Tweedy Browne

Tweedy Browne

Last Update: 11-14-2017
Related: Tweedy Browne Global Value

Number of Stocks: 53
Number of New Stocks: 2

Total Value: $3,676 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Tweedy Browne Watch

  • What Has Worked in Investing?

    As the market continues to climb, it is easy to look for new ways to invest and potentially get off course.


    Despite how well you are doing, there is always the temptation to look at what others are doing and kick yourself for the ones you have missed.

      


  • Tweedy Browne Fund 3rd Quarter Letter

    Neither Hurricane Irma’s 185 mile per hour winds nor North Korea’s threats of nuclear retaliation were enough to shake investor conviction during the quarter. Global equity markets continued their advance unabated, shrugging off a host of worries, not the least of which were increasingly high valuations, near term prospects for higher interest rates and coordinated tightening by central banks, a rising terrorism threat level, numerous natural disasters, and escalating geopolitical tensions. Such has been the enduring strength of what is now the second longest bull market in modern financial history.

      


  • Dissecting Tweedy Browne's Holding of Swiss-Based Tamedia

    Tamedia (XSWX:TAMN) is a Swiss print and online publisher that is a holding of Tweedy Browne (Trades, Portfolio). The company has many divisions that are similar to eBay (NASDAQ:EBAY), Ticketmaster, Monster.com and several other well-known U.S.-based online companies. Sales have gone nowhere for five years, but the company could look enticing to one of the many deep-pocketed U.S. online sellers.


    Tamedia has 10.6 million shares outstanding, the stock trades for 139.80 Swiss francs ($143.42), and the market cap is 1.48 billion francs. Earnings per share were 11.62 francs, and the price-earnings (P/E) ratio is 12. The dividend is 4.5 francs, and the dividend yield is 3.22%. The stock is not traded in the U.S. so you’ll have to buy on the Swiss exchanges. It takes $1.03 to buy one franc.

      


  • Tweedy Browne Global Value Fund Gains 4 New Stocks

    During the second quarter, the Tweedy Browne Global Value fund gained four new holdings: Lookers PLC (LSE:LOOK), S&T Holdings Co. Ltd. (XKRX:036530), Konishi Co. Ltd. (TSE:4956) and Nitto Kyogo Corp. (TSE:6651).


    The fund invests in securities of developed markets around the world to achieve long-term growth of capital. The current portfolio is composed of 100 stocks, largely consisting of companies in the financial services and consumer defensive sectors.

      


  • 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?


    The more I research value investing, the simpler its concepts appear. It is the simplicity behind a value-based investment strategy that helps explain its success.

      


  • 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.


    The stock trades for 549 Swiss francs ($568.26), there are 960,500 shares and the market cap is 527 million Swiss francs. Earnings per share are 27.77 Swiss francs and the price-earnings (P/E) ratio is 19.8. The dividend is 15 Swiss francs and the dividend yield is 2.73%. Seems like a pretty reasonable valuation.

      


  • 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.


    The company has 4.22 million shares, the stock trades for 97.95 Swiss francs ($101.59) and the market cap is 413 million Swiss francs. Earnings per share are 3.83 Swiss francs and the price-earnings (P/E) ratio is 25.6. The dividend is 2.70 Swiss francs and the dividend yield is 2.76%. It takes $1.04 to buy one Swiss franc.

      


  • 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.


    Unlike Graham, who retired from investing relatively early in his career, Schloss continued to invest throughout his life and racked up some impressive gains for himself and his investors.

      


  • Tweedy Browne Releases 2nd Quarter 2017 Shareholder Letter

    2nd Quarter 2017

      


  • 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.


    However, the firm has gone beyond basic value investing. It also likes companies that pay a high, sustainable dividend, to both reduce risk and increase their capital appreciation potential.

      


  • 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).


    The company has 14.04 million shares, it's stock trades for 19.58 euros ($22.46), and the market cap is 274.9 million euros. Earnings per share are 1.11 euros, and the stock trades at a price-earnings (P/E) ratio of 17.44. The dividend is 0.53 euros, and the dividend yield is 2.7%.

      


  • Tweedy Browne Global Value Fund Sells Outweigh Buys in 2nd Quarter

    In the second quarter, venerated firm Tweedy Value’s Global Value Fund deleted three stocks from its portfolio and decreased seven more, versus a fractional increase to a single stock.


    The Global Value Fund largely focuses on developed markets but does not exclude attractive stocks from the U.S. or emerging markets. It has four managers that employ the investment style of paying close attention to stocks at discounts from intrinsic value, following Ben Graham-based principles. The fund was founded in 1993 and has $9.9 billion in assets under management.

      


  • Gurus Seek Value in Technology Companies

    The Top 25 Historical Low Price-Sales model portfolio outperformed the Standard & Poor’s 500 index in four of the past six years. As of June 1, the portfolio had a cumulative gain of 125.73% since its inception on Dec. 30, 2009. Three technology companies, Baidu Inc. (NASDAQ:BIDU), Infosys Ltd. (NYSE:INFY) and Qualcomm Inc. (NASDAQ:QCOM), have generated positive returns to the model portfolio over the past two years. Several gurus have increased their positions as these companies offer good value potential.


    Baidu

      


  • 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:


    Baxter International Inc. (BAX)’s stake was reduced by 27.50% with an impact of -0.82% on the portfolio.

      


  • 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.


    To build on this, I want to highlight the findings of several studies relating to the impact of insider accumulation on stock prices. These studies are published in Tweedy, Browne’s highly informative investing book titled "What Has Worked in Investing."

      


  • 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).


