Tweedy Browne

Tweedy Browne

Last Update: 08-11-2016
Related: Tweedy Browne Global Value

Number of Stocks: 50
Number of New Stocks: 2

Total Value: $3,563 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

Warren Buffett Adds to Phillips 66 Guru expands his influence in the energy company
Warren Buffett (Trades, Portfolio) of Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) added to his holdings in Phillips 66 (NYSE:PSX) on Aug. 24. Read more...
Tweedy Browne Global Value Fund Adds to Hang Lung Group Hong Kong company is one of the largest, most experienced in industry
During the second quarter, the Tweedy Browne (Trades, Portfolio) Global Value Fund added to its stake in the Hang Lung Group (HKSE:00010) at an average price of 22.08 Hong Kong dollars ($2.85). The trade had a 0.11% impact on the Tweedy Browne (Trades, Portfolio) Global Value Fund's portfolio. It now owns 6,111,500 shares of the company. Read more...
Tweedy Browne Global Value Buys 5 New Stocks in Q1 $9 billion fund adds to largest portfolio sector
Tweedy Browne (Trades, Portfolio) Global Value, an outperforming value fund founded in 1993, updated its first quarter portfolio changes this week, revealing five new stock purchases. Read more...
Agco: Darling of the Value Community Agco is down with grain prices. This won't last forever
Agco (NYSE:AGCO) is a U.S.-based tractor manufacturer that is down with grain prices. Being out of favor, it is a darling of the value investing community. What will probably change that is a year of inclement weather, which will raise grain prices. Read more...
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The world of investing can be a daunting place for beginners and even the more experienced investor. It can take decades to find your investment feet, test different strategies and to develop a money management style that suits both you and your lifestyle. 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 Global Value Fund Quadruples Stake in Hongkong and Shanghai Hotels The company is expanding operations and has healthy financial statements Tweedy Browne - Tweedy Browne Global Value Fund Quadruples Stake In Hongkong And Shanghai Hotels
During the second quarter, the Tweedy Browne (Trades, Portfolio) Global Value Fund quadrupled its stake in The Hongkong and Shanghai Hotels Ltd. (HKSE:00045). The fund added an additional 12,475,711 shares in the second quarter for an average price of 8.3 Hong Kong dollars ($1.07). The trade had a 0.18% impact on the Tweedy Browne (Trades, Portfolio) Global Value Fund’s portfolio. It now owns 15,525,711 shares of the company. More...

TWEEDY BROWNE, ASIA, HONGKONG, SHANGHAI, HOTELS


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Warren Buffett Adds to Phillips 66 Guru expands his influence in the energy company Warren Buffett,Tweedy Browne,Steven Cohen,Jeremy G - Warren Buffett Adds To Phillips 66
Warren Buffett (Trades, Portfolio) of Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) added to his holdings in Phillips 66 (NYSE:PSX) on Aug. 24. More...

BUFFETT, PHILLIPS, BUYS, ENERGY, LONG


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What Has Worked in Investing: Charts Studies detailing what has worked in investing over the years Tweedy Browne - What Has Worked In Investing: Charts
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Tweedy Browne Global Value Fund Trims T Hasegawa Company reached its 5-year high in second quarter Tweedy Browne - Tweedy Browne Global Value Fund Trims T Hasegawa
During the second quarter, the Tweedy Browne (Trades, Portfolio) Global Value Fund trimmed its stake in T Hasegawa (TSE:4958) at an average price of 1812.5 yen ($18.08).The trade had a -0.02% impact on the fund’s portfolio. It now owns 188,400 shares of the company. More...

TWEEDY BROWNE, SELL, ASIA


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Tweedy Browne Global Value Fund Adds to Hang Lung Group Hong Kong company is one of the largest, most experienced in industry Tweedy Browne - Tweedy Browne Global Value Fund Adds To Hang Lung Group
During the second quarter, the Tweedy Browne (Trades, Portfolio) Global Value Fund added to its stake in the Hang Lung Group (HKSE:00010) at an average price of 22.08 Hong Kong dollars ($2.85). The trade had a 0.11% impact on the Tweedy Browne (Trades, Portfolio) Global Value Fund's portfolio. It now owns 6,111,500 shares of the company. More...

