Latest news with #TweedyBrowne
Yahoo
29-07-2025
- Automotive
- Yahoo
Tweedy Browne's Strategic Moves: Alphabet Inc. Sees a -4.82% Portfolio Impact
Exploring Tweedy Browne (Trades, Portfolio)'s Recent 13F Filing and Investment Adjustments Warning! GuruFocus has detected 10 Warning Signs with CNH. Tweedy Browne (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into its investment moves during this period. Tweedy, Browne's operations are managed by its Management Committee, which consists of Jay Hill, Thomas H. Shrager, John D. Spears, and Robert Q. Wyckoff, Jr., who have been with the firm for tenures ranging from 18 to 47 years. Tweedy, Browne is owned by its Managing Directors and certain other employees and by a wholly-owned subsidiary of Affiliated Managers Group, Inc. ("AMG"), which owns a majority interest in the firm. AMG provides the Firm with operational autonomy and a seamless mechanism for ownership transfer and succession. Benjamin Graham, through his investment firm Graham-Newman Corp., was one of the firm's primary brokerage clients in the 1930s, 1940s, and 1950s. The Tweedy, Browne Value Fund seeks long-term growth of capital by investing primarily in U.S. and foreign equity securities that the Adviser believes are undervalued. Investments are focused in developed markets. The fund seeks to reduce currency risk by hedging its perceived foreign currency exposure back into the U.S. dollar where practicable. Summary of New Buy Tweedy Browne (Trades, Portfolio) added a total of 33 stocks, among them: The most significant addition was AGCO Corp (NYSE:AGCO), with 4,755 shares, accounting for 0.05% of the portfolio and a total value of $490,530. The second largest addition to the portfolio was AutoNation Inc (NYSE:AN), consisting of 2,532 shares, representing approximately 0.05% of the portfolio, with a total value of $502,980. The third largest addition was Arrow Electronics Inc (NYSE:ARW), with 3,140 shares, accounting for 0.04% of the portfolio and a total value of $400,130. Key Position Increases Tweedy Browne (Trades, Portfolio) also increased stakes in a total of 16 stocks, among them: The most notable increase was Berkshire Hathaway Inc (NYSE:BRK.B), with an additional 11,529 shares, bringing the total to 101,499 shares. This adjustment represents a significant 12.81% increase in share count, a 0.52% impact on the current portfolio, with a total value of $49,305,170. The second largest increase was HCI Group Inc (NYSE:HCI), with an additional 2,779 shares, bringing the total to 4,760. This adjustment represents a significant 140.28% increase in share count, with a total value of $724,470. Summary of Sold Out Tweedy Browne (Trades, Portfolio) completely exited 1 holding in the second quarter of 2025, as detailed below: Fifth Third Bancorp (NASDAQ:FITB): Tweedy Browne (Trades, Portfolio) sold all 5,925 shares, resulting in a -0.02% impact on the portfolio. Key Position Reduces Tweedy Browne (Trades, Portfolio) also reduced positions in 39 stocks. The most significant changes include: Reduced Alphabet Inc (NASDAQ:GOOGL) by 351,648 shares, resulting in a -52.25% decrease in shares and a -4.82% impact on the portfolio. The stock traded at an average price of $163.55 during the quarter and has returned 21.07% over the past 3 months and 2.55% year-to-date. Reduced Johnson & Johnson (NYSE:JNJ) by 193,558 shares, resulting in a -44.16% reduction in shares and a -2.84% impact on the portfolio. The stock traded at an average price of $153.9 during the quarter and has returned 8.87% over the past 3 months and 18.31% year-to-date. Portfolio Overview At the second quarter of 2025, Tweedy Browne (Trades, Portfolio)'s portfolio included 91 stocks, with top holdings including 16% in CNH Industrial NV (NYSE:CNH), 10.92% in Coca-Cola Femsa SAB de CV (NYSE:KOF), 10.6% in Ionis Pharmaceuticals Inc (NASDAQ:IONS), 10.34% in Berkshire Hathaway Inc (NYSE:BRK.A), and 5.25% in Alphabet Inc (NASDAQ:GOOGL). The holdings are mainly concentrated in 9 of the 11 industries: Financial Services, Industrials, Healthcare, Consumer Defensive, Consumer Cyclical, Communication Services, Energy, Basic Materials, and Technology. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus.
