IONS - Tweedy, Browne Fund Q1 2025 Commentary

2025-05-02 07:25:00 ET

Summary

• Global equity markets got off to a mixed start in 2025, with valuations in many parts of the world still hovering at historically elevated levels, particularly in the United States.
• As deep value managers, we remain disciplined in our approach, seeking out securities that trade at meaningful discounts to our conservative estimates of intrinsic value.
• Just after quarter’s end, global equity markets experienced notable declines in response to President Trump’s announcement of sweeping new tariff measures.

Commentary

Global equity markets got off to a mixed start in 2025, with valuations in many parts of the world still hovering at historically elevated levels, particularly in the United States. Later in the quarter, market volatility ratcheted up in part due to uncertainty around the imposition of tariffs, and their potential impact on prices and economic growth. Performance in global equity markets virtually flipped in response, with non-U.S. equity markets surging well ahead of their U.S. counterparts throughout much of the quarter. The S&P 500 Index declined -4.27% during the quarter, while the MSCI EAFE Index ((USD)) posted modest gains, buoyed by strength in European markets....

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