Henkel AG & Co KGaA Exits Tweedy Browne International Value's Portfolio in Q4

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Insight into Tweedy Browne International Value (Trades, Portfolio)'s Latest Investment Moves

Tweedy Browne International Value (Trades, Portfolio), known for its "Ben Graham" value-oriented investment approach, has revealed its N-PORT filing for the fourth quarter of 2023. The fund, which began on June 15, 1993, is steered by a seasoned Investment Committee that includes Roger R. de Bree, Frank H. Hawrylak, Jay Hill, Sean McDonald, Thomas H. Shrager, John D. Spears, and Robert Q. Wyckoff, Jr. Specializing in undervalued foreign equity securities, the fund also selectively invests in U.S. stocks and hedges foreign currency exposure to mitigate risk.

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Summary of New Buys

Tweedy Browne International Value (Trades, Portfolio) expanded its portfolio with 2 new stocks:

  • DB Insurance Co Ltd (XKRX:005830, Financial) was the primary new addition, with 219,167 shares valued at ₩14,243.56 million, making up 0.25% of the portfolio.
  • Sandoz Group AG (XSWX:SDZ, Financial) was also added with 256,960 shares, representing 0.15% of the portfolio, valued at CHF8,261.56 million.

Key Position Increases

The fund also bolstered its holdings in 6 companies:

  • FMC Corp (FMC, Financial) saw a substantial increase of 1,031,670 shares, bringing the total to 1,931,380 shares. This represents a 114.67% increase in shares and a 1.14% portfolio impact, valued at $121,773,510.
  • Teleperformance SE (XPAR:TEP, Financial) was the second-largest increase with an additional 388,135 shares, totaling 1,011,698 shares. This adjustment marks a 62.24% increase in shares, valued at €147,575,410.

Summary of Sold Out Positions

Tweedy Browne International Value (Trades, Portfolio) exited positions in 3 companies during the quarter:

  • Henkel AG & Co KGaA (XTER:HEN, Financial) was completely sold off, with all 1,219,727 shares divested, impacting the portfolio by -1.41%.
  • Alibaba Group Holding Ltd (HKSE:09988, Financial) was also liquidated, with all 6,558,340 shares sold, resulting in a -1.3% portfolio impact.

Key Position Reductions

The fund reduced its stake in 9 stocks, with significant reductions in:

  • Nestle SA (XSWX:NESN, Financial) by 500,000 shares, a -19.72% decrease, impacting the portfolio by -1.04%. The stock traded at an average price of CHF99.52 during the quarter.
  • Diageo PLC (LSE:DGE, Financial) by 900,000 shares, a -16.99% reduction, impacting the portfolio by -0.61%. The stock traded at an average price of £29.54 during the quarter.

Portfolio Overview

As of the fourth quarter of 2023, Tweedy Browne International Value (Trades, Portfolio)'s portfolio comprised 96 stocks. The top holdings included 4.59% in TotalEnergies SE (XPAR:TTE, Financial), 4.15% in Nestle SA (XSWX:NESN), 4.11% in Safran SA (XPAR:SAF, Financial), 4.03% in BAE Systems PLC (LSE:BA., Financial), and 3.99% in Berkshire Hathaway Inc (BRK.A, Financial). The holdings are mainly concentrated across 10 industries, including Industrials, Financial Services, Consumer Defensive, Healthcare, Communication Services, Basic Materials, Energy, Consumer Cyclical, Technology, and Real Estate.

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Disclosures

I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.