Yahoo
28-07-2025
- Business
- Yahoo
Tweedy Browne International Value Reduces Stake in Zurich Insurance Group AG by 74.44%
Exploring the Strategic Moves of Tweedy Browne International Value (Trades, Portfolio) in Q2 2025 Warning! GuruFocus has detected 4 Warning Signs with XSWX:ROG. Tweedy Browne International Value (Trades, Portfolio) recently submitted its N-PORT filing for the second quarter of 2025, shedding light on its strategic investment decisions during this period. The Tweedy, Browne Global Value Fund, established on June 15, 1993, is managed by a team of seasoned investment professionals, including Roger R. de Bree, Frank H. Hawrylak, Jay Hill, Sean McDonald, Thomas H. Shrager, John D. Spears, and Robert Q. Wyckoff, Jr. The fund adheres to a "Ben Graham" value-oriented approach, focusing on securities trading at discounts to intrinsic value. Primarily investing in foreign equity securities, the fund also explores U.S. equities when attractive opportunities arise, with a focus on developed markets and some exposure to emerging markets. Currency risk is mitigated by hedging foreign currency exposure back into the U.S. dollar where feasible. Summary of New Buy Tweedy Browne International Value (Trades, Portfolio) added a total of two stocks to its portfolio, including: The most significant addition was Azelis Group NV (XBRU:AZE), with 1,462,410 shares, accounting for 0.54% of the portfolio and a total value of 23.23 million. The second largest addition was Nakanishi Inc (TSE:7716), consisting of 543,990 shares, representing approximately 0.17% of the portfolio, with a total value of 7,140,470. Key Position Increases Tweedy Browne International Value (Trades, Portfolio) also increased stakes in a total of seven stocks, including: The most notable increase was in Nippon Sanso Holdings Corp (TSE:4091), with an additional 953,285 shares, bringing the total to 1,357,200 shares. This adjustment represents a significant 236.01% increase in share count, a 0.84% impact on the current portfolio, with a total value of 51,330,150. The second largest increase was in Teleperformance SE (XPAR:TEP), with an additional 253,802 shares, bringing the total to 809,227. This adjustment represents a significant 45.7% increase in share count, with a total value of 78.20 million. Summary of Sold Out Tweedy Browne International Value (Trades, Portfolio) completely exited three holdings in the second quarter of 2025, as detailed below: Johnson & Johnson (NYSE:JNJ): Sold all 177,077 shares, resulting in a -0.68% impact on the portfolio. Tarkett SA (XPAR:TKTT): Liquidated all 1,527,083 shares, causing a -0.66% impact on the portfolio. Key Position Reduces Tweedy Browne International Value (Trades, Portfolio) also reduced positions in 19 stocks. The most significant changes include: Reduced Zurich Insurance Group AG (XSWX:ZURN) by 136,083 shares, resulting in a -74.44% decrease in shares and a -2.21% impact on the portfolio. The stock traded at an average price of CHF 571.99 during the quarter and has returned -2.04% over the past three months and 8.87% year-to-date. Reduced BAE Systems PLC (LSE:BA.) by 3,928,420 shares, resulting in a -42.83% reduction in shares and a -1.85% impact on the portfolio. The stock traded at an average price of 17.77 during the quarter and has returned 9.75% over the past three months and 62.70% year-to-date. Portfolio Overview At the end of the second quarter of 2025, Tweedy Browne International Value (Trades, Portfolio)'s portfolio included 90 stocks. The top holdings included 3.63% in Roche Holding AG (XSWX:ROG), 3.58% in Nestle SA (XSWX:NESN), 3.55% in Safran SA (XPAR:SAF), 3.49% in United Overseas Bank Ltd (SGX:U11), and 3.36% in Novartis AG (XSWX:NOVN). The holdings are mainly concentrated in 10 of the 11 industries: Industrials, Consumer Defensive, Financial Services, Healthcare, Basic Materials, Consumer Cyclical, Technology, Energy, Communication Services, and Real Estate. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
15-06-2025
- Business
- Yahoo
Follow the Flows: Why Some Legacy Mutual Fund Firms Are Finally Exploring ETFs
