Tweedy, Browne International Value Fund on bioMérieux SA
Thesis
Tweedy established a new position in bioMérieux during the quarter. The French family-controlled biotechnology company produces in vitro diagnostics, including software, instruments and reagents used by clinical laboratories to test for infectious diseases. At purchase, the manager believed the shares traded below a conservative estimate of intrinsic value, while the company remained financially strong and had a runway for future growth. The position fits Tweedy's disciplined approach of purchasing quality businesses at discounted valuations.
“bioMérieux, the French, family-controlled biotechnology company that produces in vitro diagnostics”