Portfolio holdings of Tweedy Browne Co. - Tweedy Browne Value Fund. Tweedy Browne Co. - Tweedy Browne Value Fund stock picks:. Stock Holdings page.
Tweedy Browne Co. - Tweedy Browne Value Fund
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Investment Philosophy
The investment management principles practiced by Tweedy, Browne derive from the work of the late Benjamin Graham, professor of investments at Columbia Business School and author of Security Analysis and The Intelligent Investor. Tweedy, Browne’s research seeks to appraise the worth of a company, what Graham called “intrinsic value,” by determining its acquisition value, or by estimating the collateral value of its assets and/or cash flow. The term “intrinsic value” may also be referred to as private market value, breakup value or liquidation value. The process is more closely related to credit analysis, for as we have said, we are as concerned with the return of our capital as we are with the return on our capital. Investments are made at a significant discount to intrinsic value, which Graham called an investor’s “margin of safety.” Investments are generally sold as the market price approaches intrinsic value, with the proceeds reinvested in other situations offering a greater discount to intrinsic value. Adhering to the principles of intrinsic value and margin of safety results in an investment policy that runs counter to the general market psychology, and seeks to reduce the decision to purchase or sell securities to a discipline rather than an art.
In determining intrinsic value, our research focuses on fundamental principles of balance sheet and income statement analysis, and a knowledge and understanding of actual corporate mergers, acquisitions, and liquidations. From more than 20,000 publicly traded corporations worldwide, we research and select for investment, those issues selling at substantial discounts to our estimate of intrinsic value. To minimize errors in analysis or events which could adversely affect intrinsic values, we adhere to a policy of broad diversification within individual portfolios, with no one issue generally accounting for more than 3% to 5% at cost of portfolio assets, and no one industry group generally accounting for more than 15% to 20% of portfolio value. Portfolios are not constrained by market capitalization considerations with the result that a significant portion of portfolio assets may be invested in smaller (generally under $1 billion) and medium (up to $5 billion) capitalization companies.
Most investments in Tweedy, Browne portfolios have one or more of the following investment characteristics: low stock price in relation to book value, low price-to-earnings ratio, low price-to-cash-flow ratio, above-average dividend yield, low price-to-sales ratio as compared to other companies in the same industry, low corporate leverage, low share price, purchases of a company’s own stock by the company’s officers and directors, company share repurchases, a stock price that has declined significantly from its previous high price and/or small market capitalization. Academic research and studies have indicated a historical statistical correlation between each of these investment characteristics and above-average investment rates of return over long measurement periods.
Investment Philosophy
The investment management principles practiced by Tweedy, Browne derive from the work of the late Benjamin Graham, professor of investments at Columbia Business School and author of Security Analysis and The Intelligent Investor. Tweedy, Browne’s research seeks to appraise the worth of a company, what Graham called “intrinsic value,” by determining its acquisition value, or by estimating the collateral value of its assets and/or cash flow. The term “intrinsic value” may also be referred to as private market value, breakup value or liquidation value. The process is more closely related to credit analysis, for as we have said, we are as concerned with the return of our capital as we are with the return on our capital. Investments are made at a significant discount to intrinsic value, which Graham called an investor’s “margin of safety.” Investments are generally sold as the market price approaches intrinsic value, with the proceeds reinvested in other situations offering a greater discount to intrinsic value. Adhering to the principles of intrinsic value and margin of safety results in an investment policy that runs counter to the general market psychology, and seeks to reduce the decision to purchase or sell securities to a discipline rather than an art.
In determining intrinsic value, our research focuses on fundamental principles of balance sheet and income statement analysis, and a knowledge and understanding of actual corporate mergers, acquisitions, and liquidations. From more than 20,000 publicly traded corporations worldwide, we research and select for investment, those issues selling at substantial discounts to our estimate of intrinsic value. To minimize errors in analysis or events which could adversely affect intrinsic values, we adhere to a policy of broad diversification within individual portfolios, with no one issue generally accounting for more than 3% to 5% at cost of portfolio assets, and no one industry group generally accounting for more than 15% to 20% of portfolio value. Portfolios are not constrained by market capitalization considerations with the result that a significant portion of portfolio assets may be invested in smaller (generally under $1 billion) and medium (up to $5 billion) capitalization companies.
