The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 11, 2026
Tweedy Browne's International Value Fund returned 6.96% in Q2 2026 and 10.65% year-to-date, outperforming its primary benchmark despite underperforming in the quarter as AI-driven US technology stocks dominated returns. The manager expresses deep concern about rapidly rising valuations reminiscent of the late 1990s bubble, with the CAPE Shiller P/E at 41X and Buffett Indicator at 219%, both near all-time highs. Hyperscalers are pouring billions into AI infrastructure with uncertain returns, creating prisoner's dilemma dynamics. The Fed has pivoted from potential rate cuts to possible hikes due to persistent inflation. Despite these warnings, the manager continues finding opportunities in non-US markets and smaller/mid-cap companies at attractive valuations. Samsung Electronics delivered record semiconductor profits while European and Japanese banks showed improving fundamentals. The Funds remain well-positioned with growing exposure to smaller companies offering better valuations than US mega-cap tech. New positions include Capgemini and bioMérieux at discounts to intrinsic value. The Buybacks, Dividends + Value Fund expanded its mandate to emphasize share repurchases at discounted valuations. If market concerns materialize, the Funds should hold up better than benchmarks; if enthusiasm continues, they will likely still participate.
Tweedy Browne maintains a disciplined value approach focused on non-US and smaller/mid-cap companies trading at significant discounts to conservative intrinsic value estimates, while actively avoiding the AI-driven mega-cap technology bubble that dominates current market returns.
While pleased with financial results, the manager is increasingly concerned about rapidly rising equity valuations reminiscent of the late 1990s tech bubble. Warning signs include all-time high valuation multiples, massive stock issuance, potential peak margins, Fed pivot to possible rate hikes, hyperscaler prisoner's dilemma dynamics, and casino-like market behavior. The manager is not suggesting abandoning sensibly valued equities, noting that today's market resembles the pre-2000 period where technology traded at elevated valuations but broader markets remained reasonable. The Funds remain positioned in attractively valued smaller/mid-cap companies and non-US markets. If concerns materialize, the Funds should hold up better and may gain ground on benchmarks. If animal spirits continue, the Funds will likely still participate even if they don't outperform.
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