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Holly LaFon
Holly LaFon
Articles (8059) 

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

Venerated fund sells three stocks and reduces seven, with zero new buys

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.

The fund’s exited positions in the second quarter were: Mandom Corp. (TSE:4917), Shinko Shoji Co. Ltd. (TSE:8141) and ABB Ltd. (XKRX:ABBN). Its most-decreased holdings were in The Hongkong and Shanghai Hotels Ltd. (HKSE:00045), Munchener Ruckversicherungs-Gesellschaft AG (XTER:MUV2) and TT Electronics PLC (LSE:TTG).

Sells

Mandom Corp. (TSE:4917)

Tweedy Browne (Trades, Portfolio) Global Fund sold its 69,100 shares of Mandom Corp., a stock it held since the first quarter of 2011. It has an estimated gain of 163% on the position.

Mandom Corp. has a market cap of $143.77 billion; its shares were traded around $6230.00 yen Thursday with a P/E ratio of 25.83 and P/S ratio of 1.86. The trailing 12-month dividend yield of Mandom Corp. stocks is 1.56%. The forward dividend yield of Mandom. Corp stocks is 1.66%. Mandom Corp. had an annual average earnings growth of 3.50% over the past 10 years. GuruFocus rated Mandom Corp. the business predictability rank of 3-star.

Shinko Shoji Co. Ltd. (TSE:8141)Top of Form

The fund sold 114,100 shares of Shinko Shoji Co. Ltd., a position it held since the first quarter of 2011 and reduced in the first quarter of 2017. It had an approximate estimated gain of 81% on the holding.

Shinko Shoji Co. Ltd. has a market cap of $31.22 billion; its shares were traded around $1397.00 yen Friday with a P/E ratio of 25.02 and P/S ratio of 0.28. The trailing 12-month dividend yield of Shinko Shoji Co. Ltd. stocks is 2.86%. The forward dividend yield of Shinko Shoji Co Ltd stocks is 2.86%.

ABB Ltd. (XSWX:ABBN)

The fund sold 2,272,160 shares of ABB Ltd., a position it acquired in the third quarter of 2013. It had an approximate estimated total gain on the holding of 15%.

ABB Ltd. has a market cap of 51.71 billion Swiss francs; its shares were traded around 24.12 Swiss francs with a P/E ratio of 24.26 and P/S ratio of 1.54. The trailing 12-month dividend yield of ABB Ltd. stocks is 3.15%. The forward dividend yield of ABB Ltd. stocks is 3.15%.

Reductions

The Hongkong and Shanghai Hotels Ltd. (HKSE:00045)

The fund reduced its position in The Hongkong and Shanghai Hotels Ltd. by 10,525,711, or 67.8%. After the sell, they ended the quarter with 5 million shares. The total estimated gain since it was started in the first quarter of 2016 was 41% as of Friday.

The Hongkong and Shanghai Hotels Ltd. has a market cap of HK$24.54 billion; its shares were traded around HK15.66 Friday with a P/E ratio of 36.43 and P/S ratio of 4.33. The trailing 12-month dividend yield of The Hongkong and Shanghai Hotels Ltd. stocks is 1.21%. The forward dividend yield of The Hongkong and Shanghai Hotels Ltd. stocks is 1.21%.

Munchener Ruckversicherungs-Gesellschaft AG (XTER:MUV2)

The fund reduced its position in Munchener Ruckversicherungs-Gesellschaft AG by 319,000 shares Friday, or 45.64%. After the sell, the firm had 380,000 remaining shares of the position it started in the fourth quarter of 2012. It had an estimated 40% gain on the position as of Friday.

Munchener Ruckversicherungs-Gesellschaft AG has a market cap of 28.6 billion euro; its shares were traded around 182.30 euro Friday with a P/E ratio of 10.67 and P/S ratio of 0.50. The trailing 12-month dividend yield of Munchener Ruckversicherungs-Gesellschaft AG stocks is 4.72%. The forward dividend yield of Munchener Ruckversicherungs-Gesellschaft AG stocks is 4.72%. Munchener Ruckversicherungs-Gesellschaft AG had an annual average earnings growth of 0.60% over the past 10 years.

TT Electronics PLC (LSE:TTG)

The fund reduced its position by 1,991,800 shares of TT Electronics PLC, or 40.72%. After the sell, it had 2.9 million shares remaining. Tweedy Browne (Trades, Portfolio) Global Value started the position in the first quarter of 2011 and it had an estimated approximate gain of 10% as of Friday.

TT Electronics PLC has a market cap of 305.363 million pounds; its shares were traded around 1.88 pounds Friday with a P/E ratio of 18.80 and P/S ratio of 0.55. The trailing 12-month dividend yield of TT Electronics PLC stocks is 2.98%. The forward dividend yield of TT Electronics PLC stocks is 2.98%.

SeeSee Tweedy See Tweedy Browne (Trades, Portfolio) Global Value’s stock portfolio here.


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