Most investments in Tweedy, Browne portfolios have one or more of the following investment characteristics: low stock price in relation to book value, low price-to-earnings ratio, low price-to-cash-flow ratio, above-average dividend yield, low price-to-sales ratio as compared to other companies in the same industry, low corporate leverage, low share price, purchases of a company’s own stock by the company’s officers and directors, company share repurchases, a stock price that has declined significantly from its previous high price and/or small market capitalization. Academic research and studies have indicated a historical statistical correlation between each of these investment characteristics and above-average investment rates of return over long measurement periods.
Period: Q4 2024
Portfolio date: 31 Dec 2024
No. of stocks: 82
Portfolio value: $368,258,000
History | Stock | % of Portfolio |
RecentActivity | Shares | ReportedPrice* | Value | Current Price |
+/-Reported Price |
52Week Low |
52Week High |
|
≡ | BRK.A - Berkshire Hathaway CL A | 5.18 | Reduce 36.36% | 28 | $680928.57 | $19,066,000 | $790250.00 | 16.05% | $596000.00 | $806024.00 | |
≡ | SAFRY - Safran SA | 4.35 | 72,857 | $219.64 | $16,002,000 | $53.47 | -75.66% | $37.16 | $58.84 | ||
≡ | WFC - Wells Fargo | 4.31 | 225,783 | $70.24 | $15,859,000 | $70.69 | 0.64% | $49.24 | $81.30 | ||
≡ | TTE - TotalEnergies SE | 3.55 | 236,380 | $55.26 | $13,063,000 | $64.15 | 16.09% | $51.80 | $71.04 | ||
≡ | RHHVF - Roche Holdings AG DIV RT | 3.41 | 44,523 | $281.92 | $12,552,000 | $323.57 | 14.77% | $233.12 | $340.88 | ||
≡ | GOOGL - Alphabet Inc. | 2.92 | Reduce 34.39% | 56,760 | $189.31 | $10,745,000 | $154.33 | -18.48% | $146.88 | $206.81 | |
≡ | FDX - FedEx Corp. | 2.69 | 35,160 | $281.34 | $9,892,000 | $241.71 | -14.09% | $217.22 | $309.09 | ||
≡ | UOVEY - United Overseas Bank Ltd. | 2.69 | Reduce 3.83% | 371,712 | $26.63 | $9,899,000 | $48.62 | 82.58% | $36.81 | $49.59 | |
≡ | NSRGY - Nestle | 2.64 | 118,780 | $81.70 | $9,704,000 | $104.60 | 28.03% | $97.35 | $116.02 | ||
≡ | JNJ - Johnson & Johnson | 2.49 | 63,514 | $144.61 | $9,185,000 | $163.71 | 13.21% | $138.68 | $169.99 | ||
≡ | TLPFF - Teleperformance SE | 2.22 | 95,170 | $86.07 | $8,191,000 | $108.73 | 26.33% | $88.68 | $169.01 | ||
≡ | FMC - FMC Corp. | 2.21 | 167,744 | $48.61 | $8,154,000 | $42.21 | -13.17% | $33.80 | $67.13 | ||
≡ | DEO - Diageo ADR | 2.17 | 62,715 | $127.13 | $7,973,000 | $105.38 | -17.11% | $104.14 | $144.24 | ||
≡ | UHAL - U-Haul Holding Co. | 2.14 | 122,928 | $64.05 | $7,874,000 | $64.93 | 1.37% | $59.70 | $79.04 | ||
≡ | HKHHF - Heineken Holding NV | 2.08 | 128,033 | $59.91 | $7,670,000 | $74.00 | 23.52% | $70.52 | $85.50 | ||
≡ | RNMBF - Rheinmetall AG | 2.06 | Reduce 27.54% | 11,893 | $636.42 | $7,569,000 | $560.50 | -11.93% | $241.41 | $633.00 | |
≡ | BYNN.F - Rubis SCA | 2.01 | 299,826 | $24.73 | $7,414,000 | $31.57 | 27.66% | $20.95 | $36.89 | ||
