FMC - Tweedy Browne 2024 Client Letter

2024-05-11 06:50:00 ET

Summary

• Tweedy, Browne Company LLC provides investment advisory services. The Company offers portfolio management, financial planning, and consulting services for individuals, institutions, partnerships, pension and profit-sharing plans, charitable foundations, trusts, and offshore funds. Tweedy, Browne serves investors in the U.S.
• The performance of US-based mega-cap technology stocks led to strong market capitalization weighted index performances in 2023.
• Tweedy managed account portfolios made significant financial progress despite limited exposure to market-leading tech companies.
• The rotation to value investing continued, with non-US equities remaining undervalued and outperforming their US counterparts.

Through chances various, through all vicissitudes, we make our way… - The Aeneid by Virgil, circa 19 B.C.E

To Our Clients and Friends:

As Virgil observed in his epic poem, we are all at the mercy of the unexpected, as we make our way. As investors, it is how we deal with the anxiety associated with the unanticipated that often determines our success. Investors who began the last twelve months thinking that the most aggressive interest rate increases of the last 15 years would continue to take a toll on public equity valuations, particularly longer duration technology shares, were in for quite a surprise....

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