Tweedy, Browne

Q3 2019 13F · by Will Browne, portfolio manager

As of: Sep 30, 2019
Filed: Oct 25, 2019
US stock: $2.8B · prev $2.8B
Positions: 47 · prev 49
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

+8.8 pp in · −8.8 pp out

New 0 0.00 pp
Added 5 +8.84 pp
Trimmed 36 −7.03 pp
Exited 2 −1.80 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions45% of US stock

BRK.A Berkshire Hathaway Inc. added−0.01 pp added−0.0111.5%
CSCO Cisco Systems, Inc. (DE) trimmed−1.08 pp trimmed−1.0810.0%
JNJ Johnson & Johnson trimmed−0.71 pp trimmed−0.719.4%
UN Unilever N V -ny Shares added+6.40 pp added+6.407.6%
BNY Bank of New York Mellon Corporation trimmed+0.13 pp trimmed+0.136.6%

Positions47 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	11.54%	1,046	$326M	added+2%	−0.01 pp	26 q
CSCOCisco Systems, Inc. (DE)	10.04%	5,743,887	$284M	trimmed−0%	−1.08 pp	26 q
JNJJohnson & Johnson	9.36%	2,043,724	$264M	trimmed−0%	−0.71 pp	26 q
UNUnilever N V -ny Shares	7.60%	3,574,701	$215M	added×6.4	+6.40 pp	26 q
BNYBank of New York Mellon Corporation	6.63%	4,147,319	$188M	trimmed−1%	+0.13 pp	26 q
GOOGLAlphabet Inc. Class A	5.81%	134,509	$164M	trimmed−0%	+0.66 pp	16 q
GOOGAlphabet Inc. Class C	5.24%	121,502	$148M	trimmed−0%	+0.60 pp	23 q
BIDUBaidu, Inc.	5.14%	1,412,405	$145M	trimmed−40%	−4.68 pp	11 q
WFCWells Fargo & Co.	4.69%	2,629,114	$133M	trimmed−0%	+0.28 pp	26 q
AZOAutoZone, Inc.	4.02%	104,745	$114M	trimmed−3%	−0.18 pp	9 q
COPConocoPhillips	3.24%	1,609,223	$92M	trimmed−0%	−0.23 pp	26 q
MMM3M Company	2.05%	352,276	$58M	trimmed−0%	−0.11 pp	26 q
37MMrc Global Inc	1.93%	4,504,994	$55M	trimmed−0%	−0.80 pp	17 q
BRK.BBERKSHIRE HATHAWAY Class B	1.83%	248,589	$52M	trimmed−2%	−0.09 pp	26 q
EMREmerson Electric Co.	1.71%	722,601	$48M	trimmed−3%	−0.05 pp	26 q
USBU.S. Bancorp	1.63%	833,980	$46M	trimmed−0%	+0.08 pp	26 q
FOXAFox Corporation Class A	1.45%	1,299,471	$41M	added×22.3	+1.37 pp	2 q
DEODiageo plc	1.34%	231,582	$38M	trimmed−0%	−0.07 pp	26 q
PSXPhillips 66	1.32%	364,748	$37M	trimmed−0%	+0.11 pp	26 q
UNFUnifirst Corp	1.18%	554,746	$33M	added×17.1	+0.96 pp	26 q
AXPAmerican Express Company	1.17%	278,773	$33M	trimmed−1%	−0.06 pp	26 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.12%	520,112	$32M	held	—	26 q
UNPUnion Pacific Corp.	1.11%	194,503	$32M	trimmed−0%	−0.05 pp	26 q
DVNDevon Energy Corporation	1.00%	1,179,525	$28M	trimmed−13%	−0.36 pp	26 q
VZVerizon Communications	0.92%	431,444	$26M	trimmed−2%	+0.03 pp	21 q
AVTAvnet, Inc.	0.91%	580,127	$26M	trimmed−0%	−0.02 pp	15 q
CMCSAComcast Corp	0.72%	453,798	$20M	trimmed−2%	+0.03 pp	16 q
GSGoldman Sachs Group Inc.	0.72%	97,632	$20M	trimmed−1%	+0.01 pp	4 q
NWLINational Western Life Group, Inc. Class A	0.71%	74,615	$20M	trimmed−1%	+0.03 pp	17 q
NVSNovartis AG	0.48%	155,140	$13M	trimmed−3%	−0.03 pp	26 q
WPPWpp PLC	0.46%	209,046	$13M	trimmed−2%	−0.01 pp	8 q
TMKGlobe Life Inc.	0.45%	244,661	$13M	added×2.3	+0.12 pp	26 q
HALHalliburton Company	0.35%	529,099	$10M	trimmed−7%	−0.11 pp	26 q
CNHCnh Industrial N.v.	0.34%	951,513	$10M	trimmed−1%	−0.01 pp	5 q
unresolvedUnilever Spn.Adr 1:1	0.28%	129,810	$8M	trimmed−0%	0.00 pp	26 q
unresolvedGlaxosmithkline PLC	0.26%	173,709	$7M	trimmed−4%	+0.01 pp	26 q
BAXBaxter International Inc.	0.22%	72,182	$6M	held	—	26 q
CCLCarnival Corporation Ltd.	0.22%	140,420	$6M	trimmed−6%	−0.03 pp	4 q
TTENTotalenergies SE -spon ADR	0.22%	32,177	$6M	trimmed−87%	−0.28 pp	7 q
ANATAmerican National Insurance	0.14%	30,889	$4M	trimmed−1%	+0.01 pp	26 q
HSBCHSBC Holdings PLC	0.14%	106,475	$4M	trimmed−6%	−0.03 pp	26 q
RDS.ARoyal Dutch Shell PLC	0.10%	48,622	$3M	trimmed−1%	−0.01 pp	26 q
SHENShenandoah Telecom Co	0.09%	79,680	$3M	held	—	26 q
ALCAlcon Inc.	0.06%	30,641	$2M	trimmed−6%	−0.01 pp	2 q
CTWSConnecticut Water Service Inc	0.02%	6,483	$454,000	held	—	25 q
MRKMerck & Co., Inc.	0.01%	3,306	$278,000	held	—	6 q
CKXCKX Lands, Inc.	0.00%	10,600	$103,000	held	—	15 q
MAMastercard Incorporated	—	−173,994	—	exited	−1.63 pp	—
AGCOAGCO Corporation	—	−61,058	—	exited	−0.17 pp	—