Tweedy, Browne

Q3 2015 13F · by Will Browne, portfolio manager

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $3.4B · prev $3.6B
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%

Moves46 since the prior filing

+6.4 pp in · −6.5 pp out

New 5 +6.46 pp
Added 3 −0.02 pp
Trimmed 35 −5.81 pp
Exited 3 −0.73 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.0% a year, about 11.1 years per position

Low
Moderate
High

Top 5 positions38% of US stock

Positions49 in this filing · 3 exited


JNJJohnson & Johnson	10.72%	3,855,936	$360M	trimmed−2%	+0.17 pp	10 q
WFCWells Fargo & Co.	7.69%	5,024,899	$258M	trimmed−1%	−0.17 pp	10 q
CSCOCisco Systems, Inc. (DE)	7.68%	9,826,121	$258M	trimmed−2%	+0.11 pp	10 q
BRK.ABerkshire Hathaway Inc.	6.81%	1,171	$229M	trimmed−0%	+0.16 pp	10 q
HALHalliburton Company	5.58%	5,296,728	$187M	trimmed−0%	−0.74 pp	10 q
BNYBank of New York Mellon Corporation	4.74%	4,065,878	$159M	trimmed−1%	0.00 pp	10 q
DVNDevon Energy Corporation	4.44%	4,018,419	$149M	trimmed−3%	−2.38 pp	10 q
MMM3M Company	4.39%	1,038,793	$147M	trimmed−0%	−0.05 pp	10 q
PMPhilip Morris International Inc.	4.34%	1,838,570	$146M	trimmed−0%	+0.27 pp	10 q
COPConocoPhillips	3.89%	2,726,543	$131M	trimmed−0%	−0.74 pp	10 q
unresolvedGoogle Inc.	2.66%	140,025	$89M	trimmed−0%	+0.57 pp	6 q
GOOGAlphabet Inc. Class C	2.54%	140,376	$85M	trimmed−0%	+0.52 pp	7 q
BAXBaxter International Inc.	2.44%	2,498,141	$82M	trimmed−2%	−2.47 pp	10 q
EMREmerson Electric Co.	2.36%	1,796,921	$79M	trimmed−1%	−0.41 pp	10 q
unresolvedBaxalta Inc	2.35%	2,499,326	$79M	new	+2.35 pp	new
TMKGlobe Life Inc.	2.33%	1,389,902	$78M	trimmed−1%	+0.08 pp	10 q
VZVerizon Communications	2.14%	1,653,640	$72M	trimmed−6%	−0.12 pp	5 q
unresolvedComcast Corp. Spl Cl A	2.11%	1,237,183	$71M	trimmed−0%	+0.06 pp	10 q
WMTWalmart Inc.	1.88%	973,785	$63M	trimmed−0%	−0.03 pp	10 q
37MMrc Global Inc	1.64%	4,938,719	$55M	new	+1.64 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	1.50%	386,806	$50M	trimmed−1%	+0.03 pp	10 q
IBMInternational Business Machines Corporation	1.36%	315,210	$46M	new	+1.36 pp	new
UNPUnion Pacific Corp.	1.23%	465,378	$41M	trimmed−0%	0.00 pp	10 q
UNUnilever N V -ny Shares	1.09%	907,505	$36M	trimmed−1%	+0.03 pp	10 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.07%	520,112	$36M	held	—	10 q
ANATAmerican National Insurance	1.04%	356,417	$35M	trimmed−6%	−0.03 pp	10 q
DEODiageo plc	1.04%	323,932	$35M	trimmed−1%	−0.01 pp	10 q
LMTLockheed Martin Corp.	0.93%	149,917	$31M	held	—	10 q
PSXPhillips 66	0.91%	397,744	$31M	trimmed−0%	+0.02 pp	10 q
ITWIllinois Tool Works Inc.	0.86%	352,727	$29M	held	—	10 q
MAMastercard Incorporated	0.73%	271,995	$25M	trimmed−7%	−0.03 pp	10 q
NVSNovartis AG	0.68%	249,022	$23M	trimmed−2%	−0.01 pp	10 q
USBU.S. Bancorp	0.66%	539,800	$22M	held	—	10 q
NWLINational Western Life Group, Inc. Class A	0.63%	94,448	$21M	new	+0.63 pp	new
UNFUnifirst Corp	0.61%	190,598	$20M	trimmed−0%	+0.02 pp	10 q
AXPAmerican Express Company	0.58%	264,742	$20M	trimmed−1%	+0.01 pp	10 q
TTENTotalenergies SE -spon ADR	0.49%	370,242	$17M	trimmed−0%	−0.01 pp	10 q
unresolvedGeneral Electric Co	0.48%	632,513	$16M	new	+0.48 pp	new
AGCOAGCO Corporation	0.38%	271,243	$13M	trimmed−0%	−0.05 pp	4 q
unresolvedUnilever Spn.Adr 1:1	0.35%	284,532	$12M	trimmed−0%	+0.01 pp	10 q
HSBCHSBC Holdings PLC	0.19%	172,314	$7M	added+1%	−0.02 pp	10 q
unresolvedGlaxosmithkline PLC	0.15%	133,458	$5M	added+4%	0.00 pp	10 q
RDS.ARoyal Dutch Shell PLC	0.08%	55,514	$3M	added+3%	0.00 pp	10 q
NOVNOV Inc.	0.06%	54,299	$2M	trimmed−85%	−0.43 pp	10 q
unresolvedLeucadia National	0.05%	85,865	$2M	trimmed−74%	−0.18 pp	10 q
SHENShenandoah Telecom Co	0.05%	39,840	$2M	held	—	10 q
DNOWDNOW Inc.	0.04%	84,948	$1M	trimmed−0%	−0.01 pp	6 q
BROBrown & Brown, Inc.	0.01%	13,500	$418,000	trimmed−3%	0.00 pp	10 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$237,000	held	—	9 q
unresolvedNational Western Life Ins Co	—	−94,793	—	exited	−0.63 pp	—
CNQCanadian Natural Resources Limited	—	−125,000	—	exited	−0.09 pp	—
XOMExxon Mobil Corp	—	−2,364	—	exited	−0.01 pp	—