Tweedy, Browne

Q2 2025 13F · by John Spears, portfolio manager

As of: Jun 30, 2025
Filed: Jul 28, 2025
US stock: $1.1B · prev $1.1B
Positions: 91 · prev 59
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%

Moves89 since the prior filing

+1.7 pp in · −1.6 pp out

New 33 +1.05 pp
Added 16 +0.65 pp
Trimmed 39 −1.63 pp
Exited 1 −0.02 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.3% a year, about 13.6 years per position

Low
Moderate
High

Top 5 positions53% of US stock

CNH Cnh Industrial N.v. trimmed+1.49 pp trimmed+1.4916.0%
KOF Coca-Cola FEMSA, S.A.B DE C.V trimmed+0.52 pp trimmed+0.5210.9%
IONS Ionis Pharmaceuticals, Inc. trimmed+2.62 pp trimmed+2.6210.6%
BRK.A Berkshire Hathaway Inc. trimmed−1.48 pp trimmed−1.4810.3%
GOOGL Alphabet Inc. Class A trimmed−3.97 pp trimmed−3.975.3%

Positions91 in this filing · 1 exited


CNHCnh Industrial N.v.	16.00%	13,311,912	$173M	trimmed−0%	+1.49 pp	18 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	10.92%	1,217,892	$118M	trimmed−5%	+0.52 pp	18 q
IONSIonis Pharmaceuticals, Inc.	10.60%	2,891,948	$114M	trimmed−3%	+2.62 pp	14 q
BRK.ABerkshire Hathaway Inc.	10.34%	153	$112M	trimmed−8%	−1.48 pp	18 q
GOOGLAlphabet Inc. Class A	5.25%	321,299	$57M	trimmed−52%	−3.97 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	4.57%	101,499	$49M	added+13%	+0.32 pp	18 q
ALVAutoliv, Inc.	4.50%	433,246	$48M	trimmed−0%	+1.10 pp	18 q
WFCWells Fargo & Co.	4.45%	598,781	$48M	trimmed−7%	+0.35 pp	18 q
JNJJohnson & Johnson	3.47%	244,713	$37M	trimmed−44%	−2.97 pp	18 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.65%	1,460,413	$29M	trimmed−2%	+0.36 pp	6 q
UHAL.BU-Haul Holding Company	2.40%	475,351	$26M	trimmed−1%	−0.12 pp	9 q
FDXFedEx Corporation	2.40%	114,047	$26M	trimmed−1%	−0.09 pp	13 q
TFCTruist Financial Corporation	2.31%	580,542	$25M	trimmed−4%	+0.09 pp	18 q
AZOAutoZone, Inc.	2.08%	6,051	$22M	trimmed−3%	−0.03 pp	18 q
AXPAmerican Express Company	2.01%	68,093	$22M	trimmed−5%	+0.30 pp	13 q
BACBank of America Corporation	1.69%	385,707	$18M	trimmed−2%	+0.24 pp	18 q
VRTXVertex Pharmaceuticals Inc	1.54%	37,253	$17M	trimmed−3%	−0.11 pp	8 q
SEESealed Air Corp New	1.49%	516,397	$16M	trimmed−6%	+0.09 pp	9 q
DEODiageo plc	1.22%	130,802	$13M	trimmed−4%	−0.04 pp	18 q
BNYBank of New York Mellon Corporation	1.21%	142,960	$13M	trimmed−4%	+0.11 pp	18 q
FMCFMC Corporation	0.92%	238,124	$10M	trimmed−17%	−0.15 pp	16 q
NVSNovartis AG	0.87%	77,269	$9M	trimmed−5%	+0.07 pp	18 q
USBU.S. Bancorp	0.85%	203,123	$9M	trimmed−2%	+0.07 pp	18 q
TTENTotalenergies SE -spon ADR	0.76%	133,168	$8M	trimmed−3%	−0.03 pp	6 q
UNPUnion Pacific Corp.	0.44%	20,718	$5M	trimmed−2%	0.00 pp	18 q
CSCOCisco Systems, Inc. (DE)	0.37%	57,759	$4M	trimmed−1%	+0.05 pp	18 q
unresolvedUnilever Spn.Adr 1:1	0.36%	62,957	$4M	trimmed−6%	+0.01 pp	18 q
GLGlobe Life Inc.	0.35%	30,525	$4M	trimmed−3%	−0.02 pp	4 q
PGRProgressive Corporation	0.34%	13,711	$4M	held	—	18 q
EPDEnterprise Products Partners L.P.	0.31%	108,435	$3M	trimmed−3%	−0.03 pp	18 q
GSKGSK plc	0.31%	86,871	$3M	trimmed−4%	0.00 pp	11 q
ATMUAtmus Filtration Technologies Inc.	0.30%	89,586	$3M	held	—	8 q
GOOGAlphabet Inc. Class C	0.22%	13,153	$2M	trimmed−8%	+0.02 pp	18 q
COPConocoPhillips	0.18%	21,304	$2M	trimmed−6%	−0.03 pp	18 q
PSXPhillips 66	0.14%	12,874	$2M	trimmed−2%	0.00 pp	18 q
EMREmerson Electric Co.	0.12%	9,689	$1M	trimmed−3%	+0.02 pp	18 q
CMCSAComcast Corp	0.10%	31,564	$1M	trimmed−2%	−0.01 pp	18 q
VZVerizon Communications	0.10%	24,034	$1M	held	—	18 q
KVUEKenvue Inc.	0.09%	45,857	$959,787	trimmed−3%	−0.01 pp	8 q
