Tweedy Browne Keeps Buying JNJ, WFC, FII, BK, MA, ANAT, Selling PM, BAX, KOF, BRK.A, UNP
The firm has been in the investment business for close to 90 years. In the 1920s, Benjamin Graham noticed that the brokerage had many securities trading below their intrinsic value and decided to use Tweedy Browne as his broker. Graham became their prime customer for many decades and Tweedy Browne opened an office next to Graham. It was through Graham that the original partners of the firm developed brokerage relationships with investment legends Walter Schloss and Warren Buffett, and met Tom Knapp, who joined the firm in 1957 from Graham-Newman and led its conversion from broker to investor.
Recently, Tweedy, Browne Company LLC is an American investment advisory and fund management firm. It managed in May 2009 almost $6 billion in separate accounts and three mutual funds. The partnership mostly invests in non-cyclical consumer goods [27.02%] and financials [22.40%]. Now, Browne has more than $655.9 million in portfolios combined with or similar to client portfolios, including approximately $96.8 million in the Global Value Fund and $55.7 million in the Value Fund, $4.8 million in the Worldwide High Dividend Yield Value Fund and $3.1 million in the Global Value Fund II.
All of the funds are managed in accordance to the principles of value investing as popularized by 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.
Stocks That Tweedy Browne Keeps Buying
No. 1: Johnson & Johnson (JNJ), Weightings: 6.5273% - 2,974,366 Shares
Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. Johnson & Johnson has a market cap of $168.78 billion; its shares were traded at around $61.59 with a P/E ratio of 12.6 and P/S ratio of 2.74. The dividend yield of Johnson & Johnson stocks is 3.7%. Johnson & Johnson had an annual average earnings growth of 9.3% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4-star Stock prices have been overall declining in the last month with -4.58% and 2011-to-date with -0.55%. Warren Buffett has $2.8 billion invested in JNJ.
Goldman Sachs recently Johnson & Johnson's rating from "buy" to "neutral" based on concerns that Xarelto will fail to beat market expectations and that the company's Medical Devices and Diagnostics segment will face market challenges.
The company's sales will also become increasingly dependent on new products--rising from 5% of total revenue in 2009 to likely more than 20% in 2014 thus making the firm more vulnerable to economic volatility. Although health products, as a general rule, are price inelastic, Johnson & Johnson's consumer segment products are exposed to intense competition from other brands. The company recently recalled 200,000 syringes for Eprex drug, which treats anemia, on the grounds of having low potency. Issues like this will mitigate sales for other products, especially those that have many competitor substitutes.
Tweedy Browne owns 2,974,366 shares of JNJ, valued as $198 million as of Jun. 30, 2011, which accounts for 6.5273% of his equity portfolio. Tweedy Browne added his positions in the Mar. 31, 2011 quarter by 8.08%, again in the Jun. 30, 2011 quarter by 3.87%. Tweedy Browne had this stock since early 2006 and held a constant position from for two years at about 400,000 shares. Then he has been raising his position ever since and now more than ever. The stock price has been fairly constant since 2006 except for a price drop between 2008 and 2009 when the position started to increase.
No. 2: Wells Fargo & Co. (WFC), Weightings: 3.4018% - 3,674,844 Shares
Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through stores, its Internet site and other distribution channels across North America as well as internationally. Wells Fargo & Co. has a market cap of $125.08 billion; its shares were traded at around $23.69 with a P/E ratio of 9.18 and P/S ratio of 1.34. The dividend yield of Wells Fargo & Co. stocks is 2.03%. Wells Fargo & Co. had an annual average earnings growth of 5.4% over the past 10 years. Stock prices have been declining last month with -4.32% and 2011-to-date with -24.08%. Warren Buffett has $9.9 billion invested in WFC.
Wells Fargo is among the top three most solid banks in the U.S. Regardless of the market volatility, the chances for these banks to not pay dividends on their preferred stocks are extremely slim. The company is one of the safest pick in the banking industry, given its capital reserves and well-managed mortgage exposure.