REAL ESTATE, BUY, TWEEDY BROWNE


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Tweedy Browne 2nd Quarter Shareholder Letter Managers discuss quarter and holdings Tweedy Browne - Tweedy Browne 2nd Quarter Shareholder Letter
Having regained their footing in mid-February, global equity markets continued to advance during the 2nd quarter right up until the Brexit vote in late June. Despite the turbulence produced by the surprise vote, it was not enough to erase what turned out to be a modestly positive quarter in terms of returns. We are pleased to report that all four of the Tweedy, Browne funds finished the quarter in positive territory, and well ahead of their respective benchmark indices. More...

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Agco: Darling of the Value Community Agco is down with grain prices. This won't last forever Tweedy Browne - Agco: Darling Of The Value Community
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GRAIN, TRACTORS, AGRICULTURE


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Tweedy Browne Comments on Standard Chartered Bank Guru stock highlight
While our bank stocks as a group were being buffeted by slowing global growth, increasing concern about the Chinese economy and collapsing oil prices, it is our position in Standard Chartered Bank (LSE:STAN) that has to date proven to be the most disappointing. As you know from our prior letters, we first purchased shares in this emerging market dependent bank back in 2013, after it had declined from 18 pounds to approximately 13 pounds per share, a price we felt did not adequately account for its future prospects. As Will Browne has sometimes said, “there is a fine line between being early and being wrong.” More...

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Tweedy Browne Funds' Investment Adviser's Letter to Shareholders Information on buys, sells and outlook on the economy Tweedy Browne - Tweedy Browne Funds' Investment Adviser's Letter To Shareholders
“Interest rates are, of course, prices. They are the prices that set investment hurdle rates and that discount the present value of estimated future cash flows. They are the traffic signals of a market economy.” More...

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Tweedy Browne Fund 1st Quarter 2016 Commentary Review of economy and holdings Tweedy Browne - Tweedy Browne Fund 1st Quarter 2016 Commentary
High equity valuations combined with increasing macroeconomic worries, not the least of which is the sense that monetary largesse may have run its course, continued to roil global equity markets in the first quarter. After a turbulent start to the New Year similar to that faced late last summer, equity markets rather quickly regained their composure to finish the second half of the quarter with a flourish, recouping much of the losses they suffered in the first half of the quarter. With the exception of the Wordwide High Dividend Yield Value Fund, which modestly underperformed its benchmark over the last three months, our remaining three Funds all outperformed their benchmarks in the first quarter, which led to an index beating result, albeit negative, over the last fiscal year in our two global value funds. More...

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Tweedy Browne Global Value Invests in Bank of New York Mellon Fund buys more than 1.3 million shares Tweedy Browne,Seth Klarman - Tweedy Browne Global Value Invests In Bank Of New York Mellon
Tweedy Browne Company LLC, a successor to Tweedy & Co., was first established by Forrest Birchard Tweedy in 1920 as a dealer in closely held and inactively traded securities. The firm’s 96-year history is grounded in undervalued securities, first as a market maker, then as an investor and investment advisor. The firm takes a value investing approach that focuses on long term investments very similar to Joel Greenblatt (Trades, Portfolio), Seth Klarman (Trades, Portfolio) and the founder of value investing Benjamin Graham. More...

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Tweedy Browne Global Value Buys 5 New Stocks in Q1 $9 billion fund adds to largest portfolio sector Tweedy Browne - Tweedy Browne Global Value Buys 5 New Stocks In Q1
Tweedy Browne (Trades, Portfolio) Global Value, an outperforming value fund founded in 1993, updated its first quarter portfolio changes this week, revealing five new stock purchases. More...

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Tweedy Browne Trims Stakes in Financial Stocks Most noteworthy reductions included Wells Fargo and Bank of New York Mellon Tweedy Browne - Tweedy Browne Trims Stakes In Financial Stocks
Guru investment advisory and fund management firm Tweedy Browne (Trades, Portfolio) neither bought nor sold stakes in the fourth quarter and added to only a handful. Nearly all of its activity involved reductions of stakes in its portfolio. More...

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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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