Tweedy, Browne

Q1 2015 13F · by Will Browne, portfolio manager

As of: Mar 31, 2015
Filed: May 4, 2015
US stock: $3.7B · prev $3.9B
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%

Moves42 since the prior filing

+0.7 pp in · −0.8 pp out

New 0 0.00 pp
Added 2 +0.71 pp
Trimmed 38 +1.22 pp
Exited 2 −2.04 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions40% of US stock

JNJ Johnson & Johnson trimmed−0.08 pp trimmed−0.0811.0%
CSCO Cisco Systems, Inc. (DE) trimmed+0.08 pp trimmed+0.087.7%
WFC Wells Fargo & Co. trimmed+0.25 pp trimmed+0.257.5%
BRK.A Berkshire Hathaway Inc. trimmed+0.09 pp trimmed+0.096.9%
DVN Devon Energy Corporation trimmed+0.23 pp trimmed+0.236.8%

Positions47 in this filing · 2 exited


JNJJohnson & Johnson	11.01%	4,055,962	$408M	trimmed−2%	−0.08 pp	8 q
CSCOCisco Systems, Inc. (DE)	7.67%	10,323,281	$284M	trimmed−3%	+0.08 pp	8 q
WFCWells Fargo & Co.	7.49%	5,103,177	$278M	trimmed−1%	+0.25 pp	8 q
BRK.ABerkshire Hathaway Inc.	6.90%	1,175	$256M	trimmed−0%	+0.09 pp	8 q
DVNDevon Energy Corporation	6.78%	4,163,199	$251M	trimmed−0%	+0.23 pp	8 q
HALHalliburton Company	6.34%	5,351,483	$235M	added0%	+0.95 pp	8 q
COPConocoPhillips	4.77%	2,838,563	$177M	added0%	−0.24 pp	8 q
BAXBaxter International Inc.	4.74%	2,564,814	$176M	trimmed−0%	−0.09 pp	8 q
MMM3M Company	4.64%	1,042,036	$172M	trimmed−0%	+0.24 pp	8 q
BNYBank of New York Mellon Corporation	4.45%	4,095,096	$165M	trimmed−1%	+0.17 pp	8 q
PMPhilip Morris International Inc.	3.77%	1,853,450	$140M	trimmed−0%	−0.10 pp	8 q
EMREmerson Electric Co.	3.17%	2,073,720	$117M	trimmed−1%	−0.15 pp	8 q
WMTWalmart Inc.	2.17%	976,725	$80M	trimmed−1%	−0.01 pp	8 q
TMKGlobe Life Inc.	2.12%	1,432,554	$79M	trimmed−3%	+0.08 pp	8 q
unresolvedGoogle Inc.	2.10%	140,140	$78M	trimmed−0%	+0.19 pp	4 q
GOOGAlphabet Inc. Class C	2.07%	140,140	$77M	trimmed−0%	+0.18 pp	5 q
unresolvedComcast Corp. Spl Cl A	1.88%	1,241,817	$70M	trimmed−0%	+0.04 pp	8 q
VZVerizon Communications	1.76%	1,340,974	$65M	trimmed−4%	+0.08 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	1.52%	391,026	$56M	trimmed−1%	0.00 pp	8 q
UNPUnion Pacific Corp.	1.37%	467,238	$51M	trimmed−1%	−0.06 pp	8 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.12%	520,112	$42M	trimmed−0%	−0.03 pp	8 q
UNUnilever N V -ny Shares	1.03%	918,150	$38M	trimmed−1%	+0.11 pp	8 q
ANATAmerican National Insurance	1.01%	380,345	$37M	trimmed−1%	−0.11 pp	8 q
DEODiageo plc	0.98%	327,084	$36M	trimmed−1%	+0.02 pp	8 q
ITWIllinois Tool Works Inc.	0.92%	352,727	$34M	held	—	8 q
PSXPhillips 66	0.85%	398,830	$31M	trimmed−0%	+0.11 pp	8 q
LMTLockheed Martin Corp.	0.82%	149,917	$30M	trimmed−4%	+0.05 pp	8 q
MAMastercard Incorporated	0.70%	300,390	$26M	trimmed−1%	+0.03 pp	8 q
NVSNovartis AG	0.69%	260,217	$26M	trimmed−2%	+0.06 pp	8 q
unresolvedNational Western Life Ins Co	0.65%	95,200	$24M	trimmed−1%	−0.01 pp	8 q
USBU.S. Bancorp	0.64%	539,800	$24M	held	—	8 q
UNFUnifirst Corp	0.61%	191,593	$23M	trimmed−2%	0.00 pp	8 q
AXPAmerican Express Company	0.57%	268,205	$21M	trimmed−1%	−0.08 pp	8 q
NOVNOV Inc.	0.50%	369,643	$18M	trimmed−0%	−0.12 pp	8 q
TTENTotalenergies SE -spon ADR	0.50%	376,195	$19M	trimmed−2%	0.00 pp	8 q
AGCOAGCO Corporation	0.37%	288,871	$14M	trimmed−1%	+0.03 pp	2 q
unresolvedLeucadia National	0.36%	590,492	$13M	trimmed−1%	+0.02 pp	8 q
unresolvedUnilever Spn.Adr 1:1	0.32%	284,937	$12M	trimmed−0%	+0.02 pp	8 q
HSBCHSBC Holdings PLC	0.19%	164,382	$7M	trimmed−4%	−0.01 pp	8 q
unresolvedGlaxosmithkline PLC	0.16%	131,346	$6M	trimmed−2%	+0.01 pp	8 q
CNQCanadian Natural Resources Limited	0.10%	125,000	$4M	held	—	8 q
RDS.ARoyal Dutch Shell PLC	0.08%	51,232	$3M	trimmed−4%	−0.01 pp	8 q
DNOWDNOW Inc.	0.05%	85,804	$2M	trimmed−0%	−0.01 pp	4 q
SHENShenandoah Telecom Co	0.03%	39,840	$1M	held	—	8 q
BROBrown & Brown, Inc.	0.01%	13,925	$461,000	held	—	8 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$236,000	held	—	7 q
XOMExxon Mobil Corp	0.01%	2,364	$201,000	held	—	8 q
unresolvedJoy Global Inc	—	−1,692,117	—	exited	−2.02 pp	—
FHIFederated Hermes, Inc.	—	−25,906	—	exited	−0.02 pp	—