These are Tweedy, Browne Value Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. This is the fund through which the Stamford, Connecticut firm Tweedy, Browne lets ordinary savers invest the way it has bought small, overlooked stocks since 1920. It hunts for companies — American and foreign — selling below what their balance sheets and earnings would seem to justify, in the tradition Benjamin Graham described as buying a dollar's worth of assets for sixty or seventy cents. It holds those picks for years and does not pressure management to change course. Where other global funds simply ride the exchange rate, this one hedges its foreign currency exposure back toward the dollar, on the reasoning that it can appraise a company's books more reliably than it can predict currency moves. Its positions are spread across many names rather than concentrated in a few. The fund opened to the public in 1993, the firm's first mutual fund, giving everyday investors access to a style that had previously been reserved for private clients. It has never been the work of a single star manager. It is co-led by four long-serving managing directors — William H. Browne, Thomas H. Shrager, John D. Spears, and Robert Q. Wyckoff Jr. — all value investors in the Graham mold, who steer it through a consensus-driven committee rather than one dominant personality. Browne joined the firm in 1978, and the four have since been joined on the investment committee by a wider circle of longtime professionals, the whole group deciding together. Affiliated Managers Group has held a majority stake in the firm since 1997, but the investing is left to the Stamford office's own committee.
$424.67M