Tweedy, Browne Announces Entry Into the ETF Market; Files the Tweedy, Browne Insider + Value ETF (NYSE Ticker: COPY)
Tweedy, Browne Company, a 104-year-old value-oriented asset management firm with $8.6 billion under management, has announced its entry into the ETF market with the filing of the Tweedy, Browne Insider + Value ETF (NYSE Ticker: COPY). This actively managed and fully transparent ETF will utilize a proprietary multi-factor Tweedy Browne value model to target investments in undervalued U.S. and non-U.S. companies where insiders are actively purchasing equity securities or conducting opportunistic share buybacks.
The ETF will be listed on the New York Stock Exchange and supported by The RBB Fund Complex, which oversees approximately $30 billion in assets. The fund aims to provide taxpaying investors access to Tweedy, Browne's actively managed strategies within a tax-efficient ETF structure. As of June 30, 2024, Tweedy, Browne's Managing Directors, a retired principal, current employees, and their immediate family members had more than $1.6 billion invested in personal and Tweedy, Browne managed value-oriented portfolios.
Tweedy, Browne Company, una società di gestione patrimoniale orientata al valore con $8,6 miliardi in gestione, ha annunciato il suo ingresso nel mercato degli ETF con la registrazione del Tweedy, Browne Insider + Value ETF (Ticker NYSE: COPY). Questo ETF, gestito attivamente e completamente trasparente, utilizzerà un modello proprietario di valore multi-fattore di Tweedy Browne per mirare a investimenti in aziende statunitensi e non statunitensi sottovalutate, dove i dirigenti stanno attivamente acquistando titoli azionari o effettuando riacquisti opportunistici di azioni.
L’ETF sarà quotato sulla New York Stock Exchange e supportato dal The RBB Fund Complex, che gestisce circa $30 miliardi in attività. Il fondo mira a fornire agli investitori tassabili accesso alle strategie gestite attivamente di Tweedy, Browne all'interno di una struttura ETF tax-efficient. Al 30 giugno 2024, i Direttori di Tweedy, Browne, un principale in pensione, i dipendenti attuali e i loro familiari più stretti hanno avuto investito oltre $1,6 miliardi in portafogli orientati al valore gestiti personalmente e da Tweedy, Browne.
Tweedy, Browne Company, una firma de gestión de activos orientada al valor con $8.6 mil millones bajo gestión, ha anunciado su entrada en el mercado de ETFs con la presentación del Tweedy, Browne Insider + Value ETF (Ticker NYSE: COPY). Este ETF, gestionado de manera activa y totalmente transparente, utilizará un modelo de valor multifactores propietario de Tweedy Browne para dirigir inversiones hacia empresas estadounidenses y no estadounidenses subestimadas donde los directivos están comprando activamente valores de capital o realizando recompras de acciones oportunistas.
El ETF se cotizará en la Bolsa de Nueva York y será respaldado por The RBB Fund Complex, que supervisa aproximadamente $30 mil millones en activos. El fondo tiene como objetivo proporcionar a los inversores sujetos a impuestos acceso a las estrategias activamente gestionadas de Tweedy, Browne dentro de una estructura ETF eficiente en cuanto a impuestos. A partir del 30 de junio de 2024, los Directores Generales de Tweedy, Browne, un principal jubilado, empleados actuales y sus familiares más cercanos han tenido más de $1.6 mil millones invertidos en carteras orientadas al valor gestionadas de forma personal y por Tweedy, Browne.
Tweedy, Browne Company는 $86억을 관리하는 104년 역사의 가치 지향 자산 운용사로, Tweedy, Browne Insider + Value ETF (NYSE Ticker: COPY)에 대한 ETF 시장 진입을 발표했습니다. 이 ETF는 자산이 активно 관리되고 완전 투명한 ETF로, Tweedy Browne의 고유한 다중 요인 가치 모델을 활용하여 내부자가 적극적으로 주식을 구매하거나 기회에 따라 자사주 매입을 진행하는 저평가된 미국 및 비미국 기업에 대한 투자 목표를 설정합니다.
이 ETF는 뉴욕 증권 거래소에 상장되며 약 300억 달러의 자산을 감독하는 RBB Fund Complex에 의해 지원됩니다. 이 펀드는 세금을 납부하는 투자자에게 Tweedy, Browne의 적극적으로 관리되는 전략에 대한 접근을 세금 효율적인 ETF 구조 내에서 제공합니다. 2024년 6월 30일 기준으로, Tweedy, Browne의 관리 이사와 은퇴한 부사장, 현 직원 및 그들의 가족은 개인적으로 및 Tweedy, Browne이 관리하는 가치 지향 포트폴리오에 $16억 이상을 투자했습니다.