    Baidu

      


  • Charlie Likes China



    "I do think the Chinese stock market is cheaper than the American stock market. I do think that China has a bright future." – Charlie Munger (TradesPortfolio) 2017 Berkshire Annual Meeting

      


  • 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.


    The company has 438 million shares, the stock trades for 122.50 euros ($130.70) and the market cap is 53.7 billion euros. The dividend is 1.62 euros and the dividend yield is 1.3%. Earnings per share were 5.53 euros and the price-earnings ratio is 22.15. Not a bad valuation.

      


  • 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.


    During fourth-quarter 2016, Browne’s partnership closed its positions in Lockheed Martin Corp. (NYSE:LMT) and Illinois Tool Works Inc. (NYSE:ITW). Additionally, the partnership trimmed stakes in Verizon Communications Inc. (NYSE:VZ), Johnson & Johnson (NYSE:JNJ) and International Business Machines Corp. (NYSE:IBM).

      


  • UniFirst for Patient Investors

    The "happy" in Happy New Year dropped out early in 2017 for UniFirst Corp. (NYSE:UNF) investors. As this three-month chart shows, the price opened about $12 lower on Jan. 4 after a soft earnings report:


    UNF 3 month price chart

      


  • 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.


    Aaron's Inc. (NYSE:AAN)

      


  • Tweedy Browne Global Value Buys and Adds to 5 Stocks

    Tweedy Browne (Trades, Portfolio) Global Value Fund follows Ben Graham-style investment principles and had low portfolio turnover of 1% in the fourth quarter, it reported Friday.

    The fund invests primarily in developed non-U.S. stocks from diverse sectors. Stocks are selected based on their discounts from managers’ assessments of their intrinsic worth. The $9 billion fund ended the quarter with its largest portfolio allocations as 25% in financial services, 17.9% in consumer defensive and 13.5% in consumer cyclical stocks.  


  • 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.


    Tweedy Browne was established in 1920 by Forrest Birchard Tweedy. Its current managing directors are William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff Jr. The firm’s investment approach is derived from the work of Benjamin Graham. It seeks to uncover a company’s intrinsic value by determining its acquisition value or by estimating the value of its assets and cash flow.

      


  • 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.


    I’m calling this trend income chasing as it involves investors quite literally chasing income at any cost. I’m not talking about buying bonds with artificially low yields, real estate or investing in alternative assets; I’m talking about equities.

      


  • 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.


    ExxonMobil was incorporated in New Jersey in 1882. The company’s principal business is in the exploration and production of crude oil and natural gas. It also manufactures petroleum products, and transports and sells crude oil, natural gas and petroleum products.

      


  • Tweedy Browne Comments on Avnet

    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.

      


  • Tweedy Browne Comments on Hang Lung Group

    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%).

      


  • Tweedy Browne Comments on Linde

    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.

      


  • Tweedy Browne Fund Investment Adviser's Semi-Annual Letter to Shareholders

    Back in our March 2015 letter we said “we live in hard-to-figure-out times.” In many respects, not a lot has changed. The efforts of central banks to kick start economies via quantitative easing (flooding the markets with cheap money) had resulted in negative yields on some government bonds and unsatisfactory rates of economic growth. In our annual report back in March, we mentioned a Bloomberg article pointing out that $7.8 trillion of government debt around the world had negative yields widely attributed to more of the same government/central bank policies. Economic growth in most developed economies remained disappointing, raising doubts about the wisdom or efficacy of this strategy. Recently, the Financial Times reported that the value of negative yielding debt had risen to $13.4 trillion, which included some shorter term corporate debt for the first time. While bond managers enjoyed a bonanza, since falling yields mean rising prices (and rising yields mean falling prices), the idea of paying someone to hold your money feels peculiar to many of us since the benefits are hard to discern and the ultimate consequence or reward is not obvious, except to the few who regularly appear on the financial news networks.

      


  • Tweedy Browne Sells Halliburton, Johnson & Johnson

    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. During the third quarter the guru firm's largest sales were:


    Halliburton Co. (HAL) was reduced by 19.56% with an impact of -1.28% on the portfolio.

      


  • Tweedy, Browne Fund 3rd Quarter Commentary

    Global equity markets continued to gain strength in the third quarter off their Brexit lows back in late June, shrugging off worries about the impact of negative interest rates, anemic global growth, currency volatility, and pre-election jitters. Despite continuing to carry above-average cash reserves, the Tweedy, Browne Funds also produced solid absolute returns in this buoyant environment, and three out of our four Funds are besting their benchmark indices year-to-date.


    Leading the advance during the quarter were the Funds’ financial, technology and industrial holdings, including strong returns from companies such as HSBC (NYSE:HSBC), Standard Chartered (SCB), National Bank of Canada (TSX:NA), CNP Assurances, Munich Re, Zurich Insurance, Cisco, Alphabet (Google), IBM, Siemens, Safran, and Linde, which announced 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. The Funds’ portfolios also benefitted from their overweighting in UK-based companies, which rallied aggressively off their Brexit lows, catalyzed in part by the collapse of the British Pound. We also had a nice bounce in G4S, and continued strong results in ABB, Teleperformance, and the Daily Mail.

      


  • Swedish Confectioner Cloetta Trades at a Resonable Valuation

    Cloetta (OSTO:CLA.B) is a Swedish confectionary company whose stock is trading at very reasonable valuations. The company has grown through M&A and is a holding of Tweedy Browne (Trades, Portfolio).


    The company has 287 million shares, trades at 31 krona ($3.53), and has a market cap of 8.9 billion krona ($1 billion). It takes 8.8 krona to buy one dollar. Trailing earnings per share are 1.42 krona and the stock trades at a price to earnings (PE) ratio of 21.8. The stock does not pay a dividend.

