- Q2 2026 Commentary Global value portfolios added Capgemini and bioMérieux at discounts to intrinsic value, expanded Autotrader, Berkeley Group and Nihon Nohyaku, and trimmed chemicals and holdings nearing value. Tweedy, Browne warns that AI capital spending, stretched US technology valuations and financing excess echo the pre-2000 market, while smaller and mid-cap non-US holdings remain cheaper. Q2 2026 005930 $1.2T4368 $2BBMXXY $10BCAPMF $22B
One letter so far. We collect each new one as Tweedy, Browne publishes it.
