Tweedy, Browne

Q4 2023 13F · by John Spears, portfolio manager

As of: Dec 31, 2023
Filed: Feb 12, 2024
US stock: $2.0B · prev $1.9B
Positions: 45 · prev 47
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

+5.0 pp in · −5.0 pp out

New 0 0.00 pp
Added 3 +5.05 pp
Trimmed 39 −4.72 pp
Exited 2 −0.30 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.3 years per position

Low
Moderate
High

Top 5 positions58% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−1.44 pp trimmed−1.4417.5%
GOOGL Alphabet Inc. Class A trimmed−0.37 pp trimmed−0.3713.7%
FMC FMC Corporation added+3.95 pp added+3.959.1%
JNJ Johnson & Johnson trimmed−0.82 pp trimmed−0.828.7%
IONS Ionis Pharmaceuticals, Inc. trimmed+0.01 pp trimmed+0.018.5%

Positions45 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	17.53%	662	$359M	trimmed−1%	−1.44 pp	12 q
GOOGLAlphabet Inc. Class A	13.69%	2,007,252	$280M	trimmed−0%	−0.37 pp	12 q
FMCFMC Corporation	9.12%	2,961,857	$187M	added×2.1	+3.95 pp	10 q
JNJJohnson & Johnson	8.68%	1,135,118	$178M	trimmed−0%	−0.82 pp	12 q
IONSIonis Pharmaceuticals, Inc.	8.53%	3,454,676	$175M	trimmed−2%	+0.01 pp	8 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	7.29%	1,577,559	$149M	trimmed−1%	+0.64 pp	12 q
ALVAutoliv, Inc.	5.45%	1,013,017	$112M	trimmed−0%	+0.20 pp	12 q
GOOGAlphabet Inc. Class C	3.08%	447,711	$63M	trimmed−25%	−1.11 pp	12 q
BRK.BBERKSHIRE HATHAWAY Class B	2.83%	162,360	$58M	trimmed−2%	−0.26 pp	12 q
WFCWells Fargo & Co.	2.16%	900,468	$44M	trimmed−1%	+0.17 pp	12 q
UHAL.BU-Haul Holding Company	2.09%	607,360	$43M	added+45%	+0.92 pp	3 q
FDXFedEx Corporation	2.01%	162,632	$41M	trimmed−1%	−0.31 pp	7 q
SEESealed Air Corp New	1.61%	905,520	$33M	added+11%	+0.18 pp	3 q
AZOAutoZone, Inc.	1.54%	12,238	$32M	trimmed−33%	−0.95 pp	12 q
TFCTruist Financial Corporation	1.43%	796,209	$29M	trimmed−2%	+0.19 pp	12 q
VRTXVertex Pharmaceuticals Inc	1.33%	66,764	$27M	trimmed−11%	−0.07 pp	2 q
NWLINational Western Life Group, Inc. Class A	1.04%	43,907	$21M	trimmed−1%	+0.01 pp	12 q
DEODiageo plc	1.02%	143,060	$21M	trimmed−2%	−0.14 pp	12 q
AXPAmerican Express Company	1.00%	109,896	$21M	trimmed−3%	+0.09 pp	7 q
BNYBank of New York Mellon Corporation	0.90%	352,923	$18M	trimmed−17%	−0.08 pp	12 q
BACBank of America Corporation	0.85%	518,026	$17M	trimmed−2%	+0.08 pp	12 q
CNXCConcentrix Corporation	0.68%	142,540	$14M	trimmed−4%	+0.04 pp	12 q
CSCOCisco Systems, Inc. (DE)	0.60%	244,414	$12M	trimmed−9%	−0.17 pp	12 q
USBU.S. Bancorp	0.58%	272,343	$12M	trimmed−5%	+0.07 pp	12 q
THOThor Industries, Inc.	0.56%	96,493	$11M	trimmed−8%	+0.02 pp	8 q
UNPUnion Pacific Corp.	0.53%	44,513	$11M	trimmed−1%	+0.04 pp	12 q
unresolvedTotalenergies SE ADR	0.52%	158,444	$11M	trimmed−3%	−0.06 pp	4 q
CNHCnh Industrial N.v.	0.49%	819,071	$10M	trimmed−3%	−0.06 pp	12 q
KVUEKenvue Inc.	0.45%	423,799	$9M	trimmed−5%	−0.03 pp	2 q
NVSNovartis AG	0.45%	90,619	$9M	trimmed−5%	−0.07 pp	12 q
unresolvedUnilever Spn.Adr 1:1	0.29%	122,017	$6M	trimmed−8%	−0.06 pp	12 q
GSKGSK plc	0.23%	124,400	$5M	trimmed−4%	−0.02 pp	5 q
PSXPhillips 66	0.20%	31,362	$4M	trimmed−2%	−0.01 pp	12 q
PGRProgressive Corporation	0.20%	25,470	$4M	trimmed−26%	−0.06 pp	12 q
EPDEnterprise Products Partners L.P.	0.18%	136,295	$4M	held	—	12 q
COPConocoPhillips	0.16%	27,652	$3M	trimmed−8%	−0.03 pp	12 q
ATMUAtmus Filtration Technologies Inc.	0.15%	132,195	$3M	held	—	2 q
BIDUBaidu, Inc.	0.12%	20,204	$2M	trimmed−7%	−0.04 pp	12 q
VZVerizon Communications	0.12%	62,720	$2M	held	—	12 q
CMCSAComcast Corp	0.09%	41,484	$2M	trimmed−16%	−0.03 pp	12 q
BABAAlibaba Group Holding Limited	0.07%	19,326	$1M	trimmed−43%	−0.09 pp	12 q
EMREmerson Electric Co.	0.07%	14,430	$1M	trimmed−8%	−0.01 pp	12 q
HLNHaleon plc	0.05%	115,766	$952,754	trimmed−4%	0.00 pp	6 q
CSLCarlisle Companies, Inc.	0.04%	2,340	$731,086	trimmed−4%	+0.01 pp	12 q
BAXBaxter International Inc.	0.02%	10,731	$414,860	trimmed−3%	0.00 pp	12 q
PARAParamount Global-class B	—	−287,668	—	exited	−0.20 pp	—
INTCIntel Corp	—	−50,994	—	exited	−0.10 pp	—