      


  • All Investors Should Own Some Deep Value Stocks

    There are many different ways of building an investment portfolio; ultimately how you build your portfolio will depend on your investment objectives as well as appetite for risk.


    Dividends or dividend stocks are usually the foundations of any portfolio no matter what your attitude on risk or investment objectives. Indeed, you can’t go wrong with a steady stream of dividends to improve your portfolio’s returns when times are good and generate a steady income when times are bad. Alongside dividend stocks, there’s one other class of equities that should have a place in every portfolio – deep value stocks.

      


  • 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.


    The Hongkong and Shanghai Hotels has a market cap of HK$12.81 billion, a P/E ratio of 12.31, an enterprise value of HK$16.31 billion and a P/B ratio of 0.34.

      


  • 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.


    Buffett purchased 704,181 shares for an average price of $77.45 per share. The guru now owns 79,486,181 shares in Phillips, and the purchase had an impact of 0.04% on the portfolio.

      


  • What Has Worked in Investing: Charts

    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.


    It is important that while you are developing your own strategy to avoid being drawn into other strategies, which claim to have better and more sustainable returns. But how do you know which ones to avoid and which ones to take a second look at?

      


  • Global Value Fund Invests in Emperor Entertainment Hotel

    Tweedy Browne (Trades, Portfolio) Global Value Fund purchased 26,265,000 shares in Emperor Entertainment Hotel (HKSE:00296) at an average price of 1.77 Hong Kong dollars (23 cents in U.S. currency) in the second quarter.


    The trade had a 0.09% impact of the Tweedy Browne (Trades, Portfolio) Global Value Fund’s portfolio.

      


  • 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.


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  • Global Value Fund Buys Stake in Thinking Electronic

    The Tweedy Browne (Trades, Portfolio) Global Value Fund purchased a 365,000-share stake in Thinking Electronic Industrial (TPE:2428) at an average price of 49.8 new Taiwan dollars ($1.59 in U.S. currency) in the second quarter.


    Thinking Electronic Industrial was originally founded in 1979 and is currently headquartered in Kaohsiung, Taiwan. The company creates and distributes circuit components that provide protection against using too much voltage, over temperature and overcurrent protection. The company’s products include NTC and PTC thermistor, zinc oxide varistors and gas discharge tubes among others.

      


  • 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.


    The Hang Lung Group was founded on September 13, 1960. Since then, the company has established itself to becoming one of the largest real estate developers in Hong Kong. The Hang Lung Group is also engaged in investment holding and through its subsidiaries, property development for sales and leasing, property investment for rental income and other investments.

      


  • Tweedy Browne Global Value Fund Adds to SCOR Stake

    During the second quarter the Tweedy Browne (Trades, Portfolio) Global Value Fund added 436,730 shares to its stake in SCOR (XPAR:SCR) at an average price of 29.57 euros ($32.75) per share.


    The trade had a 0.18% impact on the Tweedy Browne (Trades, Portfolio) Global Value Fund’s portfolio. It now owns 5,998,250 shares in the company.

      


  • 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.


    While the Brexit decision sent shockwaves temporarily through markets, the downside volatility has turned out to be short-lived (at least so far) as investors appeared to re-focus on what this means for interest rates and future central bank behavior. Much of the ground that was lost in equity markets in the couple of days after the vote has now been recovered, particularly in the United States. What Brexit means longer term for the UK, the European Union (EU), and our markets, only time will tell. As investors, we should not lose sight of the fact that businesses are a mix of human, physical, and intellectual capital, and have a remarkable ability to adapt to changes in the economic and regulatory environment. Many, if not most, of the businesses in our Fund portfolios are large, multi-product businesses that operate on a global basis in a host of markets and currencies. Their success is not overly dependent on the outlook for the European economy. While the near term volatility could remain high in the days and weeks ahead, from our view this is certainly not an end of days scenario for our global markets, but rather something that should lead to opportunities for price disciplined value investors.

      


  • Tweedy Browne Global Value Fund Trims Daetwyler Position

    Tweedy Browne (Trades, Portfolio) Global Value Fund slashed 80,900 shares of Daetwyler (XSWX:DAE) from its portfolio during the second quarter.


    Daetwyler is an international industrial component supplier and a distributor of engineering and electronic components. It has a market cap of 1.95 billion Swiss francs, an enterprise value of 1.81 billion Swiss francs, a P/E ratio of 25.79 and a P/B ratio of 2.61.

      


  • Chuck Royce's Largest 2nd-Quarter Trades

    Chuck Royce (Trades, Portfolio), portfolio manager for Royce Pennsylvania Mutual Fund since 1972, is one of the pioneers in small-cap investing and enjoys one of the longest tenures of any active mutual fund manager. During the second quarter he traded the following stocks:


    The guru reduced his stake in UniFirst Corp. (UNF) by 21.25% with an impact of -0.26% on the portfolio.

      


  • Tweedy Browne Global Fund Purchases Stake in Cie Generale des Etablissements Michelin

    During the second quarter, The Tweedy Browne (Trades, Portfolio) Global Fund purchased a 760,360-share stake in Cie Generale des Etablissements Michelin SA (XPAR:ML) at an average price of 4.91 euros. The trade had a 1% impact on the Tweedy Browne (Trades, Portfolio) Global Fund portfolio.


    Cie Generale des Etablissements Michelin was formed in 1889. The company manufactures and sells tires for all kinds of vehicles. It has three operating segments: passenger car and light truck tires and related distribution; truck tires and related distribution and specialty businesses.

      


  • Agco: Darling of the Value Community

    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.


