Tweedy, Browne

Q4 2025 13F · by John Spears, portfolio manager

As of: Dec 31, 2025
Filed: Feb 2, 2026
US stock: $1.2B · prev $1.2B
Positions: 96 · prev 97
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves93 since the prior filing

+5.3 pp in · −4.4 pp out

New 6 +2.77 pp
Added 54 +2.48 pp
Trimmed 26 −2.98 pp
Exited 7 −1.45 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions54% of US stock

IONS Ionis Pharmaceuticals, Inc. trimmed−0.74 pp trimmed−0.7415.7%
CNH Cnh Industrial N.v. added+2.50 pp added+2.5015.0%
KOF Coca-Cola FEMSA, S.A.B DE C.V trimmed+0.38 pp trimmed+0.389.1%
BRK.A Berkshire Hathaway Inc. held held8.8%
GOOGL Alphabet Inc. Class A trimmed+0.10 pp trimmed+0.105.0%

Positions96 in this filing · 7 exited


IONSIonis Pharmaceuticals, Inc.	15.74%	2,464,930	$195M	trimmed−15%	−0.74 pp	16 q
CNHCnh Industrial N.v.	15.02%	20,180,953	$186M	added+52%	+2.50 pp	20 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	9.09%	1,188,746	$113M	trimmed−1%	+0.38 pp	20 q
BRK.ABerkshire Hathaway Inc.	8.78%	144	$109M	held	—	20 q
GOOGLAlphabet Inc. Class A	5.04%	199,561	$62M	trimmed−15%	+0.10 pp	20 q
WFCWells Fargo & Co.	4.21%	559,367	$52M	trimmed−4%	−0.02 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	3.94%	97,081	$49M	trimmed−2%	−0.39 pp	20 q
JNJJohnson & Johnson	3.94%	236,075	$49M	trimmed−2%	+0.04 pp	20 q
ALVAutoliv, Inc.	3.84%	400,924	$48M	trimmed−7%	−0.80 pp	20 q
FDXFedEx Corporation	2.63%	112,747	$33M	trimmed−0%	+0.31 pp	15 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	2.53%	1,443,333	$31M	trimmed−1%	−0.04 pp	8 q
TFCTruist Financial Corporation	2.23%	562,160	$28M	trimmed−2%	−0.06 pp	20 q
AXPAmerican Express Company	1.93%	64,592	$24M	trimmed−2%	+0.02 pp	15 q
UHAL.BU-Haul Holding Company	1.76%	466,217	$22M	added0%	−0.29 pp	11 q
BACBank of America Corporation	1.66%	374,462	$21M	trimmed−2%	−0.05 pp	20 q
UNFUnifirst Corp	1.59%	102,059	$20M	new	+1.59 pp	new
AZOAutoZone, Inc.	1.53%	5,594	$19M	trimmed−4%	−0.64 pp	20 q
SEESealed Air Corp New	1.45%	509,581	$18M	held	—	11 q
VRTXVertex Pharmaceuticals Inc	1.43%	39,148	$18M	added0%	+0.10 pp	10 q
BNYBank of New York Mellon Corporation	1.19%	127,393	$15M	trimmed−8%	−0.13 pp	20 q
DEODiageo plc	0.90%	129,808	$11M	added+2%	−0.15 pp	20 q
NVSNovartis AG	0.83%	74,905	$10M	trimmed−2%	−0.02 pp	20 q
USBU.S. Bancorp	0.80%	185,768	$10M	trimmed−5%	−0.02 pp	20 q
TTETotalEnergies SE	0.71%	135,090	$9M	new	+0.71 pp	new
UNPUnion Pacific Corp.	0.37%	20,050	$5M	trimmed−0%	−0.04 pp	20 q
CSCOCisco Systems, Inc. (DE)	0.35%	56,068	$4M	trimmed−0%	+0.02 pp	20 q
