Tweedy, Browne

Q4 2014 13F · by Will Browne, portfolio manager

As of: Dec 31, 2014
Filed: Feb 10, 2015
US stock: $3.9B · prev $4.3B
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%

Moves42 since the prior filing

−1.7 pp in · +1.1 pp out

New 1 +0.34 pp
Added 2 −2.02 pp
Trimmed 38 +6.54 pp
Exited 1 −5.39 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.3% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions39% of US stock

Positions49 in this filing · 1 exited


JNJJohnson & Johnson	11.09%	4,142,445	$433M	trimmed−1%	+0.87 pp	7 q
CSCOCisco Systems, Inc. (DE)	7.59%	10,655,032	$296M	trimmed−0%	+1.40 pp	7 q
WFCWells Fargo & Co.	7.24%	5,160,107	$283M	trimmed−1%	+1.03 pp	7 q
BRK.ABerkshire Hathaway Inc.	6.81%	1,177	$266M	trimmed−0%	+1.20 pp	7 q
DVNDevon Energy Corporation	6.55%	4,181,163	$256M	trimmed−0%	−0.03 pp	7 q
HALHalliburton Company	5.39%	5,350,020	$210M	added0%	−2.53 pp	7 q
COPConocoPhillips	5.01%	2,832,147	$196M	trimmed−0%	0.00 pp	7 q
BAXBaxter International Inc.	4.83%	2,572,339	$189M	trimmed−0%	+0.57 pp	7 q
MMM3M Company	4.40%	1,046,520	$172M	trimmed−1%	+0.96 pp	7 q
BNYBank of New York Mellon Corporation	4.28%	4,120,768	$167M	trimmed−1%	+0.58 pp	7 q
PMPhilip Morris International Inc.	3.87%	1,854,479	$151M	held	—	7 q
EMREmerson Electric Co.	3.32%	2,099,523	$130M	trimmed−0%	+0.28 pp	7 q
WMTWalmart Inc.	2.18%	989,978	$85M	trimmed−0%	+0.43 pp	7 q
TMKGlobe Life Inc.	2.04%	1,469,530	$80M	trimmed−0%	+0.27 pp	7 q
unresolvedJoy Global Inc	2.02%	1,692,117	$79M	trimmed−48%	−2.10 pp	7 q
unresolvedGoogle Inc.	1.91%	140,487	$75M	trimmed−0%	0.00 pp	3 q
GOOGAlphabet Inc. Class C	1.89%	140,487	$74M	trimmed−0%	+0.02 pp	4 q
unresolvedComcast Corp. Spl Cl A	1.84%	1,247,247	$72M	trimmed−0%	+0.30 pp	7 q
VZVerizon Communications	1.68%	1,400,454	$66M	added+38%	+0.51 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	1.52%	395,834	$59M	trimmed−2%	+0.24 pp	7 q
UNPUnion Pacific Corp.	1.43%	469,931	$56M	trimmed−1%	+0.25 pp	7 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.15%	520,470	$45M	trimmed−0%	−0.06 pp	7 q
ANATAmerican National Insurance	1.12%	383,356	$44M	trimmed−1%	+0.12 pp	7 q
DEODiageo plc	0.96%	329,124	$38M	trimmed−2%	+0.07 pp	7 q
UNUnilever N V -ny Shares	0.92%	925,492	$36M	trimmed−3%	+0.05 pp	7 q
ITWIllinois Tool Works Inc.	0.86%	352,727	$33M	trimmed−0%	+0.17 pp	7 q
LMTLockheed Martin Corp.	0.77%	156,052	$30M	held	—	7 q
PSXPhillips 66	0.74%	400,488	$29M	trimmed−1%	−0.01 pp	7 q
MAMastercard Incorporated	0.67%	302,450	$26M	trimmed−1%	+0.15 pp	7 q
unresolvedNational Western Life Ins Co	0.66%	95,872	$26M	trimmed−1%	+0.11 pp	7 q
AXPAmerican Express Company	0.65%	272,094	$25M	trimmed−4%	+0.08 pp	7 q
NVSNovartis AG	0.63%	266,037	$25M	trimmed−6%	+0.01 pp	7 q
NOVNOV Inc.	0.62%	370,883	$24M	trimmed−0%	−0.03 pp	7 q
USBU.S. Bancorp	0.62%	539,800	$24M	held	—	7 q
UNFUnifirst Corp	0.61%	195,259	$24M	trimmed−0%	+0.17 pp	7 q
TTENTotalenergies SE -spon ADR	0.50%	384,880	$20M	trimmed−3%	−0.09 pp	7 q
AGCOAGCO Corporation	0.34%	292,573	$13M	new	+0.34 pp	new
unresolvedLeucadia National	0.34%	595,315	$13M	trimmed−0%	+0.01 pp	7 q
unresolvedUnilever Spn.Adr 1:1	0.30%	285,957	$12M	trimmed−1%	+0.02 pp	7 q
HSBCHSBC Holdings PLC	0.20%	167,595	$8M	trimmed−3%	0.00 pp	7 q
unresolvedGlaxosmithkline PLC	0.15%	134,293	$6M	trimmed−4%	0.00 pp	7 q
CNQCanadian Natural Resources Limited	0.10%	125,000	$4M	trimmed−81%	−0.50 pp	7 q
RDS.ARoyal Dutch Shell PLC	0.09%	53,184	$4M	trimmed−0%	0.00 pp	7 q
DNOWDNOW Inc.	0.06%	86,072	$2M	trimmed−0%	0.00 pp	3 q
SHENShenandoah Telecom Co	0.03%	39,840	$1M	held	—	7 q
FHIFederated Hermes, Inc.	0.02%	25,906	$853,000	held	—	7 q
BROBrown & Brown, Inc.	0.01%	13,925	$458,000	held	—	7 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$235,000	held	—	6 q
XOMExxon Mobil Corp	0.01%	2,364	$219,000	held	—	7 q
BSBRBanco Santander (Brasil) SA	—	−35,814,778	—	exited	−5.39 pp	—