Tweedy, Browne

Q3 2020 13F · by Will Browne, portfolio manager

As of: Sep 30, 2020
Filed: Nov 12, 2020
US stock: $2.6B · prev $2.5B
Positions: 47 · prev 43
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

+2.8 pp in · −2.8 pp out

New 4 +2.94 pp
Added 5 −0.16 pp
Trimmed 34 −2.82 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.8 years per position

Low
Moderate
High

Top 5 positions46% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+1.74 pp trimmed+1.7412.8%
JNJ Johnson & Johnson trimmed+0.07 pp trimmed+0.0710.4%
CSCO Cisco Systems, Inc. (DE) trimmed−1.92 pp trimmed−1.928.2%
GOOGL Alphabet Inc. Class A trimmed+0.01 pp trimmed+0.017.4%
BIDU Baidu, Inc. trimmed+0.17 pp trimmed+0.176.9%

Positions47 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	12.84%	1,035	$331M	trimmed−1%	+1.74 pp	30 q
JNJJohnson & Johnson	10.40%	1,802,726	$268M	trimmed−2%	+0.07 pp	30 q
CSCOCisco Systems, Inc. (DE)	8.18%	5,359,540	$211M	trimmed−1%	−1.92 pp	30 q
GOOGLAlphabet Inc. Class A	7.36%	129,566	$190M	trimmed−0%	+0.01 pp	20 q
BIDUBaidu, Inc.	6.87%	1,399,783	$177M	trimmed−0%	+0.17 pp	15 q
GOOGAlphabet Inc. Class C	6.74%	118,357	$174M	trimmed−0%	+0.04 pp	27 q
BNYBank of New York Mellon Corporation	4.96%	3,728,931	$128M	trimmed−1%	−0.82 pp	30 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	4.46%	2,826,143	$115M	added+3%	−0.34 pp	30 q
AZOAutoZone, Inc.	4.30%	94,090	$111M	trimmed−5%	−0.14 pp	13 q
ALVAutoliv, Inc.	3.23%	1,142,383	$83M	trimmed−0%	+0.29 pp	3 q
FOXFox Corporation Class B	2.73%	2,520,408	$70M	trimmed−1%	0.00 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	2.58%	312,514	$67M	trimmed−1%	+0.33 pp	30 q
MMM3M Company	2.37%	381,124	$61M	trimmed−1%	−0.02 pp	30 q
WFCWells Fargo & Co.	2.19%	2,405,145	$57M	trimmed−2%	−0.33 pp	30 q
CMCSAComcast Corp	2.02%	1,128,215	$52M	trimmed−0%	+0.26 pp	20 q
USBU.S. Bancorp	1.67%	1,200,266	$43M	added+6%	0.00 pp	30 q
EMREmerson Electric Co.	1.49%	586,772	$38M	trimmed−2%	0.00 pp	30 q
UNPUnion Pacific Corp.	1.42%	186,429	$37M	trimmed−1%	+0.15 pp	30 q
UNUnilever N V -ny Shares	1.24%	530,833	$32M	trimmed−1%	+0.10 pp	30 q
COPConocoPhillips	1.19%	936,526	$31M	trimmed−40%	−1.43 pp	30 q
AXPAmerican Express Company	1.18%	302,624	$30M	trimmed−1%	+0.01 pp	30 q
DEODiageo plc	1.15%	216,422	$30M	trimmed−2%	−0.04 pp	30 q
ABBVAbbvie Inc.	1.03%	302,320	$26M	added+47%	+0.22 pp	2 q
MSMorgan Stanley	0.87%	463,155	$22M	added0%	−0.02 pp	2 q
CSLCarlisle Companies, Inc.	0.85%	180,194	$22M	new	+0.85 pp	new
INTCIntel Corp	0.80%	398,350	$21M	new	+0.80 pp	new
VZVerizon Communications	0.78%	339,610	$20M	trimmed−3%	+0.01 pp	25 q
TFCTruist Financial Corporation	0.71%	479,476	$18M	new	+0.71 pp	new
GSGoldman Sachs Group Inc.	0.70%	90,137	$18M	trimmed−0%	−0.01 pp	8 q
BACBank of America Corporation	0.58%	616,960	$15M	new	+0.58 pp	new
NWLINational Western Life Group, Inc. Class A	0.49%	68,734	$13M	trimmed−0%	−0.07 pp	21 q
NVSNovartis AG	0.47%	140,023	$12M	trimmed−3%	−0.03 pp	30 q
CNHCnh Industrial N.v.	0.39%	1,292,855	$10M	trimmed−3%	+0.02 pp	9 q
TTENTotalenergies SE -spon ADR	0.31%	235,879	$8M	trimmed−3%	−0.06 pp	2 q
unresolvedGlaxosmithkline PLC	0.23%	159,639	$6M	added+3%	−0.02 pp	30 q
UNFUnifirst Corp	0.23%	30,962	$6M	held	—	30 q
BAXBaxter International Inc.	0.17%	55,468	$4M	trimmed−12%	−0.05 pp	30 q
unresolvedUnilever Spn.Adr 1:1	0.15%	63,315	$4M	trimmed−49%	−0.12 pp	30 q
PSXPhillips 66	0.14%	69,415	$4M	trimmed−81%	−0.90 pp	30 q
SHENShenandoah Telecom Co	0.14%	79,680	$4M	held	—	30 q
AITApplied Industrial Technologies, Inc.	0.11%	53,198	$3M	trimmed−2%	−0.03 pp	3 q
ANATAmerican National Group, Inc.	0.08%	30,025	$2M	trimmed−0%	−0.01 pp	2 q
HSBCHSBC Holdings PLC	0.06%	84,866	$2M	trimmed−1%	−0.02 pp	30 q
ALCAlcon Inc.	0.05%	23,426	$1M	trimmed−5%	−0.01 pp	6 q
RDS.ARoyal Dutch Shell PLC	0.04%	40,292	$1M	trimmed−4%	−0.01 pp	30 q
MRKMerck & Co., Inc.	0.01%	3,306	$274,000	held	—	10 q
CKXCKX Lands, Inc.	0.00%	10,600	$99,000	held	—	19 q