    Agco has 82.47 million shares and trades at a market cap of $4 billion. The dividend is 52 cents and dividend yield 1%. Trailing earnings per share are $2.81 and the price-earnings ratio is 17.

      


  • Warren Buffett Is Wrong; Macro Is Important

    Warren Buffett (Trades, Portfolio) is famous for telling investors that he and Charlie Munger (Trades, Portfolio) don’t pay any attention to macroeconomics and that they (other investors) would be well served by ignoring macroeconomics as well.


    There are a few choice Buffett quotes on the subject, such as "Forming macro opinions or listening to the macro or market predictions of others is a waste of time" as well as “I don’t read economic forecasts. I don’t read the funny papers” and “Charlie and I don’t pay attention to macro forecasts. We’ve worked together now for 54 years, and I can’t think of a time when we made a decision on a stock or on a company.” So it’s pretty clear that both Buffett and Munger have a low opinion of the place macroeconomics has in an investment process.

      


  • Tweedy Browne Global Value Fund Makes Trades Around the World

    Since its inception in 1993, the Tweedy Browne (Trades, Portfolio) Global Value Fund invests in foreign stocks that are undervalued based on Ben Graham’s investment approach. While the fund primarily focuses on developed countries outside of the U.S., the managers still consider U.S. stocks as opportunities become attractive. During the second quarter, Tweedy Browne (Trades, Portfolio) Global made 12 trades, three each of new buys, adds, reductions and sellouts.


    The fund bought 12,880,300 shares of BAE Systems Inc. (LSE:BA), which represents 1.25% of the global fund’s portfolio. The aerospace and defense company averaged £4.9 per share during the second quarter. Additionally, Tweedy Browne (Trades, Portfolio) Global bought 760,360 shares of Cie Generale des Etablissements Michelin (XPAR:ML). The global fund dedicated 1% of its portfolio to the French auto company, which averaged €90.23 per share. Tweedy Browne (Trades, Portfolio) Global also bought 486,757 shares of British biotech company Shire PLC (LSE:SHP) at an average price of £42.06.

      


  • 3 Guru-Held British Stocks That May Be Impacted by Brexit

    In just a little over a week, the U.K. will vote on June 23 whether to stay in the European Union, in response to growing calls from the Conservative Party and the U.K. Independence Party, who say it’s been too long since Britons last voted to stay in the union in 1975.


    Bloomberg Monday speculated about what the first 100 days may look like should Brexit happen, predicting chaos and loss of confidence through the rest of the EU. President of the EU Donald Tusk has said Brexit could lead to the end of “western political civilization itself.”

      


  • Tweedy Browne Comments on Standard Chartered Bank

    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.”


    At the time of purchase, Standard Chartered, in our view, was conservatively financed, traded at a significant discount to our estimates of its intrinsic value, and paid an attractive dividend. That dividend was omitted last November due to mounting capital concerns, loan losses and uncertainty associated with the bank’s oil & gas loan book. As of fiscal year-end, Standard Chartered was priced at roughly 50% of its tangible per share net asset value (book value). If Standard Chartered’s earnings power were to recover to a 10% return on tangible equity (based on today’s book value), it would generate a 20% after-tax earnings yield on the current price. In other words, the current stock price would be 5 times after-tax earnings, if earnings recover to a 10% return on equity. In the past, banks in Asia have been acquired at significant premiums to tangible net asset value and at more than 10 times after-tax earnings. The bank is in the midst of a restructuring with new management, and appears to be taking all the right steps to put it back into a more competitive and more profitable position. That said, the near-term headwinds are significant. We continue to monitor the position carefully, and have eliminated it from our Worldwide High Dividend Yield Value Fund because it suspended its dividend.

      


  • 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.”

      


  • 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.

      


  • 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.


    During the first quarter, the Tweedy Browne (Trades, Portfolio) Global Value Fund purchased 1,315,780 shares of Bank of New York Mellon Corp. (NYSE:BK).

      


  • 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.


    Tweedy Browne (Trades, Portfolio) purchased two stocks from Hong Kong, one of its smallest country allocations at fourth quarter end and one stock from Germany, one of its larger country allocations. Managers’ purchase of Bank of New York Mellon Corp. (NYSE:BK), the largest new position, slightly expanded the fund’s weighting in its largest sector, financials. Finally, it purchased Avent Inc., a U.S. computer hardware company.

      


  • Tweedy Browne Global Value Adds Shares of AGCO

    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 an investment approach similar to Benjamin Graham, who personally mentored one of the luckiest and most successful investors of all time, Warren Buffett (Trades, Portfolio).


    In the first quarter of 2016, the Tweedy Browne (Trades, Portfolio) Global Value Fund added 256,998 shares of AGCO Corp. (NYSE:AGCO).

      


  • 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.


    Tweedy Browne (Trades, Portfolio) slashed its stake in Torchmark Corp. (NYSE:TMK), a McKinney, Texas-based financial services holding company, by 82% with the sale of 1,139,729 shares for an average price of $58.61 per share. The transaction had a -1.91% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

      


  • Tweedy Browne Reopens Global Value Fund II

    Re-opening of Tweedy Browne (Trades, Portfolio) Global Value Fund II



    The Tweedy Browne (Trades, Portfolio) Global Value Fund II – Currency Unhedged will reopen to new investors on February 1, 2016. As you will recall, the Fund was closed to new investors back in August of 2014, as it had become difficult to invest new subscriptions in the face of rising equity valuations. More recently, flows have become more manageable, and we now believe that the addition of new assets can be managed effectively, without risk of diluting returns to existing shareholders. This is especially true given the enhanced volatility in global equity markets of late which has begun to stimulate new idea flow.