≡ | CNH - CNH Industrial NV | 2.00 | 650,620 | $11.33 | $7,372,000 | $12.19 | 7.59% | $9.28 | $13.87 | ||
≡ | NVST - Envista Holdings Corp. | 1.95 | 372,000 | $19.29 | $7,176,000 | $16.97 | -12.03% | $15.15 | $23.00 | ||
≡ | DHLGY - Deutsche Post AG | 1.82 | 190,881 | $35.18 | $6,716,000 | $43.33 | 23.17% | $36.18 | $48.24 | ||
≡ | IONS - Ionis Pharmaceuticals Inc. | 1.81 | 190,425 | $34.96 | $6,657,000 | $31.15 | -10.90% | $30.23 | $52.34 | ||
≡ | VRTX - Vertex Pharmaceuticals | 1.68 | 15,355 | $402.67 | $6,183,000 | $492.69 | 22.36% | $377.85 | $519.88 | ||
≡ | AN3.F - Alten SA | 1.63 | Add 85.36% | 73,222 | $81.86 | $5,994,000 | |||||
≡ | WIPKF - Winpak Ltd | 1.63 | 180,543 | $33.19 | $5,992,000 | $33.79 | 1.81% | $27.19 | $46.28 | ||
≡ | AZO - AutoZone Inc. | 1.55 | Reduce 10.09% | 1,782 | $3202.02 | $5,706,000 | $3771.00 | 17.77% | $2728.97 | $3838.00 | |
≡ | TFC - Truist Financial Corp. | 1.55 | 131,295 | $43.38 | $5,696,000 | $40.46 | -6.73% | $33.44 | $48.51 | ||
≡ | BAESF - BAE Systems plc | 1.52 | 389,775 | $14.38 | $5,606,000 | $17.13 | 19.12% | $11.51 | $18.26 | ||
≡ | SEE - Sealed Air Corp. | 1.38 | Reduce 19.16% | 150,612 | $33.83 | $5,095,000 | $29.00 | -14.28% | $28.67 | $40.18 | |
≡ | FSNUF - Fresenius SE & Co KGaA | 1.35 | 143,555 | $34.73 | $4,986,000 | $37.08 | 6.77% | $25.77 | $37.08 | ||
≡ | NVS - Novartis AG | 1.35 | 50,749 | $97.87 | $4,967,000 | $112.57 | 15.02% | $89.14 | $116.72 | ||
≡ | KEMIRA.HE - Kemira Oyj | 1.25 | 227,906 | $20.21 | $4,607,000 | ||||||
≡ | FUJHF - Subaru Corp. | 1.22 | Add 95.68% | 250,250 | $17.95 | $4,492,000 | |||||
≡ | KOF - Coca-Cola FEMSA S A CV | 1.15 | 54,420 | $77.89 | $4,239,000 | $92.30 | 18.50% | $72.68 | $99.52 | ||
≡ | 000858.SZ - Wuliangye Yibin Co. | 1.12 | 215,487 | $19.18 | $4,134,000 | ||||||
≡ | SSNLF - Samsung Electronics Co. Ltd. | 1.04 | Add 29.18% | 105,905 | $36.14 | $3,827,000 | $39.24 | 8.58% | $39.24 | ||
≡ | TBABF - Trelleborg AB | 1.04 | 111,490 | $34.26 | $3,820,000 | $32.25 | -5.87% | $25.50 | $37.95 | ||
≡ | CVSGF - CVS Group plc | 1.00 | 350,760 | $10.52 | $3,690,000 | ||||||
≡ | 003550.KS - LG Corp. | 0.94 | 70,858 | $48.91 | $3,466,000 | ||||||
≡ | AALBF - Aalberts NV | 0.92 | 94,810 | $35.56 | $3,371,000 | $39.01 | 9.70% | $29.80 | $50.07 | ||
≡ | BAC - Bank of America Corp. | 0.92 | 76,760 | $43.96 | $3,374,000 | $41.25 | -6.16% | $33.33 | $47.68 | ||
≡ | EPD - Enterprise Products Partners LP | 0.92 | 107,535 | $31.36 | $3,372,000 | $34.08 | 8.67% | $26.24 | $34.53 | ||
≡ | BNTGY - Brenntag SE | 0.89 | 54,875 | $59.94 | $3,289,000 | $14.48 | -75.84% | $13.03 | $18.14 | ||
≡ | HI6.F - Haitian International Holdings Ltd | 0.74 | 1,006,590 | $2.72 | $2,734,000 | ||||||
≡ | INCH.L - Inchcape plc | 0.74 | 282,425 | $9.64 | $2,722,000 | $8.62 | -10.58% | $8.62 | $12.51 | ||
≡ | 4182.T - Mitsubishi Gas Chemical Co. Inc. | 0.73 | 148,315 | $18.00 | $2,670,000 | ||||||
