Tweedy Browne

Tweedy Browne

Last Update: 02-10-2016
Related: Tweedy Browne Global Value

Number of Stocks: 49
Number of New Stocks: 0

Total Value: $3,405 Mil
Q/Q Turnover: 1%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Tweedy Browne' s Profile & Performance

Profile

Tweedy, Browne is an investment partnership owned by its four Managing Directors, William H. Browne, John D. Spears, Thomas H. Shrager, and Robert Q. Wyckoff, Jr. The operations of Tweedy, Browne are managed by its Management Committee consisting of Christopher H. Browne, William H. Browne and John D. Spears. This investment partnership has been recognized by Warren Buffett as Graham-Doddsville Superinvestors. The Firm has been in the investment business for close to 90 years. Benjamin Graham, through his investment in Graham-Newman Corp., was one of Tweedy's brokerage clients in the 1930s and 1940s.

Web Page:http://www.tweedy.com/

Investing Philosophy

The Tweedy Browne investment approach derives from the work of Benjamin Graham. Their research seeks to appraise the worth of a company, what Graham called "intrinsic value," by determining its acquisition value, or by estimating the collateral value of its assets and/or cash flow. Investments are made at a significant discount to intrinsic value, normally 40% to 50%, which Graham called an investor's "margin of safety." Investments are sold as the market price approaches intrinsic value, with the proceeds reinvested in other situations offering a greater discount to intrinsic value.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Tweedy Browne Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-5.391.19-6.6
20144.0213.69-9.7
201322.6832.39-9.7
3-Year Cumulative20.7 (6.5%/year)52.3 (15.1%/year)-31.6 (-8.6%/year)
201215.4516-0.6
2011-1.752.11-3.9
5-Year Cumulative36.9 (6.5%/year)80.4 (12.5%/year)-43.5 (-6%/year)
201010.5115.06-4.6
200927.626.461.1
2008-24.37-3712.6
20070.65.49-4.9
200611.6215.79-4.2
10-Year Cumulative64 (5.1%/year)102 (7.3%/year)-38 (-2.2%/year)
20052.34.91-2.6
20049.4210.88-1.5
200323.2428.68-5.4
2002-14.91-22.17.2
2001-0.08-11.8911.8
15-Year Cumulative92.4 (4.5%/year)107.5 (5%/year)-15.1 (-0.5%/year)
200014.45-9.123.6
1999-0.4921.04-21.5
199814.0728.58-14.5
19974.0733.36-29.3
19968.6722.96-14.3
20-Year Cumulative182.6 (5.3%/year)381.4 (8.2%/year)-198.8 (-2.9%/year)
19953.0537.58-34.5
1994-3.661.32-5.0

Top Ranked Articles

Tweedy Browne Reopens Global Value Fund II Fund will accept new investors starting Feb. 1
Re-opening of Tweedy Browne (Trades, Portfolio) Global Value Fund II Read more...
Tweedy Browne Cuts Alphabet, Union Pacific and Philip Morris The guru also reduces positions in AGCO, Walmart, Now and Unilever
Tweedy Browne cut many of its stakes below 0.2% in the third quarter. It is an investment partnership owned by its four managing directors – William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff Jr. Read more...
Tweedy Browne Comments on Standard Chartered Bank Guru stock highlight
We have also made an investment (in multiple lot purchases over the last two years) in Standard Chartered Bank (LSE:STAN), a UK-headquartered but largely emerging-market-dependent bank that again in our view was conservatively financed by deposits well in excess of loans, and has, in our opinion, one of the best banking networks across Asia, the Middle East, Africa and other emerging markets. Unlike our other Asian bank holdings, Standard Chartered has incurred above average loan losses and recently replaced senior management and undertaken multiple steps to address what we consider to be “fixable” problems. While this process may, and usually does, take longer than expected, we are optimistic that the bank will be able to get through this difficult period, and ultimately emerge stronger and more profitable. As you can imagine, given the uncertainty around China’s future growth (as evidenced by the recent devaluation of the yuan), these bank investments have not been getting the votes from “Mr. Market” over the near term; however, over the longer Read more...
How to Pick Value Stocks Putting together your high quality, high potential, net-net stock strategy
I find it ironic that more research is being done today than at any point in time in the past, yet a lot of value investors are failing to beat the market. Read more...
3M Misses Revenue Estimate and Announces Layoffs In the third quarter, 3M missed analysts’ estimate by $140 million and announced a restructuring that would lay off 1,500 workers
Industrial stock, 3M (NYSE:MMM) recently reported its earnings results for the third quarter of 2015. For the quarter the firm missed analysts’ average revenue estimate by $140 million while also reporting a restructuring that would cut 1,500 jobs. As the industrial sector continues to see reduced revenue in tandem with declining energy sector profits, 3M is yet another large industrial corporation lagging in revenue growth and requiring expense reductions through employee layoffs. Read more...
» More Tweedy Browne Articles
Tweedy, Browne is an investment management firm established in 1920 by Bill Tweedy. Originally serving as a broker-dealer of illiquid and closely-held securities, Tweedy’s practice entered the limelight when he met legendary investor, Benjamin Graham.

