Tweedy Browne Reduces 33 Stakes in Portfolio

Aug 10, 2015

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.

Tweedy Browne (Trades, Portfolio) reduced its position in 33 companies in the second quarter. The most significant reduction may have been Tweedy Browne (Trades, Portfolio)’s sale of 265,174 shares of Emerson Electric Co. (EMR, Financial), an electrical equipment company based in Ferguson, Missouri, for an average price of $58.72 per share. The transaction had a -0.41% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

Emerson Electric, the 11th-most valuable stake in Tweedy Browne (Trades, Portfolio)’s portfolio, reported a 23% decline in profits in the second quarter.

Tweedy Browne (Trades, Portfolio) also sold 137,161 shares of Johnson & Johnson (JNJ, Financial), a New Jersey-based medical equipment and pharmaceutical company, for an average price of $100.15 per share. The sale had a -0.37% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

Johnson & Johnson is the most-valuable stake in Tweedy Browne (Trades, Portfolio)’s portfolio.

Tweedy Browne (Trades, Portfolio) sold 338,737 shares of Cisco Systems Inc. (CSCO, Financial), a San Francisco-based computer networking company, for an average price of $28.66 per share. The deal had a -0.25% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

Cisco Systems is the third-most valuable stake in Tweedy Browne (Trades, Portfolio)’s portfolio.

Tweedy Browne (Trades, Portfolio) sold 107,305 shares of ConocoPhillips (COP, Financial), a Houston-based oil and gas company, for an average price of $65.12 per share. The deal had a -0.18% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

ConocoPhillips, Tweedy Browne (Trades, Portfolio)’s eighth-most valuable stake, saw the price of its stock go up Monday as oil prices rebounded.

Tweedy Browne (Trades, Portfolio) also sold portions of its stakes in Leucadia National (Trades, Portfolio) Corp. (LUK, Financial), Wells Fargo & Co. (WFC, Financial), Torchmark Corp. (TMK, Financial), Halliburton Co. (HAL, Financial), Baxter International Inc. (BAX, Financial), Philip Morris International Inc. (PM, Financial), MasterCard Inc. (MA, Financial), Novartis AG (NVS, Financial), Devon Energy Corp. (DVN, Financial), AGCO Corp. (AGCO), American National Insurance Company (ANAT), Bank of New York Mellon Corp. (BK), 3M Co. (MMM), Total SA (TOT), National Oilwell Varco Inc. (NOV), Union Pacific Corp. (UNP), American Express Co. (AXP), Walmart Stores Inc. (WMT), Unilever NV (UN), Berkshire Hathaway Inc. (BRK.B), Comcast Corp. (CMCSK), UniFirst Corp. (UNF), Phillips 66 (PSX), Google Inc. (GOOGL), National Western Life Insurance Co. (NWLI), Now Inc. (DNOW) and Diageo PLC (DEO).

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