Tweedy Browne

Tweedy Browne

Last Update: 08-11-2017
Related: Tweedy Browne Global Value

Number of Stocks: 51
Number of New Stocks: 0

Total Value: $3,367 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 (%)
20169.6911.96-2.3
2015-5.391.38-6.8
20144.0213.69-9.7
3-Year Cumulative7.9 (2.6%/year)29 (8.9%/year)-21.1 (-6.3%/year)
201322.6832.39-9.7
201215.4516-0.6
5-Year Cumulative52.9 (8.9%/year)98.2 (14.7%/year)-45.3 (-5.8%/year)
2011-1.752.11-3.9
201010.5115.06-4.6
200927.626.461.1
2008-24.37-3712.6
20070.65.49-4.9
10-Year Cumulative61.2 (4.9%/year)95.7 (6.9%/year)-34.5 (-2%/year)
200611.6215.79-4.2
20052.34.91-2.6
20049.4210.88-1.5
200323.2428.68-5.4
2002-14.91-22.17.2
15-Year Cumulative111.2 (5.1%/year)164.2 (6.7%/year)-53 (-1.6%/year)
2001-0.08-11.8911.8
200014.45-9.123.6
1999-0.4921.04-21.5
199814.0728.58-14.5
19974.0733.36-29.3
20-Year Cumulative185.3 (5.4%/year)339.2 (7.7%/year)-153.9 (-2.3%/year)
19968.6722.96-14.3
19953.0537.58-34.5
1994-3.661.32-5.0

Top Ranked Articles

These Unfortunate Facts Ensure Deep Value Will Outperform Value investing has had a terrible run in the US of late, so are value investors doomed to low returns going forward? We think these major Wall Street errors are part of the answer
The evidence that value outperforms long term is compelling, but the question is why. And why do most professionals continue to ignore value strategies? Read more...
Charlie Likes China Munger thinks the Chinese market is more attractive than the US market
Chasing Yield at Any Cost Is a Huge Mistake Investors chasing income without conducting proper due diligence are blundering
Over the past few years an increasing number of investors have been chasing a trade that at first glance seems perfectly harmless but over the long term will likely work out to be hugely damaging to portfolio performance. Read more...
Why Add Strong Dividend Stocks to Your Value Portfolio? Tweedy, Browne argues that companies paying high, sustainable dividends can add an edge to a value stock portfolio
One of the first big clients of the firm now known as Tweedy Browne (TradesPortfolio) was the father of value investing, Benjamin Graham. The firm not only pulled in revenue and income from Graham's company, but it also learned how to manage investments the value way. Read more...
Value Investing Lessons From 65 Years on Wall Street A Walter Schloss interview
Walter Schloss is one of the greatest value investors of all time. Even though he may not have the same reputation as the likes of Benjamin Graham, Schloss followed Graham’s net-nets strategy throughout his investment career, which spanned around eight decades. 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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Rating: 5.0/5 (7 votes)

These Unfortunate Facts Ensure Deep Value Will Outperform Value investing has had a terrible run in the US of late, so are value investors doomed to low returns going forward? We think these major Wall Street errors are part of the answer Mohnish Pabrai,Tweedy Browne - These Unfortunate Facts Ensure Deep Value Will Outperform
The evidence that value outperforms long term is compelling, but the question is why. And why do most professionals continue to ignore value strategies? More...

WARREN BUFFETT, PABRAI, NCAV, NET NETS, DEEP VALUE


  • Currently 4.00/5

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Tweedy Browne Patiently Awaits Phoenix Mecano The Swiss manufacturer has strong financials, but the stock hasn't done much Tweedy Browne - Tweedy Browne Patiently Awaits Phoenix Mecano
Tweedy Browne (Trades, Portfolio) is always a good place to mine for value ideas. Today we are looking at Switzerland-based Phoenix Mecano AG (XSWX:PM). The stock does not trade in the U.S., but is worth knowing about. More...

