Tweedy, Browne Company, the Benjamin Graham disciples shop that manages nearly $15 billion for institutions and individuals, announced that it will reopen the Tweedy, Browne Value Fund (TWEBX) on May 15 to new investors. Will Browne cited the reduction in the $533 million Value Fund’s cash position over the past two years, and a mandate change that, among other revisions, allows the managers to invest more than 20% of its assets outside the U.S. as justifications for the reopening. However, the $8.6 billion Tweedy, Browne Global Value Fund (TBGVX) will remain closed to new investors for the time being, the company said, due to concern over a potential buildup of the fund’s cash holdings. Browne noted that with the size of the assets in the fund, “it will require an investment of approximately $261 million to reduce the Fund’s cash position by 3%. Clearly the size of these dollar amounts has an influence on our decision to remain closed for the time being in an environment that is still not awash with cheap stocks.”
Also, Fidelity Clearing & Custody Solutions added customized investment models to its Automated Managed Platform.
The move suggests other shifts by the brokerage firm as it seeks to add younger investors to its client base, one industry watcher says.
The eight new blended portfolios include active and passive investments.
Sponsored by LPL Financial
Get an in-depth look at how you can lock in future value through proven tactics that will grow your bottom line.
Sponsored by Smarsh
Many companies today are making the move to Office 365. Find out whether it’s the right move for your firm.
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.