Tweedy, Browne Company, une société de gestion d'actifs orientée valeur âgée de 104 ans avec 8,6 milliards de dollars sous gestion, a annoncé son entrée sur le marché des ETF avec le dépôt du Tweedy, Browne Insider + Value ETF (symbole NYSE : COPY). Cet ETF, géré activement et totalement transparent, utilisera un modèle de valeur à facteurs multiples propriétaire de Tweedy Browne pour cibler des investissements dans des entreprises sous-évaluées aux États-Unis et à l'étranger, où les initiés achètent activement des valeurs mobilières de capitaux propres ou réalisent des rachats d'actions opportunistes.
L'ETF sera coté sur la Bourse de New York et soutenu par The RBB Fund Complex, qui supervise environ 30 milliards de dollars d'actifs. Le fonds vise à offrir aux investisseurs imposables un accès aux stratégies activement gérées de Tweedy, Browne dans une structure ETF fiscalement efficace. Au 30 juin 2024, les Directeurs Généraux de Tweedy, Browne, un principal retraité, les employés actuels et leurs membres de la famille immédiate avaient investi plus de 1,6 milliard de dollars dans des portefeuilles orientés valeur gérés personnellement et par Tweedy, Browne.
Die Tweedy, Browne Company, eine 104 Jahre alte wertorientierte Vermögensverwaltungsgesellschaft mit 8,6 Milliarden USD unter Verwaltung, hat ihren Eintritt in den ETF-Markt mit der Einreichung des Tweedy, Browne Insider + Value ETF (NYSE Ticker: COPY) bekannt gegeben. Dieser aktiv verwaltete und vollständig transparente ETF wird ein proprietäres Multi-Faktor-Wertmodell von Tweedy Browne verwenden, um Investitionen in unterbewertete US-amerikanische und ausländische Unternehmen zu targetieren, bei denen Insider aktiv Eigenkapitalwerte kaufen oder opportunistische Aktienrückkäufe durchführen.
Der ETF wird an der New York Stock Exchange gelistet und von The RBB Fund Complex unterstützt, der etwa 30 Milliarden USD an Vermögenswerten verwaltet. Der Fonds zielt darauf ab, steuerpflichtigen Anlegern Zugang zu den aktiv verwalteten Strategien von Tweedy, Browne innerhalb einer steuerlich effizienten ETF-Struktur zu bieten. Zum 30. Juni 2024 hatten die Geschäftsführer von Tweedy, Browne, ein pensionierter Hauptverantwortlicher, aktuelle Mitarbeiter und deren Angehörige mehr als 1,6 Milliarden USD investiert in persönlich und von Tweedy, Browne verwaltete wertorientierte Portfolios.
- Entry into the growing ETF market, potentially expanding Tweedy, Browne's client base
- Utilization of a proprietary multi-factor value model for investment decisions
- Tax-efficient structure for investors
- Significant insider investment of $1.6 billion in Tweedy, Browne managed portfolios
- Potential risks associated with international investing, including currency volatility and political instability
- Risks related to investing in micro-, small-, and mid-cap companies
- Possible underperformance when hedging foreign currency exposure during dollar depreciation
Insights
Tweedy, Browne's entry into the ETF market with the Insider + Value ETF (COPY) is a significant move for this well-established value investment firm. The $8.6 billion asset manager is leveraging its 104-year history and proprietary research model to target undervalued companies with insider buying and share buybacks.
Key points to consider:
- The ETF structure offers tax efficiency for investors, potentially attracting new capital.
- The focus on insider activity could provide a unique edge in stock selection.
- The multi-factor model and quantitative approach may appeal to investors seeking a systematic value strategy.
- Tweedy, Browne's strong reputation in value investing could drive initial interest.
However, investors should note the risks, including the potential for value strategies to underperform in certain market conditions and the challenges of international investing. The success of this ETF will depend on the effectiveness of Tweedy, Browne's proprietary model in the current market environment.
The launch of Tweedy, Browne's first ETF marks a significant trend in the asset management industry. Traditional active managers are increasingly adopting the ETF structure to remain competitive and meet evolving investor preferences.
Key observations:
- The transparent, actively managed ETF structure combines the benefits of active management with the liquidity and accessibility of ETFs.
- Partnering with The RBB Fund Complex, which oversees $30 billion in assets, provides a strong operational foundation.
- The focus on insider activity and buybacks differentiates this offering in the crowded value ETF space.
- The broad market cap approach allows for flexibility in stock selection.
