Tweedy, Browne

Q3 2025 13F · by John Spears, portfolio manager

As of: Sep 30, 2025
Filed: Oct 28, 2025
US stock: $1.2B · prev $1.1B
Positions: 97 · prev 91
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%

Moves98 since the prior filing

+8.0 pp in · −8.0 pp out

New 10 +0.72 pp
Added 47 +7.27 pp
Trimmed 37 −7.93 pp
Exited 4 −0.07 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.8% a year, about 10.2 years per position

Low
Moderate
High

Top 5 positions52% of US stock

IONS Ionis Pharmaceuticals, Inc. added+5.88 pp added+5.8816.5%
CNH Cnh Industrial N.v. trimmed−3.48 pp trimmed−3.4812.5%
BRK.A Berkshire Hathaway Inc. trimmed−0.91 pp trimmed−0.919.4%
KOF Coca-Cola FEMSA, S.A.B DE C.V trimmed−2.21 pp trimmed−2.218.7%
GOOGL Alphabet Inc. Class A trimmed−0.31 pp trimmed−0.314.9%

Positions97 in this filing · 4 exited


IONSIonis Pharmaceuticals, Inc.	16.48%	2,901,216	$190M	added0%	+5.88 pp	15 q
CNHCnh Industrial N.v.	12.52%	13,281,370	$144M	trimmed−0%	−3.48 pp	19 q
BRK.ABerkshire Hathaway Inc.	9.43%	144	$109M	trimmed−6%	−0.91 pp	19 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	8.71%	1,206,328	$100M	trimmed−1%	−2.21 pp	19 q
GOOGLAlphabet Inc. Class A	4.94%	233,967	$57M	trimmed−27%	−0.31 pp	19 q
ALVAutoliv, Inc.	4.64%	432,664	$53M	trimmed−0%	+0.14 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	4.33%	99,113	$50M	trimmed−2%	−0.24 pp	19 q
WFCWells Fargo & Co.	4.23%	581,595	$49M	trimmed−3%	−0.22 pp	19 q
JNJJohnson & Johnson	3.90%	242,003	$45M	trimmed−1%	+0.43 pp	19 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.57%	1,452,374	$30M	trimmed−1%	−0.08 pp	7 q
FDXFedEx Corporation	2.32%	113,295	$27M	trimmed−1%	−0.08 pp	14 q
TFCTruist Financial Corporation	2.29%	575,735	$26M	trimmed−1%	−0.02 pp	19 q
AZOAutoZone, Inc.	2.17%	5,816	$25M	trimmed−4%	+0.09 pp	19 q
UHAL.BU-Haul Holding Company	2.05%	464,565	$24M	trimmed−2%	−0.35 pp	10 q
AXPAmerican Express Company	1.91%	66,237	$22M	trimmed−3%	−0.10 pp	14 q
BACBank of America Corporation	1.71%	381,079	$20M	trimmed−1%	+0.02 pp	19 q
SEESealed Air Corp New	1.56%	509,581	$18M	trimmed−1%	+0.07 pp	10 q
VRTXVertex Pharmaceuticals Inc	1.33%	39,065	$15M	added+5%	−0.21 pp	9 q
BNYBank of New York Mellon Corporation	1.32%	139,041	$15M	trimmed−3%	+0.11 pp	19 q
DEODiageo plc	1.05%	126,995	$12M	trimmed−3%	−0.17 pp	19 q
NVSNovartis AG	0.85%	76,054	$10M	trimmed−2%	−0.02 pp	19 q
USBU.S. Bancorp	0.82%	196,125	$9M	trimmed−3%	−0.03 pp	19 q
TTENTotalenergies SE -spon ADR	0.69%	132,189	$8M	trimmed−1%	−0.07 pp	7 q
FMCFMC Corporation	0.65%	223,902	$8M	trimmed−6%	−0.27 pp	17 q
UNPUnion Pacific Corp.	0.41%	20,131	$5M	trimmed−3%	−0.03 pp	19 q
