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.
Tweedy Browne (Trades, Portfolio) Global Value’s largest addition was its purchase of 4,578,500 shares of GlaxoSmithKline PLC (LSE:GSK, Financial), a London-based pharmaceutical company, for an average price of £13.44 (about $20.62 in U.S. currency) per share. The transaction had a 1.32% impact on Tweedy Browne (Trades, Portfolio) Global Value’s portfolio.
GlaxoSmithKline has a market cap of $57.58 billion and an enterprise value of $70.87 billion. It has a P/E of 6.7, a forward P/E of 17.5, a P/B of 8.4 and a P/S of 2.8. GuruFocus has given GlaxoSmithKline a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
GlaxoSmithKline sold for £13.26 (approximately $20.34 in American money) per share when trading concluded Tuesday.
David Herro (Trades, Portfolio), Brian Rogers (Trades, Portfolio) and Causeway International Value (Trades, Portfolio) have shares of GlaxoSmithKline in their portfolios.
Tweedy Browne (Trades, Portfolio) Global Value bought 5,442,600 shares of United Overseas Bank Ltd. (SGX:U11, Financial), a Singapore-based investment banking and financial services company, for an average price of S$20.9 (approximately $14.94 in American dollars) per share. The deal had a 1.06% impact on Tweedy Browne (Trades, Portfolio) Global Value’s portfolio.
United Overseas Bank has a market cap of $31.89 billion and an enterprise value of $48.88 billion. It has a P/E of 3.4, a forward P/E of 9.4, a P/B of 1.0 and a P/S of 4.1. GuruFocus has given United Overseas Bank a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
United Overseas Bank was selling for S$19.9 (roughly $14.22 in U.S. currency) when the final bell rang Tuesday.
Tweedy Browne (Trades, Portfolio) Global Value increased its stake in Kia Motors Corp. (XKRX:000270, Financial), a Seoul, South Korea-based automotive company, by nearly 70%. Tweedy Browne (Trades, Portfolio) Global Value bought 1,092,300 shares for an average price of â‚©46025.8 (roughly $40.17 in U.S. money) per share. The transaction had a 0.74% impact on Tweedy Browne (Trades, Portfolio) Global Value’s portfolio.
Kia Motors has a market cap of $21.41 trillion and an enterprise value of $20.69 trillion. It has a P/E of 10.7, a forward P/E of 5.3, a P/B of 1.1 and a P/S of 0.7. GuruFocus has given Kia Motors a Financial Strength rating of 9/10 and a Profitability and Growth rating of 6/10.
Kia Motors sold for â‚©53400 (about $46.60 in American dollars) when trading concluded Tuesday.
Tweedy Browne (Trades, Portfolio) Global Value is Kia Motors’ leading shareholder among the gurus. Bernard Horn (Trades, Portfolio) also has shares of Kia Motors in his portfolio.
Tweedy Browne (Trades, Portfolio) Global Value invested in five new stakes in the third quarter – Baxalta Inc. (BXLT, Financial), Ebara Corp. (TSE:6361, Financial), International Business Machines Corp. (IBM, Financial), E-L Financial Corp. Ltd. (TSX:ELF) and Luen Thai Holdings Ltd. (HKSE:00311).
Tweedy Browne (Trades, Portfolio) Global Value bought 1,094,821 shares of Baxalta, a biopharmaceutical company that was spun off by parent company Baxter International (BAX) in July, for an average price of $34.49 per share. The deal had a 0.52% impact on Tweedy Browne (Trades, Portfolio) Global Value’s portfolio.
Baxalta has a market cap of $20.98 billion and an enterprise value of $24.13 billion. It has a P/E of 75.6, a forward P/E of 15.2, a P/B of 5.6 and a P/S of 3.5. GuruFocus has given Baxalta a Financial Strength rating of 5/10 and a Profitability and Growth rating of 4/10.
Richard Pzena (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Bill Frels (Trades, Portfolio), Vanguard Health Care Fund (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Manning & Napier Advisors Inc., Paul Tudor Jones (Trades, Portfolio), John Buckingham (Trades, Portfolio), John Rogers (Trades, Portfolio), John Keeley (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Murray Stahl (Trades, Portfolio), David Dreman (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Dodge & Cox and John Hussman (Trades, Portfolio) have shares of Baxalta in their portfolios.
Tweedy Browne (Trades, Portfolio) Global Value acquired a 5,469,000-share stake in Ebara, a Tokyo-based manufacturer of environmental and industrial machinery, for an average price of ¥516.03 (about $4.30 in American currency) per share. The deal had a 0.3% impact on Tweedy Browne (Trades, Portfolio) Global Value’s portfolio.
Ebara has a market cap of $227.75 billion and an enterprise value of $230.06 billion. It has a P/E of 9.9, a P/B of 1.0 and a P/S of 0.5. GuruFocus has given Ebara a Financial Strength rating of 8/10 and a Profitability and Growth rating of 4/10.
Ebara sold for ¥490 (roughly $4.08 in U.S. dollars) per share when trading ended Tuesday.
Reductions and divestitures
Tweedy Browne (Trades, Portfolio) Global Value reduced five of its stakes in the third quarter – Vallourec SA (XPAR:VK), Headlam Group PLC (LSE:HEAD), Loeb Holding AG (XSWX:LOEP), Nippon Kanzai Co. Ltd. (TSE:9728) and T.Hasegawa Co. Ltd. (TSE:4958).
Tweedy Browne (Trades, Portfolio) Global Value sold more than one-third of its stake in Vallourec, a French manufacturing company engaged in the construction, automotive, energy and mechanical industries. The fund sold 1,552,163 shares for an average price of €12.98 (approximately $14.76 in American money) per share. The sale had a -0.46% impact on the fund’s portfolio.
Vallourec has a market cap of $1.33 billion and an enterprise value of $3.37 billion. It has a forward P/E of 87.0, a P/B of 0.4 and a P/S of 0.2. GuruFocus has given Vallourec a Financial Strength rating of 5/10 and a Profitability and Growth rating of 6/10.
Vallourec sold for €10.32 (about $11.74 in U.S. currency) at midday Wednesday.
Tweedy Browne (Trades, Portfolio) Global Value sold three of its stakes in the third quarter – National Oilwell Varco Inc. (NOV), Cenovus Energy Inc. (TSX:CVE) and AGA Rangemaster Group PLC (LSE:AGA).
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