Tweedy, Browne International Value Fund, advised by Tweedy, Browne Company LLC on bioMérieux SA
Thesis
Tweedy, Browne established a new position in bioMérieux during the quarter. The French family-controlled biotechnology company produces in vitro diagnostics, including software, instrument systems and chemical reagents used by clinical laboratories to test for infectious diseases. At purchase, the fund believed the shares were available below a conservative estimate of intrinsic value. It also viewed the company as financially strong with a runway for future growth, creating the combination of quality and undervaluation the strategy seeks.
“At purchase, we believed these two companies were trading at a discount to a conservative estimate of their intrinsic value, were financially strong, and had runways for future growth.”