Tweedy, Browne

Q4 2017 13F · by Will Browne, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $3.6B · prev $3.7B
Positions: 50 · prev 53
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%

Moves46 since the prior filing

+0.7 pp in · −0.6 pp out

New 2 +0.58 pp
Added 1 +0.07 pp
Trimmed 38 +1.50 pp
Exited 5 −2.13 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions44% of US stock

Positions50 in this filing · 5 exited


CSCOCisco Systems, Inc. (DE)	10.75%	10,239,000	$392M	trimmed−2%	+1.17 pp	19 q
BIDUBaidu, Inc.	8.93%	1,389,864	$326M	trimmed−1%	−0.55 pp	4 q
BRK.ABerkshire Hathaway Inc.	8.74%	1,071	$319M	trimmed−1%	+0.62 pp	19 q
JNJJohnson & Johnson	8.61%	2,248,251	$314M	trimmed−2%	+0.50 pp	19 q
BNYBank of New York Mellon Corporation	6.61%	4,474,186	$241M	trimmed−3%	−0.04 pp	19 q
WFCWells Fargo & Co.	5.52%	3,318,819	$201M	trimmed−6%	+0.24 pp	19 q
HALHalliburton Company	4.49%	3,353,454	$164M	trimmed−3%	+0.16 pp	19 q
GOOGLAlphabet Inc. Class A	3.81%	131,877	$139M	trimmed−1%	+0.27 pp	9 q
GOOGAlphabet Inc. Class C	3.58%	124,667	$130M	trimmed−1%	+0.29 pp	16 q
PMPhilip Morris International Inc.	3.40%	1,174,033	$124M	trimmed−4%	−0.31 pp	19 q
MMM3M Company	3.30%	510,722	$120M	trimmed−8%	+0.13 pp	19 q
DVNDevon Energy Corporation	3.09%	2,722,648	$113M	trimmed−3%	+0.29 pp	19 q
COPConocoPhillips	2.85%	1,891,226	$104M	trimmed−1%	+0.24 pp	19 q
BAXBaxter International Inc.	2.69%	1,517,179	$98M	trimmed−1%	+0.07 pp	19 q
37MMrc Global Inc	2.32%	5,006,479	$85M	trimmed−3%	−0.13 pp	10 q
EMREmerson Electric Co.	2.20%	1,148,881	$80M	trimmed−7%	+0.09 pp	19 q
AZOAutoZone, Inc.	1.95%	99,919	$71M	trimmed−2%	+0.30 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	1.36%	249,479	$49M	trimmed−14%	−0.09 pp	19 q
AGCOAGCO Corporation	1.26%	644,229	$46M	trimmed−32%	−0.63 pp	13 q
UNPUnion Pacific Corp.	1.24%	337,940	$45M	trimmed−0%	+0.17 pp	19 q
DEODiageo plc	1.18%	294,207	$43M	trimmed−3%	+0.09 pp	19 q
UNUnilever N V -ny Shares	1.05%	678,830	$38M	trimmed−5%	−0.10 pp	19 q
PSXPhillips 66	1.04%	373,642	$38M	trimmed−5%	+0.06 pp	19 q
MAMastercard Incorporated	1.03%	248,429	$38M	trimmed−5%	+0.02 pp	19 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.99%	520,112	$36M	held	—	19 q
AXPAmerican Express Company	0.85%	311,996	$31M	trimmed−11%	−0.01 pp	19 q
VZVerizon Communications	0.80%	549,074	$29M	held	—	14 q
USBU.S. Bancorp	0.79%	539,800	$29M	held	—	19 q
NWLINational Western Life Group, Inc. Class A	0.75%	83,069	$27M	trimmed−3%	−0.07 pp	10 q
CMCSAComcast Corp	0.70%	636,706	$26M	trimmed−64%	−1.16 pp	9 q
AVTAvnet, Inc.	0.63%	583,291	$23M	trimmed−1%	0.00 pp	8 q
NVSNovartis AG	0.43%	188,746	$16M	trimmed−4%	−0.03 pp	19 q
unresolvedTotal SA - ADR	0.42%	276,494	$15M	trimmed−10%	−0.03 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.34%	222,677	$12M	trimmed−20%	−0.10 pp	19 q
WPPWpp PLC	0.34%	135,252	$12M	new	+0.34 pp	new
ANATAmerican National Insurance	0.33%	94,740	$12M	trimmed−0%	+0.02 pp	19 q
TMKGlobe Life Inc.	0.30%	118,734	$11M	trimmed−3%	+0.03 pp	19 q
WSMWilliams-Sonoma, Inc.	0.28%	197,245	$10M	held	—	5 q
SIGSignet Jewelers Limited	0.24%	156,307	$9M	new	+0.24 pp	new
HSBCHSBC Holdings PLC	0.20%	142,903	$7M	trimmed−16%	−0.03 pp	19 q
unresolvedGlaxosmithkline PLC	0.19%	197,274	$7M	added+81%	+0.07 pp	19 q
UNFUnifirst Corp	0.16%	35,836	$6M	trimmed−1%	+0.01 pp	19 q
RDS.ARoyal Dutch Shell PLC	0.09%	46,699	$3M	trimmed−1%	+0.01 pp	19 q
SHENShenandoah Telecom Co	0.07%	79,680	$3M	held	—	19 q
unresolvedLeucadia National	0.05%	64,800	$2M	trimmed−6%	0.00 pp	19 q
unresolvedGeneral Electric Co	0.02%	50,008	$873,000	held	—	10 q
DNOWDNOW Inc.	0.02%	49,982	$551,000	trimmed−0%	0.00 pp	15 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$372,000	held	—	18 q
TRMKTrustmark Corp	0.01%	7,200	$229,000	held	—	5 q
CKXCKX Lands, Inc.	0.00%	10,600	$108,000	held	—	8 q
IBMInternational Business Machines Corporation	—	−234,755	—	exited	−0.93 pp	—
SNIScripps Networks Inter-cl A	—	−275,890	—	exited	−0.64 pp	—
unresolvedSignet Jewelers Limited	—	−225,198	—	exited	−0.41 pp	—
unresolvedShire PLC	—	−32,558	—	exited	−0.14 pp	—
MRKMerck & Co., Inc.	—	−3,306	—	exited	−0.01 pp	—