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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Tweedy Browne's value-focused fund delivered strong absolute returns but lagged AI-driven benchmarks in Q2 2026. The team warns of late-1990s bubble dynamics with AI valuations at extremes, record margin debt, and hyperscaler capex uncertainty."
Tweedy, Browne's Buybacks . Dividends + Value Fund returned 6.27% in Q2 2026 but trailed its benchmark as AI-driven US technology stocks continued their advance. The fund recently expanded its mandate to emphasize companies engaged in buybacks when shares trade at discounts to intrinsic value, based on proprietary research showing return advantages for such stocks. This enabled new positions in Alliance Resource Partners, Autotrader, Berkeley Group, and others with active buyback programs and cheap valuations. While pleased with absolute returns, the managers express deep concern about rapidly rising equity valuations, comparing current AI enthusiasm to the late 1990s tech bubble. They cite warning signs including 41X Cape Shiller P/E, record margin debt of $1.4 trillion, hyperscaler prisoner's dilemma dynamics, and questions about AI productivity gains. The portfolio remains well-positioned with growing exposure to smaller and mid-cap companies offering more attractive valuations than US tech giants. If market concerns materialize, the fund should hold up better than benchmarks.
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