      


  • 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.


    It is not surprising, as market volatility increased in the second half of the year, that the food, beverage, and tobacco component of our Fund portfolios produced the strongest returns. This included strong results for the quarter in Unilever, Philip Morris International (NYSE:PM), and Heineken, with the latter’s strength largely related to the derivative impact of the proposed InBev/SAB Miller deal on beer company valuations. The healthcare segment of the portfolio also stood out, with solid results in Baxalta (NYSE:BXLT), the spinoff from Baxter, which announced shortly after quarter end that it would be acquired by Shire (NASDAQ:SHPG) at a substantial premium. Its former parent, Baxter International, Johnson & Johnson, GlaxoSmithKline, and Roche also produced very nice returns during the quarter. We also had very solid returns in several of our insurance holdings including SCOR, Zurich Insurance Group and Munich Re.

      


  • Tweedy Browne Global Value Raises Stake Sevenfold

    Tweedy Browne (Trades, Portfolio) Global Value septupled its holding in E-L Financial Corp. Ltd. (TSX:ELF) in the fourth quarter, adding 79,300 shares to its stake.


    Tweedy Browne (Trades, Portfolio) Global Value seeks long-term growth of capital by investing throughout the world in a diversified portfolio consisting primarily of non-U.S. marketable equity securities. Tweedy Browne (Trades, Portfolio) Global Value has a policy of purchasing U.S. securities only when there is an attractive opportunity at hand.

      


  • Tweedy Browne Global Value Adds to Stakes in 4th Quarter

    Nearly all of Tweedy Browne (Trades, Portfolio) Global Value Fund’s fourth-quarter activity involved additions to existing stakes.


    The most noteworthy of those transactions was the Fund’s increase of nearly 721% to its stake in E-L Financial Corp. Ltd. (TSX:ELF), a Toronto-based life insurance and financial services company. The Fund purchased 79,300 shares for an average price of C$688.37 (about $485.95 in U.S. currency) per share. The acquisition had a 0.6% impact on the Fund’s portfolio.

      


  • 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.


    3M Co. (MMM)

      


  • Tweedy Browne Comments on Standard Chartered Bank

    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 term, China and other parts of Asia should, in our opinion, continue to grow at rates in excess of the growth rates found in most of the Western world, and we believe these banks should remain significant beneficiaries of that growth.

    from Tweedy Browne (Trades, Portfolio) Investment Advisers' semi-annual report shareholder letter.  


  • 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.


    For value investors such as ourselves, it remained business as usual through this turbulence, although we would admit to a certain counterintuitive satisfaction as equity markets began their long overdue retreat. After six and a half years of relatively smooth sailing, setting aside a brief hiccup in 2011, it had become quite a challenging environment for value investors. Bargains had become increasingly scarce and many of our existing holdings were trading at or near our estimates of their intrinsic value – consequently, we were selling and trimming back a number of those positions. As a result, cash reserves had increased and our returns were somewhat diluted while the bull markets and their associated benchmark indices raged on. We were able to take some advantage of the markets’ downside volatility in late summer. However, it did not last long enough, nor was it steep enough, for us to make significant headway in putting our cash reserves to work.

      


  • Tweedy Browne Invests in IBM, General Electric in 3rd Quarter

    Using research methodology derived from the work of Benjamin Graham, Tweedy Browne (Trades, Portfolio)’s most significant third-quarter trading activity involved the acquisition of new stakes and the sale of portions of existing stakes.


    Tweedy Browne (Trades, Portfolio)’s top third-quarter transactions were new buys – MRC Global Inc. (NYSE:MRC), International Business Machines Corp. (NYSE:IBM) and General Electric Co. (NYSE:GE).

      


  • Several Gurus Take New Stakes in IBM

    Gurus


    It was a busy quarter for IBM (NYSE:IBM) when it comes to guru purchases. Warren Buffett (Trades, Portfolio) continued to add to his IBM position and now owns 8.35% of the company. Also, Edward Lampert, Bruce Berkowitz (Trades, Portfolio), and Tweedy Browne (Trades, Portfolio) all made sizeable initial investments in the company this past quarter. According to GuruFocus, Lampert took a 0.05% position, Berkowitz has 0.08% and Tweedy Browne (Trades, Portfolio) holds 0.03%.

      


  • 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.


    Ironically, the mountain of articles on popular investing websites just aren't helping. Part of the problem might be due to the "more brains" problem Graham cited years ago. Since everybody on Wall Street is so smart, all those brains ultimately cancel each other out.

      


  • 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.

    Last month it came out that legendary value investment firm Tweedy, Browne had added the electronics manufacturer to its portfolio. At the time of the disclosure, Tweedy Browne (Trades, Portfolio) owned 1.77% of the firm's outstanding shares.  


  • Tweedy, Browne Global Value Fund 3Q 2015 Letter to Shareholders

    The third quarter in global equity markets was characterized by a dramatic increase in equity market volatility, seemingly driven in large part by concerns about slowing growth in China, the devaluation of the yuan, volatile oil prices, and the prospect for an increase in U.S. interest rates. While the Tweedy, Browne Funds finished the quarter in the red, all, with the exception of the Worldwide High Dividend Yield Value Fund, bested their respective benchmark indices, with our two international Funds, Global Value and Global Value II, doing so by a considerable margin. Near quarter-end, equity markets began to rebound, and as we write, they have regained much of the ground that was lost in August and early September, and the same holds true for the Tweedy, Browne Funds.


