Tweedy, Browne

Q4 2019 13F · by Will Browne, portfolio manager

As of: Dec 31, 2019
Filed: Feb 12, 2019
US stock: $2.8B · prev $2.8B
Positions: 43 · 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%

Moves44 since the prior filing

+4.9 pp in · −4.9 pp out

New 1 +1.96 pp
Added 2 +2.93 pp
Trimmed 36 −1.32 pp
Exited 5 −3.60 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.0 years per position

Low
Moderate
High

Top 5 positions47% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+1.23 pp trimmed+1.2312.8%
JNJ Johnson & Johnson trimmed+1.02 pp trimmed+1.0210.4%
CSCO Cisco Systems, Inc. (DE) trimmed−0.39 pp trimmed−0.399.7%
BIDU Baidu, Inc. added+2.27 pp added+2.277.4%
BNY Bank of New York Mellon Corporation trimmed+0.56 pp trimmed+0.567.2%

Positions43 in this filing · 5 exited


BRK.ABerkshire Hathaway Inc.	12.77%	1,040	$353M	trimmed−1%	+1.23 pp	27 q
JNJJohnson & Johnson	10.38%	1,967,904	$287M	trimmed−4%	+1.02 pp	27 q
CSCOCisco Systems, Inc. (DE)	9.65%	5,564,370	$267M	trimmed−3%	−0.39 pp	27 q
BIDUBaidu, Inc.	7.41%	1,621,572	$205M	added+15%	+2.27 pp	12 q
BNYBank of New York Mellon Corporation	7.19%	3,952,731	$199M	trimmed−5%	+0.56 pp	27 q
GOOGLAlphabet Inc. Class A	6.49%	133,957	$179M	trimmed−0%	+0.68 pp	17 q
GOOGAlphabet Inc. Class C	5.84%	120,743	$161M	trimmed−1%	+0.60 pp	24 q
WFCWells Fargo & Co.	4.97%	2,553,906	$137M	trimmed−3%	+0.28 pp	27 q
AZOAutoZone, Inc.	4.42%	102,752	$122M	trimmed−2%	+0.40 pp	10 q
COPConocoPhillips	3.77%	1,604,003	$104M	trimmed−0%	+0.53 pp	27 q
MMM3M Company	2.24%	350,909	$62M	trimmed−0%	+0.19 pp	27 q
BRK.BBERKSHIRE HATHAWAY Class B	2.00%	243,999	$55M	trimmed−2%	+0.17 pp	27 q
FOXFox Corporation Class B	1.96%	1,488,056	$54M	new	+1.96 pp	new
EMREmerson Electric Co.	1.82%	661,985	$50M	trimmed−8%	+0.11 pp	27 q
37MMrc Global Inc	1.79%	3,626,551	$49M	trimmed−20%	−0.14 pp	18 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.78%	813,199	$49M	added+56%	+0.66 pp	27 q
USBU.S. Bancorp	1.78%	831,300	$49M	trimmed−0%	+0.15 pp	27 q
PSXPhillips 66	1.47%	364,329	$41M	trimmed−0%	+0.15 pp	27 q
DEODiageo plc	1.38%	226,880	$38M	trimmed−2%	+0.04 pp	27 q
AXPAmerican Express Company	1.25%	277,857	$35M	trimmed−0%	+0.08 pp	27 q
UNPUnion Pacific Corp.	1.23%	188,371	$34M	trimmed−3%	+0.12 pp	27 q
UNUnilever N V -ny Shares	1.13%	544,772	$31M	trimmed−85%	−6.47 pp	27 q
VZVerizon Communications	0.95%	428,774	$26M	trimmed−1%	+0.03 pp	22 q
GSGoldman Sachs Group Inc.	0.77%	92,852	$21M	trimmed−5%	+0.05 pp	5 q
CMCSAComcast Corp	0.74%	452,312	$20M	trimmed−0%	+0.02 pp	17 q
NWLINational Western Life Group, Inc. Class A	0.74%	70,353	$20M	trimmed−6%	+0.03 pp	18 q
NVSNovartis AG	0.53%	153,795	$15M	trimmed−1%	+0.05 pp	27 q
WPPWpp PLC	0.52%	205,861	$14M	trimmed−2%	+0.06 pp	9 q
TMKGlobe Life Inc.	0.49%	243,452	$13M	trimmed−0%	+0.04 pp	27 q
HALHalliburton Company	0.39%	442,630	$11M	trimmed−16%	+0.04 pp	27 q
CNHCnh Industrial N.v.	0.37%	942,093	$10M	trimmed−1%	+0.03 pp	6 q
unresolvedGlaxosmithkline PLC	0.29%	171,009	$8M	trimmed−2%	+0.03 pp	27 q
CCLCarnival Corporation Ltd.	0.26%	140,420	$7M	held	—	5 q
unresolvedUnilever Spn.Adr 1:1	0.26%	125,695	$7M	trimmed−3%	−0.02 pp	27 q
UNFUnifirst Corp	0.23%	31,762	$6M	trimmed−94%	−0.95 pp	27 q
BAXBaxter International Inc.	0.19%	63,688	$5M	trimmed−12%	−0.03 pp	27 q
HSBCHSBC Holdings PLC	0.14%	100,218	$4M	trimmed−6%	0.00 pp	27 q
ANATAmerican National Insurance	0.13%	30,614	$4M	trimmed−1%	−0.01 pp	27 q
SHENShenandoah Telecom Co	0.12%	79,680	$3M	held	—	27 q
RDS.ARoyal Dutch Shell PLC	0.10%	47,762	$3M	trimmed−2%	0.00 pp	27 q
ALCAlcon Inc.	0.06%	28,248	$2M	trimmed−8%	0.00 pp	3 q
MRKMerck & Co., Inc.	0.01%	3,306	$301,000	held	—	7 q
CKXCKX Lands, Inc.	0.00%	10,600	$99,000	held	—	16 q
FOXAFox Corporation Class A	—	−1,299,471	—	exited	−1.45 pp	—
DVNDevon Energy Corporation	—	−1,179,525	—	exited	−1.00 pp	—
AVTAvnet, Inc.	—	−580,127	—	exited	−0.91 pp	—
TTENTotalenergies SE -spon ADR	—	−32,177	—	exited	−0.22 pp	—
CTWSConnecticut Water Service Inc	—	−6,483	—	exited	−0.02 pp	—