ELECTRICAL


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Tweedy Browne Hits a Home Run With Coltene Holding Swiss dental products manufacturer has had a great run Tweedy Browne - Tweedy Browne Hits A Home Run With Coltene Holding
Tweedy Browne (Trades, Portfolio) has hit a home run with its holdings of Switzerland-based Coltene Holding AG (CLHLF). Coltene manufactures almost everything a dentist or oral surgeon could possibly need. Profit margins and profitability metrics have been outstanding. More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Value Investing Lessons From 65 Years on Wall Street A Walter Schloss interview Tweedy Browne - Value Investing Lessons From 65 Years On Wall Street
Walter Schloss is one of the greatest value investors of all time. Even though he may not have the same reputation as the likes of Benjamin Graham, Schloss followed Graham’s net-nets strategy throughout his investment career, which spanned around eight decades. More...

VALUE INVESTING, WALTER SCHLOSS, VALUE, DEEP VALUE, NET NETS, CIGAR BUTT,


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Tweedy Browne Releases 2nd Quarter 2017 Shareholder Letter Company discusses several important holdings Tweedy Browne - Tweedy Browne Releases 2nd Quarter 2017 Shareholder Letter
2nd Quarter 2017 More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Why Add Strong Dividend Stocks to Your Value Portfolio? Tweedy, Browne argues that companies paying high, sustainable dividends can add an edge to a value stock portfolio Tweedy Browne, Warren Buffett - Why Add Strong Dividend Stocks To Your Value Portfolio?
One of the first big clients of the firm now known as Tweedy Browne (TradesPortfolio) was the father of value investing, Benjamin Graham. The firm not only pulled in revenue and income from Graham's company, but it also learned how to manage investments the value way. More...

GURUS, TWEEDY BROWNE, BENJAMIN GRAHAM, WARREN BUFFETT, VALUE STOCKS, DIVIDENDS, INTRINSIC VALUE


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German Ceramics Maker Villeroy & Boch Does Well With Building Boom Villeroy & Boch is a ceramics manufacturer with high profit margins and nice growth. The stock trades at a reasonable price. Tweedy Browne - German Ceramics Maker Villeroy & Boch Does Well With Building Boom
Villeroy & Boch (VIB3) is a German manufacturer of ceramics. The company has been in business since the mid-1700s and has very high profit margins and has shown nice growth. The stock is a holding of Tweedy Browne (Trades, Portfolio). More...

GERMANY, CERAMICS, BUILDING


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Tweedy Browne Sells Baxter, Cisco, 3M The largest 1st-quarter sales by the guru Tweedy Browne,Warren Buffett,Daniel Loeb,Bill Nygr - Tweedy Browne Sells Baxter, Cisco, 3M
Tweedy Browne (Trades, Portfolio) manages a portfolio composed of 52 stocks with a total value of $3.483 billion. During the first quarter the guru sold shares in the following stocks: More...

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Insider Buying: The Evidence Data from Tweedy, Browne shows just how instructional insider buying is for investors Tweedy Browne - Insider Buying: The Evidence
Earlier this week I highlighted stocks that have seen a significant amount of insider buying over the past three months, as insider buying is widely considered a great indicator for management sentiment regarding a company’s outlook. More...

INSIDER BUYING, VALUE, MARKET OUTPERFORMANCE, COMPANY PERFORMANCE


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Tweedy Browne Hooks Up Baidu in 1st Quarter Guru adds 3 new positions to portfolio Tweedy Browne,Warren Buffett,Jim Simons - Tweedy Browne Hooks Up Baidu In 1st Quarter
Tweedy Browne (Trades, Portfolio), an investment partnership owned by managing directors William Browne, John Spears, Thomas Shrager and Robert Wyckoff, invests in companies using a Ben Graham style approach. Tweedy Browne’s investment partnership, recognized by Warren Buffett (Trades, Portfolio) as Graham-Doddsville Superinvestors, added three new positions during the first quarter: Baidu Inc. (NASDAQ:BIDU), Signet Jewelers Ltd. (NYSE:SIG) and Merck & Co. Inc. (NYSE:MRK). More...

TWEEDY BROWNE, WARREN BUFFETT, JIM SIMONS


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Charlie Likes China Munger thinks the Chinese market is more attractive than the US market Charlie Munger,Tweedy Browne - Charlie Likes China
More...