GSKGSK plc	0.33%	82,243	$4M	held	—	13 q
GLGlobe Life Inc.	0.31%	27,833	$4M	trimmed−4%	−0.05 pp	6 q
ULUnilever plc	0.29%	55,374	$4M	new	+0.29 pp	new
EPDEnterprise Products Partners L.P.	0.28%	108,435	$3M	held	—	20 q
PGRProgressive Corporation	0.25%	13,711	$3M	held	—	20 q
COPConocoPhillips	0.20%	26,016	$2M	added+5%	0.00 pp	20 q
ATMUAtmus Filtration Technologies Inc.	0.17%	40,550	$2M	trimmed−55%	−0.18 pp	10 q
GMGeneral Motors Company	0.17%	25,695	$2M	added+17%	+0.05 pp	4 q
HCIHCI Group, Inc.	0.17%	10,906	$2M	added+16%	+0.01 pp	4 q
SNEXStoneX Group Inc.	0.17%	22,676	$2M	added+17%	0.00 pp	2 q
KTKT Corp.	0.13%	87,409	$2M	added+24%	+0.01 pp	4 q
PSXPhillips 66	0.13%	12,502	$2M	held	—	20 q
REZIResideo Technologies, Inc.	0.13%	46,685	$2M	added+17%	−0.02 pp	3 q
BFHBread Financial Holdings, Inc.	0.12%	19,659	$1M	added+17%	+0.04 pp	3 q
ZIONZions Bancorporation N.A.	0.11%	24,103	$1M	added+17%	+0.01 pp	4 q
ANAutoNation, Inc.	0.10%	6,044	$1M	added+17%	0.00 pp	3 q
EMREmerson Electric Co.	0.10%	8,943	$1M	trimmed−3%	0.00 pp	20 q
PNCPNC Financial Services Group	0.10%	6,068	$1M	added+17%	+0.01 pp	2 q
AGCOAGCO Corporation	0.09%	10,901	$1M	added+16%	0.00 pp	3 q
ARLPAlliance Resource Partners LP	0.09%	46,695	$1M	added+17%	0.00 pp	4 q
ELVElevance Health, Inc.	0.09%	3,128	$1M	added+16%	+0.01 pp	2 q
FIBKFirst Interstate BancSystem, Inc. (DE)	0.09%	31,775	$1M	added+17%	+0.01 pp	3 q
GIIIG-Iii Apparel Group Ltd	0.09%	38,843	$1M	added+20%	+0.02 pp	2 q
NTRNutrien Ltd.	0.09%	17,735	$1M	added+21%	+0.02 pp	3 q
ALSNAllison Transmission Holdings, Inc.	0.08%	10,077	$986,538	added+15%	+0.02 pp	2 q
CVSCvs Health Corporation	0.08%	12,085	$959,066	added+17%	+0.01 pp	3 q
CMCSAComcast Corp	0.08%	31,496	$941,415	held	—	20 q
TAPMolson Coors Beverage Company Class B	0.08%	20,167	$941,396	new	+0.08 pp	new
TSNTyson Foods, Inc.	0.08%	16,565	$971,040	added+17%	+0.01 pp	3 q
UPSUnited Parcel Service, Inc. Class B	0.08%	9,842	$976,228	added+15%	+0.02 pp	2 q
VZVerizon Communications	0.08%	23,972	$976,380	held	—	20 q
WUThe Western Union Company	0.08%	107,753	$1M	added+17%	+0.02 pp	2 q
unresolvedCenovus Energy	0.08%	56,920	$964,204	new	+0.08 pp	new
NENoble Corporation plc	0.08%	34,637	$978,149	added+17%	+0.01 pp	3 q
TRMDTORM plc Class A	0.08%	48,595	$951,490	added+21%	+0.01 pp	3 q
HAFNHafnia Limited	0.08%	196,381	$1M	added+22%	0.00 pp	4 q
ARWArrow Electronics, Inc.	0.07%	7,530	$829,655	added+17%	0.00 pp	3 q
BMYBristol-Myers Squibb Co.	0.07%	16,842	$908,457	added+16%	+0.01 pp	3 q
CLFCleveland-Cliffs Inc.	0.07%	60,627	$805,127	added+17%	+0.01 pp	4 q