    The Funds do not impose any front-end or deferred sales charges. However, the Global Value Fund, Global Value Fund II – Currency Unhedged and Worldwide High Dividend Yield Value Fund impose a 2% redemption fee on redemption proceeds for redemptions or exchanges made less than 15 days after purchase. Performance data does not reflect the deduction of the redemption fee, and, if reflected, the redemption fee would reduce any performance data quoted for periods of 14 days or less. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses (i.e., the fees and expenses attributable to investing cash balances in money market funds) and may differ from those shown in the Funds' financial statements.

      


  • Tweedy Browne Third Quarter Commentary

    Tweedy Browne Letter To Shareholders:


    The third quarter in global equity markets was characterized by a dramatic increase in equity market volatility, seemingly driven in large part by concerns about slowing growth in China, the devaluation of the yuan, volatile oil prices, and the prospect for an increase in U.S. interest rates. While the Tweedy Browne (Trades, Portfolio) Funds finished the quarter in the red, all, with the exception of the Worldwide High Dividend Yield Value Fund, bested their respective benchmark indices, with our two international Funds, Global Value and Global Value II, doing so by a considerable margin. Near quarter-end, equity markets began to rebound, and as we write, they have regained much of the ground that was lost in August and early September, and the same holds true for the Tweedy Browne (Trades, Portfolio) Funds.

      


  • Despite the Last Negative Quarter, IBM Is Expanding Its Business

    International Business Machines Corp. (IBM) creates business value for clients and solves business problems through integrated solutions that leverage information technology and knowledge of business processes. The company's operations consist of five business segments namely Global Technology Services and Global Business Services, which the company collectively calls Global Services, and Software, Systems and Technology and Global Financing.


    For IBM the third quarter was the 14th straight quarter of declining sales; despite falling sales, the company still plans to invest heavily in Cloud computing, data analytics and other areas where it sees growth and believes the aggressive investments of today would pay off in the future because, with the rise of Cloud computing, corporations are increasingly buying computing resources and software on demand instead of buying their own data center gear.

      


  • 3M Misses Revenue Estimate and Announces Layoffs

    Industrial stock, 3M (NYSE:MMM) recently reported its earnings results for the third quarter of 2015. For the quarter the firm missed analysts’ average revenue estimate by $140 million while also reporting a restructuring that would cut 1,500 jobs. As the industrial sector continues to see reduced revenue in tandem with declining energy sector profits, 3M is yet another large industrial corporation lagging in revenue growth and requiring expense reductions through employee layoffs.


    For the third quarter 3M reported revenue of $7.71 billion resulting in earnings per share of $2.05. While up from the previous quarter, 3M posted another comparable quarter revenue decline with revenue down 5% following a decrease of 6% in the second quarter. Earnings per share continued to climb as sales costs decreased and tax provisions declined. EPS for 3M was up 4% from the comparable quarter and followed a comparable quarter increase in the second quarter of 6%.

      


  • Tweedy Browne Global Value Adds to Stake in GlaxoSmithKline

    Tweedy Browne (Trades, Portfolio) Global Value maintains a diversified portfolio of mostly non-U.S.-based stakes in pursuit of long-term capital growth. Its recent investment track record includes double-digits returns in 2012 and 2013.


    Tweedy Browne (Trades, Portfolio) Global Value’s most noteworthy third-quarter transactions involved additions to 14 existing stakes. Some of the fund’s transactions were modest, but others were large.

      


  • Activist Hedge Fund Manager Dan Loeb Increases Position in Leading Biotech Company

    Daniel Loeb’s Third Point LLC disclosed Wednesday that he increased his stake in Baxter International Inc. (NYSE:BAX), a medical equipment and supplies company, by purchasing an additional 11.97 million shares at an average price of $32.69 per share.


    After the transaction, the trader held 53.85 million shares. The stock has dropped 15.48% over the past year and traded around $32.85 per share by Wednesday closing, which was near its May price.

      


  • Tweedy Browne Reduces 33 Stakes in Portfolio

    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. (NYSE:EMR), 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.

      


  • Tweedy Browne Q2 Commentary

    Concerns about Greece’s possible exit from the eurozone and a sharply correcting Chinese equity market appeared to drive global equity indices lower around quarter-end, forcing benchmark indices (in local currency) and in turn, our Funds’ returns into flat to marginally negative territory for the quarter. All sectors and most industry groups finished the quarter in the red. This increase in equity market volatility, which occurred during the quarter, continues as we write this update, and we are hopeful this portends pricing opportunities for our Funds in the weeks and months ahead.


      



  • Tweedy Browne Comments on Hyundai Motor Co And Kia Motors Corp

    Two of our more recent purchases, Hyundai Motor (XKRX:005380) and Kia (XKRX:000270), belong to the same “chaebol” in South Korea, and both have demonstrated an ability to grow their intrinsic values at attractive rates over the longer term. They have become significantly more competitive against their Japanese rivals in recent years as quality and customer satisfaction ratings have risen at both companies. At purchase, both companies were trading at discounts to book value, less than 10X earnings and at substantial discounts to our estimates of their intrinsic values.

    From Tweedy Browne (Trades, Portfolio)’s 2nd Quarter 2015 Commentary.  


  • Tweedy Browne Comments on TNT Express NV

    We also had a very nice return in TNT Express (XAMS:TNTE) in our two international Funds, Global Value and Global Value II, after Federal Express announced that it would be acquiring the company. Just after first quarter end, Federal Express announced that it would be acquiring TNT Express, the Dutch parcel company, in an all cash offer of eight euros/share, or a 37% and 39% premium over our cost in the shares. As you will recall, we purchased TNT a couple of years back, after its previously proposed merger with UPS fell apart when European regulators failed to approve the deal, feeling it would be anti-competitive. We believe there should be no competitive issues with Federal Express this time, as its footprint in Europe is much smaller than that of UPS. Federal Express was able to use a strong currency (the US dollar), and extremely low-cost debt to secure a deal that we believe is attractive for all parties to the transaction.

