Tweedy, Browne

Q1 2016 13F · by Will Browne, portfolio manager

As of: Mar 31, 2016
Filed: May 12, 2016
US stock: $3.6B · prev $3.4B
Positions: 50 · 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

+5.5 pp in · −5.6 pp out

New 2 +0.82 pp
Added 4 +4.70 pp
Trimmed 34 −5.61 pp
Exited 1 −0.01 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.3% a year, about 10.7 years per position

Low
Moderate
High

Top 5 positions39% of US stock

CSCO Cisco Systems, Inc. (DE) added+3.20 pp added+3.2010.7%
JNJ Johnson & Johnson trimmed−1.06 pp trimmed−1.0610.1%
BRK.A Berkshire Hathaway Inc. held held6.9%
WFC Wells Fargo & Co. trimmed−1.28 pp trimmed−1.286.2%
BNY Bank of New York Mellon Corporation added+0.79 pp added+0.795.2%

Positions50 in this filing · 1 exited


CSCOCisco Systems, Inc. (DE)	10.73%	13,686,896	$390M	added+45%	+3.20 pp	12 q
JNJJohnson & Johnson	10.08%	3,383,445	$366M	trimmed−8%	−1.06 pp	12 q
BRK.ABerkshire Hathaway Inc.	6.88%	1,170	$250M	held	—	12 q
WFCWells Fargo & Co.	6.17%	4,630,560	$224M	trimmed−1%	−1.28 pp	12 q
BNYBank of New York Mellon Corporation	5.19%	5,114,085	$188M	added+41%	+0.79 pp	12 q
HALHalliburton Company	5.03%	5,117,260	$183M	trimmed−4%	−0.30 pp	12 q
PMPhilip Morris International Inc.	4.86%	1,797,894	$176M	trimmed−1%	+0.18 pp	12 q
MMM3M Company	4.71%	1,025,992	$171M	trimmed−1%	+0.12 pp	12 q
COPConocoPhillips	3.00%	2,702,213	$109M	trimmed−1%	−0.73 pp	12 q
GOOGLAlphabet Inc. Class A	2.93%	139,660	$107M	trimmed−0%	−0.26 pp	2 q
GOOGAlphabet Inc. Class C	2.87%	139,971	$104M	trimmed−0%	−0.25 pp	9 q
DVNDevon Energy Corporation	2.86%	3,792,014	$104M	trimmed−0%	−0.71 pp	12 q
BAXBaxter International Inc.	2.82%	2,492,683	$102M	trimmed−0%	+0.02 pp	12 q
unresolvedBaxalta Inc	2.77%	2,487,878	$101M	trimmed−0%	−0.09 pp	3 q
EMREmerson Electric Co.	2.77%	1,849,788	$101M	trimmed−4%	+0.07 pp	12 q
VZVerizon Communications	2.41%	1,620,690	$88M	trimmed−2%	+0.17 pp	7 q
37MMrc Global Inc	2.07%	5,731,567	$75M	trimmed−0%	−0.11 pp	3 q
CMCSAComcast Corp	1.84%	1,094,238	$67M	trimmed−0%	+0.02 pp	2 q
WMTWalmart Inc.	1.83%	969,396	$66M	trimmed−0%	+0.08 pp	12 q
IBMInternational Business Machines Corporation	1.71%	409,100	$62M	added+22%	+0.35 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	1.50%	383,428	$54M	trimmed−1%	0.00 pp	12 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.19%	520,112	$43M	held	—	12 q
UNUnilever N V -ny Shares	1.10%	894,496	$40M	trimmed−1%	−0.05 pp	12 q
AGCOAGCO Corporation	1.05%	769,621	$38M	added+48%	+0.36 pp	6 q
UNPUnion Pacific Corp.	1.01%	461,413	$37M	trimmed−0%	−0.05 pp	12 q
ITWIllinois Tool Works Inc.	0.99%	352,254	$36M	held	—	12 q
DEODiageo plc	0.96%	321,837	$35M	trimmed−1%	−0.08 pp	12 q
PSXPhillips 66	0.94%	395,929	$34M	trimmed−0%	−0.01 pp	12 q
LMTLockheed Martin Corp.	0.91%	149,917	$33M	held	—	12 q
AVTAvnet, Inc.	0.82%	671,193	$30M	new	+0.82 pp	new
MAMastercard Incorporated	0.70%	269,240	$25M	trimmed−1%	−0.08 pp	12 q
USBU.S. Bancorp	0.60%	539,800	$22M	held	—	12 q
NWLINational Western Life Group, Inc. Class A	0.57%	89,673	$21M	trimmed−1%	−0.10 pp	3 q
UNFUnifirst Corp	0.57%	188,241	$21M	trimmed−0%	−0.01 pp	12 q
unresolvedGeneral Electric Co	0.55%	632,513	$20M	held	—	3 q
NVSNovartis AG	0.47%	237,664	$17M	trimmed−2%	−0.14 pp	12 q
ANATAmerican National Insurance	0.46%	145,033	$17M	trimmed−59%	−0.61 pp	12 q
TTENTotalenergies SE -spon ADR	0.46%	367,544	$17M	trimmed−2%	−0.03 pp	12 q
AXPAmerican Express Company	0.44%	260,310	$16M	trimmed−1%	−0.10 pp	12 q
unresolvedUnilever Spn.Adr 1:1	0.35%	284,532	$13M	held	—	12 q
TMKGlobe Life Inc.	0.29%	191,886	$10M	trimmed−23%	−0.13 pp	12 q
HSBCHSBC Holdings PLC	0.15%	172,786	$5M	trimmed−1%	−0.05 pp	12 q
unresolvedGlaxosmithkline PLC	0.13%	116,070	$5M	trimmed−13%	−0.03 pp	12 q
RDS.ARoyal Dutch Shell PLC	0.07%	54,122	$3M	trimmed−2%	0.00 pp	12 q
SHENShenandoah Telecom Co	0.06%	79,680	$2M	held	—	12 q
NOVNOV Inc.	0.05%	54,299	$2M	held	—	12 q
unresolvedLeucadia National	0.04%	82,710	$1M	trimmed−4%	0.00 pp	12 q
DNOWDNOW Inc.	0.03%	71,428	$1M	trimmed−16%	−0.01 pp	8 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$292,000	held	—	11 q
CKXCKX Lands, Inc.	0.00%	10,600	$111,000	new	0.00 pp	new
BROBrown & Brown, Inc.	—	−11,105	—	exited	−0.01 pp	—