In July, WFC completed the conversion of 300 Wachovia Community Banking locations into WFC outlets across the southern half of Florida. When in June, the company already completed the conversion of Wachovia Community Banking operations in 363 Stores across north and central Florida and the greater Tampa. As a result of latest Wachovia branch conversions, more than 1.5 million customers can now access nearly 250 stores and more than 480 ATMs of WFC.
To give more benefits to customers at Maryland, South Carolina, and Washington, D.C., WFC has increased jobs and provided customers with more choices in checking, savings, and other products. The choices range from renters insurance to auto insurance to prevent theft and the ExpressSend remittance service is also provided.
Wells Fargo Insurance Services, a division of WFC, disclosed the completion of the acquisition of New Jersey-based Procomp Benefit Resources Inc. in early September.
Earlier in September, WFC also announced its plan to acquire LaCrosse Global Fund Services from Cargill Inc. LaCrosse is an independent hedge-fund administration and middle-office service provider company of Cargill. The deal is subject to certain regulatory approval in several jurisdictions.
The company has demonstrated its ability to assimilate local franchises, offering a wider range of products compared with the acquired company, thus increasing the number of options for its customers. This has been the driving force behind its growth in the recent years.
Tweedy Browne owns 3,674,844 shares of WFC, valued as $103 million as of Jun. 30, 2011, which accounts for 3.4018% of his equity portfolio. Tweedy Browne added his positions in the Mar. 31, 2011 quarter by 22.61%, again in the Jun. 30, 2011 quarter by 125%. Tweedy Browne had this stock in 2006 with almost 2.5 million shares and kept a minimal constant selling trend until mid-2008 when he sold out right before a massive price drop. Then a rebuy in late 2010 with over 1 million shares when stock price has been rising back to the drop in 2008 and 2009, then suddenly more than doubled his holdings last quarter to today’s position.
No. 3: Federated Investors Inc. (FII), Weightings: 1.6574% - 2,107,314 Shares
Federated Investors, Inc. is a provider of investment management and related financial services. Federated Investors Inc. has a market cap of $1.8 billion; its shares were traded at around $17.29 with a P/E ratio of 9.99 and P/S ratio of 1.89. The dividend yield of Federated Investors Inc. stocks is 5.55%. Federated Investors Inc. had an annual average earnings growth of 1% over the past 10 years.
The recent annual reported showed that it manages money market funds amounting to $244.8 billion in assets, fixed income funds at $31.9 billion and equity funds at $22.6 billion. The market has been bearish on listed funds. In fact, FII has declined by 35.63% for the year. Investors have been buying safe-haven investments these days. The stock has performed poorly over the last month, losing 22.91% and a 2.19% above its 52-Week Low. The Operating Profit Margin is 32.31%. The fear stems from the fact that this could be another financial crisis and large redemption will be prevalent.
The Donahue family, which started the business more than fifty years ago, continues to have a meaningful management and ownership interest. Despite being forced to offer large management fee waivers on money funds whose yields are close to zero, Federated continues to generate decent cash profits and high returns on invested capital.
Tweedy Browne owns 2,107,314 shares of FII, valued as $50 million as of Jun. 30, 2011, which accounts for 1.6574% of his equity portfolio. Tweedy Browne added his positions in the Mar. 31, 2011 quarter by 0.05%, again in the Jun. 30, 2011 quarter by 15.04%. Tweedy Browne had this stock in 2006. Generally the position has been at about 1.8 million shares over the years except for the period from late 2007 to late 2009 when the position was in half. The stock price dropped from about $40 to $20 during this period. The stock price was in the $30s and rising to $40 before the drop and now in the $20s and rising.
No. 4: Bank of New York Mellon (BK), Weightings: 1.3084% - 1,547,983 Shares
Bank of New York is a bank holding company and one of the world's larger financial institutions. Bank of New York Mellon has a market cap of $22.83 billion; its shares were traded at around $18.52 with a P/E ratio of 8.27 and P/S ratio of 1.65. The dividend yield of Bank of New York Mellon stocks is 2.81%.
The perception of the bank is rated consistently with regard to possible government support.
