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).

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