Tweedy, Browne

Q3 2021 13F · by John Spears, portfolio manager

As of: Sep 30, 2021
Filed: Nov 11, 2021
US stock: $3.0B · prev $3.6B
Positions: 46 · 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%

Moves44 since the prior filing

+3.9 pp in · −4.0 pp out

New 1 +3.03 pp
Added 3 +0.88 pp
Trimmed 39 −2.71 pp
Exited 1 −1.24 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions46% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+1.46 pp trimmed+1.4612.2%
GOOGL Alphabet Inc. Class A trimmed+2.61 pp trimmed+2.6111.4%
JNJ Johnson & Johnson trimmed+1.03 pp trimmed+1.039.0%
GOOG Alphabet Inc. Class C trimmed−0.08 pp trimmed−0.088.0%
CSCO Cisco Systems, Inc. (DE) trimmed+0.18 pp trimmed+0.185.5%

Positions46 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	12.18%	886	$364M	trimmed−3%	+1.46 pp	3 q
GOOGLAlphabet Inc. Class A	11.36%	127,195	$340M	trimmed−0%	+2.61 pp	3 q
JNJJohnson & Johnson	9.04%	1,674,726	$270M	trimmed−3%	+1.03 pp	3 q
GOOGAlphabet Inc. Class C	7.98%	89,645	$239M	trimmed−22%	−0.08 pp	3 q
CSCOCisco Systems, Inc. (DE)	5.47%	3,007,873	$164M	trimmed−15%	+0.18 pp	3 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	5.27%	2,802,434	$158M	trimmed−0%	+1.10 pp	3 q
AZOAutoZone, Inc.	4.95%	87,253	$148M	trimmed−1%	+1.27 pp	3 q
WFCWells Fargo & Co.	3.38%	2,177,243	$101M	trimmed−4%	+0.51 pp	3 q
BNYBank of New York Mellon Corporation	3.24%	1,868,974	$97M	trimmed−2%	+0.50 pp	3 q
ALVAutoliv, Inc.	3.19%	1,113,530	$95M	trimmed−1%	+0.10 pp	3 q
FMCFMC Corporation	3.03%	991,210	$91M	new	+3.03 pp	new
FOXFox Corporation Class B	2.79%	2,249,220	$83M	trimmed−0%	+0.56 pp	3 q
BACBank of America Corporation	2.74%	1,928,858	$82M	trimmed−0%	+0.50 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	2.61%	285,756	$78M	added+4%	+0.47 pp	3 q
USBU.S. Bancorp	2.17%	1,090,847	$65M	trimmed−3%	+0.36 pp	3 q
CMCSAComcast Corp	2.10%	1,121,847	$63M	trimmed−0%	+0.30 pp	3 q
MMM3M Company	2.05%	349,172	$61M	trimmed−1%	+0.09 pp	3 q
TFCTruist Financial Corporation	1.66%	845,291	$50M	trimmed−0%	+0.34 pp	3 q
AXPAmerican Express Company	1.51%	270,039	$45M	trimmed−1%	+0.25 pp	3 q
CSLCarlisle Companies, Inc.	1.43%	215,401	$43M	trimmed−3%	+0.23 pp	3 q
INTCIntel Corp	1.12%	630,833	$34M	trimmed−0%	+0.13 pp	3 q
UNPUnion Pacific Corp.	1.06%	161,762	$32M	trimmed−9%	−0.03 pp	3 q
DEODiageo plc	1.03%	160,419	$31M	trimmed−8%	+0.09 pp	3 q
FMSFresenius Medical Care AG	0.99%	849,722	$30M	added+40%	+0.28 pp	3 q
EMREmerson Electric Co.	0.91%	290,078	$27M	trimmed−2%	+0.11 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.90%	498,692	$27M	trimmed−1%	+0.07 pp	3 q
MSMorgan Stanley	0.77%	237,835	$23M	trimmed−16%	+0.04 pp	3 q
CNHCnh Industrial N.v.	0.59%	1,069,327	$18M	trimmed−3%	+0.07 pp	3 q
CNXCConcentrix Corporation	0.57%	96,154	$17M	trimmed−2%	+0.13 pp	3 q
COPConocoPhillips	0.56%	246,883	$17M	trimmed−1%	+0.13 pp	3 q
VZVerizon Communications	0.53%	294,281	$16M	trimmed−1%	+0.06 pp	3 q
PGRProgressive Corporation	0.50%	164,438	$15M	added+22%	+0.13 pp	3 q
NWLINational Western Life Group, Inc. Class A	0.35%	49,094	$10M	trimmed−0%	+0.04 pp	3 q
BABAAlibaba Group Holding Limited	0.31%	62,975	$9M	trimmed−96%	−9.55 pp	3 q
TTENTotalenergies SE -spon ADR	0.31%	194,908	$9M	trimmed−3%	+0.05 pp	3 q
NVSNovartis AG	0.30%	111,180	$9M	trimmed−4%	0.00 pp	3 q
unresolvedGlaxosmithkline PLC	0.24%	185,716	$7M	trimmed−2%	+0.03 pp	3 q
BIDUBaidu, Inc.	0.16%	30,280	$5M	trimmed−97%	−5.42 pp	3 q
PSXPhillips 66	0.14%	60,899	$4M	trimmed−1%	−0.01 pp	3 q
BAXBaxter International Inc.	0.11%	41,516	$3M	held	—	3 q
EPDEnterprise Products Partners L.P.	0.10%	136,295	$3M	held	—	3 q
JEFJefferies Financial Group Inc.	0.10%	84,440	$3M	trimmed−5%	+0.01 pp	3 q
ANATAmerican National Group, Inc.	0.09%	14,597	$3M	trimmed−4%	+0.03 pp	3 q
AITApplied Industrial Technologies, Inc.	0.09%	29,370	$3M	trimmed−11%	+0.01 pp	3 q
HSBCHSBC Holdings PLC	0.03%	36,786	$962,000	trimmed−19%	−0.01 pp	3 q
CKXCKX Lands, Inc.	0.00%	10,600	$117,000	held	—	3 q
ABBVAbbvie Inc.	—	−390,370	—	exited	−1.24 pp	—