{"id":14065,"date":"2023-08-23T22:46:05","date_gmt":"2023-08-23T22:46:05","guid":{"rendered":"https:\/\/isafespend.com\/investing\/the-sp-500-is-overweight-to-big-tech-moving-some-money-to-this-highly-rated-fund-can-diversify-your-portfolio\/"},"modified":"2023-08-23T22:46:06","modified_gmt":"2023-08-23T22:46:06","slug":"the-sp-500-is-overweight-to-big-tech-moving-some-money-to-this-highly-rated-fund-can-diversify-your-portfolio","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=14065","title":{"rendered":"The S&P 500 is overweight to big tech. Moving some money to this highly rated fund can diversify your portfolio."},"content":{"rendered":"

Some international mutual funds are more diversified than others. In fact, some are heavily weighted to the U.S. technology stocks that have driven the S&P 500\u2019s stellar returns over the past decade. This can make their performance comparisons with international stock indexes seem a bit slippery.<\/p>\n

On the other hand, it is likely that a direct performance comparison between a truly international fund and the S&P 500
\n SPX
\n will end up with the U.S. index on top.<\/p>\n

\n

But maybe that isn\u2019t the point. By now you are probably aware that the S&P 500, because of its weighting by market capitalization, is dominated by a handful of companies. Only five companies \u2014 Apple Inc.
\n AAPL,
\n +2.19%<\/bg-quote>,<\/span>
\n Microsoft Corp.
\n MSFT,
\n +1.41%<\/bg-quote>,<\/span>
\n Amazon.com Inc.
\n AMZN,
\n +0.95%<\/bg-quote>,<\/span>
\n Nvidia Corp.
\n NVDA,
\n +3.17%<\/bg-quote>
\n and Alphabet Inc.
\n GOOGL,
\n +2.55%<\/bg-quote><\/p>\n

GOOG,
\n +2.71%<\/bg-quote>
\n \u2014 make up 24% of the SPDR S&P 500 ETF Trust
\n SPY,<\/span>
\n which is designed to track the U.S. benchmark. <\/p>\n

There is no question that a strategy to track the S&P 500 has worked out well for patient investors over the past decade, but the approach makes for concentration risk to big tech. And no sector is likely to dominate forever. One way to diversify domestically would be to place some money in a fund taking an equal-weighted approach to the S&P 500.<\/p>\n

But you might also be well served with exposure to companies outside the U.S., and a value focus can further diversify you away from high-flying tech stocks.<\/p>\n

The $6.1 billion Tweedy, Browne International Value Fund TBGVX is focused on developed markets outside the U.S. Its U.S. investments made up 13.2% of its portfolio as of July 31. The fund has a four-star rating (out of five) within Morningstar\u2019s Foreign Large Value category, even though its annual expenses of 1.4% of assets are considered high by the investment-information provider.<\/p>\n

Here are comparisons of the fund\u2019s average annual returns (after expenses) with its benchmark, the MSCI EAFE Index, in U.S. dollars, for various periods through Aug. 21, according to data provided by FactSet:<\/p>\n\n\n\n\n\n
\n Fund or index<\/strong><\/p>\n<\/td>\n\n 3-year average return<\/strong><\/p>\n<\/td>\n\n 5-year average return<\/strong><\/p>\n<\/td>\n\n 10-year average return<\/strong><\/p>\n<\/td>\n\n 15-year average return<\/strong><\/p>\n<\/td>\n\n 20-year average return<\/strong><\/p>\n<\/td>\n\n 30-year average return<\/strong><\/p>\n<\/td>\n<\/tr>\n
\n Tweedy, Browne International Value Fund<\/p>\n<\/td>\n\n 8.7%<\/p>\n<\/td>\n\n 3.6%<\/p>\n<\/td>\n\n 4.7%<\/p>\n<\/td>\n\n 6.0%<\/p>\n<\/td>\n\n 7.0%<\/p>\n<\/td>\n\n 8.1%<\/p>\n<\/td>\n<\/tr>\n
\n MSCI EAFE Index<\/p>\n<\/td>\n\n 6.2%<\/p>\n<\/td>\n\n 4.3%<\/p>\n<\/td>\n\n 4.9%<\/p>\n<\/td>\n\n 4.3%<\/p>\n<\/td>\n\n 6.6%<\/p>\n<\/td>\n\n 5.5%<\/p>\n<\/td>\n<\/tr>\n
\n Source: FactSet<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

