Tweedy, Browne

Q1 2018 13F · by Will Browne, portfolio manager

As of: Mar 31, 2018
Filed: May 11, 2018
US stock: $3.3B · prev $3.6B
Positions: 46 · 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%

Moves43 since the prior filing

+0.6 pp in · −0.9 pp out

New 1 +0.48 pp
Added 3 +0.16 pp
Trimmed 34 −0.15 pp
Exited 5 −0.71 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.3% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions48% of US stock

CSCO Cisco Systems, Inc. (DE) trimmed+2.02 pp trimmed+2.0212.8%
BRK.A Berkshire Hathaway Inc. trimmed+1.01 pp trimmed+1.019.8%
BIDU Baidu, Inc. trimmed+0.54 pp trimmed+0.549.5%
JNJ Johnson & Johnson trimmed+0.11 pp trimmed+0.118.7%
BNY Bank of New York Mellon Corporation trimmed+0.35 pp trimmed+0.357.0%

Positions46 in this filing · 5 exited


CSCOCisco Systems, Inc. (DE)	12.77%	9,723,092	$417M	trimmed−5%	+2.02 pp	20 q
BRK.ABerkshire Hathaway Inc.	9.75%	1,065	$319M	trimmed−1%	+1.01 pp	20 q
BIDUBaidu, Inc.	9.47%	1,386,073	$309M	trimmed−0%	+0.54 pp	5 q
JNJJohnson & Johnson	8.72%	2,221,515	$285M	trimmed−1%	+0.11 pp	20 q
BNYBank of New York Mellon Corporation	6.96%	4,411,873	$227M	trimmed−1%	+0.35 pp	20 q
WFCWells Fargo & Co.	5.37%	3,348,724	$176M	added+1%	−0.15 pp	20 q
HALHalliburton Company	4.74%	3,296,184	$155M	trimmed−2%	+0.25 pp	20 q
GOOGLAlphabet Inc. Class A	4.18%	131,579	$136M	trimmed−0%	+0.37 pp	10 q
GOOGAlphabet Inc. Class C	3.93%	124,370	$128M	trimmed−0%	+0.35 pp	17 q
COPConocoPhillips	3.36%	1,852,953	$110M	trimmed−2%	+0.51 pp	20 q
MMM3M Company	2.81%	418,551	$92M	trimmed−18%	−0.49 pp	20 q
DVNDevon Energy Corporation	2.64%	2,712,672	$86M	trimmed−0%	−0.45 pp	20 q
37MMrc Global Inc	2.50%	4,975,137	$82M	trimmed−1%	+0.18 pp	11 q
EMREmerson Electric Co.	2.29%	1,096,124	$75M	trimmed−5%	+0.09 pp	20 q
AZOAutoZone, Inc.	2.06%	103,711	$67M	added+4%	+0.11 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	1.51%	247,117	$49M	trimmed−1%	+0.15 pp	20 q
UNPUnion Pacific Corp.	1.39%	337,093	$45M	trimmed−0%	+0.15 pp	20 q
MAMastercard Incorporated	1.32%	246,587	$43M	trimmed−1%	+0.29 pp	20 q
AGCOAGCO Corporation	1.28%	642,169	$42M	trimmed−0%	+0.02 pp	14 q
DEODiageo plc	1.16%	278,659	$38M	trimmed−5%	−0.02 pp	20 q
UNUnilever N V -ny Shares	1.14%	657,611	$37M	trimmed−3%	+0.09 pp	20 q
PSXPhillips 66	1.09%	371,846	$36M	trimmed−0%	+0.05 pp	20 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.06%	520,112	$35M	held	—	20 q
AXPAmerican Express Company	0.87%	302,841	$28M	trimmed−3%	+0.02 pp	20 q
USBU.S. Bancorp	0.83%	539,800	$27M	held	—	20 q
VZVerizon Communications	0.78%	531,614	$25M	trimmed−3%	−0.02 pp	15 q
NWLINational Western Life Group, Inc. Class A	0.77%	82,083	$25M	trimmed−1%	+0.02 pp	11 q
AVTAvnet, Inc.	0.74%	578,834	$24M	trimmed−1%	+0.11 pp	9 q
CMCSAComcast Corp	0.66%	634,202	$22M	trimmed−0%	−0.04 pp	10 q
WPPWpp PLC	0.54%	223,465	$18M	added+65%	+0.20 pp	2 q
TTENTotalenergies SE -spon ADR	0.48%	270,423	$16M	new	+0.48 pp	new
NVSNovartis AG	0.46%	187,636	$15M	trimmed−1%	+0.03 pp	20 q
unresolvedUnilever Spn.Adr 1:1	0.38%	222,677	$12M	held	—	20 q
ANATAmerican National Insurance	0.34%	94,740	$11M	held	—	20 q
TMKGlobe Life Inc.	0.30%	118,129	$10M	trimmed−1%	0.00 pp	20 q
unresolvedGlaxosmithkline PLC	0.23%	194,093	$8M	trimmed−2%	+0.04 pp	20 q
HSBCHSBC Holdings PLC	0.21%	142,169	$7M	trimmed−3%	+0.01 pp	20 q
WSMWilliams-Sonoma, Inc.	0.21%	128,185	$7M	trimmed−35%	−0.07 pp	6 q
UNFUnifirst Corp	0.17%	35,311	$6M	trimmed−1%	+0.01 pp	20 q
BAXBaxter International Inc.	0.14%	72,485	$5M	trimmed−95%	−2.55 pp	20 q
PMPhilip Morris International Inc.	0.13%	41,843	$4M	trimmed−96%	−3.27 pp	20 q
RDS.ARoyal Dutch Shell PLC	0.09%	46,699	$3M	held	—	20 q
SHENShenandoah Telecom Co	0.09%	79,680	$3M	held	—	20 q
unresolvedLeucadia National	0.04%	64,162	$1M	trimmed−1%	−0.01 pp	20 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$392,000	held	—	19 q
CKXCKX Lands, Inc.	0.00%	10,600	$109,000	held	—	9 q
unresolvedTotal SA - ADR	—	−276,494	—	exited	−0.42 pp	—
SIGSignet Jewelers Limited	—	−156,307	—	exited	−0.24 pp	—
unresolvedGeneral Electric Co	—	−50,008	—	exited	−0.02 pp	—
DNOWDNOW Inc.	—	−49,982	—	exited	−0.02 pp	—
TRMKTrustmark Corp	—	−7,200	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0000950123-18-005144
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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