Tweedy Browne

Tweedy Browne

Last Update: 05-15-2017
Related: Tweedy Browne Global Value

Number of Stocks: 52
Number of New Stocks: 3

Total Value: $3,483 Mil
Q/Q Turnover: 7%

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

Tweedy Browne Watch

  • 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.

      


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