Tracking Tweedy, Browne Portfolio - Q2 2024 Update

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Tweedy, Browne's 13-F portfolio value increased to $2.17B with 44 holdings, Berkshire Hathaway being the largest position.Tweedy, Browne's international value fund has a non-US allocation at 85% with ...

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It is based on Tweedy, Browne's regulatory 13-F Form filed on 08/13/2024. Please visit our Tracking Tweedy, Browne Portfolio series to get an idea of their investment philosophy and our previous update for the fund's moves during Q1 2024. This quarter, Tweedy, Browne's 13F portfolio value increased from $2.13B to $2.17B. The number of holdings decreased from 45 to 44. The largest position is Berkshire Hathaway at ~21% of the portfolio. The largest five individual stock positions are Berkshire Hathaway, Alphabet, FMC Corporation, Johnson & Johnson, and Ionis Pharma. Combined they are at ~61% of the portfolio. 25 of the 44 13F stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article. Tweedy, Browne has released a number of investment research papers over the years and that is a valuable resource for anyone looking to learn from their value investing philosophy. Also, Christopher Browne authored the book \"The Little Book of Value Investing\", a great introduction. Note: Tweedy, Browne's flagship Tweedy, Browne International Value Fund Other (MUTF:TBGVX) has a global orientation with non-US allocation at ~85% of the portfolio and cash at ~3%. The top non-US holdings not in the 13F are TotalEnergies SE (TTE), BAE Systems plc (OTCPK:BAESF), Safran SA (OTCPK:SAFRY), Nestlé S.A. (OTCPK:NSRGY), Roche Holding AG (OTCQX:RHHBY), United Overseas Bank Limited (OTCPK:UOVEY), SOL Spa, Heineken Holding N.V. (OTCQX:HKHHF), Novartis AG (NVS), Diageo plc (DEO), Teleperformance SE (OTCPK:TLPFY), DBS Group Holdings Ltd (OTCPK:DBSDF), DHL Group, and Zurich Insurance Group AG (OTCQX:ZURVY). Since inception (1993), annualized returns are at 8.51% compared to 6.93% for MSCI EAFE. Stake Increases: FMC Corporation (FMC): FMC is a large (top three) 8.36% of the portfolio position established in Q3 2021 at prices between ~$88 and ~$109. There was a ~20% stake increase next quarter at prices between ~$88 and ~$110. Q4 2022 saw a ~15% reduction at prices between ~$106 and ~$134. There was a 43% stake increase during Q3 2023 at prices between ~$65 and $105. That was followed by a stake doubling in the next quarter at prices between ~$50 and ~$67. The stake was decreased by 15% in the last quarter at prices between $50.52 and $65.45. This quarter saw a ~25% stake increase at prices between $53.83 and $66.84. The stock currently trades at $61.29. CNH Industrial N.V. (CNH): CNH is a large 7.16% of the portfolio position primarily built this quarter at prices between $9.91 and $12.61. The stock currently trades at $9.62. Envista Holdings Corporation (NVST): NVST is a 1.45% of the portfolio position purchased in the last quarter at prices between ~$21 and ~$26. This quarter saw the stake almost doubled at prices between $16.00 and $21.10. The stock is now at ~$17. Stake Decreases: Berkshire Hathaway Inc. (BRK.A) (BRK.B): Berkshire Hathaway is a very long-term stake that has been in the portfolio since before the financial crisis. It is currently their largest position at ~21% of the portfolio. Back in 2009, it was a very small 0.60% of the portfolio position. The bulk of the current stake was purchased in 2010 and 2012 at prices between $65 and $90. Q3 2016 saw a ~42% reduction at prices between $142 and $151 while the pattern reversed next quarter: ~37% increase at prices between $143 and $167. The five quarters through Q3 2021 saw a ~15% selling at prices between ~$200 and ~$292. That was followed with a ~20% reduction during Q4 2022 at prices between ~$264 and ~$319. The stock currently trades at ~$432. There was minor trimming in the last six quarters. Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the second largest 13F stake at ~18% of the portfolio. It was first purchased in 2012 at much lower prices compared to the current price of ~$166. There was a one-third reduction over the two quarters through Q1 2023 at prices between ~$83 and ~$110. That was followed by minor trimming in the last five quarters. Johnson & Johnson (JNJ): JNJ is a large (top five) position in the portfolio at 7.60%. It is a long-term stake. The position was built from 400K shares to just over 4.3M shares between 2009 and 2012 at prices between $48 and $72. Since then, the stake has seen minor selling in most quarters. Q4 2016 saw a ~20% reduction at prices between $111 and $120. That was followed with a ~17% selling during Q4 2022 at prices between ~$160 and ~$180. The share count is now at ~1.13M. The stock currently trades at ~$158. Tweedy, Browne is harvesting long-term gains from this position. There was minor trimming in the last six quarters. Coca-Cola FEMSA, S.A.B. de C.V. (KOF): The 5.49% KOF stake was built over the three quarters through Q2 2020 at prices between $38 and $65. Q4 2022 saw a ~18% reduction at prices between ~$58 and ~$70. That was followed by a ~13% selling during Q3 2023 at prices between ~$74 and ~$87. The stock currently trades at $88.48. There was a ~7% trimming in the last quarter and a similar reduction this quarter. They are harvesting gains. Autoliv, Inc. (ALV): The 2.32% ALV position was established in Q1 2020 at prices between ~$40 and ~$82. This quarter saw the stake reduced by ~50% at prices between ~$106 and ~$129. The stock currently trades at $97.38. U-Haul Holding Company (UHAL): U-Haul is a 1.66% of the portfolio position established during Q2 2023 at prices between ~$45 and ~$59. Q4 2023 saw a ~45% stake increase at prices between ~$47 and ~$71. There was marginal trimming in the last two quarters. The stock currently trades at ~$67. Sealed Air Corporation (SEE): The 1.43% stake in SEE was purchased during Q2 2023 at prices between ~$38 and ~$48. There was a ~50% stake increase in the next quarter at prices between ~$31 and ~$47. Q4 2023 also saw a ~11% stake increase. The stock is now at $32.69. There was marginal trimming in the last two quarters. Vertex Pharmaceuticals Incorporated (VRTX): The 1.17% VRTX position was established during Q3 2023 at prices between ~$338 and ~$363. The next quarter saw a ~11% selling and that was followed with marginal trimming in the last quarter. This quarter saw a ~20% reduction at prices between ~$393 and ~$486. The stock currently trades at ~$468. American Express Company (AXP), AutoZone, Inc. (AZO), Bank of America Corporation (BAC), The Bank of New York Mellon Corporation (BK), Cisco Systems, Inc. (CSCO), Concentrix Corporation (CNXC), Diageo plc (DEO), FedEx Corporation (FDX), National Western Life (NWLI), Truist Financial Corporation (TFC), U.S. Bancorp (USB), and Wells Fargo & Company (WFC): These positions (less than ~2.5% of the portfolio each) were reduced during the quarter. Kept Steady: Ionis Pharmaceuticals, Inc. (IONS): IONS is now a large (top five) 7.57% of the portfolio position. It was purchased during Q1 2022 at prices between ~$30 and ~$37. There was a ~30% stake increase during Q4 2022 at prices between ~$37 and ~$47. The stock currently trades at $46.91. The spreadsheet below highlights changes to Tweedy, Browne's 13F stock holdings in Q2 2024: Tweedy, Browne Portfolio - Q2 2024 13F Report Q/Q Comparison (John Vincent (author)) Source: John Vincent. Data constructed from Tweedy, Browne's 13F filings for Q1 2024 and Q2 2024.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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