≡ | GFTU.L - Grafton Group Plc | 0.73 | 223,196 | $12.02 | $2,683,000 | ||||||
≡ | ALV - Autoliv Inc. | 0.68 | 26,854 | $93.80 | $2,519,000 | $89.23 | -4.87% | $87.55 | $126.68 | ||
≡ | HWDN.L - Howden Joinery Group Plc | 0.68 | 252,750 | $9.94 | $2,512,000 | ||||||
≡ | BIDU - Baidu Inc. | 0.67 | 231,680 | $10.65 | $2,467,000 | $93.37 | 776.71% | $77.20 | $116.25 | ||
≡ | UNPSF - Uni-President China Holdings Ltd | 0.64 | 2,349,905 | $1.01 | $2,363,000 | $0.87 | -13.86% | $0.57 | $0.87 | ||
≡ | LSDAF - Lassonde Industries Inc. | 0.63 | 18,010 | $128.54 | $2,315,000 | $124.44 | -3.19% | $79.00 | $124.44 | ||
≡ | HIZOF - Kanadevia Corp. | 0.60 | 352,585 | $6.27 | $2,210,000 | ||||||
≡ | SPSAF - Sopra Steria Group SA | 0.60 | 12,410 | $177.03 | $2,197,000 | ||||||
≡ | JSG.L - Johnson Service Group Plc | 0.59 | 1,269,763 | $1.70 | $2,156,000 | ||||||
≡ | 4368.T - Fuso Chemical Co. Ltd. | 0.58 | 94,205 | $22.68 | $2,137,000 | ||||||
≡ | KOTMY - Koito Manufacturing Co Ltd | 0.56 | 160,830 | $12.78 | $2,055,000 | ||||||
≡ | 4401.T - ADEKA Corp. | 0.54 | Add 75.54% | 110,975 | $18.02 | $2,000,000 | |||||
≡ | CCC.L - Computacenter PLC | 0.54 | 74,115 | $26.61 | $1,972,000 | ||||||
≡ | 2531.T - Takara Holdings Inc. | 0.53 | Buy | 225,715 | $8.62 | $1,946,000 | |||||
≡ | HUSQF - Husqvarna AB | 0.53 | Reduce 28.22% | 373,593 | $5.22 | $1,952,000 | $6.30 | 20.69% | $6.30 | $8.56 | |
≡ | ATMU - Atmus Filtration Technologies Inc. | 0.51 | 48,220 | $39.17 | $1,889,000 | $37.56 | -4.11% | $27.50 | $45.37 | ||
≡ | 9715.T - transcosmos Inc. | 0.50 | 87,100 | $21.29 | $1,854,000 | ||||||
≡ | DNTUY - Dentsu Group Inc. | 0.48 | 72,285 | $24.25 | $1,753,000 | $30.16 | 24.37% | $24.17 | $31.89 | ||
≡ | 6250.T - Yamabiko Corp. | 0.44 | 99,120 | $16.22 | $1,608,000 | ||||||
≡ | TKTT.PA - Tarkett SA | 0.44 | 150,328 | $10.87 | $1,634,000 | $10.74 | -1.20% | $10.74 | $10.74 | ||
≡ | 1979.T - Taikisha Ltd | 0.33 | 38,520 | $31.83 | $1,226,000 | ||||||
≡ | 7839.T - Shoei Co. Ltd. | 0.31 | Buy | 80,005 | $14.34 | $1,147,000 | |||||
≡ | FAGR.BR - Fagron NV | 0.31 | 66,181 | $17.36 | $1,149,000 | ||||||
≡ | 005830.KS - DB Insurance Co. Ltd | 0.30 | 16,075 | $69.86 | $1,123,000 | ||||||
≡ | 7718.T - Star Micronics Co Ltd | 0.29 | 88,200 | $12.02 | $1,060,000 | ||||||
≡ | 5122.T - Okamoto Industries Inc. | 0.28 | 28,005 | $36.53 | $1,023,000 | ||||||
≡ | ALGGF - Alliance Global Group Inc. | 0.28 | 6,542,900 | $0.16 | $1,018,000 | $0.17 | 6.25% | $0.14 | $0.22 | ||
≡ | 6277.T - Hosokawa Micron Corp. | 0.27 | 37,260 | $26.81 | $999,000 | ||||||
≡ | 9934.T - Inaba Denki Sangyo Co. | 0.25 | 36,595 | $24.92 | $912,000 | ||||||
≡ | 0116.HK - Chow Sang Sang Hldgs Int. Ltd | 0.24 | 1,046,000 | $0.84 | $874,000 | ||||||
≡ | STEM.L - SThree plc | 0.21 | 205,013 | $3.71 | $760,000 | ||||||
≡ | 145720.KS - Dentium Co. | 0.13 | 11,335 | $42.26 | $479,000 | ||||||
