	−0.01 pp	—