Tweedy Browne 2007 Q2 Shareholder Letter

Tweedy Browne release their 2007 Q2 Shareholder Letter. I highlight some points below :

Tweedy, Browne Global Value Fund

• Commentary
• Bull markets do not go on indefinitely.
  
• Portfolio Review
• Eliminated Positions
• Gurit Holding AG, PNC Financial and Takefuji.
• New Positions - a smaller market capitalization Japanese company.
• Add Positions
• Lloyd’s TSB Group and HSBC Holdings.

Tweedy, Browne Value Fund

• Portfolio Review
• Performance Contributors :
• Bausch & Lomb, ABN Amro, Heineken, Unilever, SK Telecom, Leucadia National, Transatlantic Holdings andConoco Phillips,
• Performance Detractors :
• Two new Italian media holdings - Mediaset and Mondadori.
• Sell Positions
• MBIA, Stepan, Tribune, Transatlantic Holdings, National Western Life, and American National Insurance.
  
• New Positions
• Mediaset, Mondadori and a U.S. distributor of aftermarket automotive products , whose name we are temporarily withholding as we build a position in this stock.
  

Disclosure : I don't have any of these equities listed above.

Direct Article Link (PDF).