The MSCI EAFE Index is designed to track the performance of large-cap and midcap stocks in developed markets, excluding the U.S. and Canada.<\/p>\n

The fund\u2019s average annual returns have trailed those of the index for five and 10 years but have exceeded them for all the other periods shown. And the differences can really add up. For 20 years, the fund\u2019s average annual return through Aug. 21 was 7.0%, compared with 6.5% for the index. But look how those numbers correspond to total returns for the full period:<\/p>\n

\n

<\/p>\n

\n
<\/div>
\n
\n FactSet
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

And now look at a comparison of 30-year returns:<\/p>\n

\n

<\/p>\n

\n
\n \"\"\n <\/div>
\n
\n FactSet
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

One reason to emphasize long-term returns is that this management team has been with Tweedy for decades. <\/p>\n

The Tweedy, Browne International Value Fund was established in June 1993. Tweedy, Browne Co., based in Stamford, Conn., is the successor to Tweedy & Co., which was founded by Forrest Berwind Tweedy in 1920. Tweedy met Benjamin Graham, the well-known value-investing pioneer and the author of \u201cSecurity Analysis\u201d and \u201cThe Intelligent Investor,\u201d in the 1930s. Graham eventually became Tweedy & Co.\u2019s largest brokerage client. You can read about the firm\u2019s colorful history starting on page 5 of this annual report from 1995.<\/p>\n

During an interview, Bob Wyckoff, Jay Hill and Thomas Shrager, all members of the firm\u2019s investment-management committee with minimum 20-year tenures with the firm, discussed their approach to selecting securities.<\/p>\n

Hill said that Tweedy, Browne\u2019s investment process is to buy companies at prices that are \u201c70% or less of a conservative estimate of intrinsic value.\u201d<\/p>\n

He continued: \u201cBen Graham had the idea of two prices \u2014 the stock price and the intrinsic value of the company, or what it would be worth if 100% of the company would be sold to a knowledgeable buyer at arm\u2019s length.\u201d<\/p>\n

Wyckoff said the firm created the Tweedy, Browne International Value Fund \u2014 its first mutual fund \u2014 30 years ago \u201cto find an efficient way for all of our existing separately managed account clients to be able to participate in international equities hedged to the U.S. dollar.\u201d At that time, \u201cforeign equities were a lot cheaper than U.S. equities,\u201d he said.<\/p>\n

Non-U.S. stocks in developed markets still appear cheaply priced, as a group, when compared with U.S. stocks. According to FactSet, the iShares MSCI EAFE exchange-traded fund
\n EFA
\n trades for a weighted 12.7 times consensus earnings estimates for the next 12 months, compared with a forward price-to-earnings valuation of 18.7 for the S&P 500.<\/p>\n

Wyckoff said that when Tweedy, Browne established the fund in 1993, the investment team wanted to avoid exposure to foreign currencies. \u201cWe felt that was an unmanageable risk,\u201d he said. Through research, \u201cwe found you could successfully hedge out your foreign-currency risk while investing internationally at virtually no cost, in terms of forgone return over long measurement periods,\u201d he added.<\/p>\n

Wyckoff went on to explain that the fund isn\u2019t fully hedged for currency risk because of the international nature of many companies\u2019 businesses: \u201cA company such as Nestl\u00e9, with all sorts of U.S. earnings, has an implicit hedge. That translates back into the Swiss franc. So we don\u2019t hedge the U.S. dollar earnings component for foreign companies.\u201d<\/p>\n

Shrager said, \u201cOne of the main benefits of the hedging is it reduces the volatility of returns.\u201d<\/p>\n

That ties into one of the fund\u2019s most important objectives, which is to help encourage investors to remain committed through down periods in the stock market.<\/p>\n

\u201cThere is a tendency among individual investors, when the market is down, to bail out. They sell at the low, then they buy back after three or four years of good performance. You want to avoid that behavior by selecting good stocks, but you also want returns without the volatility,\u201d Shrager said.<\/p>\n

