Tweedy, Browne

Q2 2016 13F · by Will Browne, portfolio manager

As of: Jun 30, 2016
Filed: Jul 29, 2016
US stock: $3.6B · prev $3.6B
Positions: 50 · prev 50
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%

Moves45 since the prior filing

+0.9 pp in · −1.3 pp out

New 2 +0.23 pp
Added 7 +0.68 pp
Trimmed 34 +1.56 pp
Exited 2 −2.82 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.4% a year, about 29.2 years per position

Low
Moderate
High

Top 5 positions42% of US stock

JNJ Johnson & Johnson trimmed+0.87 pp trimmed+0.8710.9%
CSCO Cisco Systems, Inc. (DE) trimmed+0.17 pp trimmed+0.1710.9%
BRK.A Berkshire Hathaway Inc. held held7.1%
WFC Wells Fargo & Co. added+0.48 pp added+0.486.7%
HAL Halliburton Company trimmed+1.47 pp trimmed+1.476.5%

Positions50 in this filing · 2 exited


JNJJohnson & Johnson	10.95%	3,216,513	$390M	trimmed−5%	+0.87 pp	13 q
CSCOCisco Systems, Inc. (DE)	10.90%	13,536,202	$388M	trimmed−1%	+0.17 pp	13 q
BRK.ABerkshire Hathaway Inc.	7.13%	1,170	$254M	held	—	13 q
WFCWells Fargo & Co.	6.65%	5,006,510	$237M	added+8%	+0.48 pp	13 q
HALHalliburton Company	6.50%	5,110,577	$231M	trimmed−0%	+1.47 pp	13 q
BNYBank of New York Mellon Corporation	5.56%	5,102,662	$198M	trimmed−0%	+0.37 pp	13 q
MMM3M Company	4.51%	917,333	$161M	trimmed−11%	−0.20 pp	13 q
PMPhilip Morris International Inc.	4.20%	1,471,747	$150M	trimmed−18%	−0.66 pp	13 q
DVNDevon Energy Corporation	3.84%	3,776,588	$137M	trimmed−0%	+0.98 pp	13 q
COPConocoPhillips	3.16%	2,583,693	$113M	trimmed−4%	+0.16 pp	13 q
BAXBaxter International Inc.	3.04%	2,393,665	$108M	trimmed−4%	+0.22 pp	13 q
GOOGLAlphabet Inc. Class A	2.76%	139,620	$98M	trimmed−0%	−0.17 pp	3 q
GOOGAlphabet Inc. Class C	2.72%	139,931	$97M	trimmed−0%	−0.15 pp	10 q
EMREmerson Electric Co.	2.68%	1,828,394	$95M	trimmed−1%	−0.09 pp	13 q
VZVerizon Communications	2.59%	1,654,292	$92M	added+2%	+0.18 pp	8 q
37MMrc Global Inc	2.28%	5,722,341	$81M	trimmed−0%	+0.21 pp	4 q
CMCSAComcast Corp	1.99%	1,088,234	$71M	trimmed−1%	+0.15 pp	3 q
IBMInternational Business Machines Corporation	1.72%	402,985	$61M	trimmed−1%	+0.01 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	1.54%	379,367	$55M	trimmed−1%	+0.04 pp	13 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.21%	520,112	$43M	held	—	13 q
UNUnilever N V -ny Shares	1.16%	883,998	$41M	trimmed−1%	+0.06 pp	13 q
UNPUnion Pacific Corp.	1.12%	457,086	$40M	trimmed−1%	+0.11 pp	13 q
AGCOAGCO Corporation	1.03%	776,392	$37M	added+1%	−0.02 pp	7 q
DEODiageo plc	1.01%	319,253	$36M	trimmed−1%	+0.05 pp	13 q
PSXPhillips 66	0.88%	394,923	$31M	trimmed−0%	−0.06 pp	13 q
AVTAvnet, Inc.	0.82%	722,066	$29M	added+8%	0.00 pp	2 q
ITWIllinois Tool Works Inc.	0.66%	226,655	$24M	trimmed−36%	−0.33 pp	13 q
MAMastercard Incorporated	0.66%	268,770	$24M	trimmed−0%	−0.04 pp	13 q
WMTWalmart Inc.	0.63%	309,149	$23M	trimmed−68%	−1.20 pp	13 q
USBU.S. Bancorp	0.61%	539,800	$22M	held	—	13 q
UNFUnifirst Corp	0.61%	187,151	$22M	trimmed−1%	+0.04 pp	13 q
LMTLockheed Martin Corp.	0.58%	83,600	$21M	trimmed−44%	−0.33 pp	13 q
unresolvedGeneral Electric Co	0.54%	612,188	$19M	trimmed−3%	−0.01 pp	4 q
NVSNovartis AG	0.54%	233,783	$19M	trimmed−2%	+0.07 pp	13 q
NWLINational Western Life Group, Inc. Class A	0.49%	88,997	$17M	trimmed−1%	−0.08 pp	4 q
TTENTotalenergies SE -spon ADR	0.48%	359,016	$17M	trimmed−2%	+0.02 pp	13 q
AXPAmerican Express Company	0.44%	256,836	$16M	trimmed−1%	0.00 pp	13 q
unresolvedUnilever Spn.Adr 1:1	0.38%	284,532	$14M	held	—	13 q
TMKGlobe Life Inc.	0.33%	190,529	$12M	trimmed−1%	+0.04 pp	13 q
ANATAmerican National Insurance	0.30%	95,732	$11M	trimmed−34%	−0.16 pp	13 q
unresolvedShire PLC	0.22%	42,247	$8M	new	+0.22 pp	new
HSBCHSBC Holdings PLC	0.16%	179,538	$6M	added+4%	+0.01 pp	13 q
unresolvedGlaxosmithkline PLC	0.14%	116,491	$5M	added0%	+0.01 pp	13 q
RDS.ARoyal Dutch Shell PLC	0.09%	56,965	$3M	added+5%	+0.02 pp	13 q
SHENShenandoah Telecom Co	0.09%	79,680	$3M	held	—	13 q
unresolvedLeucadia National	0.04%	81,358	$1M	trimmed−2%	0.00 pp	13 q
DNOWDNOW Inc.	0.03%	51,321	$931,000	trimmed−28%	0.00 pp	9 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$364,000	held	—	12 q
XOMExxon Mobil Corp	0.01%	2,364	$222,000	new	+0.01 pp	new
CKXCKX Lands, Inc.	0.00%	10,600	$120,000	held	—	2 q
unresolvedBaxalta Inc	—	−2,487,878	—	exited	−2.77 pp	—
NOVNOV Inc.	—	−54,299	—	exited	−0.05 pp	—