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.
We will continue to impose for the time being a maximum purchase amount of $4,000,000 per investor on any single trade day to prevent large trades that could be disruptive to effective portfolio management.
Tweedy Browne (Trades, Portfolio) Global Value Fund
Quarterly Equity Performance Attribution
Factors with the largest impact on portfolio return, on an absolute basis, and measured in local currencies.
- Pharmaceuticals, insurance, beverages, internet software, and machinery companies were among the leading industries while the Fund's aerospace & defense, automobiles, banks, mining, and energy equipment companies underperformed.
- Performance by region was largely mixed. Top countries included the Netherlands, the U.S., Germany, Britain, Switzerland, and France. Holdings from Korea, Chile, Thailand, and Canada declined during the quarter.
- Top contributing holdings included Heineken, GlaxoSmithKline, Henkel, Roche, TNT Express, and SCOR. Declining stocks included Standard Chartered, Hyundai Motor, Safran, Devon, Novartis, and Antofagasta.
Tweedy Browne (Trades, Portfolio) Global Value Fund II - Currency Unhedged
Quarterly Equity Performance Attribution
Factors with the largest impact on portfolio return, on an absolute basis, and measured in local currencies.
- Insurance, pharmaceuticals, air freight, machinery, and food companies were among the leading industries while the Fund's media, automobiles, mining, energy equipment, and banks underperformed.
- Performance by region was largely mixed. Top countries included the Netherlands, Germany, the U.S., France and Switzerland, while holdings from Korea, Chile, Thailand, Canada, and Britain declined during the quarter.
- Top contributing holdings included TNT Express, Johnson & Johnson, SCOR, Roche, Unilever, and Teleperformance. Declining stocks included Standard Chartered, Pearson, Hyundai Motor, Safran, Novartis, and Antofagasta.
Tweedy Browne (Trades, Portfolio) Value Fund
Quarterly Equity Performance Attribution
Factors with the largest impact on portfolio return, on an absolute basis, and measured in local currencies.
- Pharmaceuticals, beverages, insurance, internet software, and household products companies were among the leading industries while the Fund's electrical equipment, oil & gas, automobiles, mining, and energy equipment companies underperformed.
- Performance by region was largely mixed. Top countries included the U.S., the Netherlands, Germany, Switzerland, and France. Holdings from Korea, Chile, and Britain declined during the quarter.
- Top contributing holdings included Heineken, Johnson & Johnson, Wells Fargo, Roche, Henkel, and Baxalta. Declining stocks included Devon Energy, Standard Chartered, Hyundai Motor, Novartis, Antofagasta, and Haliburton.
Tweedy Browne (Trades, Portfolio) Worldwide High Dividend Yield Value Fund
Quarterly Equity Performance Attribution
Factors with the largest impact on portfolio return, on an absolute basis, and measured in local currencies.
- Pharmaceuticals, insurance, industrial conglomerates, tobacco, and telecom companies were among the leading industries while the Fund’s commercial services companies underperformed.
- Performance by region was largely mixed. Top countries included the U.S., Germany, France, Switzerland, and Britain. Holdings from Thailand declined during the quarter.
- Top contributing holdings included Johnson & Johnson, Siemens, GlaxoSmithKline, Roche, SCOR, and Verizon. Declining stocks were limited to Standard Chartered, Novartis, G4S, ConocoPhillips, Bangkok Bank, and CNP Assurances.