When discussing reasons U.S. investors should increase their exposure to stocks in developed markets outside the U.S., Shrager said companies in Europe, for example, have been forced to become \u201cmore flexible and efficient\u201d to grow in other markets. <\/p>\n

Taking a broader view, Wyckoff said that going back to the 1970s, returns for rolling 10-year periods have shown that \u201cabout 55% of the time U.S. outperforms, [and] 45% of the time EAFE outperforms.\u201d<\/p>\n

\u201cWe have just been through a 10-plus-year outperformance for U.S.,\u201d Wyckoff said. \u201cIf the past is prologue, and that structure remains intact, we could be in store for a period of outperformance\u201d for stock markets in developed countries outside the U.S.<\/p>\n

When asked about how specific stock selections are made for the fund, Hill said that part of the appraisal process for identifying undervalued companies is to look at merger deals to see how much acquirers have been paying for similar companies. Those price comparisons could be enterprise value to earnings before interest, taxes, depreciation and amortization (Ebitda) or price to book value, for example. <\/p>\n

\u201cThe best analogy for our investment process is the process you would go through if you were looking to buy a house or to sell one,\u201d Hill said. Then the team goes further, to consider qualitative reasons for higher or lower valuation multiples, he said.<\/p>\n

In addition to mergers-and-acquisition comparisons, Wyckoff, Hill and Schrager will consider stand-alone valuation metrics such as earnings yield, or profit per share divided by the share price.<\/p>\n

Hill also called the Tweedy, Browne team \u201crisk averse when it comes to debt leverage.\u201d<\/p>\n

\u201cWe are looking for companies that have, in general, net debt to [trailing] Ebtida below 2.5 times,\u201d he said.<\/p>\n

Wyckoff emphasized the importance of having skin in the game. \u201cWe eat our own cooking,\u201d he said, with $158 million of the fund managers\u2019 own money, or that of family members of the firm\u2019s employees or partners, invested in the fund.<\/p>\n

This idea is also important when selecting stocks for investment, he said. He and his colleagues look at patterns of insider buying of companies\u2019 shares. And by insider buying, he doesn\u2019t mean stock-based compensation. \u201cThe insiders are reaching into their own wallets and buying shares,\u201d he said.<\/p>\n

According to Morningstar, annual turnover for the Tweedy, Browne International Value Fund has been 15%. That is a low turnover rate for a stock mutual fund. Wyckoff said that the turnover percentage has ranged from 15% to 20% over long periods, making the fund \u201cfairly tax-efficient for investors.\u201d<\/p>\n

But Shrager also emphasized the importance of selling, especially for stocks of companies in certain industries. \u201cIf you buy a steel company or a cyclical paper company at half of book and it goes to book, you sell it,\u201d he said.<\/p>\n

These cycles can be based on low commodity prices, he said.<\/p>\n

\u201cElsewhere, you buy compounders with a moat around the business\u201d to hold for long periods, Shrager said. Moats might include pricing power and market share. One example is the fund\u2019s largest holding, Nestl\u00e9 S.A.
\n NESN,
\n +0.54%<\/bg-quote>,<\/span>
\n which has \u201chas 30 brands that sell more than a billion dollars each\u201d annually, he said.<\/p>\n

So there are different buckets and different ways of deciding when to buy or sell companies. If a company has reached what the Tweedy, Browne team believes to be its intrinsic value, they will begin to sell.<\/p>\n

Another reason to sell is if the team determines that their original buy thesis was incorrect, or if \u201cfacts have changed,\u201d Hill said.<\/p>\n

\u201cThe best analysts will be wrong a third of the time. That is part and parcel for this industry. You have to be comfortable you will be wrong a percentage of the time,\u201d Hill added. <\/p>\n

