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Tweedy Browne Global Value Fund New Buy and Adds

Holly LaFon

Holly LaFon

248 followers
Through 2013’s first three quarters, Tweedy Browne (Trades, Portfolio)’s Global Value Fund returned 14.2%, underperforming its MSCI EAFE index benchmark’s 19.21%, but nearly doubling it since inception, at 10.24% versus 5.65%. As the market climbed over the year, fund managers found fewer and fewer bargain-priced stocks, “but we have plenty of dry powder should the markets present us with opportunity,” they wrote in their investor letter.

To the $6.17 billion portfolio, only one stock was added during the fourth quarter: Antofagasta PLC (LSE:ANTO), and significant additions were made to GlaxoSmithKline PLC (LSE:GSK) and HSBC Holdings PLC (LSE:HSBA).

Antofagasta PLC (LSE:ANTO)

Tweedy Browne (Trades, Portfolio) purchased 3,205,425 shares of Antofagasta PLC at a fourth quarter average price of $8. The new holding represents 0.71% of the portfolio, and its share price is about the same since the purchase.

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Antofagasta PLC is engaged in copper mining (including exploration and development), the transportation of freight by rail and road and the distribution of water. Antofagasta PLC has a market cap of $8.08 billion; its shares were traded at around $8.20 with a P/E ratio of 13.20 and P/S ratio of 2.09.

The dividend yield of Antofagasta Plc stocks is 1.68%. Antofagasta PLC had an annual average earnings growth of 21.40% over the past 10 years. GuruFocus rated Antofagasta PLC the business predictability rank of 2-star.

GlaxoSmithKline PLC (LSE:GSK)

Tweedy Brown increased their position in GlaxoSmithKline PLC by 913.24% in the third quarter, enlarging it to 0.89% of the portfolio, with 1,845,053 new shares added, for a total of 2,047,086. The firm established the position in the first quarter of 2013 and has been adding to it quarterly since. The share price is up 4% from the average they paid.

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GlaxoSmithKline PLC is a UK company discovering drugs, vaccines and other health care products. GlaxoSmithKline PLC has a market cap of $80.1 billion; its shares were traded at around $16.50 with a P/E ratio of 22.10 and P/S ratio of 3.08. The dividend yield of GlaxoSmithKline PLC stocks is 4.67%. GlaxoSmithKline PLC had an annual average earnings growth of 0.90% over the past 10 years.

HSBC Holdings PLC (LSE:HSBA)

Tweedy Browne (Trades, Portfolio) bought 3,126,370 shares of HSBC Holdings at a fourth quarter average price of $7. This grew the holding by 46.56% to 1.8% of the portfolio. The company’s share price is up by about 14% from the average price paid.

Tweedy Browne (Trades, Portfolio) began buying HSBC Holdings in the second quarter of 2012 when the price averaged $5. It has been a year since they last added to their holding.

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HSBC Holdings PLC is a banking and financial services organization based in the UK, with about 58 million customers and four businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. HSBC Holdings PLC has a market cap of $125.41 billion; its shares were traded at around $6.69 with a P/E ratio of 13.10 and P/S ratio of 2.52. The dividend yield of HSBC Holdings PLC stocks is 4.17%. 

See Twendy Browne's Global Value Fund portfolio here. Not a Premium Member of GuruFocus? Try it free for 7 days here!


Rating: 4.2/5 (5 votes)

Comments

suresharora
Suresharora - 5 months ago

Holly, please pay attention to the currency purchase prices are being expressed in! You have expressed all the share purchase prices in $s whereas they are in Pound Sterling. Have seen this problem before in other postings on this site where no distinction is made between dollar, euro, British Pound.

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