    From Tweedy Browne (Trades, Portfolio)’s 2nd Quarter 2015 Commentary.  


  • Tweedy, Browne 2nd Quarter 2015 Commentary

    Concerns about Greece’s possible exit from the eurozone and a sharply correcting Chinese equity market appeared to drive global equity indices lower around quarter-end, forcing benchmark indices (in local currency) and in turn, our Funds’ returns into flat to marginally negative territory for the quarter. All sectors and most industry groups finished the quarter in the red. This increase in equity market volatility, which occurred during the quarter, continues as we write this update, and we are hopeful this portends pricing opportunities for our Funds in the weeks and months ahead.


    Please note that the individual companies discussed herein represent holdings in our Funds, but are not necessarily held in all four of our Funds. Please refer to footnotes on page 16 for the Funds’ respective holdings in each of these companies.

      


  • Tweedy Browne Global Value Adds to Eight Stakes in Portfolio

    The Tweedy Browne (Trades, Portfolio) Global Value Fund pursues long-term growth through a diverse portfolio consisting primarily of non-U.S. investments, and the Fund's second-quarter additions were definitely diverse.


    In the second quarter, Tweedy Browne (Trades, Portfolio) Global Value added to eight existing stakes in its portfolio, including its most valuable stake – Standard Chartered PLC (LSE:STAN), a London-based banking and financial services company. Tweedy Browne (Trades, Portfolio) Global Value added 1,611,422 shares to its stake for an average price of £10.59 (approximately $16.43 in American currency) per share. The transaction had a 0.37% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

      


  • Tweedy Browne Global Value Makes Most New Buys In Three Years

    Tweedy Browne (Trades, Portfolio) Global Value added six new stakes to its portfolio in the second quarter, the most new buys the firm has made in a single quarter in three years. Tweedy Browne (Trades, Portfolio)’s return was 1.51% in 2014, 19.62% in 2013 and 18.39% in 2012.


    The acquisition that had the greatest impact on the firm’s portfolio was its purchase of 823,176 shares of Hyundai Motor Co (XKRX:005380), an automotive manufacturer based in Seoul, South Korea, for an average price of ₩155927 (about $136.95 in American currency) per share. The purchase had a 1.46% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

      


  • An Interview With Managing Director Of Tweedy Browne John Spears

    John Spears, managing director at Tweedy Browne, recently gave a presentation at Ivey Business School. Here's the video:

      


  • Tweedy Browne Investment Adviser’s Annual Letter to Shareholders 2015

    “We live in interesting times” is a frequently used phrase believed to derive from an earlier expression, “may you live in interesting times,” the origin of which is murky. In either version the intent is to convey a sense of an uncertain, unpleasant world. While there is little doubt we live in interesting times, we hesitated using this phrase in our letter, concerned that the expression carries with it a degree of alarm that we don’t necessarily share. We believe a more apt description of where we are today is that “we live in hard-to-figure-out times.” And yet, many global equity markets have continued marching onwards and upwards.

      


  • Tweedy Browne's Stocks With High Growing Yield

    Tweedy Browne is an investment partnership owned by its four managing directors. Investments are focused in developed markets, and where practicable, perceived foreign currency exposure is hedged back into the U.S. dollar. The fund is a pure no-load fund with no 12b-1 provisions. The fund is managed by the team of Tweedy Browne (Trades, Portfolio) Partners.


    The portfolio is composed of 47 stocks. Total value of the portfolio is $3.705 Mil and the following three stocks are the companies that have the highest yield and is growing more than other stocks held by the Guru.

      


  • Tweedy Browne Fund First Quarter 2015 Commentary

    1st Quarter 2015


    All four of the Tweedy, Browne Funds made financial progress in the first quarter as global equities, particularly European equities, surged forward after the year-end turbulence associated with the collapse in oil prices. However, it was a challenging quarter for relative returns, and bargain hunting remains severely constrained by equity valuations that are now well above average.

      


  • Tweedy Browne Increases Stakes in HAL and COP During 1Q2015

    During 1Q2015, Tweedy Browne (Trades, Portfolio) recently increased his stakes in ConocoPhillips (NYSE:COP) and Haliburton Co (NYSE:HAL), according to GuruFocus Real Time Picks.


    ConocoPhillips (NYSE:COP)

      


  • Guru Stocks at 52-Week Lows: AXP, ERIC, KOF, KORS, PNR

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    American Express Co (NYSE:AXP) Reached the 52-Week Low of $77.99

      


  • Top Weighted Stocks in Tweedy Browne Global Value Fund's Portfolio

    Tweedy Browne (Trades, Portfolio) Global Value Fund focuses on investing in non-U.S. companies that have long-term growth. The Fund also uses intrinsic value to determine a company's collateral value, which was acquired through the late Benjamin Graham.


    The Fund currently owns 96 positions, valued around $6.64 billion and has a 3% quarter-over-quarter turnover. Here are the top most heavily weighted international stocks in Tweedy's Global portfolio.

      


  • Tweedy Browne Sells Three Stakes, Buys Three New Ones

    The Tweedy Browne (Trades, Portfolio) Global Value Fund, an investment advisory and fund management firm dedicated to the principles of Benjamin Graham and David Dodd, has a quarter-over-quarter turnover rate of 3% – which, in a portfolio that has nearly 100 stocks, means an approximate turnover of three stocks in a quarter.


