Tweedy, Browne

Q3 2014 13F · by Will Browne, portfolio manager

As of: Sep 30, 2014
Filed: Nov 12, 2014
US stock: $4.3B · prev $4.7B
Positions: 49 · 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%

Moves40 since the prior filing

+1.2 pp in · −1.9 pp out

New 1 +1.17 pp
Added 1 +0.01 pp
Trimmed 37 −1.84 pp
Exited 1 −0.04 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.7% a year, about 21.3 years per position

Low
Moderate
High

Top 5 positions37% of US stock

Positions49 in this filing · 1 exited


JNJJohnson & Johnson	10.22%	4,163,934	$444M	trimmed−1%	+0.84 pp	6 q
HALHalliburton Company	7.92%	5,331,690	$344M	trimmed−1%	−0.21 pp	6 q
DVNDevon Energy Corporation	6.58%	4,193,253	$286M	trimmed−0%	−0.56 pp	6 q
WFCWells Fargo & Co.	6.21%	5,198,582	$270M	trimmed−1%	+0.29 pp	6 q
CSCOCisco Systems, Inc. (DE)	6.19%	10,679,762	$269M	trimmed−2%	+0.41 pp	6 q
BRK.ABerkshire Hathaway Inc.	5.61%	1,179	$244M	held	—	6 q
BSBRBanco Santander (Brasil) SA	5.39%	35,814,778	$234M	trimmed−42%	−3.68 pp	6 q
COPConocoPhillips	5.01%	2,842,190	$217M	trimmed−4%	−0.41 pp	6 q
BAXBaxter International Inc.	4.26%	2,581,277	$185M	trimmed−0%	+0.26 pp	6 q
unresolvedJoy Global Inc	4.12%	3,283,746	$179M	trimmed−0%	−0.20 pp	6 q
BNYBank of New York Mellon Corporation	3.70%	4,154,803	$161M	trimmed−1%	+0.35 pp	6 q
PMPhilip Morris International Inc.	3.56%	1,854,479	$155M	trimmed−2%	+0.15 pp	6 q
MMM3M Company	3.44%	1,055,227	$150M	trimmed−0%	+0.21 pp	6 q
EMREmerson Electric Co.	3.04%	2,107,538	$132M	trimmed−2%	−0.01 pp	6 q
unresolvedGoogle Inc.	1.91%	140,837	$83M	trimmed−0%	+0.15 pp	2 q
GOOGAlphabet Inc. Class C	1.87%	140,837	$81M	trimmed−0%	+0.14 pp	3 q
TMKGlobe Life Inc.	1.77%	1,471,828	$77M	trimmed−0%	+0.05 pp	6 q
WMTWalmart Inc.	1.75%	991,542	$76M	trimmed−9%	+0.01 pp	6 q
unresolvedComcast Corp. Spl Cl A	1.54%	1,250,138	$67M	trimmed−1%	+0.10 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	1.28%	402,538	$56M	trimmed−2%	+0.17 pp	6 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.21%	522,877	$53M	held	—	6 q
UNPUnion Pacific Corp.	1.18%	473,822	$51M	trimmed−1%	+0.16 pp	6 q
VZVerizon Communications	1.17%	1,017,613	$51M	new	+1.17 pp	new
ANATAmerican National Insurance	1.00%	385,771	$43M	trimmed−1%	+0.05 pp	6 q
DEODiageo plc	0.89%	336,281	$39M	trimmed−0%	−0.03 pp	6 q
UNUnilever N V -ny Shares	0.87%	951,198	$38M	trimmed−3%	−0.04 pp	6 q
PSXPhillips 66	0.75%	402,732	$33M	trimmed−0%	+0.06 pp	6 q
ITWIllinois Tool Works Inc.	0.69%	353,253	$30M	held	—	6 q
LMTLockheed Martin Corp.	0.66%	156,052	$29M	trimmed−26%	−0.06 pp	6 q
NOVNOV Inc.	0.65%	371,288	$28M	trimmed−0%	0.00 pp	6 q
NVSNovartis AG	0.62%	283,983	$27M	trimmed−2%	+0.06 pp	6 q
CNQCanadian Natural Resources Limited	0.60%	670,700	$26M	held	—	6 q
TTENTotalenergies SE -spon ADR	0.59%	396,915	$26M	trimmed−1%	−0.03 pp	6 q
AXPAmerican Express Company	0.57%	282,228	$25M	trimmed−3%	−0.02 pp	6 q
unresolvedNational Western Life Ins Co	0.55%	96,493	$24M	trimmed−1%	+0.03 pp	6 q
MAMastercard Incorporated	0.52%	304,305	$22M	trimmed−17%	−0.05 pp	6 q
USBU.S. Bancorp	0.52%	539,800	$23M	held	—	6 q
UNFUnifirst Corp	0.44%	196,150	$19M	trimmed−1%	−0.01 pp	6 q
unresolvedLeucadia National	0.33%	595,421	$14M	trimmed−0%	0.00 pp	6 q
unresolvedUnilever Spn.Adr 1:1	0.28%	288,957	$12M	trimmed−0%	0.00 pp	6 q
HSBCHSBC Holdings PLC	0.20%	171,995	$9M	added0%	+0.01 pp	6 q
unresolvedGlaxosmithkline PLC	0.15%	140,278	$6M	trimmed−1%	−0.01 pp	6 q
RDS.ARoyal Dutch Shell PLC	0.09%	53,404	$4M	trimmed−0%	0.00 pp	6 q
DNOWDNOW Inc.	0.06%	86,183	$3M	trimmed−0%	−0.01 pp	2 q
FHIFederated Hermes, Inc.	0.02%	25,906	$761,000	held	—	6 q
SHENShenandoah Telecom Co	0.02%	39,840	$988,000	held	—	6 q
BROBrown & Brown, Inc.	0.01%	13,925	$448,000	held	—	6 q
XOMExxon Mobil Corp	0.01%	2,364	$222,000	held	—	6 q
CTWSConnecticut Water Service Inc	0.00%	6,483	$211,000	held	—	5 q
SYYSysco Corporation	—	−56,045	—	exited	−0.04 pp	—