Tweedy, Browne

Q2 2014 13F · by Will Browne, portfolio manager

As of: Jun 30, 2014
Filed: Aug 12, 2014
US stock: $4.7B · prev $4.3B
Positions: 49 · prev 47
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

+3.0 pp in · −3.0 pp out

New 2 +1.83 pp
Added 4 +1.22 pp
Trimmed 31 −2.96 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.8% a year, about 20.8 years per position

Low
Moderate
High

Top 5 positions40% of US stock

JNJ Johnson & Johnson trimmed−0.28 pp trimmed−0.289.4%
BSBR Banco Santander (Brasil) SA added+1.20 pp added+1.209.1%
HAL Halliburton Company trimmed+0.70 pp trimmed+0.708.1%
DVN Devon Energy Corporation trimmed+0.62 pp trimmed+0.627.1%
WFC Wells Fargo & Co. trimmed−0.16 pp trimmed−0.165.9%

Positions49 in this filing · 0 exited


JNJJohnson & Johnson	9.38%	4,196,224	$439M	trimmed−2%	−0.28 pp	5 q
BSBRBanco Santander (Brasil) SA	9.07%	61,370,223	$425M	added0%	+1.20 pp	5 q
HALHalliburton Company	8.13%	5,362,637	$381M	trimmed−2%	+0.70 pp	5 q
DVNDevon Energy Corporation	7.14%	4,209,889	$334M	trimmed−1%	+0.62 pp	5 q
WFCWells Fargo & Co.	5.92%	5,277,152	$277M	trimmed−1%	−0.16 pp	5 q
CSCOCisco Systems, Inc. (DE)	5.78%	10,898,507	$271M	trimmed−1%	+0.12 pp	5 q
COPConocoPhillips	5.42%	2,958,996	$254M	trimmed−0%	+0.61 pp	5 q
BRK.ABerkshire Hathaway Inc.	4.78%	1,179	$224M	trimmed−0%	−0.33 pp	5 q
unresolvedJoy Global Inc	4.32%	3,287,016	$202M	trimmed−1%	−0.13 pp	5 q
BAXBaxter International Inc.	4.00%	2,592,155	$187M	trimmed−0%	−0.41 pp	5 q
PMPhilip Morris International Inc.	3.41%	1,894,411	$160M	trimmed−1%	−0.22 pp	5 q
BNYBank of New York Mellon Corporation	3.35%	4,182,948	$157M	trimmed−1%	−0.08 pp	5 q
MMM3M Company	3.23%	1,057,377	$151M	trimmed−1%	−0.09 pp	5 q
EMREmerson Electric Co.	3.05%	2,151,263	$143M	trimmed−1%	−0.31 pp	5 q
unresolvedGoogle Inc.	1.76%	141,057	$82M	new	+1.76 pp	new
WMTWalmart Inc.	1.74%	1,087,150	$82M	trimmed−0%	−0.17 pp	5 q
GOOGAlphabet Inc. Class C	1.73%	141,057	$81M	trimmed−0%	−1.90 pp	2 q
TMKGlobe Life Inc.	1.72%	982,662	$81M	trimmed−0%	−0.06 pp	5 q
unresolvedComcast Corp. Spl Cl A	1.44%	1,263,374	$67M	trimmed−8%	−0.10 pp	5 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.27%	522,877	$59M	held	—	5 q
BRK.BBERKSHIRE HATHAWAY Class B	1.11%	408,852	$52M	trimmed−1%	−0.08 pp	5 q
UNPUnion Pacific Corp.	1.02%	476,632	$48M	trimmed−1%	−0.02 pp	5 q
ANATAmerican National Insurance	0.95%	391,476	$45M	trimmed−1%	−0.08 pp	5 q
DEODiageo plc	0.92%	337,831	$43M	trimmed−0%	−0.05 pp	5 q
UNUnilever N V -ny Shares	0.91%	977,864	$43M	trimmed−0%	−0.02 pp	5 q
LMTLockheed Martin Corp.	0.72%	210,922	$34M	held	—	5 q
PSXPhillips 66	0.69%	404,311	$33M	trimmed−0%	−0.03 pp	5 q
CNQCanadian Natural Resources Limited	0.66%	670,700	$31M	held	—	5 q
ITWIllinois Tool Works Inc.	0.66%	353,253	$31M	held	—	5 q
NOVNOV Inc.	0.65%	371,773	$31M	added+7%	+0.03 pp	5 q
TTENTotalenergies SE -spon ADR	0.62%	400,578	$29M	trimmed−1%	+0.01 pp	5 q
AXPAmerican Express Company	0.59%	289,746	$27M	trimmed−0%	−0.01 pp	5 q
MAMastercard Incorporated	0.57%	365,680	$27M	held	—	5 q
NVSNovartis AG	0.56%	288,825	$26M	trimmed−1%	−0.01 pp	5 q
unresolvedNational Western Life Ins Co	0.52%	97,747	$24M	trimmed−3%	−0.04 pp	5 q
USBU.S. Bancorp	0.50%	539,800	$23M	held	—	5 q
UNFUnifirst Corp	0.45%	197,385	$21M	trimmed−1%	−0.05 pp	5 q
unresolvedLeucadia National	0.33%	595,833	$16M	trimmed−0%	−0.06 pp	5 q
unresolvedUnilever Spn.Adr 1:1	0.28%	289,817	$13M	held	—	5 q
HSBCHSBC Holdings PLC	0.19%	171,302	$9M	added+1%	−0.01 pp	5 q
unresolvedGlaxosmithkline PLC	0.16%	142,118	$8M	trimmed−0%	−0.02 pp	5 q
RDS.ARoyal Dutch Shell PLC	0.09%	53,667	$4M	added+1%	0.00 pp	5 q
DNOWDNOW Inc.	0.07%	86,262	$3M	new	+0.07 pp	new
SYYSysco Corporation	0.04%	56,045	$2M	trimmed−87%	−0.31 pp	5 q
SHENShenandoah Telecom Co	0.03%	39,840	$1M	held	—	5 q
FHIFederated Hermes, Inc.	0.02%	25,906	$801,000	held	—	5 q
BROBrown & Brown, Inc.	0.01%	13,925	$428,000	held	—	5 q
XOMExxon Mobil Corp	0.01%	2,364	$238,000	held	—	5 q
CTWSConnecticut Water Service Inc	0.00%	6,483	$220,000	held	—	4 q