Tweedy, Browne

Q3 2023 13F · by John Spears, portfolio manager

As of: Sep 30, 2023
Filed: Nov 9, 2023
US stock: $1.9B · prev $1.9B
Positions: 47 · 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%

Moves46 since the prior filing

+2.0 pp in · −2.4 pp out

New 3 +2.03 pp
Added 2 −0.06 pp
Trimmed 39 −1.95 pp
Exited 2 −0.44 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions58% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.73 pp trimmed+0.7319.0%
GOOGL Alphabet Inc. Class A trimmed+1.44 pp trimmed+1.4414.1%
JNJ Johnson & Johnson trimmed−1.01 pp trimmed−1.019.5%
IONS Ionis Pharmaceuticals, Inc. trimmed+0.89 pp trimmed+0.898.5%
KOF Coca-Cola FEMSA, S.A.B DE C.V trimmed−1.33 pp trimmed−1.336.7%

Positions47 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	18.97%	667	$354M	trimmed−1%	+0.73 pp	11 q
GOOGLAlphabet Inc. Class A	14.06%	2,007,872	$263M	trimmed0%	+1.44 pp	11 q
JNJJohnson & Johnson	9.50%	1,140,362	$178M	trimmed−6%	−1.01 pp	11 q
IONSIonis Pharmaceuticals, Inc.	8.52%	3,510,173	$159M	trimmed−1%	+0.89 pp	7 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	6.65%	1,585,706	$124M	trimmed−13%	−1.33 pp	11 q
ALVAutoliv, Inc.	5.25%	1,016,727	$98M	trimmed−0%	+0.71 pp	11 q
FMCFMC Corporation	5.17%	1,443,804	$97M	added+43%	−0.35 pp	9 q
GOOGAlphabet Inc. Class C	4.19%	594,661	$78M	held	—	11 q
BRK.BBERKSHIRE HATHAWAY Class B	3.09%	164,990	$58M	trimmed−11%	−0.22 pp	11 q
AZOAutoZone, Inc.	2.49%	18,319	$47M	trimmed−4%	0.00 pp	11 q
FDXFedEx Corporation	2.32%	163,554	$43M	trimmed−4%	+0.11 pp	6 q
WFCWells Fargo & Co.	1.99%	912,291	$37M	trimmed−5%	−0.15 pp	11 q
SEESealed Air Corp New	1.43%	814,905	$27M	added+49%	+0.29 pp	2 q
VRTXVertex Pharmaceuticals Inc	1.40%	75,004	$26M	new	+1.40 pp	new
TFCTruist Financial Corporation	1.24%	811,981	$23M	trimmed−4%	−0.10 pp	11 q
UHAL.BU-Haul Holding Company	1.17%	418,635	$22M	trimmed−3%	+0.02 pp	2 q
DEODiageo plc	1.16%	145,561	$22M	trimmed−0%	−0.17 pp	11 q
NWLINational Western Life Group, Inc. Class A	1.03%	44,194	$19M	trimmed−0%	+0.06 pp	11 q
BNYBank of New York Mellon Corporation	0.98%	427,482	$18M	trimmed−39%	−0.66 pp	11 q
AXPAmerican Express Company	0.91%	113,719	$17M	trimmed−5%	−0.18 pp	6 q
BACBank of America Corporation	0.77%	526,361	$14M	trimmed−4%	−0.05 pp	11 q
CSCOCisco Systems, Inc. (DE)	0.77%	267,871	$14M	trimmed−68%	−1.51 pp	11 q
CNXCConcentrix Corporation	0.64%	148,571	$12M	trimmed−33%	−0.30 pp	11 q
unresolvedTotalenergies SE ADR	0.58%	163,936	$11M	trimmed−1%	+0.08 pp	3 q
CNHCnh Industrial N.v.	0.55%	843,070	$10M	trimmed−1%	−0.10 pp	11 q
THOThor Industries, Inc.	0.54%	105,236	$10M	trimmed−4%	−0.05 pp	7 q
NVSNovartis AG	0.52%	94,916	$10M	trimmed−1%	+0.01 pp	11 q
USBU.S. Bancorp	0.51%	285,613	$9M	trimmed−10%	−0.04 pp	11 q
UNPUnion Pacific Corp.	0.49%	45,023	$9M	trimmed−0%	+0.01 pp	11 q
KVUEKenvue Inc.	0.48%	447,426	$9M	new	+0.48 pp	new
unresolvedUnilever Spn.Adr 1:1	0.35%	133,262	$7M	trimmed−12%	−0.07 pp	11 q
PGRProgressive Corporation	0.26%	34,550	$5M	held	—	11 q
GSKGSK plc	0.25%	129,994	$5M	trimmed−3%	0.00 pp	4 q
PSXPhillips 66	0.21%	32,006	$4M	trimmed−1%	+0.05 pp	11 q
EPDEnterprise Products Partners L.P.	0.20%	136,295	$4M	held	—	11 q
PARAParamount Global-class B	0.20%	287,668	$4M	trimmed−25%	−0.12 pp	6 q
COPConocoPhillips	0.19%	30,207	$4M	trimmed−1%	+0.02 pp	11 q
BABAAlibaba Group Holding Limited	0.16%	33,678	$3M	trimmed−5%	+0.01 pp	11 q
BIDUBaidu, Inc.	0.16%	21,754	$3M	trimmed−3%	0.00 pp	11 q
ATMUAtmus Filtration Technologies Inc.	0.15%	132,195	$3M	new	+0.15 pp	new
CMCSAComcast Corp	0.12%	49,094	$2M	trimmed−3%	+0.01 pp	11 q
VZVerizon Communications	0.11%	62,720	$2M	trimmed−4%	−0.02 pp	11 q
INTCIntel Corp	0.10%	50,994	$2M	trimmed−5%	+0.01 pp	11 q
EMREmerson Electric Co.	0.08%	15,760	$2M	trimmed−28%	−0.02 pp	11 q
HLNHaleon plc	0.05%	120,718	$1M	trimmed−1%	0.00 pp	5 q
CSLCarlisle Companies, Inc.	0.03%	2,440	$632,594	trimmed−1%	0.00 pp	11 q
BAXBaxter International Inc.	0.02%	11,053	$417,140	trimmed−2%	−0.01 pp	11 q
FMSFresenius Medical Care AG	—	−339,637	—	exited	−0.43 pp	—
CKXCKX Lands, Inc.	—	−10,600	—	exited	−0.01 pp	—