This move could help Tweedy, Browne attract new clients and retain existing ones who prefer ETFs. However, success will depend on performance, fees and marketing efforts in a competitive landscape. The firm's adaptation to the ETF market demonstrates the ongoing evolution of the investment management industry.
Our First ETF Targets Insider Buying & Buybacks Using Tweedy’s Proprietary Research Model
As an actively managed and fully transparent ETF, the Fund utilizes a proprietary multi-factor Tweedy Browne value model, informed by empirical research and extensive experience of Tweedy, Browne’s Investment Committee, to target investment in
The Tweedy, Browne Insider + Value ETF will be listed on the New York Stock Exchange and supported by The RBB Fund Complex, an ETF platform provider that oversees approximately
“Entering the ETF space is a natural extension of our business and affords taxpaying investors access to our actively managed strategies within a tax-efficient ETF structure. We are attempting to address the growing demand for value-oriented investment options in these innovative investment vehicles,” said Jason Minard, Managing Director and head of client services at Tweedy, Browne.
Managing Director and Investment Committee member John Spears commented, “We are excited about the chance to offer investors the opportunity to access what we often refer to as the ‘insider’s edge,’ the unique insight that high-ranking corporate executives and informed directors can have regarding the prospect for improvement of their company’s condition and share price.”
ABOUT TWEEDY, BROWNE
Tweedy, Browne Company LLC is a leading practitioner of the value-oriented investment approach of legendary investor, author (The Intelligent Investor, Security Analysis), and Columbia Business School professor Benjamin Graham. Serving originally as a broker to Graham and other respected value investors, the firm’s 104-year history is grounded in undervalued securities, first as a market maker, then as an investor and investment adviser. As of June 30, 2024, assets under management totaled approximately
ABOUT RBB FUND COMPLEX
The RBB Fund, Inc. and The RBB Fund Complex, together, are a turnkey ETF and mutual fund solution that permits an investment adviser to focus on its core competency of asset management and shifts most responsibility for the establishment, servicing, and corporate governance of funds to RBB. RBB oversees approximately
DISCLAIMERS
A preliminary registration statement has been filed with the Securities and Exchange Commission (“SEC”) for the ETF but it is not yet effective. An investment in the fund cannot be made, nor money accepted, until the registration statement is effective. An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. A preliminary prospectus which contains this and other information about the fund may be obtained by calling 1-800-617-0004. Information about the fund (including the SAI) is available on the EDGAR Database on the SEC’s internet site at www.sec.gov. The information in the preliminary prospectus is not complete and may be changed. The final prospectus should be read carefully before investing, and when available may be obtained from the same source. This communication is not an offer to sell fund shares and is not soliciting an offer to buy fund shares in any state where the offer or sale is not permitted.
All investing involves the risk of loss, including the loss of principal.
Portfolio holdings are subject to risk.
The Fund’s buyback strategy is based, in part, on the premise that stocks of companies that engage in share buyback purchases are often anticipated to perform well because they typically are a signal that a company’s management believes its shares are undervalued. This positive signal from management may cause the value of such shares to rise. There is no certainty that management of a company undertook a buyback strategy because it believes its stock is undervalued; a company could be using buybacks to increase their price to earnings or other ratios, to alleviate excessive dilution, as a defensive measure, or to cut their own capital expenditures, thereby potentially limiting future growth.
To implement its investment strategy, the Adviser may require access to large amounts of financial data and other data supplied by various data providers. The inability to access large amounts of financial and other data from data providers could adversely affect the Adviser’s ability to use quantitative methods to select investments.
International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Investment in emerging market securities involves greater risk than that associated with investment in securities of issuers in developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers.
The Fund may invest in derivative instruments, including forward currency exchange contracts, which may be leveraged and may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. The Fund’s practice of hedging exposure to foreign currencies where practicable, tends to make the Fund underperform a similar unhedged portfolio when the dollar is losing value against the local currencies in which the Fund’s investments are denominated.
Value investing involves buying stocks that are out of favor and/or viewed as undervalued by the Adviser in comparison to their peers or their prospects for growth. Securities of companies with micro-, small- and mid-size capitalizations tend to be riskier than securities of companies with large capitalizations. This is because micro-, small- and mid-cap companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns.
The Tweedy, Browne Insider + Value ETF will be distributed by Quasar Distributors, LLC.
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MEDIA
Mount & Nadler
212-759-4440
Hedda Nadler
hedda@mountandnadler.com
Andrew Greene
andrew@mountandnadler.com
Source: Tweedy, Browne Company LLC
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