GLGlobe Life Inc.	0.36%	29,139	$4M	trimmed−5%	+0.01 pp	5 q
ATMUAtmus Filtration Technologies Inc.	0.35%	89,157	$4M	trimmed−0%	+0.05 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.33%	56,126	$4M	trimmed−3%	−0.04 pp	19 q
unresolvedUnilever Spn.Adr 1:1	0.32%	62,616	$4M	trimmed−1%	−0.04 pp	19 q
GSKGSK plc	0.31%	82,243	$4M	trimmed−5%	0.00 pp	12 q
EPDEnterprise Products Partners L.P.	0.29%	108,435	$3M	held	—	19 q
PGRProgressive Corporation	0.29%	13,711	$3M	held	—	19 q
COPConocoPhillips	0.20%	24,721	$2M	added+16%	+0.02 pp	19 q
SNEXStoneX Group Inc.	0.17%	19,436	$2M	new	+0.17 pp	new
HCIHCI Group, Inc.	0.16%	9,394	$2M	added+97%	+0.09 pp	3 q
PSXPhillips 66	0.15%	12,502	$2M	trimmed−3%	+0.01 pp	19 q
REZIResideo Technologies, Inc.	0.15%	39,989	$2M	added×2.1	+0.11 pp	2 q
GOOGAlphabet Inc. Class C	0.13%	6,272	$2M	trimmed−52%	−0.09 pp	19 q
GMGeneral Motors Company	0.12%	22,023	$1M	added×2.0	+0.07 pp	3 q
KTKT Corp.	0.12%	70,591	$1M	added×2.1	+0.06 pp	3 q
ANAutoNation, Inc.	0.10%	5,180	$1M	added×2.0	+0.05 pp	2 q
EMREmerson Electric Co.	0.10%	9,188	$1M	trimmed−5%	−0.02 pp	19 q
WTFCWintrust Financial Corp	0.10%	9,052	$1M	added×2.0	+0.05 pp	3 q
ZIONZions Bancorporation N.A.	0.10%	20,647	$1M	added×2.1	+0.05 pp	3 q
AGCOAGCO Corporation	0.09%	9,389	$1M	added+97%	+0.04 pp	2 q
ARLPAlliance Resource Partners LP	0.09%	39,999	$1M	added×2.1	+0.04 pp	3 q
CMCSAComcast Corp	0.09%	31,496	$989,604	trimmed−0%	−0.01 pp	19 q
PNCPNC Financial Services Group	0.09%	5,204	$1M	new	+0.09 pp	new
VZVerizon Communications	0.09%	23,972	$1M	trimmed−0%	−0.01 pp	19 q
BFHBread Financial Holdings, Inc.	0.08%	16,851	$939,780	added×2.0	+0.04 pp	2 q
ELVElevance Health, Inc.	0.08%	2,696	$871,132	new	+0.08 pp	new
FIBKFirst Interstate BancSystem, Inc. (DE)	0.08%	27,239	$868,107	added×2.0	+0.04 pp	2 q
HAFNHafnia Limited	0.08%	161,597	$967,966	added×2.1	+0.04 pp	3 q
AAPAdvance Auto Parts Inc	0.07%	13,019	$799,367	added×2.1	+0.04 pp	2 q
ARWArrow Electronics, Inc.	0.07%	6,450	$780,450	added×2.1	+0.03 pp	2 q
CVSCvs Health Corporation	0.07%	10,357	$780,814	added×2.0	+0.04 pp	2 q
CVECenovus Energy Inc.	0.07%	46,942	$797,211	added×2.1	+0.04 pp	2 q
EIGEmployers Holdings, Inc.	0.07%	19,364	$822,583	added×2.1	+0.03 pp	3 q
GIIIG-Iii Apparel Group Ltd	0.07%	32,393	$861,978	new	+0.07 pp	new
DINOHF Sinclair Corporation	0.07%	14,308	$748,881	added×2.1	+0.04 pp	2 q
LWLamb Weston Holdings, Inc.	0.07%	14,189	$824,097	added×2.1	+0.04 pp	2 q
NTRNutrien Ltd.	0.07%	14,615	$858,476	added×2.1	+0.03 pp	2 q
OBDCBlue Owl Capital Corporation	0.07%	60,629	$774,232	added×2.1	+0.03 pp	3 q
