Tweedy Browne

Tweedy Browne

Last Update: 05-05-2015
Related: Tweedy Browne Global Value

Number of Stocks: 47
Number of New Stocks: 0

Total Value: $3,705 Mil
Q/Q Turnover: 0%

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 (%)
20144.0213.69-9.7
201322.6832.39-9.7
201215.4516-0.6
3-Year Cumulative47.3 (13.8%/year)74.6 (20.4%/year)-27.3 (-6.6%/year)
2011-1.752.11-3.9
201010.5115.06-4.6
5-Year Cumulative60 (9.9%/year)105.1 (15.5%/year)-45.1 (-5.6%/year)
200927.626.461.1
2008-24.37-3712.6
20070.65.49-4.9
200611.6215.79-4.2
20052.34.91-2.6
10-Year Cumulative77.3 (5.9%/year)109.4 (7.7%/year)-32.1 (-1.8%/year)
20049.4210.88-1.5
200323.2428.68-5.4
2002-14.91-22.17.2
2001-0.08-11.8911.8
200014.45-9.123.6
15-Year Cumulative132.7 (5.8%/year)86.4 (4.2%/year)46.3 (1.6%/year)
1999-0.4921.04-21.5
199814.0728.58-14.5
19974.0733.36-29.3
19968.6722.96-14.3
19953.0537.58-34.5
20-Year Cumulative207.8 (5.8%/year)554.6 (9.8%/year)-346.8 (-4%/year)
1994-3.661.32-5.0

Top Ranked Articles

Christopher Browne of Tweedy Browne: A Tribute
I wanted to devote an article to a legendary guru Christopher Browne who recently passed away. Christopher Browne passed away of a heart attack this past Sunday December 13th. Browne joined Tweedy Browne in 1969 and became a director in 1974. He remained at this position until two years ago when he stepped down due to health problems. According to the New York Times Christopher Browne helped Warren Buffett take control of Berkshire Hathaway in the 1960s. Read more...
Blackrock and Tweedy Browne Offer Some Perspective on Current Volatility
Tweedy, Browne 2010 Annual Report Stocks Highlights: LUK, JNJ, SYY, GLD, CSCO
Tweedy, Browne Company LLC is a value-oriented money management firm that bases itself on the principles of Ben Graham. They invest outside the United States using the same strategy of buying undervalued common stocks. They also look for companies with above-average dividend yields and an established history of paying dividends. The Tweedy, Browne Global Value Fund returned 10.59% over the year ended March 31, 2011. Read more...
Tweedy Browne Annual Report
I recently posted Third Avenue's Quarterly Shareholder Letter. I thought the letter contained valuable information on value investing, and the current economic crisis. Tweedy Browne is another Value Fund which I follow closely. Many people have stated that Tweedy Browne has the closest investment style to Benjamin Graham. They are classic value investors who place a heavy emphasis on quantitative factors. Tweedy Browne runs several value mutual funds. Tweedy Browne was started in 1920 in the days of Graham. Read more...
Tweedy Browne Keeps Buying JNJ, WFC, FII, BK, MA, ANAT, Selling PM, BAX, KOF, BRK.A, UNP
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. 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 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 (COP) and Haliburton Co (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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Rating: 4.8/5 (6 votes)

Can This Pig Farmer Teach You Value Investing? Tweedy Browne - Can This Pig Farmer Teach You Value Investing?
A pig farmer isn't the first place value investors look to improve their craft, but the returns this one achieved with such a simple strategy will amaze you. More...

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Torchmark´s Dividend Hike Does Not Justify Its Market Price
In this article, let's take a look at Torchmark Corporation (TMK), a $6.95 billion market cap company, which provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand. More...

STOCKS, DIVIDEND


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Three Gurus Invest in Chilean Conglomerate in Fourth Quarter Charles de Vaulx, Tweedy Browne - Three Gurus Invest In Chilean Conglomerate In Fourth Quarter
Three gurus have made large investments recently in Antofagasta PLC (ANTO.UK). Antofagasta may not be a household word in America, but it is one of the most important conglomerates in Chile. It has offices in London as well as Chile and is listed on the London Stock Exchange, where it is the 33rd-largest company. More...

Chile, Copper, Antofagasta, Mining, Commodities


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Inside One of Value Investing’s Greatest Minds: Chris Browne Tweedy Browne,Warren Buffett - Inside One Of Value Investing’s Greatest Minds: Chris Browne
Beating the stock market is actually quite simple, so why do most investors find market-beating returns so elusive? More...