There are some late bloomers in the world of ETFs. While some of the big names in the business have been in it for a couple decades, there are plenty of traditional mutual fund shops that have only recently made the leap. Others may still be considering if, and when, to add ETFs. Within a few months, though, the rules of the road are probably changing. The Securities and Exchange Commission is widely expected to start approving a dual-share class structure, which will allow companies to add ETF share classes to existing mutual funds and vice versa. But that hasn't stopped firms from adding stand-alone ETFs or converting mutual funds to them. In recent months, companies including Lazard, First Eagle, Parnassus, Praxis, Thornburg, and Tweedy, Browne, have added their first ETFs. They have good reason to get into the space: ETFs can offer tax efficiency, they trade intraday and they provide transparency that some investors want. One other important detail … they're cheap. New in Town: 'The tax advantages afforded by ETFs are simply too compelling to ignore,' said Bob Wykoff, managing director at Tweedy, Browne, which in December launched the Insider + Value ETF, its first product in the wrapper. 'We've had an interest in ETFs for a very, very long time. But finding how we would come at it took us some time. There was a long learning curve.' There are more than a few factors motivating asset managers to add ETFs. Actually, there are billions and trillions of them: READ ALSO: Financial Uncertainty Spurs Anxiety and Depression and How Advisors Can Harness Media to Reach Gen Z Capturing a share of those inflows requires investment, however. Fund companies either have to hire staff to help build out a platform or go with a third-party provider. First Eagle Investments, a $152 billion asset manager, opted to use RBB's series trust rather than building its own for the two active equity ETFs it launched last year. 'We definitely felt there was some urgency in getting to market,' said Frank Riccio, head of US wealth solutions at First Eagle. 'We're borrowing their expertise … They were critical to us getting to market within six months.' The arrangement doesn't preclude First Eagle from adding its own ETF trust later, something the firm is likely to do if it makes sense financially, he said. For mutual fund companies expanding into ETFs, several options are available, Daniel Sotiroff, Morningstar senior analyst for passive strategies research, told ETF Upside: They can convert existing mutual funds to ETFs. Asset managers can simply add new ETFs, which in some cases are strategy clones of existing mutual funds. The third option, pending SEC approval, is adding an ETF share class. A considerable number of firms have opted to convert mutual funds into ETFs. A drawback to that tactic is that fund investors must have brokerage accounts to receive shares of the ETFs, Sotiroff said. Unlike ETFs, mutual fund shares can be owned outside of brokerage accounts, which is where the difficulty arises. 'That's one of the hurdles they have to get through, if they want a good client experience in all of this,' Sotiroff said. Another not-so-insignificant issue is that ETFs do not have the revenue-sharing fees that some mutual fund shares do, which means that broker-dealers may not be compensated by ETF sales. And that may keep some distributors from approving the all-but-certain wave of ETFs that will follow from dual-share approval, unless they reach alternative compensation agreements with asset managers. Companies like T. Rowe Price and Capital Group have added products that mimic the investment strategies of existing mutual funds, Sotiroff noted. But creating clones isn't the only way to go. Tweedy, Browne, for example, added a fresh strategy via its first ETF. Like First Eagle, that firm used RBB's series trust to bring its ETF to market. 'I would say it's somewhat experimental,' managing director John Spears said of the investment thesis of the ETF launched last December. The company has long studied insider buying, and data it analyzed from 2022 and 2023 led to interest in an international strategy. An ETF turned out to be a better tool for the job than a mutual fund, he said. 'We've always been long-term investors,' Wyckoff said. But the data from the firm's insider buying study showed that the best results came from owning stocks from six months to as long as three years. 