Dark
Light
System
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 (2014Q3)
Portfolio Summary: 202 holdings with a total value of $1,084,411,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 BERKSHIRE HATHAWAY INC DEL 505,019 69,763,000 6.43%
2 EXXON MOBIL CORP 513,987 48,340,000 4.46%
3 NESTLE SA SPONSORED ADR REPSTG 514,978 37,918,000 3.50%
4 INTERNATIONAL BUSINESS MACHS 196,175 37,240,000 3.43%
5 MARKEL CORP 54,343 34,570,000 3.19%
6 COCA COLA CO 745,417 31,799,000 2.93%
7 CANADIAN NATL RY CO 427,157 30,311,000 2.80%
8 MASTERCARD INCORPORATED 408,405 30,189,000 2.78%
9 AMERICAN EXPRESS CO 327,123 28,636,000 2.64%
10 BROWN FORMAN CORP CL B 316,002 28,510,000 2.63%
11 BECTON DICKINSON & CO 246,014 27,999,000 2.58%
12 NOVARTIS A G 292,420 27,525,000 2.54%
13 DIAGEO P L C 233,385 26,933,000 2.48%
14 DEERE & CO 326,202 26,745,000 2.47%
15 LIBERTY GLOBAL PLC 608,235 24,947,000 2.30%
16 COLGATE PALMOLIVE CO 377,642 24,630,000 2.27%
17 SCHLUMBERGER LTD 238,517 24,255,000 2.24%
18 SMUCKER J M CO 238,101 23,570,000 2.17%
19 DirectTV Com 259,980 22,493,000 2.07%
20 Heineken NV ADR (Spon) 579,473 21,661,000 2.00%
21 PRAXAIR INC 154,392 19,917,000 1.84%
22 LOEWS CORP 471,257 19,633,000 1.81%
23 EMERSON ELEC CO 301,945 18,896,000 1.74%
24 MERCK & CO INC 295,498 17,517,000 1.62%
25 JOHNSON & JOHNSON 163,681 17,447,000 1.61%
26 PLUM CREEK TIMBER 418,173 16,313,000 1.50%
27 M & T BK CORP 129,718 15,993,000 1.47%
28 GOOGLE INC 27,528 15,894,000 1.47%
29 BERKSHIRE HATHAWAY INC DEL 66 13,655,000 1.26%
30 APPLE INC 133,925 13,493,000 1.24%
31 ISHARES NASDAQ BIOTECHNOLOGY ETF 22,753 13,388,000 1.23%
32 WAL-MART STORES INC 158,590 12,127,000 1.12%
33 LIBERTY MEDIA CORP 242,530 11,396,000 1.05%
34 PROCTER AND GAMBLE CO 135,113 11,314,000 1.04%
35 MICROSOFT CORP 242,305 11,233,000 1.04%
36 VERISK ANALYTICS INC 173,185 10,545,000 0.97%
37 CHEVRON CORP NEW 84,131 10,039,000 0.93%
38 SIGMA ALDRICH 58,779 7,995,000 0.74%
39 AUTOMATIC DATA PROCESSING IN 86,824 7,213,000 0.67%
40 LIBERTY MEDIA SER A 148,165 6,990,000 0.64%
41 GENERAL ELECTRIC CO 255,256 6,540,000 0.60%
42 PHILIP MORRIS INTL INC 72,045 6,009,000 0.55%
43 3M CO 38,742 5,489,000 0.51%
44 PEPSICO INC 57,849 5,385,000 0.50%
45 CONOCOPHILLIPS 67,610 5,174,000 0.48%
46 MCDONALDS CORP 53,867 5,107,000 0.47%
47 UNITED TECHNOLOGIES CORP 46,253 4,884,000 0.45%
48 TRANSDIGM GROUP INC COM 22,992 4,238,000 0.39%
49 JPMORGAN CHASE & CO 69,099 4,163,000 0.38%
50 NORFOLK SOUTHN CORP 36,924 4,121,000 0.38%
Page 1 of 5

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001308527-14-000005, filed 2014.10.24).

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.