CNXCConcentrix Corporation	0.07%	14,858	$785,320	trimmed−33%	−0.04 pp	18 q
HCIHCI Group, Inc.	0.07%	4,760	$724,472	added×2.4	+0.04 pp	2 q
HLNHaleon plc	0.07%	76,806	$796,478	trimmed−6%	0.00 pp	12 q
KTKT Corp.	0.06%	33,645	$699,143	added×2.8	+0.04 pp	2 q
AGCOAGCO Corporation	0.05%	4,755	$490,526	new	+0.05 pp	new
ARLPAlliance Resource Partners LP	0.05%	19,477	$509,129	added×2.2	+0.03 pp	2 q
ANAutoNation, Inc.	0.05%	2,532	$502,982	new	+0.05 pp	new
GMGeneral Motors Company	0.05%	10,769	$529,942	added×2.2	+0.03 pp	2 q
WTFCWintrust Financial Corp	0.05%	4,418	$547,744	added×2.2	+0.03 pp	2 q
ZIONZions Bancorporation N.A.	0.05%	10,055	$522,257	added×2.2	+0.03 pp	2 q
BABAAlibaba Group Holding Limited	0.04%	4,060	$460,445	trimmed−13%	−0.01 pp	18 q
BFHBread Financial Holdings, Inc.	0.04%	8,245	$470,954	new	+0.04 pp	new
ARWArrow Electronics, Inc.	0.04%	3,140	$400,130	new	+0.04 pp	new
CROXCrocs, Inc.	0.04%	3,771	$381,927	new	+0.04 pp	new
EIGEmployers Holdings, Inc.	0.04%	9,434	$445,096	added×2.2	+0.02 pp	2 q
FIBKFirst Interstate BancSystem, Inc. (DE)	0.04%	13,337	$384,372	new	+0.04 pp	new
NTRNutrien Ltd.	0.04%	6,961	$404,804	new	+0.04 pp	new
OBDCBlue Owl Capital Corporation	0.04%	29,515	$423,245	added×2.2	+0.02 pp	2 q
REZIResideo Technologies, Inc.	0.04%	19,467	$429,442	new	+0.04 pp	new
SFNCSimmons First National Corp	0.04%	20,476	$388,225	new	+0.04 pp	new
TSNTyson Foods, Inc.	0.04%	6,907	$386,378	new	+0.04 pp	new
NENoble Corporation plc	0.04%	14,443	$383,462	new	+0.04 pp	new
HAFNHafnia Limited	0.04%	76,617	$382,319	added×2.7	+0.03 pp	2 q
AAPAdvance Auto Parts Inc	0.03%	6,316	$293,631	new	+0.03 pp	new
BAXBaxter International Inc.	0.03%	9,770	$295,836	trimmed−1%	0.00 pp	18 q
BZHBeazer Homes USA, Inc. New	0.03%	13,254	$296,492	new	+0.03 pp	new
BSMBlack Stone Minerals, L.P.	0.03%	20,855	$272,783	new	+0.03 pp	new
BMYBristol-Myers Squibb Co.	0.03%	7,184	$332,547	new	+0.03 pp	new
CVSCvs Health Corporation	0.03%	5,061	$349,108	new	+0.03 pp	new
CNCCentene Corporation	0.03%	5,024	$272,703	new	+0.03 pp	new
CVECenovus Energy Inc.	0.03%	22,144	$300,717	new	+0.03 pp	new
DINOHF Sinclair Corporation	0.03%	6,921	$284,315	new	+0.03 pp	new
HTLDHeartland Express Inc	0.03%	33,664	$290,857	added×2.2	+0.02 pp	2 q
LWLamb Weston Holdings, Inc.	0.03%	6,907	$358,128	new	+0.03 pp	new
LGNDLigand Pharmaceuticals Inc.	0.03%	3,140	$356,955	new	+0.03 pp	new
MTDRMatador Resources Company	0.03%	7,545	$360,047	new	+0.03 pp	new
SIRISirius XM Holdings, Inc	0.03%	12,560	$288,503	new	+0.03 pp	new
TDWTidewater, Inc.	0.03%	6,907	$318,620	new	+0.03 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.03%	1,095	$341,607	new	+0.03 pp	new
TRMDTORM plc Class A	0.03%	19,093	$318,089	new	+0.03 pp	new
CLFCleveland-Cliffs Inc.	0.02%	25,507	$193,853	added×2.2	+0.01 pp	2 q
CCSIConsensus Cloud Solutions, Inc.	0.02%	11,356	$261,869	new	+0.02 pp	new
DVNDevon Energy Corporation	0.02%	6,907	$219,712	new	+0.02 pp	new
EMBCEmbecta Corp.	0.02%	20,095	$194,721	new	+0.02 pp	new
HPHelmerich & Payne, Inc.	0.02%	12,826	$194,442	new	+0.02 pp	new
HPKHighPeak Energy, Inc.	0.02%	24,872	$243,746	added×2.2	+0.01 pp	2 q
ACDCProFrac Holding Corp. Class A	0.02%	27,632	$214,424	added×2.2	+0.01 pp	2 q
PSECProspect Capital Corporation	0.02%	67,032	$213,162	added×2.2	+0.01 pp	2 q
HLFHerbalife Ltd.	0.02%	21,628	$186,433	new	+0.02 pp	new
OECOrion S.A.	0.02%	16,329	$171,291	new	+0.02 pp	new
LPGDorian Lpg Ltd	0.02%	9,419	$229,635	new	+0.02 pp	new
unresolvedPolestar Automotive-cl A	0.00%	22,607	$24,189	added×2.2	0.00 pp	2 q
FITBFifth Third Bancorp	—	−5,925	—	exited	−0.02 pp	—