Tweedy, Browne International Value Fund on Capgemini SE
Thesis
Tweedy established a new position in Capgemini during the quarter. At purchase, the manager believed the company was trading below a conservative estimate of intrinsic value while remaining financially strong and possessing a runway for future growth. The investment fits Tweedy's preference for discounted businesses rather than highly valued AI-linked market leaders. The commentary does not provide a target price or a company-specific time horizon.
“At purchase, we believed these two companies were trading at a discount to a conservative estimate of their intrinsic value”