≡ | 0590.HK - Luk Fook Holdings | 0.11 | 214,000 | $1.85 | $395,000 | ||||||
≡ | 900925.SS - Shanghai Mechanical & Elect. Ind. | 0.11 | 345,561 | $1.12 | $388,000 | ||||||
≡ | 383800.KS - LX Holdings Corp. | 0.08 | 61,295 | $4.67 | $286,000 | ||||||
≡ | KVUE - Kenvue Inc | 0.08 | Reduce 38.23% | 14,188 | $21.36 | $303,000 | $23.70 | 10.96% | $17.18 | $24.36 | |
≡ | 7988.T - Nifco Inc. | 0.04 | Buy | 5,300 | $24.34 | $129,000 |
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
Sector % analysis
Industrials | 19.00 | |
Financials | 14.95 | |
Health Care | 14.48 | |
Consumer Goods | 9.42 | |
Materials | 8.05 | |
Technology | 7.30 | |
Industrial Goods | 6.35 | |
Consumer Cyclical | 5.75 | |
Consumer Staples | 4.52 | |
Energy | 3.55 | |
Services | 2.14 | |
Utilities | 2.01 | |
Consumer Discretionary | 1.55 | |
Information Technology | 0.50 | |
Communication Services | 0.48 |
Articles & Commentaries
31 Jan 2023 Tweedy Browne Q4 2022 Commentary
01 Aug 2022 Tweedy Browne Q2 2022 Market Commentary
01 Jul 2022 Barron's Interview with Tweedy Browne Portfolio Managers: Why Value Investing Is Facing A Tectonic Shift
25 Apr 2022 Tweedy Browne Q1 2022 Market Commentary
04 Feb 2022 Tweedy Browne Q4 2021 Market Commentary
03 Nov 2021 Tweedy Browne Q3 2021 Market Commentary
04 Aug 2021 Tweedy Browne Q2 2021 Market Commentary ( including a discussion of their Alibaba position )
28 May 2021 2021 Virtual Value Investing Conference | Conversation with Tweedy, Browne Company Executives
04 May 2021 Tweedy Browne Q1 2021 Market Commentary
01 Feb 2021 Tweedy Browne Q4 2020 Commentary
26 Oct 2020 Tweedy Browne Q3 2020 Commentary
06 Aug 2020 Tweedy Browne Q2 2020 Market Commentary
21 Jul 2020 Interview with Tweedy Browne investment team - Why Value Investing Will Continue to Thrive
16 Apr 2020 Tweedy Browne Q1 2020 Market Commentary
31 Oct 2019 Tweedy Browne Q3 2019 Commentary
30 Jul 2019 Tweedy Browne Q2 2019 Market Commentary
29 Jun 2019 The Culture of Value Investing From Ben Graham’s & Warren Buffett’s Former Brokerage Firm
26 Apr 2019 Tweedy Browne Q1 2019 Market Commentary
31 Jan 2019 Tweedy Browne Q4 2018 Commentary
26 Oct 2018 Tweedy Browne Q3 2018 Commentary
30 Jul 2018 Tweedy Browne Q2 2018 Commentary
10 May 2018 Tweedy Browne Q1 2018 Commentary
29 Jan 2018 Tweedy Browne Q4 2017 Commentary
18 Oct 2017 Tweedy Browne Q3 2017 Commentary
28 Jul 2017 Tweedy Browne Q2 2017 Commentary
08 May 2017 Tweedy Browne Q1 2017 Commentary
03 Feb 2017 Tweedy Browne Q4 2016 Commentary
28 Oct 2016 Tweedy Browne Q3 2016 Commentary
29 Jul 2016 Tweedy Browne Q2 2016 Commentary
03 May 2016 Tweedy Browne Q1 2016 Commentary
28 Oct 2015 Tweedy Browne Q3 2015 Commentary
04 Aug 2015 Tweedy Browne Q2 2015 Commentary
30 Apr 2015 Tweedy Browne Q1 2015 Commentary
30 Jan 2015 Tweedy Browne Q4 2014 Commentary
24 Oct 2014 Tweedy Browne Q3 2014 Commentary
23 Jul 2014 Tweedy Browne Q2 2014 Commentary