Tweedy, Browne

Q1 2019 13F · by Will Browne, portfolio manager

As of: Mar 31, 2019
Filed: May 14, 2019
US stock: $3.0B · prev $2.8B
Positions: 47 · prev 47
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%

Moves40 since the prior filing

+1.0 pp in · −1.0 pp out

New 0 0.00 pp
Added 6 +1.00 pp
Trimmed 34 −0.99 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.8% a year, about 26.3 years per position

Low
Moderate
High

Top 5 positions48% of US stock

CSCO Cisco Systems, Inc. (DE) trimmed+1.09 pp trimmed+1.0913.7%
BRK.A Berkshire Hathaway Inc. trimmed−1.04 pp trimmed−1.0410.2%
JNJ Johnson & Johnson trimmed−0.26 pp trimmed−0.269.5%
BIDU Baidu, Inc. added+0.01 pp added+0.017.8%
BNY Bank of New York Mellon Corporation trimmed−0.05 pp trimmed−0.057.0%

Positions47 in this filing · 0 exited


CSCOCisco Systems, Inc. (DE)	13.73%	7,711,698	$416M	trimmed−6%	+1.09 pp	24 q
BRK.ABerkshire Hathaway Inc.	10.22%	1,029	$310M	trimmed−1%	−1.04 pp	24 q
JNJJohnson & Johnson	9.48%	2,056,371	$287M	trimmed−4%	−0.26 pp	24 q
BIDUBaidu, Inc.	7.81%	1,437,015	$237M	added+3%	+0.01 pp	9 q
BNYBank of New York Mellon Corporation	6.98%	4,200,519	$212M	trimmed−0%	−0.05 pp	24 q
GOOGLAlphabet Inc. Class A	5.24%	135,081	$159M	added+4%	+0.45 pp	14 q
GOOGAlphabet Inc. Class C	4.72%	122,074	$143M	trimmed−0%	+0.24 pp	21 q
WFCWells Fargo & Co.	4.23%	2,654,055	$128M	trimmed−15%	−0.85 pp	24 q
AZOAutoZone, Inc.	4.10%	121,297	$124M	trimmed−32%	−1.16 pp	7 q
COPConocoPhillips	3.55%	1,615,584	$108M	trimmed−0%	−0.03 pp	24 q
37MMrc Global Inc	2.65%	4,601,900	$80M	trimmed−0%	+0.65 pp	15 q
MMM3M Company	2.43%	355,209	$74M	trimmed−0%	+0.03 pp	24 q
BRK.BBERKSHIRE HATHAWAY Class B	1.73%	260,879	$52M	trimmed−1%	−0.17 pp	24 q
EMREmerson Electric Co.	1.69%	749,276	$51M	trimmed−0%	+0.10 pp	24 q
MAMastercard Incorporated	1.66%	213,574	$50M	trimmed−5%	+0.16 pp	24 q
HALHalliburton Company	1.63%	1,685,458	$49M	trimmed−0%	+0.04 pp	24 q
AGCOAGCO Corporation	1.49%	647,934	$45M	trimmed−0%	+0.21 pp	18 q
DVNDevon Energy Corporation	1.44%	1,383,443	$44M	trimmed−2%	+0.32 pp	24 q
USBU.S. Bancorp	1.32%	830,055	$40M	added+54%	+0.45 pp	24 q
DEODiageo plc	1.27%	235,052	$38M	trimmed−1%	+0.08 pp	24 q
PSXPhillips 66	1.15%	367,198	$35M	trimmed−0%	+0.03 pp	24 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.13%	520,112	$34M	held	—	24 q
UNUnilever N V -ny Shares	1.09%	564,708	$33M	trimmed−2%	−0.01 pp	24 q
UNPUnion Pacific Corp.	1.08%	195,683	$33M	trimmed−26%	−0.21 pp	24 q
AXPAmerican Express Company	1.03%	286,069	$31M	trimmed−1%	+0.05 pp	24 q
VZVerizon Communications	0.88%	450,989	$27M	trimmed−3%	−0.05 pp	19 q
AVTAvnet, Inc.	0.83%	582,517	$25M	added0%	+0.09 pp	13 q
NWLINational Western Life Group, Inc. Class A	0.65%	75,630	$20M	trimmed−1%	−0.16 pp	15 q
CMCSAComcast Corp	0.63%	474,530	$19M	trimmed−2%	+0.05 pp	14 q
GSGoldman Sachs Group Inc.	0.63%	99,805	$19M	trimmed−0%	+0.04 pp	2 q
NVSNovartis AG	0.52%	163,404	$16M	trimmed−5%	0.00 pp	24 q
TTENTotalenergies SE -spon ADR	0.49%	264,856	$15M	trimmed−2%	−0.01 pp	5 q
WPPWpp PLC	0.38%	216,866	$11M	trimmed−0%	−0.04 pp	6 q
CNHCnh Industrial N.v.	0.33%	974,119	$10M	trimmed−1%	+0.01 pp	3 q
TMKGlobe Life Inc.	0.30%	111,067	$9M	trimmed−1%	0.00 pp	24 q
unresolvedGlaxosmithkline PLC	0.26%	188,459	$8M	trimmed−0%	0.00 pp	24 q
unresolvedUnilever Spn.Adr 1:1	0.25%	130,369	$8M	trimmed−0%	+0.01 pp	24 q
BAXBaxter International Inc.	0.19%	72,305	$6M	held	—	24 q
UNFUnifirst Corp	0.17%	33,235	$5M	held	—	24 q
HSBCHSBC Holdings PLC	0.16%	121,786	$5M	trimmed−14%	−0.04 pp	24 q
ANATAmerican National Insurance	0.13%	32,278	$4M	trimmed−3%	−0.02 pp	24 q
CCLCarnival Corporation Ltd.	0.13%	77,930	$4M	added+4%	0.00 pp	2 q
SHENShenandoah Telecom Co	0.12%	79,680	$4M	held	—	24 q
RDS.ARoyal Dutch Shell PLC	0.10%	50,172	$3M	added+4%	0.00 pp	24 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$445,000	held	—	23 q
MRKMerck & Co., Inc.	0.01%	3,306	$275,000	held	—	4 q
CKXCKX Lands, Inc.	0.00%	10,600	$106,000	held	—	13 q