HPHelmerich & Payne, Inc.	0.07%	30,709	$880,734	added+16%	+0.02 pp	3 q
OBDCBlue Owl Capital Corporation	0.07%	70,781	$879,808	added+17%	0.00 pp	4 q
SFNCSimmons First National Corp	0.07%	48,572	$915,582	added+17%	0.00 pp	3 q
TDWTidewater, Inc.	0.07%	16,565	$836,698	added+17%	0.00 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	2,459	$811,740	added+15%	+0.01 pp	3 q
CROXCrocs, Inc.	0.06%	9,039	$773,015	added+17%	0.00 pp	3 q
DINOHF Sinclair Corporation	0.06%	16,684	$768,799	added+17%	−0.01 pp	3 q
HLNHaleon plc	0.06%	76,530	$773,718	trimmed−0%	0.00 pp	14 q
HTLDHeartland Express Inc	0.06%	80,198	$724,188	added+17%	+0.01 pp	4 q
KVUEKenvue Inc.	0.06%	40,907	$705,646	trimmed−0%	0.00 pp	10 q
LWLamb Weston Holdings, Inc.	0.06%	16,565	$693,908	added+17%	−0.01 pp	3 q
MTDRMatador Resources Company	0.06%	18,081	$767,358	added+17%	0.00 pp	3 q
AAPAdvance Auto Parts Inc	0.05%	15,179	$596,535	added+17%	−0.02 pp	3 q
ALBAlbemarle Corporation	0.05%	4,517	$638,884	added+17%	+0.02 pp	2 q
BABAAlibaba Group Holding Limited	0.05%	4,060	$595,115	held	—	20 q
BZHBeazer Homes USA, Inc. New	0.05%	31,872	$646,045	added+17%	−0.01 pp	3 q
BSMBlack Stone Minerals, L.P.	0.05%	49,829	$662,227	added+17%	0.00 pp	3 q
CNXCConcentrix Corporation	0.05%	13,973	$580,997	trimmed−1%	−0.01 pp	20 q
DVNDevon Energy Corporation	0.05%	16,565	$606,776	added+17%	+0.01 pp	3 q
EMBCEmbecta Corp.	0.05%	48,191	$572,509	added+17%	0.00 pp	3 q
SIRISirius XM Holdings, Inc	0.05%	30,120	$602,249	added+17%	0.00 pp	3 q
HLFHerbalife Ltd.	0.05%	51,480	$663,577	added+17%	+0.02 pp	3 q
CNCCentene Corporation	0.04%	12,048	$495,775	added+17%	+0.01 pp	3 q
LPGDorian Lpg Ltd	0.04%	22,589	$549,816	added+17%	−0.01 pp	3 q
CCSIConsensus Cloud Solutions, Inc.	0.03%	15,574	$339,825	trimmed−33%	−0.03 pp	3 q
PSECProspect Capital Corporation	0.03%	162,953	$422,048	added+17%	0.00 pp	4 q
AMNAMN Healthcare Services	0.02%	18,072	$284,815	added+17%	−0.01 pp	2 q
BAXBaxter International Inc.	0.02%	9,739	$221,757	held	—	20 q
FMCFMC Corporation	0.02%	20,152	$279,508	trimmed−91%	−0.63 pp	18 q
OECOrion S.A.	0.02%	39,157	$206,749	added+17%	0.00 pp	3 q
MICCThe Magnum Ice Cream Company N.V.	0.02%	12,438	$197,142	new	+0.02 pp	new
TTENTotalenergies SE -spon ADR	—	−132,189	—	exited	−0.69 pp	—
unresolvedUnilever Spn.Adr 1:1	—	−62,616	—	exited	−0.32 pp	—
GOOGAlphabet Inc. Class C	—	−6,272	—	exited	−0.13 pp	—
WTFCWintrust Financial Corp	—	−9,052	—	exited	−0.10 pp	—
CVECenovus Energy Inc.	—	−46,942	—	exited	−0.07 pp	—
EIGEmployers Holdings, Inc.	—	−19,364	—	exited	−0.07 pp	—
WMKWeis Markets, Inc.	—	−11,610	—	exited	−0.07 pp	—