Tweedy, Browne

Q4 2022 13F · by John Spears, portfolio manager

As of: Dec 31, 2022
Filed: Feb 9, 2023
US stock: $1.9B · prev $2.3B
Positions: 45 · prev 46
Options notional: $0
Documents: 1· no amendments

Picture99.4% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.4%
Foreign stock not listed in the US 0.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves46 since the prior filing

+2.7 pp in · −2.8 pp out

New 2 +0.82 pp
Added 2 +1.86 pp
Trimmed 39 −1.86 pp
Exited 3 −0.91 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.9% a year, about 10.1 years per position

Low
Moderate
High

Top 5 positions52% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+1.61 pp trimmed+1.6117.1%
JNJ Johnson & Johnson trimmed+0.89 pp trimmed+0.8911.6%
GOOGL Alphabet Inc. Class A trimmed−0.59 pp trimmed−0.599.5%
IONS Ionis Pharmaceuticals, Inc. added+1.82 pp added+1.827.1%
FMC FMC Corporation trimmed+1.23 pp trimmed+1.237.0%

Positions45 in this filing · 3 exited


BRK.ABerkshire Hathaway Inc.	17.05%	683	$320M	trimmed−21%	+1.61 pp	8 q
JNJJohnson & Johnson	11.60%	1,233,596	$218M	trimmed−17%	+0.89 pp	8 q
GOOGLAlphabet Inc. Class A	9.48%	2,017,730	$178M	trimmed−16%	−0.59 pp	8 q
IONSIonis Pharmaceuticals, Inc.	7.12%	3,541,136	$134M	added+30%	+1.82 pp	4 q
FMCFMC Corporation	6.99%	1,052,597	$131M	trimmed−15%	+1.23 pp	6 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	6.98%	1,931,256	$131M	trimmed−17%	+0.97 pp	8 q
GOOGAlphabet Inc. Class C	6.97%	1,474,220	$131M	trimmed−7%	+0.29 pp	8 q
ALVAutoliv, Inc.	4.08%	1,000,752	$77M	trimmed−10%	+0.81 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	3.14%	190,841	$59M	trimmed−1%	+0.87 pp	8 q
AZOAutoZone, Inc.	2.90%	22,117	$55M	trimmed−55%	−1.70 pp	8 q
CSCOCisco Systems, Inc. (DE)	2.16%	850,018	$40M	trimmed−20%	+0.29 pp	8 q
WFCWells Fargo & Co.	2.13%	971,027	$40M	trimmed−38%	−0.62 pp	8 q
CNXCConcentrix Corporation	1.97%	277,811	$37M	trimmed−45%	−0.51 pp	8 q
BNYBank of New York Mellon Corporation	1.94%	802,210	$37M	trimmed−46%	−0.59 pp	8 q
FDXFedEx Corporation	1.57%	170,602	$30M	trimmed−10%	+0.33 pp	3 q
DEODiageo plc	1.39%	146,624	$26M	trimmed−1%	+0.29 pp	8 q
unresolvedUnilever Spn.Adr 1:1	1.16%	431,535	$22M	trimmed−6%	+0.28 pp	8 q
AXPAmerican Express Company	0.96%	122,303	$18M	trimmed−1%	+0.22 pp	3 q
USBU.S. Bancorp	0.88%	379,343	$17M	trimmed−59%	−0.75 pp	8 q
BACBank of America Corporation	0.86%	489,593	$16M	trimmed−72%	−1.46 pp	8 q
FOXFox Corporation Class B	0.79%	522,860	$15M	trimmed−52%	−0.59 pp	8 q
TFCTruist Financial Corporation	0.78%	339,199	$15M	trimmed−59%	−0.79 pp	8 q
CNHCnh Industrial N.v.	0.78%	906,941	$15M	trimmed−6%	+0.30 pp	8 q
INTCIntel Corp	0.66%	468,096	$12M	trimmed−62%	−0.73 pp	8 q
NWLINational Western Life Group, Inc. Class A	0.66%	44,418	$12M	trimmed−0%	+0.33 pp	8 q
unresolvedTotalenergies SE ADR	0.56%	169,733	$11M	new	+0.56 pp	new
CMCSAComcast Corp	0.52%	281,928	$10M	trimmed−27%	+0.02 pp	8 q
UNPUnion Pacific Corp.	0.50%	45,453	$9M	trimmed−71%	−0.86 pp	8 q
NVSNovartis AG	0.48%	98,906	$9M	trimmed−2%	+0.14 pp	8 q
THOThor Industries, Inc.	0.44%	110,214	$8M	trimmed−44%	−0.16 pp	4 q
PARAParamount Global-class B	0.34%	382,040	$6M	trimmed−42%	−0.22 pp	3 q
FMSFresenius Medical Care AG	0.29%	338,912	$6M	trimmed−66%	−0.33 pp	8 q
GSKGSK plc	0.26%	139,327	$5M	new	+0.26 pp	new
PGRProgressive Corporation	0.24%	35,190	$5M	trimmed−78%	−0.59 pp	8 q
COPConocoPhillips	0.19%	31,022	$4M	trimmed−1%	+0.05 pp	8 q
EPDEnterprise Products Partners L.P.	0.18%	136,295	$3M	held	—	8 q
PSXPhillips 66	0.18%	32,401	$3M	trimmed−0%	+0.06 pp	8 q
BABAAlibaba Group Holding Limited	0.17%	37,165	$3M	trimmed−10%	+0.02 pp	8 q
BIDUBaidu, Inc.	0.14%	23,004	$3M	trimmed−6%	+0.01 pp	8 q
VZVerizon Communications	0.14%	65,224	$3M	added+7%	+0.04 pp	8 q
EMREmerson Electric Co.	0.13%	26,210	$3M	trimmed−45%	−0.02 pp	8 q
BAXBaxter International Inc.	0.10%	38,190	$2M	trimmed−2%	+0.01 pp	8 q
HLNHaleon plc	0.06%	137,913	$1M	trimmed−23%	+0.01 pp	2 q
CSLCarlisle Companies, Inc.	0.03%	2,614	$616,000	trimmed−92%	−0.38 pp	8 q
CKXCKX Lands, Inc.	0.01%	10,600	$105,000	held	—	8 q
MSMorgan Stanley	—	−105,055	—	exited	−0.37 pp	—
TTENTotalenergies SE -spon ADR	—	−171,887	—	exited	−0.35 pp	—
unresolvedGlaxosmithkline PLC	—	−145,663	—	exited	−0.19 pp	—