In its second-quarter 13F filing, Tweedy Browne revealed a portfolio valued at $1.32 billion, a slight increase from the previous quarter. The firm, known for its value investing philosophy, maintains a concentrated portfolio, with its top five holdings accounting for approximately 56% of the total value. The largest positions remain CNH Industrial, Ionis Pharmaceuticals, Coca-Cola FEMSA, and Berkshire Hathaway, indicating a continued conviction in these core holdings.
The most significant changes in the portfolio included the complete exit from their position in Sealed Air Corporation and a substantial reduction in their FedEx holdings. The exit from Sealed Air was a result of its acquisition by the private investment firm CD&R, which was completed in April 2026. The significant reduction in the FedEx stake, a high-signal change, suggests a re-evaluation of the logistics company's near-term prospects or a decision to lock in profits.
A notable new addition to the portfolio is a medium-strength position in animal health company Zoetis, accounting for just over 3% of the portfolio. This move comes as Zoetis has faced a more challenging market with increased competition and has revised its 2026 guidance downwards. The firm also made a medium-signal reduction in its Alphabet (GOOGL) holdings, continuing a trend of trimming the position to harvest gains.