Through 2013's first three quarters,
)'s Global Value Fund returned 14.2%, underperforming its MSCI EAFE
index benchmark's 19.21%, but nearly doubling it since inception,
at 10.24% versus 5.65%. As the market climbed over the year, fund
managers found fewer and fewer bargain-priced stocks, "but we have
plenty of dry powder should the markets present us with
opportunity," they wrote in their investor letter.
To the $6.17 billion portfolio, only one stock was added during the
fourth quarter: Antofagasta PLC (
), and significant additions were made to GlaxoSmithKline PLC (
) and HSBC Holdings PLC (LSE:HSBA).
Antofagasta PLC (LSE:ANTO)
Tweedy Browne (Trades, Portfolio) purchased 3,205,425 shares of
Antofagasta PLC at a fourth quarter average price of $8. The new
holding represents 0.71% of the portfolio, and its share price is
about the same since the purchase.
Antofagasta PLC is engaged in copper mining (including exploration
and development), the transportation of freight by rail and road
and the distribution of water. Antofagasta PLC has a market cap of
$8.08 billion; its shares were traded at around $8.20 with a P/E
ratio of 13.20 and P/S ratio of 2.09.
The dividend yield of Antofagasta Plc stocks is 1.68%. Antofagasta
PLC had an annual average earnings growth of 21.40% over the past
10 years. GuruFocus rated Antofagasta PLC the business
predictability rank of 2-star.
GlaxoSmithKline PLC (
Tweedy Brown increased their position in GlaxoSmithKline PLC by
913.24% in the third quarter, enlarging it to 0.89% of the
portfolio, with 1,845,053 new shares added, for a total of
2,047,086. The firm established the position in the first quarter
of 2013 and has been adding to it quarterly since. The share price
is up 4% from the average they paid.
GlaxoSmithKline PLC is a UK company discovering drugs, vaccines and
other health care products. GlaxoSmithKline PLC has a market cap of
$80.1 billion; its shares were traded at around $16.50 with a P/E
ratio of 22.10 and P/S ratio of 3.08. The dividend yield of
GlaxoSmithKline PLC stocks is 4.67%. GlaxoSmithKline PLC had an
annual average earnings growth of 0.90% over the past 10 years.
HSBC Holdings PLC (LSE:HSBA)
Tweedy Browne (Trades, Portfolio) bought 3,126,370 shares of HSBC
Holdings at a fourth quarter average price of $7. This grew the
holding by 46.56% to 1.8% of the portfolio. The company's share
price is up by about 14% from the average price paid.
Tweedy Browne (Trades, Portfolio) began buying HSBC Holdings in the
second quarter of 2012 when the price averaged $5. It has been a
year since they last added to their holding.
HSBC Holdings PLC is a banking and financial services organization
based in the UK, with about 58 million customers and four
businesses: Retail Banking and Wealth Management, Commercial
Banking, Global Banking and Markets, and Global Private Banking.
HSBC Holdings PLC has a market cap of $125.41 billion; its shares
were traded at around $6.69 with a P/E ratio of 13.10 and P/S ratio
of 2.52. The dividend yield of HSBC Holdings PLC stocks is 4.17%.
See Twendy Browne's Global Value Fund portfolio here. Not
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