Tweedy, Browne International Value Fund, advised by Tweedy, Browne Company LLC on Capgemini SE
Thesis
Tweedy, Browne established a new position in Capgemini during the quarter. The French company provides business and information-technology consulting services. At purchase, the fund believed the shares traded below a conservative estimate of intrinsic value. The manager also viewed Capgemini as financially strong and possessing a runway for future growth, which together satisfied its value and quality criteria.
“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.”