Graham, a professor at Columbia Business School, concluded that there were more rewards to be had in managing money then teaching how to do so. As such, when Graham embarked on his investment career, Tweedy’s practice fell in line with Graham’s philosophy. In fact, Graham would serve as Tweedy’s largest client, with a relationship so closely knitted, their respective practices laid side by side on 52 Wall Street.

Tweedy, Browne’s prominence would lead to future relationships with legendary investors such as Schloss and Buffett. In 1959, the original partners launched their own investment vehicle that would serve as the foundation of the modern-day Tweedy, Browne. Currently, the firm is led by a quadruplet of managing directors: William H. Browne, Thomas H. Shrager, John D. Spears and Robert Q. Wyckoff.

In terms of operations, when considering assets under management in descending value, the fund utilizes four primary funds: Global Value, Global Value II, Value Fund, and the Worldwide High Dividend Yield fund. Although there are differences in the specialty of each of the aforementioned funds, each fund seeks “long-term growth of capital” in equities that Tweedy, Browne feels is undervalued. The only differentiating factor of the dividend yield fund is that it seeks investments in companies with an established history of above-average dividends.

Inherently, the firm utilizes a value-oriented approach to their investments. This approach involves the key step of rendering an intrinsic value of an equity through due diligence. Once this valuation is established, an investment is made only if a significant margin of safety can be established.

Tweedy, Browne’s holding policy is to sell a security as it approaches its intrinsic value, in order to reinvest the capital into other opportunities. To actually render the valuation and to conduct due diligence, the balance sheet and income statements are heavily stressed. In addition, it is the firm’s philosophy not to invest more than 3-5% of each fund into a single asset, nor to limit their investments by capitalization size. Key characteristics sought are:

A. Low P/B ratio
B. Low P/E ratio
C. Above average dividend yield
D. Low P/S ratio
E. Increased insider buys
F. Prices trading far from highs
G. Low corporate leverage

In terms of performance, the value fund will be utilized as the focal point of representation of the fund due to its representative profile. For the two most recent years, the fund returned 27.60% and 10.51% respectively. Comparatively speaking, the S&P 500 returned 26.47% and 15.06% for the same period. Currently, the fund has a return of 5.18% for the year, versus the benchmark’s return of 7.82%. However, when the fund is examined in terms of its long term performance, it has outperformed the benchmark. The 10-year cumulative return of the fund is 42.7% vs. the benchmark return of 16.4%. Since the value fund’s inception in 1993, it has returned 8.74% annually vs. the benchmark’s return of 8.28%.

Looking forward, the firm acknowledges that there is a great deal of uncertainty and turmoil in the world, with conflicts and natural disasters plentiful. However, they maintain that their philosophy of investing into nations with a liberal range of economic freedom and stability serves as a margin of safety in itself. Furthermore, Tweedy, Browne feels that their portfolios are not overpriced when compared against the S&P, although they admit that they feel that overall valuations are rising. As such, they remain “cautiously optimistic” regarding moving forward.

Commentaries and Stories

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Tweedy Browne Reopens Global Value Fund II Fund will accept new investors starting Feb. 1 Tweedy Browne - Tweedy Browne Reopens Global Value Fund II
Re-opening of Tweedy Browne (Trades, Portfolio) Global Value Fund II More...

TWEEDY & BROWNE FOURTH QUARTER,COMMENTARY,VALUE INVESTING,


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Tweedy Browne Fund 4th Quarter Commentary Value managers post modestly positive returns in quarter Tweedy Browne - Tweedy Browne Fund 4th Quarter Commentary
The Tweedy, Browne Funds produced modestly positive returns in the 4th quarter of 2015, capping off what was in general a rather difficult year for value investors. Each Fund’s cash reserves, low weightings in Japan and the U.S., oil & gas component, and overall value exposure weighed on relative returns. The spread between the value and growth components of the benchmark indices widened considerably in favor of growth during the year. In fact, the so called “FANG” stocks (Facebook, Amazon, Netflix, and Google), which, in our view, trade at exorbitant multiples of earnings power, accounted for about half the return of the MSCI World Index when measured in local currencies. While this kind of divergence is not at all uncommon in the later stages of a bull market as equity valuations become untethered from underlying intrinsic value, it’s hard to recall a previous period when the so called “smart money” seemed so dumb. More...

