Tweedy, Browne

Q2 2020 13F · by Will Browne, portfolio manager

As of: Jun 30, 2020
Filed: Aug 10, 2020
US stock: $2.5B · prev $2.2B
Positions: 43 · prev 46
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%

Moves47 since the prior filing

+3.6 pp in · −3.6 pp out

New 4 +2.16 pp
Added 7 +1.47 pp
Trimmed 29 −0.72 pp
Exited 7 −2.87 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.7 years per position

Low
Moderate
High

Top 5 positions46% of US stock

BRK.A Berkshire Hathaway Inc. added−1.90 pp added−1.9011.1%
JNJ Johnson & Johnson trimmed−1.03 pp trimmed−1.0310.3%
CSCO Cisco Systems, Inc. (DE) trimmed+0.06 pp trimmed+0.0610.1%
GOOGL Alphabet Inc. Class A trimmed+0.20 pp trimmed+0.207.3%
GOOG Alphabet Inc. Class C trimmed+0.21 pp trimmed+0.216.7%

Positions43 in this filing · 7 exited


BRK.ABerkshire Hathaway Inc.	11.10%	1,041	$278M	added+1%	−1.90 pp	29 q
JNJJohnson & Johnson	10.33%	1,841,597	$259M	trimmed−1%	−1.03 pp	29 q
CSCOCisco Systems, Inc. (DE)	10.10%	5,425,411	$253M	trimmed−1%	+0.06 pp	29 q
GOOGLAlphabet Inc. Class A	7.35%	129,825	$184M	trimmed−2%	+0.20 pp	19 q
GOOGAlphabet Inc. Class C	6.70%	118,746	$168M	trimmed−1%	+0.21 pp	26 q
BIDUBaidu, Inc.	6.70%	1,401,429	$168M	added+4%	+0.38 pp	14 q
BNYBank of New York Mellon Corporation	5.78%	3,750,817	$145M	trimmed−3%	−0.27 pp	29 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	4.80%	2,742,756	$120M	added+83%	+2.01 pp	29 q
AZOAutoZone, Inc.	4.44%	98,698	$111M	trimmed−4%	+0.42 pp	12 q
ALVAutoliv, Inc.	2.94%	1,143,918	$74M	trimmed−0%	+0.49 pp	2 q
FOXFox Corporation Class B	2.73%	2,548,915	$68M	trimmed−0%	+0.01 pp	3 q
COPConocoPhillips	2.62%	1,563,556	$66M	trimmed−2%	+0.33 pp	29 q
WFCWells Fargo & Co.	2.52%	2,462,083	$63M	trimmed−2%	−0.83 pp	29 q
MMM3M Company	2.39%	383,808	$60M	trimmed−2%	−0.09 pp	29 q
BRK.BBERKSHIRE HATHAWAY Class B	2.25%	316,029	$56M	added+12%	−0.15 pp	29 q
CMCSAComcast Corp	1.76%	1,132,324	$44M	added×2.4	+1.00 pp	19 q
USBU.S. Bancorp	1.67%	1,133,346	$42M	added+20%	+0.16 pp	29 q
EMREmerson Electric Co.	1.49%	600,870	$37M	trimmed−3%	+0.12 pp	29 q
UNPUnion Pacific Corp.	1.27%	187,631	$32M	trimmed−1%	+0.03 pp	29 q
DEODiageo plc	1.19%	221,083	$30M	trimmed−2%	−0.14 pp	29 q
AXPAmerican Express Company	1.17%	306,820	$29M	added+2%	−0.03 pp	29 q
UNUnilever N V -ny Shares	1.14%	535,339	$29M	trimmed−2%	−0.10 pp	29 q
PSXPhillips 66	1.04%	361,715	$26M	trimmed−0%	+0.14 pp	29 q
MSMorgan Stanley	0.89%	462,500	$22M	new	+0.89 pp	new
ABBVAbbvie Inc.	0.81%	206,000	$20M	new	+0.81 pp	new
VZVerizon Communications	0.77%	349,484	$19M	trimmed−3%	−0.13 pp	24 q
GSGoldman Sachs Group Inc.	0.71%	90,402	$18M	trimmed−2%	+0.05 pp	7 q
NWLINational Western Life Group, Inc. Class A	0.56%	68,874	$14M	trimmed−1%	+0.01 pp	20 q
NVSNovartis AG	0.50%	144,121	$13M	trimmed−5%	−0.08 pp	29 q
TTENTotalenergies SE -spon ADR	0.37%	242,029	$9M	new	+0.37 pp	new
CNHCnh Industrial N.v.	0.37%	1,326,255	$9M	trimmed−5%	+0.01 pp	8 q
unresolvedUnilever Spn.Adr 1:1	0.27%	125,115	$7M	trimmed−0%	−0.02 pp	29 q
unresolvedGlaxosmithkline PLC	0.25%	155,520	$6M	trimmed−6%	−0.04 pp	29 q
BAXBaxter International Inc.	0.22%	62,883	$5M	trimmed−0%	−0.02 pp	29 q
UNFUnifirst Corp	0.22%	30,962	$6M	trimmed−2%	0.00 pp	29 q
SHENShenandoah Telecom Co	0.16%	79,680	$4M	held	—	29 q
AITApplied Industrial Technologies, Inc.	0.14%	54,516	$3M	trimmed−4%	+0.02 pp	2 q
ANATAmerican National Group, Inc.	0.09%	30,056	$2M	new	+0.09 pp	new
HSBCHSBC Holdings PLC	0.08%	86,139	$2M	trimmed−9%	−0.04 pp	29 q
ALCAlcon Inc.	0.06%	24,755	$1M	trimmed−5%	0.00 pp	5 q
RDS.ARoyal Dutch Shell PLC	0.05%	42,065	$1M	trimmed−9%	−0.03 pp	29 q
MRKMerck & Co., Inc.	0.01%	3,306	$256,000	held	—	9 q
CKXCKX Lands, Inc.	0.00%	10,600	$85,000	held	—	18 q
DALDelta Air Lines, Inc.	—	−927,620	—	exited	−1.23 pp	—
37MMrc Global Inc	—	−3,362,721	—	exited	−0.66 pp	—
TMKGlobe Life Inc.	—	−255,324	—	exited	−0.44 pp	—
WPPWpp PLC	—	−171,217	—	exited	−0.27 pp	—
ANATAmerican National Insurance	—	−30,584	—	exited	−0.12 pp	—
HALHalliburton Company	—	−327,225	—	exited	−0.10 pp	—
CCLCarnival Corporation Ltd.	—	−76,025	—	exited	−0.05 pp	—