Tweedy, Browne

Q4 2015 13F · by Will Browne, portfolio manager

As of: Dec 31, 2015
Filed: Feb 10, 2016
US stock: $3.4B · prev $3.4B
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%

Moves41 since the prior filing

+6.0 pp in · −6.1 pp out

New 2 +5.01 pp
Added 7 +0.95 pp
Trimmed 30 −1.29 pp
Exited 2 −4.77 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions38% of US stock

Positions49 in this filing · 2 exited


JNJJohnson & Johnson	11.14%	3,693,349	$379M	trimmed−4%	+0.42 pp	11 q
CSCOCisco Systems, Inc. (DE)	7.53%	9,442,455	$256M	trimmed−4%	−0.15 pp	11 q
WFCWells Fargo & Co.	7.45%	4,665,575	$254M	trimmed−7%	−0.24 pp	11 q
BRK.ABerkshire Hathaway Inc.	6.80%	1,170	$231M	trimmed−0%	−0.01 pp	11 q
HALHalliburton Company	5.33%	5,332,363	$182M	added+1%	−0.25 pp	11 q
PMPhilip Morris International Inc.	4.68%	1,811,350	$159M	trimmed−1%	+0.34 pp	11 q
MMM3M Company	4.59%	1,037,152	$156M	trimmed−0%	+0.20 pp	11 q
BNYBank of New York Mellon Corporation	4.40%	3,632,335	$150M	trimmed−11%	−0.34 pp	11 q
COPConocoPhillips	3.73%	2,718,970	$127M	trimmed−0%	−0.16 pp	11 q
DVNDevon Energy Corporation	3.57%	3,794,109	$121M	trimmed−6%	−0.87 pp	11 q
GOOGLAlphabet Inc. Class A	3.19%	139,745	$109M	new	+3.19 pp	new
GOOGAlphabet Inc. Class C	3.12%	140,056	$106M	trimmed−0%	+0.58 pp	8 q
unresolvedBaxalta Inc	2.86%	2,496,867	$97M	trimmed−0%	+0.51 pp	2 q
BAXBaxter International Inc.	2.80%	2,495,682	$95M	trimmed−0%	+0.36 pp	11 q
EMREmerson Electric Co.	2.70%	1,919,509	$92M	added+7%	+0.34 pp	11 q
VZVerizon Communications	2.24%	1,647,870	$76M	trimmed−0%	+0.10 pp	6 q
37MMrc Global Inc	2.18%	5,744,935	$74M	added+16%	+0.54 pp	2 q
CMCSAComcast Corp	1.82%	1,098,785	$62M	new	+1.82 pp	new
WMTWalmart Inc.	1.75%	971,888	$60M	trimmed−0%	−0.13 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	1.50%	385,799	$51M	trimmed−0%	0.00 pp	11 q
IBMInternational Business Machines Corporation	1.36%	335,410	$46M	added+6%	0.00 pp	2 q
UNUnilever N V -ny Shares	1.15%	903,762	$39M	trimmed−0%	+0.06 pp	11 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.08%	520,112	$37M	held	—	11 q
ANATAmerican National Insurance	1.07%	355,121	$36M	trimmed−0%	+0.03 pp	11 q
UNPUnion Pacific Corp.	1.06%	463,121	$36M	trimmed−0%	−0.17 pp	11 q
DEODiageo plc	1.04%	323,772	$35M	trimmed−0%	0.00 pp	11 q
ITWIllinois Tool Works Inc.	0.96%	352,254	$33M	trimmed−0%	+0.10 pp	11 q
LMTLockheed Martin Corp.	0.96%	149,917	$33M	held	—	11 q
PSXPhillips 66	0.95%	396,714	$32M	trimmed−0%	+0.04 pp	11 q
MAMastercard Incorporated	0.78%	271,673	$26M	trimmed−0%	+0.05 pp	11 q
AGCOAGCO Corporation	0.69%	519,679	$24M	added+92%	+0.31 pp	5 q
USBU.S. Bancorp	0.68%	539,800	$23M	held	—	11 q
NWLINational Western Life Group, Inc. Class A	0.67%	90,309	$23M	trimmed−4%	+0.04 pp	2 q
NVSNovartis AG	0.61%	242,201	$21M	trimmed−3%	−0.07 pp	11 q
unresolvedGeneral Electric Co	0.58%	632,513	$20M	held	—	2 q
UNFUnifirst Corp	0.58%	189,106	$20M	trimmed−1%	−0.03 pp	11 q
AXPAmerican Express Company	0.54%	264,046	$18M	trimmed−0%	−0.04 pp	11 q
TTENTotalenergies SE -spon ADR	0.49%	373,665	$17M	added+1%	0.00 pp	11 q
TMKGlobe Life Inc.	0.42%	250,173	$14M	trimmed−82%	−1.91 pp	11 q
unresolvedUnilever Spn.Adr 1:1	0.36%	284,532	$12M	held	—	11 q
HSBCHSBC Holdings PLC	0.20%	175,109	$7M	added+2%	+0.01 pp	11 q
unresolvedGlaxosmithkline PLC	0.16%	133,124	$5M	trimmed−0%	+0.01 pp	11 q
RDS.ARoyal Dutch Shell PLC	0.07%	55,374	$3M	trimmed−0%	−0.01 pp	11 q
NOVNOV Inc.	0.05%	54,299	$2M	held	—	11 q
SHENShenandoah Telecom Co	0.05%	39,840	$2M	held	—	11 q
unresolvedLeucadia National	0.04%	85,865	$1M	held	—	11 q
DNOWDNOW Inc.	0.04%	84,948	$1M	held	—	7 q
BROBrown & Brown, Inc.	0.01%	11,105	$356,000	trimmed−18%	0.00 pp	11 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$246,000	held	—	10 q
unresolvedGoogle Inc.	—	−140,025	—	exited	−2.66 pp	—
unresolvedComcast Corp. Spl Cl A	—	−1,237,183	—	exited	−2.11 pp	—