    And that is precisely what Tweedy Browne (Trades, Portfolio) did in the first quarter of 2015 – it sold its stakes in three companies and bought stakes in three new ones.

      


  • Tweedy Browne Global Fund Finds Opportunities in Asia

    The Tweedy Browne (Trades, Portfolio) Global Fund saw opportunities in the Asia region, buying two Hong Kong stocks and one South Korean stock in Q1 2015.


    The fund invests in undervalued foreign equities, and occasionally U.S. stocks if opportunities appear attractive. According to the fund’s fact sheet, Europe is the most heavily represented region in the portfolio at 54% of total assets.

      


  • Can This Pig Farmer Teach You Value Investing?

    A pig farmer isn't the first place value investors look to improve their craft, but the returns this one achieved with such a simple strategy will amaze you.



    In Fortune Magazine back in 1978, John Train wrote the legendary story of a man known only as “Mr. Womack,” a rice farmer and hog raiser who never had a market loss in 40 years of investing. His sound judgment and rational decision making became a bible for those interested in value investing.

      


  • Torchmark´s Dividend Hike Does Not Justify Its Market Price

    In this article, let's take a look at Torchmark Corporation (NYSE:TMK), a $6.95 billion market cap company, which provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand.


    Dividend Hike

      


  • Tweedy Browne's Low PE Stocks

    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 (Trades, Portfolio) 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/

      


  • Three Gurus Invest in Chilean Conglomerate in Fourth Quarter

    Three gurus have made large investments recently in Antofagasta PLC (ANTO.UK). Antofagasta may not be a household word in America, but it is one of the most important conglomerates in Chile. It has offices in London as well as Chile and is listed on the London Stock Exchange, where it is the 33rd-largest company.


    Antofagasta is one of the world’s leading copper producers, operating four copper mines in Chile, which has a rich deposit of copper in its northern desert. It also operates an extensive railroad network, and it is involved in banking and regional water distribution among other things. Nearly two-thirds of the company is owned by Chile’s prominent Luksic family.

      


  • Inside One of Value Investing’s Greatest Minds: Chris Browne

    Beating the stock market is actually quite simple, so why do most investors find market-beating returns so elusive?


    The success of value strategies has been well documented for at least the past 60 years. It’s no secret, now well into the 2010s, that beating the market is as simple as putting together a diversified portfolio of value stocks and rotating those stocks when they appreciate back up to fair value. It’s baffling, then, why so few people actually take advantage of this very simple strategy, despite the evidence.

      


  • Tweedy Browne Global Value Q4 Portfolio Updates

    The Tweedy Browne (Trades, Portfolio) Global Value fund follows the Ben Graham value-oriented approach, and invests primarily in foreign securities, though U.S. stocks are included on a limited basis if opportunities are attractive.


    As of Dec. 31, the fund had about $8.7 billion in assets under management. According to the fourth quarter shareholder letter, the consumer, financials, and materials sectors held up the best during the quarter. Oil and gas, banks, and machinery companies underperformed in the quarter.

      


  • Tweedy Browne Fund Q4 2014 Commentary

    Global and international equity market indices (in local currency) moved higher in the 4th quarter despite increasing equity market volatility caused in part by the continued rapid decline in oil prices. With respect to relative performance comparisons, it was a difficult quarter for the Tweedy, Browne Funds largely due to their underweightings in US equities and their overweightings in energy related holdings. The absolute and relative results since inception for all of our Funds remain strong.


    The Funds do not impose any front-end or deferred sales charges. However, the Global Value Fund, Global Value Fund II – Currency Unhedged and Worldwide High Dividend Yield Value Fund impose a 2% redemption fee on redemption proceeds for redemptions or exchanges made within 60 days of purchase. Performance data does not reflect the deduction of the redemption fee, and, if reflected, the redemption fee would reduce the performance data quoted for periods of 60 days or less. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses (i.e., the fees and expenses attributable to investing cash balances in money market funds) and may differ from those shown in the Funds' financial statements.

      


  • Guru Stocks at 52-Week Lows: VZ, T, IBM, RY, MCD

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Verizon Communications Inc Reached the 52-Week Low of $46.35

      


  • Weekly Guru Bargains Highlights: BSBR, BBVA, PBR.A, BBL, PKX

    According to GuruFocus updates, these stocks have declined the most since Gurus have bought.


    Banco Santander Brasil SA/Brazil (NYSE:BSBR): Down 23% Since Mario Gabelli (Trades, Portfolio) bought in the quarter ended on Sept. 30, 2014

      


  • Use this Critical Concept to Pick Better Value Stocks

    People fear risk to such an extent, they tend to make the bulk of their decisions based on trying not to lose— which is often the suboptimal strategy if your goal is to profit.


    Many of us fear downside without properly factoring in the upside. When driven by emotion or irrational forces, there is a natural tendency to avoid risk, consequently lowering the chance for success.

      


  • Guru Stocks at 52-Week Lows: GOOG, VZ, HSBC, SNY, TOT

    The prices of Google Inc (NASDAQ:GOOG) shares have declined to close to the 52-week low of $496.17, which is 19.2% off the 52-week high of $604.83. Google Inc is owned by 39 Gurus we are tracking. Among them, 13 have added to their positions during the past quarter. 18 reduced their positions.


    Google Inc was incorporated in California on September 4, 1998 and reincorporated in Delaware in August 2003. Google Inc has a market cap of $357.09 billion; its shares were traded at around $496.17 with a P/E ratio of 26.10 and P/S ratio of 5.00. Google Inc had an annual average earnings growth of 33.30% over the past 10 years. GuruFocus rated Google Inc the business predictability rank of 3-star.

      


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