Tweedy, Browne

Q2 2017 13F · by Will Browne, portfolio manager

As of: Jun 30, 2017
Filed: Aug 11, 2017
US stock: $3.4B · prev $3.5B
Positions: 51 · prev 52
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%

Moves44 since the prior filing

+0.6 pp in · −1.0 pp out

New 0 0.00 pp
Added 2 +0.63 pp
Trimmed 41 −0.45 pp
Exited 1 −0.53 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions41% of US stock

CSCO Cisco Systems, Inc. (DE) trimmed−1.08 pp trimmed−1.089.7%
JNJ Johnson & Johnson trimmed+0.56 pp trimmed+0.569.0%
BRK.A Berkshire Hathaway Inc. trimmed+0.41 pp trimmed+0.418.2%
BIDU Baidu, Inc. added+0.62 pp added+0.627.5%
BNY Bank of New York Mellon Corporation trimmed+0.67 pp trimmed+0.677.0%

Positions51 in this filing · 1 exited


CSCOCisco Systems, Inc. (DE)	9.74%	10,477,027	$328M	trimmed−6%	−1.08 pp	17 q
JNJJohnson & Johnson	9.03%	2,299,019	$304M	trimmed−3%	+0.56 pp	17 q
BRK.ABerkshire Hathaway Inc.	8.22%	1,087	$277M	trimmed−0%	+0.41 pp	17 q
BIDUBaidu, Inc.	7.47%	1,406,354	$252M	added+2%	+0.62 pp	2 q
BNYBank of New York Mellon Corporation	7.01%	4,626,992	$236M	trimmed−1%	+0.67 pp	17 q
WFCWells Fargo & Co.	5.80%	3,523,050	$195M	trimmed−4%	−0.09 pp	17 q
HALHalliburton Company	4.44%	3,501,059	$150M	trimmed−0%	−0.52 pp	17 q
PMPhilip Morris International Inc.	4.29%	1,229,853	$144M	trimmed−3%	+0.17 pp	17 q
GOOGLAlphabet Inc. Class A	3.70%	133,922	$125M	trimmed−0%	+0.44 pp	7 q
MMM3M Company	3.44%	556,891	$116M	trimmed−7%	+0.17 pp	17 q
GOOGAlphabet Inc. Class C	3.42%	126,580	$115M	trimmed−0%	+0.40 pp	14 q
BAXBaxter International Inc.	2.76%	1,535,525	$93M	trimmed−2%	+0.44 pp	17 q
DVNDevon Energy Corporation	2.72%	2,862,113	$92M	trimmed−11%	−1.12 pp	17 q
COPConocoPhillips	2.56%	1,963,191	$86M	trimmed−4%	−0.36 pp	17 q
EMREmerson Electric Co.	2.22%	1,254,929	$75M	trimmed−6%	−0.07 pp	17 q
37MMrc Global Inc	2.19%	4,471,161	$74M	trimmed−1%	−0.18 pp	8 q
CMCSAComcast Corp	2.06%	1,778,037	$69M	trimmed−1%	+0.11 pp	7 q
AGCOAGCO Corporation	2.03%	1,013,118	$68M	trimmed−0%	+0.28 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	1.51%	299,226	$51M	trimmed−0%	+0.07 pp	17 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.31%	520,112	$44M	held	—	17 q
UNUnilever N V -ny Shares	1.28%	779,256	$43M	trimmed−1%	+0.16 pp	17 q
UNPUnion Pacific Corp.	1.10%	338,944	$37M	trimmed−1%	+0.06 pp	17 q
DEODiageo plc	1.08%	303,695	$36M	trimmed−1%	+0.06 pp	17 q
IBMInternational Business Machines Corporation	1.07%	234,755	$36M	trimmed−14%	−0.30 pp	8 q
PSXPhillips 66	0.97%	393,473	$33M	held	—	17 q
MAMastercard Incorporated	0.95%	263,287	$32M	trimmed−1%	+0.09 pp	17 q
AXPAmerican Express Company	0.88%	352,597	$30M	trimmed−2%	+0.07 pp	17 q
USBU.S. Bancorp	0.83%	539,800	$28M	held	—	17 q
NWLINational Western Life Group, Inc. Class A	0.82%	86,412	$28M	trimmed−1%	+0.06 pp	8 q
VZVerizon Communications	0.73%	548,950	$25M	trimmed−23%	−0.27 pp	12 q
AVTAvnet, Inc.	0.68%	589,146	$23M	trimmed−31%	−0.44 pp	6 q
NVSNovartis AG	0.49%	196,422	$16M	trimmed−4%	+0.05 pp	17 q
TTENTotalenergies SE -spon ADR	0.46%	311,632	$15M	trimmed−3%	0.00 pp	17 q
unresolvedUnilever Spn.Adr 1:1	0.45%	279,409	$15M	trimmed−1%	+0.05 pp	17 q
SIGSignet Jewelers Limited	0.42%	225,198	$14M	trimmed−0%	−0.03 pp	2 q
ANATAmerican National Insurance	0.33%	95,045	$11M	trimmed−0%	+0.01 pp	17 q
TMKGlobe Life Inc.	0.28%	123,396	$9M	trimmed−32%	−0.12 pp	17 q
WSMWilliams-Sonoma, Inc.	0.28%	197,245	$10M	trimmed−19%	−0.10 pp	3 q
HSBCHSBC Holdings PLC	0.24%	171,648	$8M	trimmed−4%	+0.03 pp	17 q
unresolvedShire PLC	0.16%	32,874	$5M	trimmed−5%	−0.01 pp	5 q
UNFUnifirst Corp	0.15%	36,016	$5M	trimmed−31%	−0.06 pp	17 q
unresolvedGlaxosmithkline PLC	0.14%	109,584	$5M	trimmed−1%	+0.01 pp	17 q
RDS.ARoyal Dutch Shell PLC	0.08%	48,952	$3M	added+1%	+0.01 pp	17 q
SHENShenandoah Telecom Co	0.07%	79,680	$2M	held	—	17 q
unresolvedLeucadia National	0.05%	70,664	$2M	trimmed−5%	−0.01 pp	17 q
unresolvedGeneral Electric Co	0.04%	50,008	$1M	trimmed−59%	−0.06 pp	8 q
DNOWDNOW Inc.	0.02%	50,181	$807,000	trimmed−0%	0.00 pp	13 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$360,000	held	—	16 q
MRKMerck & Co., Inc.	0.01%	3,306	$212,000	held	—	2 q
TRMKTrustmark Corp	0.01%	7,200	$232,000	held	—	3 q
CKXCKX Lands, Inc.	0.00%	10,600	$122,000	held	—	6 q
WMTWalmart Inc.	—	−255,015	—	exited	−0.53 pp	—