Tweedy, Browne

Q1 2023 13F · by John Spears, portfolio manager

As of: Mar 31, 2023
Filed: May 12, 2023
US stock: $1.8B · prev $1.9B
Positions: 44 · prev 45
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

+3.0 pp in · −2.9 pp out

New 1 +0.53 pp
Added 5 +2.43 pp
Trimmed 35 −1.58 pp
Exited 2 −1.35 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.9% a year, about 12.7 years per position

Low
Moderate
High

Top 5 positions54% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.19 pp trimmed+0.1917.2%
GOOGL Alphabet Inc. Class A trimmed+1.90 pp trimmed+1.9011.4%
JNJ Johnson & Johnson trimmed−1.21 pp trimmed−1.2110.4%
KOF Coca-Cola FEMSA, S.A.B DE C.V trimmed+1.45 pp trimmed+1.458.4%
FMC FMC Corporation trimmed−0.01 pp trimmed−0.017.0%

Positions44 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	17.24%	680	$317M	trimmed−0%	+0.19 pp	9 q
GOOGLAlphabet Inc. Class A	11.38%	2,014,585	$209M	trimmed−0%	+1.90 pp	9 q
JNJJohnson & Johnson	10.39%	1,231,783	$191M	trimmed−0%	−1.21 pp	9 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	8.43%	1,925,347	$155M	trimmed−0%	+1.45 pp	9 q
FMCFMC Corporation	6.98%	1,050,167	$128M	trimmed−0%	−0.01 pp	7 q
IONSIonis Pharmaceuticals, Inc.	6.89%	3,541,046	$127M	trimmed0%	−0.23 pp	5 q
ALVAutoliv, Inc.	5.45%	1,071,709	$100M	added+7%	+1.37 pp	9 q
GOOGAlphabet Inc. Class C	3.40%	601,351	$63M	trimmed−59%	−3.57 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	3.21%	190,806	$59M	trimmed−0%	+0.07 pp	9 q
AZOAutoZone, Inc.	2.88%	21,551	$53M	trimmed−3%	−0.02 pp	9 q
CSCOCisco Systems, Inc. (DE)	2.41%	847,508	$44M	trimmed−0%	+0.25 pp	9 q
FDXFedEx Corporation	2.11%	169,662	$39M	trimmed−1%	+0.54 pp	4 q
WFCWells Fargo & Co.	1.95%	958,799	$36M	trimmed−1%	−0.18 pp	9 q
BNYBank of New York Mellon Corporation	1.93%	782,041	$36M	trimmed−3%	−0.01 pp	9 q
CNXCConcentrix Corporation	1.83%	276,112	$34M	trimmed−1%	−0.14 pp	9 q
TFCTruist Financial Corporation	1.69%	911,791	$31M	added×2.7	+0.91 pp	9 q
DEODiageo plc	1.44%	146,425	$27M	trimmed−0%	+0.05 pp	9 q
AXPAmerican Express Company	1.08%	119,805	$20M	trimmed−2%	+0.12 pp	4 q
unresolvedUnilever Spn.Adr 1:1	0.92%	326,566	$17M	trimmed−24%	−0.24 pp	9 q
BACBank of America Corporation	0.77%	497,199	$14M	added+2%	−0.09 pp	9 q
USBU.S. Bancorp	0.73%	374,297	$13M	trimmed−1%	−0.15 pp	9 q
CNHCnh Industrial N.v.	0.72%	860,335	$13M	trimmed−5%	−0.06 pp	9 q
NWLINational Western Life Group, Inc. Class A	0.59%	44,318	$11M	trimmed−0%	−0.07 pp	9 q
unresolvedTotalenergies SE ADR	0.53%	166,181	$10M	new	+0.53 pp	new
INTCIntel Corp	0.50%	279,677	$9M	trimmed−40%	−0.16 pp	9 q
NVSNovartis AG	0.49%	97,828	$9M	trimmed−1%	+0.01 pp	9 q
UNPUnion Pacific Corp.	0.49%	45,098	$9M	trimmed−1%	−0.01 pp	9 q
THOThor Industries, Inc.	0.48%	109,580	$9M	trimmed−1%	+0.04 pp	5 q
PARAParamount Global-class B	0.47%	382,958	$9M	added0%	+0.13 pp	4 q
FMSFresenius Medical Care AG	0.40%	343,559	$7M	added+1%	+0.11 pp	9 q
CMCSAComcast Corp	0.33%	157,963	$6M	trimmed−44%	−0.19 pp	9 q
PGRProgressive Corporation	0.27%	34,550	$5M	trimmed−2%	+0.03 pp	9 q
GSKGSK plc	0.26%	135,375	$5M	trimmed−3%	0.00 pp	2 q
BABAAlibaba Group Holding Limited	0.20%	36,467	$4M	trimmed−2%	+0.03 pp	9 q
BIDUBaidu, Inc.	0.19%	22,571	$3M	trimmed−2%	+0.05 pp	9 q
EPDEnterprise Products Partners L.P.	0.19%	136,295	$4M	held	—	9 q
PSXPhillips 66	0.18%	32,271	$3M	trimmed−0%	0.00 pp	9 q
COPConocoPhillips	0.17%	30,634	$3M	trimmed−1%	−0.02 pp	9 q
VZVerizon Communications	0.14%	65,224	$3M	held	—	9 q
EMREmerson Electric Co.	0.11%	23,253	$2M	trimmed−11%	−0.02 pp	9 q
BAXBaxter International Inc.	0.08%	37,960	$2M	trimmed−1%	−0.02 pp	9 q
HLNHaleon plc	0.06%	132,783	$1M	trimmed−4%	0.00 pp	3 q
CSLCarlisle Companies, Inc.	0.03%	2,469	$558,000	trimmed−6%	0.00 pp	9 q
CKXCKX Lands, Inc.	0.01%	10,600	$100,000	held	—	9 q
FOXFox Corporation Class B	—	−522,860	—	exited	−0.79 pp	—
unresolvedTotalenergies SE ADR	—	−169,733	—	exited	−0.56 pp	—