Tweedy, Browne Fund Q2 2024 Commentary

2025-02-10 11:20:00 ET

Summary

• Global equities saw modest gains in Q2, driven by AI enthusiasm and better inflation news, with U.S. tech stocks leading the charge.
• Tweedy, Browne Funds had flat returns but outperformed benchmarks, with strong gains from communication services, healthcare, and banks.
• New positions included Wuliangye Yibin and Dentium, while existing holdings like Roche and Samsung saw increased investments.
• Despite market highs, Tweedy, Browne remains cautious due to high valuations, inflation, and global conflicts, focusing on value opportunities in small and mid-cap stocks.

The bull market in global equities continued to modestly grind ahead in the 2 ^nd quarter, shrugging off concerns about elevated valuations and buoyed by continued enthusiasm about “all things” AI-related and better news on the inflation front. Nonetheless, it was a rather narrow advance, with five tech darlings in the U.S. continuing to account for a significant part of the overall global market return. International developed markets did not fare quite as well, producing only a marginally positive return in local currency for the quarter....

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