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Tweedy Browne Fund Q4 2014 Commentary
Global and international equity market indices (in local currency) moved higher in the 4th quarter despite increasing equity market volatility caused in part by the continued rapid decline in oil prices. With respect to relative performance comparisons, it was a difficult quarter for the Tweedy, Browne Funds largely due to their underweightings in US equities and their overweightings in energy related holdings. The absolute and relative results since inception for all of our Funds remain strong. More...

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Guru Stocks at 52-Week Lows: VZ, T, IBM, RY, MCD TWEEDY BROWNE, JOHN HUMMA JOEL GREENBLATT, RUANE C - Guru Stocks At 52-Week Lows: VZ, T, IBM, RY, MCD
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

52 week lows, MOBILE, TECHNOLOGY


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Weekly Guru Bargains Highlights: BSBR, BBVA, PBR.A, BBL, PKX
According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

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Rating: 2.7/5 (3 votes)

Use this Critical Concept to Pick Better Value Stocks Tweedy Browne,Warren Buffett - Use This Critical Concept To Pick Better Value Stocks
People fear risk to such an extent, they tend to make the bulk of their decisions based on trying not to lose— which is often the suboptimal strategy if your goal is to profit. More...

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The Top 5 European Stocks Held During Q3 Tweedy Browne,Brian Rogers - The Top 5 European Stocks Held During Q3
GuruFocus publishes the implied future returns for the 18 largest stock markets in the world, which can be found on the Global Market Valuation page under the Market tab. More...

INTERNATIONAL, EUROPE, SANOFI, ROCHE, GLAXOSMITHKLINE, TESCO, CHRISTIAN DIOR


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Tweedy Browne's Recent Stock Purchases Still Try to Follow Graham's Philosophy During the Market's All-Time High Warren Buffett,Tweedy Browne - Tweedy Browne's Recent Stock Purchases Still Try To Follow Graham's Philosophy During The Market's All-Time High
Tweedy Browne (Trades, Portfolio) has been in business for almost 90 years and even had Benjamin Graham, the father of investing, as a client between 1930 and 1940. This investment partnership is owned by William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff, Jr. More...

BENJAMIN GRAHAM, TWEEDY BROWNE CPMAPNY LLC, WILLIAM BROWNE, JOHN SPEARS, ROBERT WYCKOFF


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Tweedy Browne’s Q3 2014 Commentary
Volatility returned to global equity markets near the end of the third quarter, helping to drive international and global indices off their previous highs. Largely due to declines in energy related shares, an underweighting in US-based companies, and a strengthening US dollar, all four of our Funds finished the quarter modestly in the red. The US dollar was up against most major currencies between 5% and 8% during the quarter, negatively impacting currency translated returns, particularly into our two unhedged Funds. With the exception of our Unhedged Global Value Fund’s return, which was marginally negative, our other Funds finished the year-to-date period in positive territory. While volatility is unsettling to many, it does carry with it potential opportunities to put some of our cash reserves to work. More...

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Why Hedge Fund Guru Charles Brandes Sold Out Total S.A.?
In this article, let´s consider Total S.A. (TOT), a $154.1 billion market cap, which has a trailing P/E ratio that indicates that the stock is relatively undervalued (PE 12.6x vs Industry Median 13.9x). More...

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Tweedy Browne’s Second Quarter 2014 Commentary
With the VIX (proxy for market volatility) at its lowest level since 2007, it is not surprising that investors’ tolerance for risk appears to be growing, as evidenced by the continued strength in global equities and most other financial instruments. In a fascinating study conducted by John Coates, a research fellow at Cambridge, linking risk taking to physical responses to stress, it was shown that when market volatility is high, cortisol (the “stress hormone”) levels increase, causing investor appetite for risk to decline. Conversely, when levels of market volatility are low, cortisol levels remain largely unaffected, resulting in a greater willingness on the part of investors to take on risk. One could argue that the complete transparency of central bank monetary policy around the globe, particularly in the United States, has caused the release of “one of the most powerful potential brakes on excessive risk taking in stocks.”† Whether or not we have reached bubble territory is subject to debate, but investors should be cognizant that, if risk is indeed largely predicated on the price one pays for a security, it is no time for complacency. As you well know, we are not More...

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