Tweedy, Browne

Q3 2017 13F · by Will Browne, portfolio manager

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $3.7B · prev $3.4B
Positions: 53 · prev 51
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

+5.4 pp in · −4.7 pp out

New 4 +3.15 pp
Added 6 +2.21 pp
Trimmed 29 −3.86 pp
Exited 2 −0.88 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.7% a year, about 17.5 years per position

Low
Moderate
High

Top 5 positions42% of US stock

Positions53 in this filing · 2 exited


CSCOCisco Systems, Inc. (DE)	9.58%	10,470,841	$352M	trimmed−0%	−0.16 pp	18 q
BIDUBaidu, Inc.	9.48%	1,406,604	$348M	added0%	+2.01 pp	3 q
BRK.ABerkshire Hathaway Inc.	8.12%	1,087	$299M	held	—	18 q
JNJJohnson & Johnson	8.11%	2,292,554	$298M	trimmed−0%	−0.92 pp	18 q
BNYBank of New York Mellon Corporation	6.65%	4,612,087	$245M	trimmed−0%	−0.36 pp	18 q
WFCWells Fargo & Co.	5.28%	3,518,438	$194M	trimmed−0%	−0.52 pp	18 q
HALHalliburton Company	4.33%	3,460,174	$159M	trimmed−1%	−0.11 pp	18 q
PMPhilip Morris International Inc.	3.71%	1,227,518	$136M	trimmed−0%	−0.58 pp	18 q
GOOGLAlphabet Inc. Class A	3.54%	133,486	$130M	trimmed−0%	−0.16 pp	8 q
GOOGAlphabet Inc. Class C	3.29%	126,185	$121M	trimmed−0%	−0.13 pp	15 q
MMM3M Company	3.17%	555,986	$117M	trimmed−0%	−0.27 pp	18 q
DVNDevon Energy Corporation	2.80%	2,802,928	$103M	trimmed−2%	+0.08 pp	18 q
BAXBaxter International Inc.	2.62%	1,532,534	$96M	trimmed−0%	−0.14 pp	18 q
COPConocoPhillips	2.61%	1,919,576	$96M	trimmed−2%	+0.05 pp	18 q
37MMrc Global Inc	2.45%	5,155,340	$90M	added+15%	+0.26 pp	9 q
EMREmerson Electric Co.	2.11%	1,235,088	$78M	trimmed−2%	−0.11 pp	18 q
AGCOAGCO Corporation	1.89%	941,890	$69M	trimmed−7%	−0.14 pp	12 q
CMCSAComcast Corp	1.86%	1,776,843	$68M	trimmed−0%	−0.20 pp	8 q
AZOAutoZone, Inc.	1.65%	102,089	$61M	new	+1.65 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	1.45%	290,911	$53M	trimmed−3%	−0.06 pp	18 q
UNUnilever N V -ny Shares	1.15%	716,644	$42M	trimmed−8%	−0.13 pp	18 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.09%	520,112	$40M	held	—	18 q
DEODiageo plc	1.09%	302,825	$40M	trimmed−0%	+0.01 pp	18 q
UNPUnion Pacific Corp.	1.07%	339,128	$39M	added0%	−0.03 pp	18 q
MAMastercard Incorporated	1.01%	262,263	$37M	trimmed−0%	+0.06 pp	18 q
PSXPhillips 66	0.98%	392,922	$36M	trimmed−0%	+0.01 pp	18 q
IBMInternational Business Machines Corporation	0.93%	234,755	$34M	held	—	9 q
AXPAmerican Express Company	0.86%	350,431	$32M	trimmed−1%	−0.02 pp	18 q
NWLINational Western Life Group, Inc. Class A	0.82%	85,895	$30M	trimmed−1%	0.00 pp	9 q
USBU.S. Bancorp	0.79%	539,800	$29M	held	—	18 q
VZVerizon Communications	0.74%	549,074	$27M	added0%	+0.01 pp	13 q
SNIScripps Networks Inter-cl A	0.64%	275,890	$24M	new	+0.64 pp	new
AVTAvnet, Inc.	0.63%	589,146	$23M	held	—	7 q
NVSNovartis AG	0.46%	196,952	$17M	added0%	−0.03 pp	18 q
unresolvedTotal SA - ADR	0.45%	308,210	$16M	new	+0.45 pp	new
unresolvedUnilever Spn.Adr 1:1	0.44%	279,724	$16M	added0%	−0.01 pp	18 q
unresolvedSignet Jewelers Limited	0.41%	225,198	$15M	new	+0.41 pp	new
ANATAmerican National Insurance	0.31%	95,045	$11M	held	—	18 q
TMKGlobe Life Inc.	0.27%	122,093	$10M	trimmed−1%	−0.01 pp	18 q
WSMWilliams-Sonoma, Inc.	0.27%	197,245	$10M	held	—	4 q
HSBCHSBC Holdings PLC	0.23%	169,393	$8M	trimmed−1%	−0.01 pp	18 q
UNFUnifirst Corp	0.15%	36,016	$5M	held	—	18 q
unresolvedShire PLC	0.14%	32,558	$5M	trimmed−1%	−0.02 pp	6 q
unresolvedGlaxosmithkline PLC	0.12%	109,194	$4M	trimmed−0%	−0.02 pp	18 q
RDS.ARoyal Dutch Shell PLC	0.08%	47,158	$3M	trimmed−4%	0.00 pp	18 q
SHENShenandoah Telecom Co	0.08%	79,680	$3M	held	—	18 q
unresolvedLeucadia National	0.05%	68,684	$2M	trimmed−3%	0.00 pp	18 q
unresolvedGeneral Electric Co	0.03%	50,008	$1M	held	—	9 q
DNOWDNOW Inc.	0.02%	50,062	$691,000	trimmed−0%	0.00 pp	14 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$384,000	held	—	17 q
MRKMerck & Co., Inc.	0.01%	3,306	$212,000	held	—	3 q
TRMKTrustmark Corp	0.01%	7,200	$238,000	held	—	4 q
CKXCKX Lands, Inc.	0.00%	10,600	$112,000	held	—	7 q
TTENTotalenergies SE -spon ADR	—	−311,632	—	exited	−0.46 pp	—
SIGSignet Jewelers Limited	—	−225,198	—	exited	−0.42 pp	—