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Tweedy Browne Cuts Alphabet, Union Pacific and Philip Morris The guru also reduces positions in AGCO, Walmart, Now and Unilever Tweedy Browne,Warren Buffett,Paul Tudor Jones,Mari - Tweedy Browne Cuts Alphabet, Union Pacific And Philip Morris
Tweedy Browne cut many of its stakes below 0.2% in the third quarter. It is an investment partnership owned by its four managing directors – William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff Jr. More...

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Tweedy Browne Comments on Standard Chartered Bank Guru stock highlight
We have also made an investment (in multiple lot purchases over the last two years) in Standard Chartered Bank (LSE:STAN), a UK-headquartered but largely emerging-market-dependent bank that again in our view was conservatively financed by deposits well in excess of loans, and has, in our opinion, one of the best banking networks across Asia, the Middle East, Africa and other emerging markets. Unlike our other Asian bank holdings, Standard Chartered has incurred above average loan losses and recently replaced senior management and undertaken multiple steps to address what we consider to be “fixable” problems. While this process may, and usually does, take longer than expected, we are optimistic that the bank will be able to get through this difficult period, and ultimately emerge stronger and more profitable. As you can imagine, given the uncertainty around China’s future growth (as evidenced by the recent devaluation of the yuan), these bank investments have not been getting the votes from “Mr. Market” over the near term; however, over the longer More...

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Tweedy Browne Investment Advisers' Semi-Annual Letter to Shareholders Perspective from a firm a few years shy of its 100-year anniversary Tweedy Browne - Tweedy Browne Investment Advisers' Semi-Annual Letter To Shareholders
Slowing growth in China, the world’s second largest economy, coupled with uncertainty surrounding the prospective normalization of interest rates in the United States sent tremors through global equity markets over the last several months. After a rather short lived and furious correction in late August and early September, global equity markets regained their footing and, as we write, have taken back much of the ground they lost as summer came to an end. More...

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How to Pick Value Stocks Putting together your high quality, high potential, net-net stock strategy Warren Buffett,Tweedy Browne - How To Pick Value Stocks
I find it ironic that more research is being done today than at any point in time in the past, yet a lot of value investors are failing to beat the market. More...

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Tweedy, Browne Net Net Stock Darling Shinko Shoji Now Up 49% PE of 15, a Price to NCAV of 73%, the stock is still a buy Joel Greenblatt,Tweedy Browne - Tweedy, Browne Net Net Stock Darling Shinko Shoji Now Up 49%
Tweedy, Brown net net darling Shinko Shoji is now up 49% from Net Net Hunter's initial review of the company in July of 2014. More...

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Tweedy, Browne Global Value Fund 3Q 2015 Letter to Shareholders Managers comment on third quarter activity Tweedy Browne - Tweedy, Browne Global Value Fund 3Q 2015 Letter To Shareholders
The third quarter in global equity markets was characterized by a dramatic increase in equity market volatility, seemingly driven in large part by concerns about slowing growth in China, the devaluation of the yuan, volatile oil prices, and the prospect for an increase in U.S. interest rates. While the Tweedy, Browne Funds finished the quarter in the red, all, with the exception of the Worldwide High Dividend Yield Value Fund, bested their respective benchmark indices, with our two international Funds, Global Value and Global Value II, doing so by a considerable margin. Near quarter-end, equity markets began to rebound, and as we write, they have regained much of the ground that was lost in August and early September, and the same holds true for the Tweedy, Browne Funds. More...

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3M Misses Revenue Estimate and Announces Layoffs In the third quarter, 3M missed analysts’ estimate by $140 million and announced a restructuring that would lay off 1,500 workers First Eagle Investment,Tweedy Browne - 3M Misses Revenue Estimate And Announces Layoffs
Industrial stock, 3M (NYSE:MMM) recently reported its earnings results for the third quarter of 2015. For the quarter the firm missed analysts’ average revenue estimate by $140 million while also reporting a restructuring that would cut 1,500 jobs. As the industrial sector continues to see reduced revenue in tandem with declining energy sector profits, 3M is yet another large industrial corporation lagging in revenue growth and requiring expense reductions through employee layoffs. More...

INDUSTRIALS


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Tweedy Browne Reduces 33 Stakes in Portfolio Tweedy Browne - Tweedy Browne Reduces 33 Stakes In Portfolio
For nearly a century, Tweedy Browne (Trades, Portfolio) has been advising investors and managing funds in accord with the principles of Benjamin Graham. Last year, Tweedy Browne (Trades, Portfolio)’s strategy produced better than a 4% return. In the two preceding years, the returns were in double digits – 22.68% in 2013 and 15.45% in 2012. More...