LONG, TECH


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Germany's Henkel Is a Global Leader in Consumer Products Company has been growing sales and earnings for years. Its best-known brands in the U.S. include Dial soap, All detergent and Loctite Tweedy Browne - Germany's Henkel Is A Global Leader In Consumer Products
Germany-based Henkel AG & Co. (HENKY)(XTER:HEN) is a global leader in soap, adhesives and beauty care. The company has consistently grown sales and earnings. It is a holding of the Tweedy Browne (TradesPortfolioGlobal Value Fund. More...

SOAP, DETERGENT


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Tweedy Browne Exits 2 Positions in 4th Quarter Investment partnership trims 3 other positions, including Verizon Tweedy Browne,First Eagle Investment - Tweedy Browne Exits 2 Positions In 4th Quarter
Managing directors William H. Browne, John D. Spears, Thomas H. Strager and Robert Q. Wyckoff Jr. operate investment partnership Tweedy Browne (Trades, Portfolio), one of Warren Buffett (Trades, Portfolio)’s Graham-Doddsville Superinvestors. The investment partnership invests in companies using a Ben Graham “intrinsic value” approach. Browne and his team invest in companies at a discount of 40% to the company’s intrinsic value and sell the investment when the market price approaches the fair value. More...

TWEEDY BROWNE, WARREN BUFFETT, FIRST EAGLE INVESTMENT, KEN FISHER, JOHN HUSSMAN


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7 Quality Stocks Gurus Are Buying Companies with high predictability ratings Tweedy Browne,First Pacific Advisors - 7 Quality Stocks Gurus Are Buying
According to GuruFocus’ All-in-One Screener, the following stocks have high business predictability ratings and at least five gurus are shareholders. More...

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Tweedy Browne Adds to MRC Global Firm further invests in oil and gas services company Tweedy Browne,Pioneer Investments,Joel Greenblatt, - Tweedy Browne Adds To MRC Global
Investment firm Tweedy Browne (Trades, Portfolio) Co. increased its position in MRC Global Inc. (NYSE:MRC) by 7.6% on Dec. 31. More...

OIL,GAS, TWEEDY, BROWNE, ADD, MRC


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Chasing Yield at Any Cost Is a Huge Mistake Investors chasing income without conducting proper due diligence are blundering Tweedy Browne - Chasing Yield At Any Cost Is A Huge Mistake
Over the past few years an increasing number of investors have been chasing a trade that at first glance seems perfectly harmless but over the long term will likely work out to be hugely damaging to portfolio performance. More...

DIVIDENDS, DIVIDEND INCOME, INCOME, YIELD, DIVIDEND YIELD, INCOME INVESTING


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2 Gurus Exit ExxonMobil Company's operating margin, revenue per share and gross margin have been in long-term decline Louis Moore Bacon, Tweedy Browne - 2 Gurus Exit ExxonMobil
Louis Moore Bacon (Trades, Portfolio) and the Tweedy Browne (Trades, Portfolio) Co. exited their positions in ExxonMobil (NYSE:XOM) during the third quarter. More...

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Tweedy Browne Comments on Avnet Guru stock highlight
Avnet (NYSE:AVT), on the other hand, is a global distributor of computer products and semiconductors which, at purchase, was trading at approximately 10X earnings and 7X enterprise value to earnings before interest, taxes and amortization (EBITA). Businesses such as Avnet have been routinely valued in corporate acquisitions at approximately 10X enterprise value to EBITA. More...

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Tweedy Browne Comments on Hang Lung Group Guru stock highlight
Hang Lung Group (HKSE:00010) is a successful operator of shopping malls in mainland China and Hong Kong, and at purchase was trading at a historically low ratio of price to book value (<40%). More...

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Tweedy Browne Comments on Linde Guru stock highlight
Linde (XTER:LINDE), the German industrial gas company, we have owned in the past, and we felt we were once again getting a pricing opportunity in its shares. In the 3rd quarter, the company confirmed that it was in discussions to combine with Praxair, a merger that would create the world’s largest supplier of industrial gas. As we write, the prospective merger appears to be off, and it remains to be seen if the two companies will re-engage. More...

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