Tweedy, Browne Fund Q3 2024 Commentary

2025-02-10 11:50:00 ET

Summary

• The bull market in global equities continued in Q3, driven by improving inflation data and optimism about a soft economic landing.
• Tweedy Browne Funds delivered solid absolute returns but modestly trailed benchmarks, with the Worldwide High Dividend Value Fund performing best.
• North American equity holdings significantly contributed to returns, while European and Japanese holdings were dampened by geopolitical risks and economic concerns.
• Portfolio adjustments included new positions in undervalued companies and trimming or selling holdings that reached intrinsic value or had compromised growth prospects.

After a brief market hiccup in mid-summer, the bull market in global equities continued its advance in the third quarter, buoyed by improving inflation data and growing conviction around the potential for a soft global economic landing. Returns were led in part by a rotation away from big tech stocks in the US to the more value-oriented, economically sensitive areas of the market. Smaller capitalization equities gained ground on their larger cap counterparts, and emerging markets also outperformed, led in part by strong returns in China following their adoption near the quarter's end of a well-received fiscal and monetary stimulus package....

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