Insightful analysis of the latest N-PORT filing for Q2 2024
Tweedy Browne International Value (Trades, Portfolio), known for its Ben Graham value-based investment approach, recently announced its portfolio updates for the second quarter of 2024. The fund, which focuses primarily on undervalued foreign equities, is managed by an experienced investment committee. The strategy of this committee focuses on developed markets, with occasional exposure to emerging markets to effectively hedge against foreign exchange risk.
Summary of new purchases
As part of a significant portfolio expansion Tweedy Browne International Value (Trades, Portfolio) has added five new stocks. The most important additions include:
- Dr. Ing. hc F. Porsche AG (XTER:P911, Finance) bought 958,305 shares, which corresponds to 1.3% of the portfolio and has a value of around 71.34 million euros.
- Tencent Holdings Ltd (HKSE:00700, Financials) with 1,444,150 shares, representing about 1.25% of the portfolio and valued at HK$68.53 million.
- Wuliangye Yibin Co Ltd (SZSE:000858, Finance) acquired 2,768,830 shares, representing 0.88% of the portfolio valued at 48.67 million yen.
Key positions are being expanded
The fund also increased its holdings in six stocks, with notable additions in the following areas:
- Roche Holding AG (XSWX:ROG, Financial) added 157,519 shares, bringing the total to 579,564 shares. This adjustment increased the share count by 37.32%, impacting the portfolio by 0.79%, resulting in a total value of CHF 160.55 million.
- Teleperformance SE (XPAR:TEP, Financial) with an additional 408,309 shares, bringing the total to 1,011,618 shares. This represents an increase in the number of shares of 67.68% and a value of 106.96 million euros.
Summary of sold out positions
The fund completely divested itself of two investments this quarter:
- WH Group Ltd (HKSE:00288, Finance) sold all 11,000,000 shares, impacting the portfolio by -0.13%.
- Emperor Entertainment Hotel Ltd (HKSE:00296, Financials) liquidates all 23,255,073 shares, impacting the portfolio by -0.02%.
Reduction of key positions
There were significant reductions in 21 stocks, including:
- BAE Systems PLC (LSE:BA., Financial) reduced its holdings by 2,710,696, resulting in a -17.7% decrease in shares and a -0.84% impact on the portfolio. The stock traded at an average price of £13.5 during the quarter and has returned 0.75% over the past three months and 15.85% year-to-date.
- Autoliv Inc (OSTO:ALIV SDB, Financial) reduced its holdings by 359,589, resulting in a -51.05% decrease in shares and a -0.79% impact on the portfolio. The stock traded at an average price of 1272.25 krone during the quarter and has returned -11.80% over the past three months and 2.79% year-to-date.
Portfolio overview
From the second quarter of 2024 Tweedy Browne International Value (Trades, Portfolio)’s portfolio included 92 stocks. The largest holdings were 5% in Alphabet Inc (GOOGL, Financials), 4.65% in Berkshire Hathaway Inc (BRK.A, Financials), 4.02% in TotalEnergies SE (XPAR:TTE, Financials), 3.88% in Safran SA (XPAR:SAF, Financials) and 3.82% in BAE Systems PLC (LSE:BA.). The holdings are mainly concentrated in 10 of the 11 industries, including Industrials, Financial Services, Consumer Staples, Healthcare, Communication Services, Materials, Consumer Discretionary, Energy, Technology and Real Estate.
This article created by GuruFocus is intended to provide general insights and does not constitute tailored financial advice. Our commentary is based on historical data and analyst forecasts, uses an unbiased methodology and is not intended to serve as specific investment advice. It does not contain a recommendation to buy or sell any stock and does not take into account any individual investment objectives or financial circumstances. Our goal is to provide long-term, fundamental, data-driven analysis. Note that our analysis may not include the most recent, price-sensitive company announcements or qualitative information. GuruFocus does not hold a position in the stocks mentioned here.
