Tweedy Browne's Strategic Moves: Ionis Pharmaceuticals Inc. Sees Significant Reduction

This article first appeared on GuruFocus.

Analyzing the Impact of Tweedy Browne (Trades, Portfolio)'s Recent 13F Filing

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Tweedy Browne (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2026, providing insights into its investment moves during this period. Tweedy Browne (Trades, Portfolio)'s operations are managed by its Management Committee, which consists of Jay Hill, Thomas H. Shrager, John D. Spears, and Robert Q. Wyckoff, Jr., who have been with the firm for tenures ranging from 18 to 47 years. Tweedy Browne (Trades, Portfolio) is owned by its Managing Directors and certain other employees and by a wholly-owned subsidiary of Affiliated Managers Group, Inc. ("AMG"), which owns a majority interest in the firm. AMG provides the Firm with operational autonomy and a seamless mechanism for ownership transfer and succession. Benjamin Graham, through his investment firm Graham-Newman Corp., was one of the firm's primary brokerage clients in the 1930s, 1940s, and 1950s. The Tweedy Browne (Trades, Portfolio) Value Fund seeks long-term growth of capital by investing primarily in U.S. and foreign equity securities that the Adviser believes are undervalued. Investments are focused in developed markets. The fund seeks to reduce currency risk by hedging its perceived foreign currency exposure back into the U.S. dollar where practicable.

Summary of New Buy

Tweedy Browne (Trades, Portfolio) added a total of 6 stocks, among them:

The most significant addition was Jazz Pharmaceuticals PLC (NASDAQ:JAZZ), with 60,209 shares, accounting for 0.9% of the portfolio and a total value of $11.38 million. The second largest addition to the portfolio was Asbury Automotive Group Inc (NYSE:ABG), consisting of 7,253 shares, representing approximately 0.11% of the portfolio, with a total value of $1.42 million. The third largest addition was The Cigna Group (NYSE:CI), with 5,375 shares, accounting for 0.11% of the portfolio and a total value of $1.43 million.

Key Position Increases

Tweedy Browne (Trades, Portfolio) also increased stakes in a total of 46 stocks, among them:

The most notable increase was KT Corp (NYSE:KT), with an additional 79,772 shares, bringing the total to 167,181 shares. This adjustment represents a significant 91.26% increase in share count, a 0.13% impact on the current portfolio, with a total value of $3.59 million. The second largest increase was StoneX Group Inc (NASDAQ:SNEX), with an additional 20,021 shares, bringing the total to 54,035. This adjustment represents a significant 58.86% increase in share count, with a total value of $4.36 million.

Story Continues

Summary of Sold Out

Tweedy Browne (Trades, Portfolio) completely exited 9 of the holdings in the first quarter of 2026, as detailed below:

General Motors Co (NYSE:GM): Tweedy Browne (Trades, Portfolio) sold all 25,695 shares, resulting in a -0.17% impact on the portfolio. Atmus Filtration Technologies Inc (NYSE:ATMU): Tweedy Browne (Trades, Portfolio) liquidated all 40,550 shares, causing a -0.17% impact on the portfolio.

Key Position Reduces

Tweedy Browne (Trades, Portfolio) also reduced positions in 29 stocks. The most significant changes include:

Reduced Ionis Pharmaceuticals Inc (NASDAQ:IONS) by 189,305 shares, resulting in a -7.68% decrease in shares and a -1.21% impact on the portfolio. The stock traded at an average price of $78.92 during the quarter and has returned -11.16% over the past 3 months and -2.86% year-to-date. Reduced FedEx Corp (NYSE:FDX) by 38,712 shares, resulting in a -34.34% reduction in shares and a -0.9% impact on the portfolio. The stock traded at an average price of $347.13 during the quarter and has returned 2.57% over the past 3 months and 31.11% year-to-date.

Portfolio Overview

At the first quarter of 2026, Tweedy Browne (Trades, Portfolio)'s portfolio included 93 stocks, with top holdings including 17.61% in CNH Industrial NV (NYSE:CNH), 13.57% in Ionis Pharmaceuticals Inc (NASDAQ:IONS), 9.07% in Coca-Cola Femsa SAB de CV (NYSE:KOF), 8.22% in Berkshire Hathaway Inc (NYSE:BRK.A), and 4.53% in Alphabet Inc (NASDAQ:GOOGL).

The holdings are mainly concentrated in 9 of all the 11 industries: Healthcare, Industrials, Financial Services, Consumer Defensive, Consumer Cyclical, Communication Services, Energy, Technology, and Basic Materials.

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