Tweedy, Browne

Q4 2016 13F · by Will Browne, portfolio manager

As of: Dec 31, 2016
Filed: Feb 6, 2017
US stock: $3.2B · prev $3.3B
Positions: 49 · 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

+5.5 pp in · −5.6 pp out

New 2 +0.39 pp
Added 9 +5.10 pp
Trimmed 31 −4.17 pp
Exited 3 −1.41 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.9% a year, about 10.1 years per position

Low
Moderate
High

Top 5 positions41% of US stock

Positions49 in this filing · 3 exited


CSCOCisco Systems, Inc. (DE)	10.85%	11,490,655	$347M	trimmed−9%	−1.25 pp	15 q
JNJJohnson & Johnson	8.59%	2,386,562	$275M	trimmed−20%	−2.00 pp	15 q
BRK.ABerkshire Hathaway Inc.	8.30%	1,089	$266M	trimmed−0%	+1.19 pp	15 q
BNYBank of New York Mellon Corporation	6.96%	4,702,087	$223M	added+4%	+1.53 pp	15 q
WFCWells Fargo & Co.	6.52%	3,787,181	$209M	trimmed−14%	+0.66 pp	15 q
HALHalliburton Company	6.03%	3,567,361	$193M	trimmed−13%	+0.48 pp	15 q
DVNDevon Energy Corporation	5.05%	3,540,679	$162M	added+5%	+0.57 pp	15 q
PMPhilip Morris International Inc.	3.64%	1,273,219	$116M	trimmed−8%	−0.42 pp	15 q
MMM3M Company	3.57%	640,453	$114M	trimmed−18%	−0.56 pp	15 q
GOOGLAlphabet Inc. Class A	3.32%	134,110	$106M	added+6%	+0.25 pp	5 q
COPConocoPhillips	3.27%	2,087,479	$105M	trimmed−14%	+0.08 pp	15 q
GOOGAlphabet Inc. Class C	3.06%	126,768	$98M	trimmed−0%	+0.08 pp	12 q
37MMrc Global Inc	3.04%	4,805,543	$97M	added+8%	+0.83 pp	6 q
BAXBaxter International Inc.	2.98%	2,150,819	$95M	trimmed−0%	−0.11 pp	15 q
EMREmerson Electric Co.	2.42%	1,387,802	$77M	trimmed−19%	−0.38 pp	15 q
CMCSAComcast Corp	1.96%	906,483	$63M	trimmed−1%	+0.13 pp	5 q
AGCOAGCO Corporation	1.84%	1,018,578	$59M	added+18%	+0.55 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	1.54%	302,180	$49M	added+37%	+0.58 pp	15 q
IBMInternational Business Machines Corporation	1.42%	274,590	$46M	trimmed−30%	−0.47 pp	6 q
AVTAvnet, Inc.	1.28%	862,098	$41M	added+19%	+0.39 pp	4 q
VZVerizon Communications	1.20%	721,800	$39M	trimmed−55%	−1.31 pp	10 q
UNPUnion Pacific Corp.	1.12%	347,015	$36M	trimmed−1%	+0.09 pp	15 q
PSXPhillips 66	1.06%	393,902	$34M	trimmed−0%	+0.10 pp	15 q
UNUnilever N V -ny Shares	1.04%	810,067	$33M	trimmed−2%	−0.11 pp	15 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.03%	520,112	$33M	held	—	15 q
DEODiageo plc	1.02%	315,245	$33M	trimmed−1%	−0.09 pp	15 q
USBU.S. Bancorp	0.87%	539,800	$28M	held	—	15 q
MAMastercard Incorporated	0.86%	266,340	$28M	trimmed−0%	+0.04 pp	15 q
NWLINational Western Life Group, Inc. Class A	0.85%	87,657	$27M	trimmed−1%	+0.30 pp	6 q
AXPAmerican Express Company	0.84%	362,608	$27M	added+56%	+0.39 pp	15 q
WMTWalmart Inc.	0.56%	260,025	$18M	trimmed−1%	−0.01 pp	15 q
TTENTotalenergies SE -spon ADR	0.52%	326,646	$17M	trimmed−2%	+0.04 pp	15 q
NVSNovartis AG	0.49%	216,590	$16M	trimmed−2%	−0.03 pp	15 q
TMKGlobe Life Inc.	0.43%	185,565	$14M	trimmed−2%	+0.07 pp	15 q
UNFUnifirst Corp	0.43%	96,774	$14M	trimmed−39%	−0.20 pp	15 q
WSMWilliams-Sonoma, Inc.	0.38%	248,200	$12M	new	+0.38 pp	new
ANATAmerican National Insurance	0.37%	95,225	$12M	held	—	15 q
unresolvedUnilever Spn.Adr 1:1	0.36%	282,056	$11M	trimmed−1%	−0.04 pp	15 q
HSBCHSBC Holdings PLC	0.22%	178,649	$7M	trimmed−2%	+0.01 pp	15 q
unresolvedShire PLC	0.19%	35,534	$6M	trimmed−2%	−0.02 pp	3 q
unresolvedGlaxosmithkline PLC	0.14%	114,437	$4M	trimmed−0%	−0.01 pp	15 q
unresolvedGeneral Electric Co	0.12%	124,733	$4M	trimmed−80%	−0.43 pp	6 q
RDS.ARoyal Dutch Shell PLC	0.08%	49,177	$3M	added+2%	+0.01 pp	15 q
SHENShenandoah Telecom Co	0.07%	79,680	$2M	held	—	15 q
unresolvedLeucadia National	0.05%	75,008	$2M	held	—	15 q
DNOWDNOW Inc.	0.03%	50,312	$1M	trimmed−1%	0.00 pp	11 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$362,000	held	—	14 q
TRMKTrustmark Corp	0.01%	7,200	$257,000	new	+0.01 pp	new
CKXCKX Lands, Inc.	0.00%	10,600	$117,000	held	—	4 q
ITWIllinois Tool Works Inc.	—	−226,655	—	exited	−0.82 pp	—
LMTLockheed Martin Corp.	—	−80,175	—	exited	−0.58 pp	—
MRKMerck & Co., Inc.	—	−3,306	—	exited	−0.01 pp	—