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Benjamin Graham ranks as this century’s (and perhaps history’s) most important thinker on applied portfolio investment, taking it from an art, based on impressions, inside information, and flair, to a protoscience, an orderly discipline.

John Train, The Money Masters

 

OVER 100 YEARS OF SERVICE TO VALUE INVESTORS

Founded in 1920, Tweedy, Browne is principally engaged in the management of global, international and US/ADR value equity portfolios for institutional and individual clients. As an investment adviser focused on value investing, we use an intensive research and valuation process to identify companies trading at discounts from our estimates of their intrinsic values, with the potential for producing returns that, in our view, are more than commensurate with the risks assumed.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

BENJAMIN GRAHAM, The Intelligent Investor

A VALUE-DRIVEN APPROACH TO EQUITY INVESTMENT THAT IS:

PREDICATED on Ben Graham’s big idea that there are two prices for every share of stock — the price that we see on the exchange on any given day, and the other price — the price that would accrue to the investor if the company were sold in its entirety in an arm’s length negotiated transaction between a knowledgeable seller and buyer. To Graham and to us, the essence of investing is to exploit discrepancies between these two prices.

BUILT on value oriented investment methodologies first pioneered by Benjamin Graham, Warren Buffett, Charles Munger, and Walter Schloss, with whom the firm was associated in various capacities at times during its long history.

GROUNDED in fundamental security analysis which generally includes, among other things, a thorough analysis of a company’s financial statements, a study of prices paid in comparable corporate mergers, acquisitions, and liquidations, direct communication with the company and/or competitors, an examination of recent purchases and sales by corporate insiders, and a review of research.

MANAGED by a 7-member Investment Committee. Tweedy’s dedicated 11-member investment team →, consists of talented individuals who have been with our Firm for tenures ranging from 8 to 50 years. These 11 individuals have spent a combined 300 years at our Firm for an average of 27 years of service. They comprise several nationalities and have a facility for ten languages, including Japanese and Mandarin. Together with one of our retired principals, current employees of Tweedy, Browne and their immediate family members, they have over $1.6 billion invested in value-oriented portfolios, including substantial investments in many of our pooled investment vehicles. (All data as of December 31, 2023.).

Our investment team has been working together for tenures ranging from 8 to 50 years, an average of

26yearsLearn More >

UNCOMPROMISING STEWARDSHIP — THE MOST IMPORTANT THING


We stand at the crossroads, each minute, each hour, each day, making choices. We choose the thoughts we allow ourselves to think, the passions we allow ourselves to feel, and the actions we allow ourselves to perform. Each choice is made in the context of whatever value system we have selected to govern our lives. In selecting that value system, we are, in a very real way, making the most important choice we will ever make.

–  Benjamin Franklin, The Art of Virtue

When you invest, what you are doing is buying an interest in the business. If you accept that framework and that lens, it will drive everything you do in terms of analysis or figuring out what the business is worth.

WILL BROWNE, Senior Advisor to the Investment Committee

Today, Tweedy, Browne is based in Stamford, Connecticut. Value investing is our only business. Our Managing Directors instill a culture of collaboration and client-centricity, and share a particular passion for value investing. The firm is managed by our Management Committee, Jay Hill, Thomas H. Shrager, John D. Spears, and Robert Q. Wyckoff, Jr., each a  Managing Director and member of our Investment Committee. The firm is owned by our Managing Directors, certain other employees and by Affiliated Managers Group, Inc., which holds a majority interest through a wholly owned-subsidiary.

We are transparent in our process and straightforward in our communications, offering clients our integrity, trust, and humility as their investment manager. Over the years, we have worked extraordinarily hard every day, striving to do the right thing for our clients, slowly honing a set of values by which we manage our business that has served as the foundation for decades of thoughtful and discerning stewardship. We are grateful for your interest and welcome your inquiry.

TWEEDY, BROWNE BY THE NUMBERS

103

years of service to
value investors

44

employees including an
11-member investment team

$8.8

billion under
management

300

years of combined service by
our investment team for an average of 26
years per member, whose
ranges of tenure span 8 to 50 years

$1.5

billion invested in personal and TB-managed value-oriented portfolios by our Managing Directors, one of our
retired principals, employees and
their immediate family members

4 separate account strategies,
4 mutual funds,
4 partnerships, and
3 UCITS Funds

As of 12/31/2023