Bank of New York Mellon has just changed their chairman and said Kelly’s departure was “due to differences in approach to managing the company.” Moving on, Bank of New York Mellon Corp.'s new Chairman and Chief Executive Gerald Hassell vehemently defended the bank's actions as both a foreign-exchange trader and a trustee that reached a watershed settlement for mortgage-bond investors. Hassell, speaking at the Barclays financial conference in New York in his first public appearance as head of the nation's biggest custody bank, said the bank would fight claims that it had unfairly charged some customers on foreign exchange and that it would defend charges of negligence as a trustee in settling mortgage claims with Bank of America Corp. (BAC). Bank of New York has faced increasing scrutiny from some, including state attorneys general, over both its pricing on some foreign exchange transactions for clients and its work as a trustee. The foreign-exchange practices, whereby the bank conducted exchanges for clients, has faced questions from some state attorneys general who alleged the bank charged inflated rates to state pension funds. "Our clients aren't as much upset with us as the attorneys general in some states are," Hassell said. "We don't think we've done anything out of line." Hassell said the bank was fighting the lawsuits and would continue to fight because "we feel we should stand up for ourselves," though it would also be "pragmatic" over time. The bank has also faced increasing scrutiny from some attorneys general, including New York's Eric Schneiderman, for acting as a trustee for investors and getting an $8.5 billion settlement approved by major investors. The settlement, a watershed moment for mortgage-security investors who lost billions when the value of those investments collapsed, was the first major agreement to make payments to private investors.
Bank of New York Mellon has included an agreement to handle services for three ETFs offered by Teucrium Trading. One of Mellon’s managing directors had this to say: “We will continue to enhance our industry leading capabilities so we can provide the services that these innovative and diverse funds require for success.”
Other big players in the asset management business include Barclays, JPMorgan Chase, and State Street. Mellon has a higher price/earnings-to-growth ratio than all 3 of those while other statistics like price-to-earnings, price-to-sales, and margins are closer to the average. As for cash flows, the company had $57 million flow out in 2010 but brought in $1.885 billion during the first half of 2011. Investing activities outside of capital expenditures played a large role in the 2010 outflow.
Bank of New York Mellon Corporation announced the sale of its 10-year senior unsecured notes with maturity date on September 23, 2021 and a maturity value of $1 billion. The company would begin the settlement from September 23, 2011.
Tweedy Browne owns 1,547,983 shares of BK, valued as $40 million as of Jun. 30, 2011, which accounts for 1.3084% of his equity portfolio. Tweedy Browne added his positions in the Mar. 31, 2011 quarter by 1.03%, again in the Jun. 30, 2011 quarter by 7.3%. Tweedy Browne had this stock since mid-2010 with 334,000 shares but instantly increased to almost 1.5 million shares next quarter and has been at today’s relative position ever since.
No. 5: MasterCard Inc. Cl A (MA), Weightings: 1.1975% - 120,460 Shares
MasterCard Inc. advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. MasterCard Inc. Cl A has a market cap of $42.82 billion; its shares were traded at around $337.03 with a P/E ratio of 20.87 and P/S ratio of 7.73. The dividend yield of MasterCard Inc. Cl A stocks is 0.18%. The firm has a Net Profit Margin [TTM] of 34.85%. MA has gained by 24.48% in the last three months. The short interest was 1.90% as of 08/31/2011.
Visa Inc. and MasterCard Inc. are raising the fees merchants pay for small-ticket debit purchases, according to an analyst. The credit card companies plan to increase the fees--which ultimately are paid to banks, not MasterCard or Visa--to 23 cents per transaction.
MasterCard, in a statement provided by a spokesman Thursday, said it recently informed its banks that it will implement a "two-tiered interchange structure" for debit and prepaid cards for issuers affected by the cap and those that are exempt. Also, "We regularly review market conditions to balance the needs of all constituents," MasterCard said, adding that price cap regulation "will -- and has -- created distortions in the market."
The company has been putting a bigger marketing effort behind its World Elite program, a rewards program offered to affluent consumers, said Tim Murphy, MasterCard's chief product officer.
Tweedy Browne owns 120,460 shares of MA, valued as $36 million as of Jun. 30, 2011, which accounts for 1.1975% of his equity portfolio. Tweedy Browne added his positions in the Mar. 31, 2011 quarter by 5.91%, again in the Jun. 30, 2011 quarter by 12.95%. Tweedy Browne had this stock since late 2010 at the end of a little price drop of about $35 over two quarters. Since the purchase, Tweedy Browne has increased his position 20% as the stock price increased steadily about 30%.