SFNCSimmons First National Corp	0.07%	41,660	$798,622	added×2.0	+0.03 pp	2 q
TDWTidewater, Inc.	0.07%	14,189	$756,699	added×2.1	+0.04 pp	2 q
TSNTyson Foods, Inc.	0.07%	14,189	$770,463	added×2.1	+0.03 pp	2 q
WMKWeis Markets, Inc.	0.07%	11,610	$834,411	new	+0.07 pp	new
NENoble Corporation plc	0.07%	29,669	$839,039	added×2.1	+0.03 pp	2 q
TRMDTORM plc Class A	0.07%	40,007	$824,944	added×2.1	+0.04 pp	2 q
BABAAlibaba Group Holding Limited	0.06%	4,060	$725,644	held	—	19 q
ALSNAllison Transmission Holdings, Inc.	0.06%	8,781	$745,331	new	+0.06 pp	new
BZHBeazer Homes USA, Inc. New	0.06%	27,336	$671,099	added×2.1	+0.03 pp	2 q
BMYBristol-Myers Squibb Co.	0.06%	14,466	$652,417	added×2.0	+0.03 pp	2 q
CLFCleveland-Cliffs Inc.	0.06%	51,987	$634,241	added×2.0	+0.04 pp	3 q
CNXCConcentrix Corporation	0.06%	14,158	$653,392	trimmed−5%	−0.01 pp	19 q
CCSIConsensus Cloud Solutions, Inc.	0.06%	23,272	$683,499	added×2.0	+0.04 pp	2 q
CROXCrocs, Inc.	0.06%	7,743	$646,928	added×2.1	+0.02 pp	2 q
HLNHaleon plc	0.06%	76,668	$687,712	trimmed−0%	−0.01 pp	13 q
KVUEKenvue Inc.	0.06%	41,041	$666,095	trimmed−11%	−0.03 pp	9 q
MTDRMatador Resources Company	0.06%	15,489	$695,921	added×2.1	+0.03 pp	2 q
UPSUnited Parcel Service, Inc. Class B	0.06%	8,546	$713,847	new	+0.06 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	2,137	$737,906	added+95%	+0.03 pp	2 q
WUThe Western Union Company	0.06%	92,417	$738,412	new	+0.06 pp	new
BSMBlack Stone Minerals, L.P.	0.05%	42,701	$561,091	added×2.0	+0.02 pp	2 q
EMBCEmbecta Corp.	0.05%	41,279	$582,447	added×2.1	+0.03 pp	2 q
HTLDHeartland Express Inc	0.05%	68,750	$576,125	added×2.0	+0.02 pp	3 q
HPHelmerich & Payne, Inc.	0.05%	26,389	$582,933	added×2.1	+0.03 pp	2 q
SIRISirius XM Holdings, Inc	0.05%	25,800	$600,495	added×2.1	+0.02 pp	2 q
LPGDorian Lpg Ltd	0.05%	19,349	$576,600	added×2.1	+0.03 pp	2 q
DVNDevon Energy Corporation	0.04%	14,189	$497,466	added×2.1	+0.02 pp	2 q
AMNAMN Healthcare Services	0.03%	15,480	$299,693	new	+0.03 pp	new
ALBAlbemarle Corporation	0.03%	3,869	$313,699	new	+0.03 pp	new
CNCCentene Corporation	0.03%	10,320	$368,218	added×2.1	0.00 pp	2 q
PSECProspect Capital Corporation	0.03%	139,622	$383,961	added×2.1	+0.01 pp	3 q
HLFHerbalife Ltd.	0.03%	44,136	$372,508	added×2.0	+0.01 pp	2 q
BAXBaxter International Inc.	0.02%	9,739	$221,757	trimmed−0%	−0.01 pp	19 q
OECOrion S.A.	0.02%	33,541	$254,241	added×2.1	0.00 pp	2 q
LGNDLigand Pharmaceuticals Inc.	—	−3,140	—	exited	−0.03 pp	—
HPKHighPeak Energy, Inc.	—	−24,872	—	exited	−0.02 pp	—
ACDCProFrac Holding Corp. Class A	—	−27,632	—	exited	−0.02 pp	—
unresolvedPolestar Automotive-cl A	—	−22,607	—	exited	0.00 pp	—