'It became clear to us that there may be a shorter holding period for these shares, so tax efficiency became even more important in the process,' he said. If At First You Don't Succeed … Russell Investments added exchange-traded funds at the end of May. The $332 billion global asset manager introduced a suite of five subadvised active products, which brought the company back into the world of ETFs. It isn't the firm's first go-round, as it briefly operated a line of more than two dozen funds starting in 2010, data from Morningstar Direct show. All of those, except one actively managed fund, were liquidated in 2012 following low sales. The single remaining ETF was killed off in 2015. Many firms, however, have taken first stabs at ETFs this year. Among 31 asset managers, a total of 44 ETFs have been launched through mid-June 2025, according to data from Morningstar Direct. Share and Share Alike: A massive bonus for mutual fund sponsors waiting for the advent of dual-share classes is tax savings. Mutual funds sitting on years of capital gains can potentially work some of those off via the in-kind redemptions in an ETF share class. Still, there are potential drawbacks even beyond ETFs being less advantageous to distributors, Sotiroff said. 'The biggest hurdle I see is the capacity concern. A fair amount of active managers have a limit in what they can manage before they lose their edge,' he said. 'You can't really shut the ETF down to new money.' Further, advisors may not necessarily want the clone of a mutual fund strategy in the form of an ETF, First Eagle's Riccio said. Even so, that firm is among those asking the SEC for permission to add an ETF share class, he said, adding that they want to have the option. Tweedy, Browne, which also recently applied for dual share class approval, sees it as an evolution of the business. 'We wouldn't be around for 140 years if we didn't adapt, and the ETF world seems to be the brave new world,' Wyckoff said. 'We're going to be part of it.' This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter. Sign in to access your portfolio
Yahoo
15-05-2025
- Business
- Yahoo
Tweedy Browne's Strategic Moves: Significant Reduction in FMC Corp
Warning! GuruFocus has detected 10 Warning Signs with CNH. Tweedy Browne (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2025, providing insights into its investment moves during this period. The firm is managed by its Management Committee, which includes Jay Hill, Thomas H. Shrager, John D. Spears, and Robert Q. Wyckoff, Jr., with tenures ranging from 18 to 47 years. Tweedy Browne (Trades, Portfolio) is owned by its Managing Directors and certain other employees, alongside a majority interest held by Affiliated Managers Group, Inc. (AMG). AMG ensures operational autonomy and facilitates ownership transfer and succession. Historically, Benjamin Graham, through Graham-Newman Corp., was a primary brokerage client. The Tweedy Browne (Trades, Portfolio) Value Fund focuses on long-term capital growth by investing in undervalued U.S. and foreign equity securities, primarily in developed markets, while hedging foreign currency exposure back into the U.S. dollar where feasible. Tweedy Browne (Trades, Portfolio) added a total of 16 stocks, with notable additions including: The most significant addition was HCI Group Inc (NYSE:HCI), with 1,981 shares, accounting for 0.03% of the portfolio and a total value of $295,630. The second largest addition was Alliance Resource Partners LP (NASDAQ:ARLP), consisting of 8,755 shares, representing approximately 0.02% of the portfolio, with a total value of $238,840. The third largest addition was Blue Owl Capital Corp (NYSE:OBDC), with 13,431 shares, accounting for 0.02% of the portfolio and a total value of $196,900. Tweedy Browne (Trades, Portfolio) also reduced positions in 41 stocks. The most significant changes include: Reduced FMC Corp (NYSE:FMC) by 2,574,837 shares, resulting in an -89.96% decrease in shares and an -8.44% impact on the portfolio. The stock traded at an average price of $44.42 during the quarter and has returned 3.61% over the past 3 months and -21.95% year-to-date. Reduced Johnson & Johnson (NYSE:JNJ) by 642,200 shares, resulting in a -59.44% reduction in shares and a -6.26% impact on the portfolio. The stock traded at an average price of $156.47 during the quarter and has returned -4.25% over the past 3 months and 3.39% year-to-date. At the first quarter of 2025, Tweedy Browne (Trades, Portfolio)'s portfolio included 59 stocks. The top holdings were 14.51% in CNH Industrial NV (NYSE:CNH), 11.82% in Berkshire Hathaway Inc (NYSE:BRK.A), 10.4% in Coca-Cola Femsa SAB de CV (NYSE:KOF), 9.22% in Alphabet Inc (NASDAQ:GOOGL), and 7.98% in Ionis Pharmaceuticals Inc (NASDAQ:IONS). The holdings are mainly concentrated in 9 of the 11 industries: Financial Services, Industrials, Healthcare, Consumer Defensive, Communication Services, Consumer Cyclical, Energy, Basic Materials, and Technology. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus.