No. 6: American National Insurance Company (ANAT), Weightings: 1.1486% - 449,251 Shares
American Nat'l Insurance's family of companies offers a broad line of products and services, which include individual and group life and health insurance, and annuities; personal lines property and casualty insurance; credit insurance and mutual funds. American National Insurance Company has a market cap of $1.81 billion; its shares were traded at around $67.46 with a P/E ratio of 16.91 and P/S ratio of 0.59. The dividend yield of American National Insurance Company stocks is 4.57%.
ANAT announced second quarter 2011 net income of $30,058,000 ($1.13 per diluted share) compared to net income of $26,622,000 ($1.00 per diluted share) for the same period in 2010. Net income for the six months ended June 30, 2011 increased to $78,540,000 ($2.94 per diluted share) from a net gain of $61,400,000 ($2.30 per diluted share) for the first half of 2010. Total assets as of June 30, 2011 grew to $22.4 billion, a 4.7% increase from the end of 2010. Stockholders' Equity as of June 30, 2011 was $3.7 billion, up slightly from the end of 2010. Book value per diluted share was $139.00 at June 30, 2011 as compared to $136.12 per diluted share at December 31, 2010.
Tweedy Browne owns 449,251 shares of ANAT, valued as $35 million as of Jun. 30, 2011, which accounts for 1.1486% of his equity portfolio. Tweedy Browne added his positions in the Mar. 31, 2011 quarter by 0.46%, again in the Jun. 30, 2011 quarter by 4.27%. Tweedy Browne had this stock in 2006 with a massive 656,000 shares when he kept selling that year until at about 350,000 shares in 2007 when the stock price was at its highest ever since. Then the stock price dipped to its lowest by early 2009 when Tweedy Browne had the peak position with 801,000 shares. Both Tweedy Browne’s position and the stock price dropped in early 2010 and both have been constant since then.
Stocks That Tweedy Browne Keeps Selling
No. 1: Philip Morris International (PM), Weightings: 13.2255% - 6,004,092 Shares Philip Morris International is the international tobacco company, with products sold in over 160 countries. Its portfolio of international and local brands includes Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White. Philip Morris International has a market cap of $112.08 billion; its shares were traded at around $63.81 with a P/E ratio of 14.6 and P/S ratio of 1.66. The dividend yield of Philip Morris International stocks is 4.01%.
Philip Morris has seen earnings improve over the past year as strong demand in Asia continues to drive sales for the world's largest cigarette maker. In the second quarter, the company reported its profit rose a better-than-expected 22% as strong sales volumes in Asia, particularly Japan, offset declines elsewhere.
The company continues to innovate tobacco, and has been remarkable at beating regulations. The government increases taxes, so PM sells two-pack specials for a dollar off. The state says you can no longer smoke in restaurants, or indoors, and then PM creates smokeless tobacco that can be swallowed. Tobacco continues to survive, and Phillip Morris is the best at reinventing itself to avoid obstacles and keep profits high.
Tweedy Browne owns 6,004,092 shares of PM, valued as $401 million as of Jun. 30, 2011, which accounts for 13.2255% of his equity portfolio. Tweedy Browne reduced his positions in the Mar. 31, 2011 quarter by 0.7%, again in the Jun. 30, 2011 quarter by 7.15%. Tweedy Browne had this stock since mid-2008 with only 28,000 shares but in early 2009 the position suddenly increased to over 3.2 million shares. By mid-2010 Tweedy Browne had over double the shares at 6.5 million shares but has been selling since then as the stock price rises constantly.