Here are the top 10 holdings (out of 99) of the Tweedy, Browne International Value Fund as of July 31:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Company<\/strong><\/p>\n<\/td>\n\n Ticker<\/strong><\/p>\n<\/td>\n\n Country<\/strong><\/p>\n<\/td>\n\n % of the Tweedy, Browne International Value Fund<\/strong><\/p>\n<\/td>\n\n Total return \u2013 5 years<\/strong><\/p>\n<\/td>\n<\/tr>\n
\n Nestl\u00e9 S.A.<\/p>\n<\/td>\n\n NESN,
\n +0.54%<\/bg-quote>\n <\/td>\n		\n Switzerland<\/p>\n<\/td>\n\n 5.1%<\/p>\n<\/td>\n\n 44%<\/p>\n<\/td>\n<\/tr>\n
\n Safran S.A.<\/p>\n<\/td>\n\n SAF,
\n +0.77%<\/bg-quote>\n <\/td>\n		\n France<\/p>\n<\/td>\n\n 4.0%<\/p>\n<\/td>\n\n 38%<\/p>\n<\/td>\n<\/tr>\n
\n TotalEnergies SE<\/p>\n<\/td>\n\n TTE,
\n -1.74%<\/bg-quote>\n <\/td>\n		\n France<\/p>\n<\/td>\n\n 3.8%<\/p>\n<\/td>\n\n 49%<\/p>\n<\/td>\n<\/tr>\n
\n Diageo PLC<\/p>\n<\/td>\n\n DGE,
\n +0.43%<\/bg-quote>\n <\/td>\n		\n U.K.<\/p>\n<\/td>\n\n 3.8%<\/p>\n<\/td>\n\n 30%<\/p>\n<\/td>\n<\/tr>\n
\n Berkshire Hathaway Inc. Class A<\/p>\n<\/td>\n\n BRK.A,
\n +1.00%<\/bg-quote>\n <\/td>\n		\n U.S.<\/p>\n<\/td>\n\n 3.7%<\/p>\n<\/td>\n\n 70%<\/p>\n<\/td>\n<\/tr>\n
\n Alphabet Inc. Class A<\/p>\n<\/td>\n\n GOOGL,
\n +2.55%<\/bg-quote>\n <\/td>\n		\n U.S.<\/p>\n<\/td>\n\n 3.3%<\/p>\n<\/td>\n\n 111%<\/p>\n<\/td>\n<\/tr>\n
\n BAE Systems PLC<\/p>\n<\/td>\n\n BA,
\n +1.05%<\/bg-quote>\n <\/td>\n		\n U.K.<\/p>\n<\/td>\n\n 3.2%<\/p>\n<\/td>\n\n 88%<\/p>\n<\/td>\n<\/tr>\n
\n Heineken Holding NV<\/p>\n<\/td>\n\n HEIO,
\n -0.20%<\/bg-quote>\n <\/td>\n		\n Netherlands<\/p>\n<\/td>\n\n 2.9%<\/p>\n<\/td>\n\n -3%<\/p>\n<\/td>\n<\/tr>\n
\n Roche Holding AG<\/p>\n<\/td>\n\n ROG,
\n +3.75%<\/bg-quote>\n <\/td>\n		\n Switzerland<\/p>\n<\/td>\n\n 2.8%<\/p>\n<\/td>\n\n 22%<\/p>\n<\/td>\n<\/tr>\n
\n United Overseas Bank Ltd.<\/p>\n<\/td>\n\n U11,
\n +0.86%<\/bg-quote>\n <\/td>\n		\n Singapore<\/p>\n<\/td>\n\n 2.7%<\/p>\n<\/td>\n\n 31%<\/p>\n<\/td>\n<\/tr>\n
\n Source: FactSet<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Click on the tickers for more about each company.<\/p>\n

Click\u00a0here\u00a0for Tomi Kilgore\u2019s detailed guide to the wealth of information available for free on the MarketWatch quote page.<\/p>\n

Don\u2019t miss:<\/strong> These 20 dividend stocks have been the best income growers in the S&P 500<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Some international mutual funds are more diversified than others. In fact, some are heavily weighted to the U.S. technology stocks that have driven the S&P 500\u2019s stellar returns over the past decade. This can make their performance comparisons with international stock indexes seem a bit slippery. On the other hand, it is likely that a<\/p>\n","protected":false},"author":1,"featured_media":14066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-14065","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nThe S&P 500 is overweight to big tech. Moving some money to this highly rated fund can diversify your portfolio. | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Some international mutual funds are more diversified than others. 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