Insight into the Q3 2024 Investment Moves of a Veteran Value Investment Fund

Tweedy Browne International Value (Trades, Portfolio), known for its conservative, value-oriented investment approach inspired by Ben Graham, has made significant changes in its portfolio during the third quarter of 2024. The fund, which primarily focuses on undervalued foreign equity securities, is managed by a seasoned team of investment professionals who emphasize intrinsic value and currency risk hedging. This recent filing sheds light on new strategic positions and adjustments in existing holdings, reflecting their adaptive investment strategies in a dynamic market.

New Additions to the Portfolio

Tweedy Browne International Value (Trades, Portfolio) expanded its portfolio by adding a total of 7 new stocks. Noteworthy new acquisitions include:

• Sopra Steria Group SA (XPAR:SOP), purchasing 149,932 shares, which now comprise 0.57% of the portfolio, valued at 31.53 million.
• CVS Group PLC (LSE:CVSG), with 1,964,232 shares, making up about 0.54% of the portfolio, valued at 29.83 million.
• Subaru Corp (TSE:7270), adding 1,652,755 shares, accounting for 0.52% of the portfolio, valued at 28.68 million.

Significant Increases in Existing Positions

The fund also increased its stakes in 4 existing holdings, with significant boosts in:

• Dr. Ing. h.c. F. Porsche AG (XTER:P911), by an additional 196,955 shares, bringing the total to 1,155,260 shares. This adjustment increased the share count by 20.55%, impacting the portfolio by 0.28%, with a total value of 92.19 million.
• Alten (XPAR:ATE), with an additional 108,890 shares, bringing the total to 376,664 shares. This represents a 40.66% increase in share count, valued at 42.08 million.

Complete Exits from Certain Holdings

In a notable shift, Tweedy Browne International Value (Trades, Portfolio) exited completely from several stocks in the third quarter of 2024, including:

• SCOR SE (XPAR:SCR), selling all 2,895,521 shares, which had a -1.34% impact on the portfolio.
• Munchener Ruckversicherungs-Gesellschaft AG (XTER:MUV2), liquidating all 100,393 shares, resulting in a -0.91% portfolio impact.

Reductions in Key Holdings

The fund also reduced its positions in 13 stocks, with significant reductions in:

• Berkshire Hathaway Inc (NYSE:BRK.A), by 79 shares, resulting in an -18.9% decrease in shares and a -0.88% impact on the portfolio. The stock traded at an average price of $663,906 during the quarter and has returned 9.63% over the past 3 months and 25.77% year-to-date.
• Alphabet Inc (NASDAQ:GOOGL), by 228,038 shares, resulting in a -15.1% reduction in shares and a -0.76% impact on the portfolio. The stock traded at an average price of $167.74 during the quarter and has returned -15.11% over the past 3 months and 16.32% year-to-date.

Portfolio Overview and Sector Allocation

As of the third quarter of 2024, Tweedy Browne International Value (Trades, Portfolio)'s portfolio included 94 stocks. The top holdings were 4.23% in Berkshire Hathaway Inc (NYSE:BRK.A), 3.95% in Safran SA (XPAR:SAF), 3.89% in TotalEnergies SE (XPAR:TTE), 3.84% in Alphabet Inc (NASDAQ:GOOGL), and 3.78% in BAE Systems PLC (LSE:BA.). The holdings are mainly concentrated across 10 industries, with significant exposure in Industrials, Financial Services, and Consumer Defensive sectors.

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