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Institutional Investment Manager
Douglass Winthrop Advisors, LLC
Douglass Winthrop Advisors, LLC (CIK: 0001308527) incorporated in Delaware, located at 521 Fifth Avenue, New York, NY. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q1)
Portfolio Summary: 195 holdings with a total value of $1,013,056,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 BERKSHIRE HATHAWAY INC DEL 487,056 60,867,000 6.01%
2 EXXON MOBIL CORP 511,774 49,990,000 4.93%
3 Nestle S.A. ADR 497,670 37,435,000 3.70%
4 INTERNATIONAL BUSINESS MACHS 186,985 35,993,000 3.55%
5 MARKEL CORP 53,289 31,766,000 3.14%
6 MASTERCARD INCORPORATED 394,545 29,473,000 2.91%
7 AMERICAN EXPRESS CO 324,222 29,190,000 2.88%
8 COCA COLA CO 746,777 28,870,000 2.85%
9 BECTON DICKINSON & CO 240,819 28,195,000 2.78%
10 BROWN FORMAN CORP 313,744 28,140,000 2.78%
11 DIAGEO P L C 212,967 26,534,000 2.62%
12 EMERSON ELEC CO 390,865 26,110,000 2.58%
13 DEERE & CO 287,072 26,066,000 2.57%
14 GOOGLE INC 22,524 25,103,000 2.48%
15 NOVARTIS A G 286,520 24,360,000 2.40%
16 COLGATE PALMOLIVE CO 362,422 23,510,000 2.32%
17 CANADIAN NATL RY CO COM 416,885 23,437,000 2.31%
18 SMUCKER J M CO 230,136 22,378,000 2.21%
19 DirectTV Com 289,580 22,130,000 2.18%
20 SCHLUMBERGER LTD 214,767 20,940,000 2.07%
21 LOEWS CORP 460,832 20,300,000 2.00%
22 HEINEKEN N V SPONS ADR LEVEL 1 569,778 19,868,000 1.96%
23 PRAXIAR INC 145,177 19,014,000 1.88%
24 LIBERTY GLOBAL PLC 465,500 18,951,000 1.87%
25 MERCK & CO INC 307,497 17,457,000 1.72%
26 JOHNSON & JOHNSON 162,686 15,981,000 1.58%
27 LABORATORY CORP AMER HLDGS 159,625 15,677,000 1.55%
28 M & T BK CORP 125,103 15,175,000 1.50%
29 PLUM CREEK TIMBER 316,168 13,292,000 1.31%
30 WAL-MART STORES INC 173,340 13,248,000 1.31%
31 BERKSHIRE HATHAWAY INCDEL CL A 66 12,365,000 1.22%
32 PROCTER AND GAMBLE CO 133,726 10,778,000 1.06%
33 CHEVRON CORP NEW 86,445 10,279,000 1.01%
34 VERISK ANALYTICS INC 168,540 10,106,000 1.00%
35 APPLE INC 18,418 9,886,000 0.98%
36 MICROSOFT CORP 235,954 9,672,000 0.95%
37 AUTOMATIC DATA PROCESSING IN 87,334 6,747,000 0.67%
38 PHILIP MORRIS INTL INC 76,803 6,288,000 0.62%
39 GENERAL ELECTRIC CO 233,172 6,037,000 0.60%
40 SIGMA ALDRICH 60,263 5,627,000 0.56%
41 3M CO 38,265 5,191,000 0.51%
42 MCDONALDS CORP 50,732 4,973,000 0.49%
43 UNITED TECHNOLOGIES CORP CMN 42,061 4,914,000 0.49%
44 CONOCOPHILLIPS 66,310 4,665,000 0.46%
45 PepsiCo Inc 54,025 4,511,000 0.45%
46 JPMORGAN CHASE & CO 68,302 4,147,000 0.41%
47 AT&T Inc 109,704 3,847,000 0.38%
48 TIFFANY & CO NEW 42,550 3,666,000 0.36%
49 NORFOLK SOUTHERN CORP 37,149 3,610,000 0.36%
50 TIMKEN CO 57,559 3,383,000 0.33%
Page 1 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Restatement filing (0001308527-14-000003, filed 2014.04.17).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.