No. 2: Baxter International Inc. (BAX), Weightings: 5.8844% - 2,988,245 Shares
Baxter engages in the worldwide development, manufacture and distribution of a diversified line of products, systems and services used primarily in the health-care field. Baxter International Inc. has a market cap of $30.38 billion; its shares were traded at around $53.47 with a P/E ratio of 12.82 and P/S ratio of 2.37. The dividend yield of Baxter International Inc. stocks is 2.32%. Baxter has earnings per share of $3.67, trades at a price to earnings ratio of 14.59 times and price to book value of 4.28. It has a 52 week range of $46.56 and $62.50. Baxter International Inc. had an annual average earnings growth of 6.3% over the past 10 years. MRQ Net Profit Margin increased to 17.39% from 16.75% year-over-year, Sales/Assets increased to 0.20 from 0.19, while Assets/Equity decreased to 2.54 from 2.80. The stock has gained 24.64% over the last year. GuruFocus rated Baxter International Inc. the business predictability rank of 1-star.
Baxter has a payout ratio of 33% and 83% of the company’s shares are held by institutions. The company aims to allocate 20% to 30% of its capital on potential investment, along with 35 to 40% in working capital and CAPEX. The company plans to return the remaining 35% to 40% to shareholders via payout.
The European Medicines Agency's Committee for Medicinal Products for Human Use or CHMP, announced Friday it has completed an investigation into the production processes at Baxter International's manufacturing plant in Castlebar, Ireland. This follows the detection in December 2010 of endotoxins in dialysis solutions produced at the plant, which may have led to adverse reactions in some patients undergoing peritoneal dialysis, causing the manufacture of these solutions to be shut down at the plant.
The company’s dividend reinvestment plan can be considered a good investment option. Over the years, Baxter has put continuous efforts in increasing its customer base. The company, on a regular basis, tries to introduce its products in new and existing markets. To further enhance growth, Baxter has entered in multiple acquisitions and collaborations. This will enhance Baxter’s current line of product. It will also help in better distribution of products along with supporting patients’ safety.
Tweedy Browne owns 2,988,245 shares of BAX, valued as $178 million as of Jun. 30, 2011, which accounts for 5.8844% of his equity portfolio. Tweedy Browne reduced his positions in the Mar. 31, 2011 quarter by 0.2%, again in the Jun. 30, 2011 quarter by 0.57%. Tweedy Browne had this stock since mid-2010. The position is kept constant at about 3 million shares, only selling a total of 25,000 shares in the last four quarters, as the stock price constantly increases.
No. 3: Cocacola Femsa S.a.b. De C.v. Ads (KOF), Weightings: 5.6149% - 1,829,916 Shares
Coca-Cola Femsa S.A., Latin America's largest Coke bottler, through its subsidiaries, produces, markets, and distributes soft drinks throughout the metropolitan area of Mexico City, in Southeastern Mexico and in metropolitan Buenos Aires, Argentina. Cocacola Femsa S.a.b. De C.v. Ads has a market cap of $15.67 billion; its shares were traded at around $84.84 with a P/E ratio of 18.69 and P/S ratio of 1.82. The dividend yield of Cocacola Femsa S.a.b. De C.v. Ads stocks is 2.4%. Cocacola Femsa S.a.b. De C.v. Ads had an annual average earnings growth of 10.2% over the past 10 years. GuruFocus rated Cocacola Femsa S.a.b. De C.v. Ads the business predictability rank of 4.5-star.
Coca-Cola Femsa has seen 78% growth in its revenue in the last 5 years. The dividend payouts almost tripled from 3.69 MEX pesos to 13.87 MEX pesos. Coca-Cola Femsa is trading at 16.44 times the forward earnings and has a book value of $31.79. The stock is currently trading at $96.32, raising $14.53 or 17.49% this year to date. Over the last quarter, the stock fell 3% close-to-close on 2 occasions, with an average rebound of 3.81% over the following five days. The stock has gained 37.66% over the last year.
Mexican soft drink bottler Coca-Cola Femsa SAB said Wednesday it remains open to acquiring more bottlers of Coca-Cola Co. products around the world, with a preference for bottlers in Latin America. Coke Femsa, announced its second acquisition of a privately held Mexican Coke bottler Grupo Cimsa this year, raising its share of Coca-Cola product volume sales in Mexico to 50% from 45% in a deal valued at 11 billion pesos ($838 million). Also, Coca-Cola Femsa will issue 75.4 million series L shares to Cimsa shareholders at a value of MXN118 each, and that it will absorb MXN2.10 billion of Cimsa's debt.
