What if you had copied Tweedy, Browne?
Tweedy, Browne partners
The verdict
Copying Tweedy, Browne's 13F filings from Feb 2020 would have turned $10,000 into $20,569, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +11.3% a year against +14.4% for the S&P 500, 3.0 points a year behind. Its worst fall was 34.3%, from Feb 19, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Tweedy, Browne$20,569
- S&P 500$24,639
- Bought their first portfolio and never traded$25,482
If you had bought their first portfolio and never traded, you would have ended at $25,482, so following every move cost $4,913.
- $10,000 copied
- $20,569
- +105.7%, +11.3% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $25,482
- Bought their first portfolio and never traded
- Worst fall
- −34.3%
- Feb 19, 2020 to Mar 23, 2020
- Trades
- 168
- 109 buys, 59 sales over 28 filings; about 34% of the copy traded a year
The moves that made the most
- BRK.ABerkshire Hathaway+$2,012
Held since Feb 2020, the stock up 151%
- GOOGLAlphabet+$1,991
Held since Feb 2020, the stock up 283%
- KOFCoca-Cola Femsa Sab+$1,328
Held since Feb 2020, the stock up 141%
- JNJJohnson & Johnson+$798
Held since Feb 2020, the stock up 128%
- CNHCnh Industrial+$780
Held since Feb 2020, the stock up 76%
- GOOGAlphabet+$600
Held from Feb 2020 to Feb 2026, the stock up 342%
The moves that cost the most
- FMC−$697
Held from Nov 2021 to Feb 2026, the stock down 82%
- BABAAlibaba−$412
Held from Feb 2021 to Jul 2025, the stock down 54%
Held since May 2022, the stock down 15%
- CNXCConcentrix−$96
Held from Feb 2021 to Nov 2025, the stock down 66%
- INTCIntel−$91
Held from Nov 2020 to Feb 2024
Held from May 2021 to Nov 2023, the stock down 47%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +6.2% | +13.1% | −6.9 |
| 2021 | +26.3% | +28.7% | −2.4 |
| 2022 | −11.2% | −18.2% | +7.0 |
| 2023 | +20.0% | +26.2% | −6.2 |
| 2024 | +10.6% | +24.9% | −14.3 |
| 2025 | +22.2% | +17.7% | +4.5 |
| 2026to Nov 2026 | +6.5% | +11.5% | −5.0 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.