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Tweedy Browne Comments on Hyundai Motor Co And Kia Motors Corp
Two of our more recent purchases, Hyundai Motor (XKRX:005380) and Kia (XKRX:000270), belong to the same “chaebol” in South Korea, and both have demonstrated an ability to grow their intrinsic values at attractive rates over the longer term. They have become significantly more competitive against their Japanese rivals in recent years as quality and customer satisfaction ratings have risen at both companies. At purchase, both companies were trading at discounts to book value, less than 10X earnings and at substantial discounts to our estimates of their intrinsic values. More...

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Tweedy Browne Comments on TNT Express NV
We also had a very nice return in TNT Express (XAMS:TNTE) in our two international Funds, Global Value and Global Value II, after Federal Express announced that it would be acquiring the company. Just after first quarter end, Federal Express announced that it would be acquiring TNT Express, the Dutch parcel company, in an all cash offer of eight euros/share, or a 37% and 39% premium over our cost in the shares. As you will recall, we purchased TNT a couple of years back, after its previously proposed merger with UPS fell apart when European regulators failed to approve the deal, feeling it would be anti-competitive. We believe there should be no competitive issues with Federal Express this time, as its footprint in Europe is much smaller than that of UPS. Federal Express was able to use a strong currency (the US dollar), and extremely low-cost debt to secure a deal that we believe is attractive for all parties to the transaction. More...

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Tweedy, Browne 2nd Quarter 2015 Commentary Tweedy Browne - Tweedy, Browne 2nd Quarter 2015 Commentary
Concerns about Greece’s possible exit from the eurozone and a sharply correcting Chinese equity market appeared to drive global equity indices lower around quarter-end, forcing benchmark indices (in local currency) and in turn, our Funds’ returns into flat to marginally negative territory for the quarter. All sectors and most industry groups finished the quarter in the red. This increase in equity market volatility, which occurred during the quarter, continues as we write this update, and we are hopeful this portends pricing opportunities for our Funds in the weeks and months ahead. More...

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Tweedy Browne Investment Adviser’s Annual Letter to Shareholders 2015
“We live in interesting times” is a frequently used phrase believed to derive from an earlier expression, “may you live in interesting times,” the origin of which is murky. In either version the intent is to convey a sense of an uncertain, unpleasant world. While there is little doubt we live in interesting times, we hesitated using this phrase in our letter, concerned that the expression carries with it a degree of alarm that we don’t necessarily share. We believe a more apt description of where we are today is that “we live in hard-to-figure-out times.” And yet, many global equity markets have continued marching onwards and upwards. More...

SHAREHOLDER LETTER, STOCKS


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Tweedy Browne Fund First Quarter 2015 Commentary
1st Quarter 2015 More...

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Tweedy Browne Increases Stakes in HAL and COP During 1Q2015
During 1Q2015, Tweedy Browne (Trades, Portfolio) recently increased his stakes in ConocoPhillips (NYSE:COP) and Haliburton Co (NYSE:HAL), according to GuruFocus Real Time Picks. More...

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Guru Stocks at 52-Week Lows: AXP, ERIC, KOF, KORS, PNR
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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Top Weighted Stocks in Tweedy Browne Global Value Fund's Portfolio
Tweedy Browne (Trades, Portfolio) Global Value Fund focuses on investing in non-U.S. companies that have long-term growth. The Fund also uses intrinsic value to determine a company's collateral value, which was acquired through the late Benjamin Graham. More...

INTERNATIONAL STOCKS, HEALTHCARE, CONSUMER GOODS, RETAIL


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Tweedy Browne Sells Three Stakes, Buys Three New Ones Tweedy Browne - Tweedy Browne Sells Three Stakes, Buys Three New Ones
The Tweedy Browne (Trades, Portfolio) Global Value Fund, an investment advisory and fund management firm dedicated to the principles of Benjamin Graham and David Dodd, has a quarter-over-quarter turnover rate of 3% – which, in a portfolio that has nearly 100 stocks, means an approximate turnover of three stocks in a quarter. More...

STOCKS, INVESTMENT, LONG, INTERNATIONAL


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Tweedy Browne Global Fund Finds Opportunities in Asia Tweedy Browne - Tweedy Browne Global Fund Finds Opportunities In Asia
The Tweedy Browne (Trades, Portfolio) Global Fund saw opportunities in the Asia region, buying two Hong Kong stocks and one South Korean stock in Q1 2015. More...

TWEEDY BROWNE GLOBAL FUND, ASIA, INTERNATIONAL


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