Cimsa is a privately held bottler in the Coke system with operations in the states of Morelos, Mexico, Guerrero and Michoacan.
Tweedy Browne owns 1,829,916 shares of KOF, valued as $170 million as of Jun. 30, 2011, which accounts for 5.6149% of his equity portfolio. Tweedy Browne reduced his positions in the Mar. 31, 2011 quarter by 0.23%, again in the Jun. 30, 2011 quarter by 3.45%. Tweedy Browne had this stock 2006 with the peak position of almost 3.7 million shares by the end of 2006. Tweedy Browne has been selling steadily ever since. The stock price has been generally been rising except for a substantial drop in late 2008, but the stock price has recovered and surpassed its hiccup.
No. 4: Berkshire Hathaway Inc. Cl A (BRK.A), Weightings: 4.6577% - 1,216 Shares
Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. Berkshire Hathaway Inc. Cl A has a market cap of $165.53 billion; its shares were traded at around $100320 with a P/E ratio of 13.66 and P/S ratio of 1.22. Berkshire Hathaway Inc. Cl A had an annual average earnings growth of 18.2% over the past 10 years.
The conglomerate run by investor Warren Buffett, said that it will buy back some of its own shares at up to a 10% premium over book value at the time of purchase. Berkshire Hathaway Inc. is repurchasing shares as “the underlying businesses of Berkshire are worth considerably more than this amount, though any such estimate is necessarily imprecise.”
Berkshire Hathaway Inc. acquired The Lubrizol Corporation (NYSE: LZ) the global specialty chemical company. With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 7,000 employees worldwide. Revenues for 2010 were $5.4 billion.
Tweedy Browne owns 1,216 shares of BRK.A, valued as $141 million as of Jun. 30, 2011, which accounts for 4.6577% of his equity portfolio. Tweedy Browne reduced his positions in the Mar. 31, 2011 quarter by 0.25%, again in the Jun. 30, 2011 quarter by 0.25%. Tweedy Browne had this stock 2006 and held a very constant and low share count.
No. 5: Union Pacific Corp. (UNP), Weightings: 3.4534% - 1,002,677 Shares
Union Pacific Corp. consists of one reportable segment, rail transportation, and the company's other product lines. Union Pacific Corp. has a market cap of $40.57 billion; its shares were traded at around $83.11 with a P/E ratio of 13.85 and P/S ratio of 2.39. The dividend yield of Union Pacific Corp. stocks is 2.29%. Union Pacific Corp. had an annual average earnings growth of 7.1% over the past 10 years.
Union Pacific said its second-quarter profit increased to $785 million, or $1.59 a share, from $711 million, or $1.40 a share, in the year-ago period. Revenue climbed to $4.86 billion, from $4.18 billion. Wall Street analysts expected earnings of $1.58 a share on revenue of $4.74 billion, according to a survey by FactSet Research. The Omaha, Neb.-based railroad said it expects a stronger performance in the second half of the year despite some economic uncertainties and ongoing flood challenges.
Union Pacific Corp. will ante up $50 million on enhanced railroad security in a settlement with the federal government that will take the place of possibly far higher fines, U.S. Customs and Border Protection. The money will go to strengthen supply chain security on rail lines between Mexico and the U.S. "The facilitation of trade and security of the international supply chain is vital to both the health of our economy and protecting the country," said Alan Bersin, commissioner of the CBP. The agency noted that the deal will mitigate penalties assessed against Union Pacific as long as the railroad fulfills its obligations. "In recent years these penalties have grown to be significant as illegal controlled substances were discovered on trains originating in Mexico and arriving at U.S. -Mexican border crossings," CBP said.
Tweedy Browne owns 1,002,677 shares of UNP, valued as $105 million as of Jun. 30, 2011, which accounts for 3.4534% of his equity portfolio. Tweedy Browne reduced his positions in the Mar. 31, 2011 quarter by 0.08%, again in the Jun. 30, 2011 quarter by 0.62%. Tweedy Browne had this stock since the end of 2008 and had some jump ups in holdings with over 2 million shares at peak in late 2009 but dropped to half right after and has been kept constant. The stock price was rising all this time.
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